Module 8 Flashcards
(25 cards)
A license holder who represents a party in a proposed real estate transaction must disclose that representation at the time of first contact with a customer
Representation disclosure
The firm will only represent buyers. No seller agency or intermediary is allowed
Buyer agency only
The prescribed form by TREC to explain the roles license holders may take working in real estate transactions with buyers, sellers, landlords, or tenants.
Information About Brokerage Services
The firm will only represent sellers. No buyer agency or intermediary allowed.
Seller agency only
A discussion about a specific property that triggers the presentation of the Information About Brokerage Services
Substantive dialogue
A situation defined by Texas state law when a broker represents both a buyer and seller in the same transaction
Intermediary
A brokerage firm represents buyers and sellers.
Intermediary
A brokerage firm will only represent buyers.
Buyer agency only
A license holder who represents a party in a proposed real estate transaction shall disclose that representation at the contact with other parties to the transaction and to the license holders who represent them.
Representation disclosure
A brokerage firm will only represent sellers.
Seller agency only
Communication that involves a specific discussion that relates to a specific property.
Substantive dialogue
________________________ occurs at the time of the license holder’s first contact with another party to the transaction or another license holder who represents another party to the transaction.
Disclosure of Representation
License holders must provide a link to the IABS form in a readily noticeable place on the homepage of their business website in at least _____-point font.
10
If a single agent in the firm is working with both buyer and seller, another agent in the firm needs to be __________________________
another agent in the firm needs to be brought into the transaction so appointments can be made.
Disclosure of representation should be made at the first _________ with another party to a transaction or another license holder who represents another party to the transaction.
contact
The Information About Brokerage Services form should be provided
at the first substantive discussion with a prospective party to a transaction
The Information About Brokerage Services can be provided by
Check all that are correct:
the body of an email
an attachment to an email
a link in the signature line of an email
personal delivery
first class mail or overnight common carrier delivery service
The IABS should not be provided by a link in the signature line of an email
A substantive dialogue is
substantive discussion that relates to a specific property
The Information About Brokerage Services ________
informs a potential party of various agency relationships
Firms that practice single agency do not have to worry about
Unintentional dual representation
Brokers do not have to act as intermediaries or make appointments
Conflicts are avoided.
Common Problems include:
Presenting the IABS at the wrong time
Presenting the IABS to a buyer who is about to write an offer is too late
Possible agency relationships allowed in a Texas brokerage operation include
seller-agency only
intermediary
buyer-agency only
Advantages of buyer-agency only or seller-agency only include
Agents are only responsible for giving advice and opinion to the buyer or seller, but not both
No intermediary practice
No possibility of unintended dual representation
The Buyer Representation Agreement should be signed
prior to showing properties
