Module 2, Part 2: Documenting Relationships Flashcards
Conflict or discrepancy
anything added to the schedule supercedes the previous agreement
Buyer warranty
they are not being represented by another brokerage looking for the same property type/geo location
Consumer reports
consists of the buyer’s personal and credit information
Consumer reports provision
it may be used & referred to in a transaction
Indemnification in BRA
Br. is not responsible for any defects in the property
A seller costumer service agreement does not include
a listing price bc the property is being privately sold
Insurance in a costumer service seller agreement
warrants the property is insured
Commission in a costumer service seller agreement is owed to the br.
that introduces the buyer
Commission in a does not need to be paid therefore
SPs are not obligated to show all properties of interest
Amendment is used to
make changes to previously agreed upon terms b/w a br. and a seller
most common Amendments
change in listing price or expiry date
Suspension of a SRA
marketing activities (showing/advertising of the prop.) for the property need to be stopped for a period of time
Cancellation on behalf of the brokerage must be obtained from
the BOR or manager
Documents related to trade are kept for
6 years
In order to store records in a place that is not the main office
a brokerage must obtain the registrar’s permission
