SU # 12__Seller Agency Duties & Disclosures Flashcards
When must a licensee give a client an agency disclosure notice?
According to Illinois law, no later than beginning to work as a designated agent on the consumer’s behalf – in other words, before the seller signs the listing agreement or showing property to a buyer client.
What does it mean when a client checks “yes” to the dual representation paragraph of the listing agreement?
By checking “yes” to this paragraph, the seller is only acknowledging that the possibility of dual agency exists and that he or she has read the paragraph and understands what it means.
What are the three duties of action (COD) and what do they require the Designated agent/licensee to do?
The duties of Care, Obedience, and Disclosure require the Designated agency/licensee to perform certain activities on behalf of the client.
What are the three duties of protection (CAL) designed to do?
The duties of Confidentiality, Accounting, and Loyalty are designed to keep the client protected from the information-seeking of the other party to the transaction.
When does a dual agency arrangement become “official?”
When the seller signs the listing agreement.
When the seller checks “yes” in the dual representation paragraph of the listing agreement.
When the licensee gets written confirmation from both the seller and the buyer in the transaction.
When the buyer submits an offer to purchase.
When the licensee gets written confirmation from both the seller and the buyer in the transaction.
Confidentiality ends _______.
with the written permission of the client.
when a contract closes.
after two years from the close date.
when the broker retires the files.
with the written permission of the client.
Which fiduciary duty requires the agent to collect information about the customer for the client?
Confidentiality
Accounting
Loyalty
Obedience
Loyalty
Agent Kim lost the keys to her Client’s house and always left the back door unlocked. Agent Kim failed in her __________ responsibility.
Care
Oversight
Loyalty
Obedience
Care
Care, Obedience and Disclosure are fiduciary duties of ______.
Servitude
Action
Standards
Customer Relations
Action
Brokers should provide statutory services
to cooperating brokers.
to the broker.
only to customers.
only to clients.
only to clients.
