SU # 21__Buyer Agency Duties and Disclosures Flashcards
When must a licensee give a buyer an agency disclosure notice?
According to Illinois law, no later than beginning to work as a designated agent on the consumer’s behalf.
When must a licensee acting in a dual agency capacity in a transaction obtain a written confirmation from the clients of their prior consent for the licensee to act as a dual agent?
This confirmation should be obtained at the time the clients are executing any offer or contract to purchase or lease in a transaction in which the licensee is acting as a dual agent.
What are the three duties of action and what do they require the broker to do?
The duties of Care, Obedience, and Disclosure require the broker and his or her agents to perform certain activities on behalf of the client.
What are the three duties of protection designed to do?
The duties of Confidentiality, Accounting, and Loyalty are designed to keep the client(s) protected from the information-seeking of the other party to the transaction.
Which skill must the licensee use the most to ensure that his or her client receives the best care?
Insight
Judgment
Accounting
Listening
Listening
When does a seller first become aware of the possibility of a dual agency?
At the time that the listing agreement is signed.
When the seller get the first written offer.
Two weeks after signing a listing agreement.
At the time of closing.
At the time that the listing agreement is signed.
Which of the following best defines dual agency?
Representing the seller in a transaction.
Representing a buyer in a transaction.
Representing neither the buyer or seller in a transaction.
Representing both the buyer and seller in a transaction.
Representing both the buyer and seller in a transaction.
Which is the only duty that continues beyond the agency relationship, unless a client gives a licensee permission to share the information with others?
Support
Care
Confidentiality
Obedience
Confidentiality
What are the two categories of duties?
Advanced and Passive
Accounting and Protection
Action and Protection
Active and Passive
Action and Protection
Who must approve a dual agency representation?
MLS Board
All parties in the transaction.
Company Shareholders
Dual Agency Commission
All parties in the transaction.
What type of agency is standard in Illinois?
Single
Designated
Dual
General
Designated
The acronym COD stands for:
Care, Obedience, Disclosure
Compliance, Order, Distance
Compliance, Obey, Discover
Connect, Order, Displace
Care, Obedience, Disclosure
How might a licensee hide the true identity of his or her client on a sales offer?
Insert the person’s initials only in the buyer’s line.
Insert “TBA” on the buyer’s line.
Leave the buyer’s line blank.
Insert “and/or assigns” in the buyer’s line.
Insert “and/or assigns” in the buyer’s line.
Which of the following is a good suggestion for keeping track of listings that have been shown to a client?
Print off an MLS listing.
Ask the client to keep a binder of all listings.
Maintain a file on each client and record all properties shown.
Leave a business card at each property shown.
Maintain a file on each client and record all properties shown.
