Review Flashcards
Test Prep
Agency
Universal
General (property management)
Special (we are special). Hired to do one specific task. In realestate “special” menas limited
we are NEVER universal agents
Express Agreeements
Express agreements means - WE have discussed it - talked about the terms
Agency
Agency is formed by EXPRESS AGREEMENT
express agreements - not in writing
Client vs. customers
know this!!!
we work for the client
we owe fiduciary duties (OLDCAR)
obiedience, loyalty, dosclosure, confirdentiality, accounting, reasonable skill care
customers
Example: unrepresented buyer
need to discuss the disclosure form and who we represent. We need to tell them we represent the seller
We owe customers disclosure of material facts
honety and fairness
Showing an unrepresented buyer a house (FSBO)
when reading the questions find out who you are representing
Do we keep a customers information confiodential?
No. We are supposed to take this and tell our clients.
Agency
In NC to become a seller cllient we must
when they want to hire us we must: sign a listing agreement iin writing
Get that relationship in writing immediatiy
same with apropetty management contract
Disclosure
Disclosure
Need to disclose material facts to ALL parties (buyer, seller, all)
We can seal or keep confident our clients personal information - financial information, motivation to sell. Cannot dsclose client is behind on mortage, getting divorced, etc.
At foresclosure filing personal information becomes a material fact
Disclosure
Latent Defect
Hidden defect
you cannot see iwth the naked eye
Disclosure
Are we liable for a latent defect
No. Unless you know about it.
Need to look for red flags for material facts
Disclosure
Seller Disclosure
Caveat empeutr
The seller has no duty to disclose except for the knowledge of led based paint
Must provide to every buyer RPOADS
