SCh4 intermediary Practice

Question 1

Under what condition does senate bill 489 allow a broker to act as an intermediary in a transaction where he represents both the seller and the buyer?

Answer 1

He must have the written permission of both parties, including how the broker will be paid

Question 2

Which takes precedence, statutory intermediary, or common law dual agency?

Answer 2

Statutory intermediary takes precedence over common law dual agency

Question 3

As an intermediary, what would be appropriate for a broker to do in regards to working with the parties to the transaction?

Answer 3

Appoint associates to work with the parties

Question 4

With respect to being an intermediary, what must a broker, who works alone, or who only sponsors one license holder be?

Answer 4

An intermediary without appointments

Question 5

What may an appointed associate under an intermediary be able to do?

Answer 5

Give advice and or opinions to one party in a transaction

Question 6

As an intermediary with associates, can a broker give advice and opinions to either party in the transaction?

Answer 6

No

Question 7

As an intermediary working with associates, what may the broker do?

Answer 7

Disclose facts about the property