PRRE - Unit 8: Representing the Seller

Question 1

2 Types of real estate brokerages

Answer 1

1) Common Law
2) Designated Agency

Question 2

The 2 services offered to customers are

Answer 2

1) Exercise Care and Skill
2) Act Honestly

Question 3

If a conflict of interest occurs, the seller or the buyer can agree to change their relationship with their real estate professional to that of a neutral ________________.

Answer 3

Transaction Facilitator

Question 4

With the permission of both the seller and the buyer, that brokerage or that real estate professional may facilitate a transaction between the parties. In this circumstance, an _____________________ will need to be signed by the buyer and the seller.

Answer 4

Agreement to Represent both Buyer and Seller (i.e. transaction brokerage agreement)

Question 5

Common Law: Identifies ________ as the exclusive representative (agent) of the seller.

Designated Agency: Identifies ______________ as the exclusive representative (agent) for the seller

Answer 5

• The Brokerage
• A specific real estate professional within the brokerage

Question 6

3 things about the property that must be included on a seller service agreement

Answer 6

1) Municipal address + legal description
2) Listing Price
3) Proposed Possession Date

Question 7

The deposit cheque must be submitted to the brokerage within ____ business days of receipt.

Answer 7

3