If you are a seller\'s designated agent, you must disclose your status to buyers
ID: 396917 • Letter: I
Question
If you are a seller's designated agent, you
must disclose your status to buyers prior to preparing an offer.
must obtain a signed agency disclosure form prior to closing.
must have an agency contract.
may or may not be the managing broker.
If a licensee representing a seller works with an unrepresented buyer, the licensee must confirm her agency relationship in writing to the buyer at what point in the transaction?
Upon initial contact with the buyer.
Before providing any real estate services to the buyer.
Before conducting any substantive discussions.
Prior to preparing an offer to purchase.
In Tennessee, an agency relationship exists where a principal's liability for the actions of a licensee is limited to actions or explicit instructions of the principal. This relationship is called
designated brokerage.
limited agency.
transaction brokerage.
power of attorney.
Explanation / Answer
1. The answer is given below:
must obtain a signed agency disclosure form prior to closing
The seller designated agent should always have a proof and so a signed agency disclosure is a must which needs to be collected prior closing on the deals.
2. The answer is given below:
Before providing any real estate services to the buyer.
The licensee should know the details of the buyer, if not in writing before discussion the licensee should not provide any details about the real estate service with the buyer, as where the buyer us unrepresented buyer.
3. The answer is given below:
designated brokerage
The designated brokerage only work with the instruction of principals on agreeing to the terms and conditions that's are applicable.
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