- for nonagent to help both the buyer and the seller with the paperwork formalities involved
contract broker
- or nonagent
- or transaction broker
- or facilitator
- or transaction coordinator
- is not an agency for either party
Ministerial Act
- for nonagent to help both the buyer and the seller with the paperwork formalities involved
transaction coordinator
- or nonagent
- or transaction broker
- or facilitator
- or contract broker
- is not an agency for either party
Ministerial Act
- for nonagent to help both the buyer and the seller with the paperwork formalities involved
facilitator
- or nonagent
- or transaction broker
- or transaction coordinator
- or contract broker
- is not an agency for either party
Ministerial Act
- for nonagent to help both the buyer and the seller with the paperwork formalities involved
transaction broker
- or nonagent
- or facilitator
- or transaction coordinator
- or contract broker
- is not an agency for either party
Ministerial Act
- for nonagent to help both the buyer and the seller with the paperwork formalities involved
nonagent
- or transaction broker
- or facilitator
- or transaction coordinator
- or contract broker
- is not an agency for either party
Ministerial Act
- for nonagent to help both the buyer and the seller with the paperwork formalities involved
Act for nonagent to help both the buyer and the seller with the paperwork formalities involved
Ministerial Act
Ministerial Act
- for nonagent to help both the buyer and the seller with the paperwork formalities involved
Termination of agency (6)
1) Completion performance or fulfilment of the purpose
2) Death or incapacity of either party
3) Destruction or condemnation of the property
4) Expiration of the terms of the agency
5) Breath by one of the parties
6) By operation of law as in bankruptcy of the principal
Agency coupled with an interest
.
- when a real estate agent is made part-owned of a property that is the subject of transaction
- cannot be revoked by the principal acting along
- cannot be terminated upon the principle's death
Agency when a real estate agent is made part-owned of a property that is the subject of transaction
Agency coupled with an interest
- cannot be revoked by the principal acting along
- cannot be terminated upon the principle's death
Agent's primary and secondary responsibility
- principal primary responsibility
- customer secondary responsibility
Agent's Customer Level Service (3)
- secondary responsibility
1) Reasonable care and skill
2) Honest and fair dealing
3) Disclosure of material facts
Opinion versus fact
- statements of opinion are permissible if
- not made carelessly
- there is no intention to deceive
Puffing
- exaggeration of a property's benefits
- considered an ethical even if it is legal
Exaggeration of a property's benefits
Puffing
Fraud
- intentional misrepresentation of a material fact in such a way to harm or take advantage of another person
Intentional misrepresentation of a material fact in such a way to harm or take advantage of another person
Fraud
Negligent Misrepresentation
.
- occurs when the REP should have known that a statement about a material fact was false
- lack of awareness of an issue is no excuse
What occurs when the real estate professional should have known that a statement about a material fact was false?
Negligent Misrepresentation
Environmental Hazard Disclosures (5)
1) toxic waste dumping
2) underground storage tank
3) contaminated soil or water
4) nearby chemical or nuclear facilities
5) lead-based paint (required by federal law
Property Conditions Disclosures
- in residential transactions involving property of up to 4 units
.
- seller has a duty to disclosure any known defect that threaten…
- structural soundness
- personal safety
Latent Defect
- is a hidden structure defect that would not be discovered by ordinary inspection
Hidden structure defect that would not be discovered by ordinary inspection
Latent Defect
Nondisclosure Statement
- some states allow the seller to provide a Nondisclosure Statement to the buyer that places the burden (бремя) of discovering any adverse (неблагоприятный) property conditions on the buyer
Some states allow the seller to provide a statement to the buyer that places the burden of discovering any adverse property conditions on the buyer
Statement?
Nondisclosure Statement
Stigmatized properties
- properties that society has found undesirable because of events that occurred there or because of proximity of the property to a known nuisance (неприятность)
Properties that society has found undesirable because of events that occurred there or because of proximity of the property to a known nuisance
Stigmatized properties
Megan's Law
- Federal legislation to maintain residential information on every person who kidnaps children, commit sexual crimes against children, or commit sexually violent crimes
Federal legislation to maintain residential information on every person who kidnaps children, commit sexual crimes against children, or commit sexually violent crimes
Megan's Law
What king of agent is Property Manager?
General Agent
What king of agent is Broker/Sales Person?
Special Agent
Rules established by tradition
Common Law
Rules established by court decisions
Common Law
Agency coupled with an interest cannot be (2)
1) cannot be revoked by the principal acting along
2) cannot be terminated upon the principle's death