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Senate Bill 489 requires a license holder to give what under IABS?
Information About Brokerage Services to a prospect at the first substantive dialogue. This includes a face-to-face meeting where substantive discussion of real estate takes place or any mailing with a substantial amount of information about a particular property. Exceptions include Open Houses, when a meeting with a party represented by another license holder, or when a proposed transaction is for a residential lease for not more than 1 year, and no sale is being considered.
Oral or written disclosure is allowed under Senate Bill 489.
Senate Bill 489 allows what under Intermediary Practice?
-Allows a broker to act as an intermediary in a transaction where he represents both the seller and the buyer and has the WRITTEN permission of both parties including how the broker will be paid. Only a broker can an Intermediary. Statutory Intermediary takes place over common law dual agency.
-A broker who agrees to represent both the buyer and the seller MUST do so as an intermediary.
-As an intermediary it would be appropriate for a broker to appoint associates to work with the parties to the transaction.
-A broker who works alone or who only sponsors 1 license holder must be an Intermediary without appointments.
-An appointed associate, under an intermediary, may give advice and/or opinions to one party in a transaction. A broker may never give advice and/or opinions to either party. He may only disclose facts about the property.
The license act requires a broker to proved a ______ level of service to a client.
A broker who represents a party or who lists real property under an exclusive agreement must:
-Put the interests of the client above all others, including the broker's own interests.
-Inform the client of material information about the property or the transaction received by the other broker.
-Answer the client's questions and present any offer to or counteroffer from the client
-Treat all parties to a real estate transaction fairly and honestly.
A license holder may advertise another broker's listing with what?
The written permission of that broker.
A broker may refer clients to a Residential Service Company with whom he has a professional connection with as long as what?
The broker discloses the connection using the required TREC form. RSC-2: Disclosure of relationship with residential service company. Any fee must be commensurate with the service provided.
How much time does a broker have to respond to sponsored sales agents, clients, and license holders representing other parties in real estate transactions?
Within 3 calendar days.
A broker must deliver mail and other correspondence from TREC to sponsored sales agents within ______ days after the receipt of the mail or correspondence.
10 calendar days
Only a ______ can earn a commission and only a ______ can sue for a commission.
A broker must be able to prove what to sue for a commission?
- That he was the procuring cause of sale.
- That he has a written compensation agreement.
- That he is licensed by TREC.
- That he provided written notice to the buyer to obtain an attorney's opinion of title or a title policy on the property.
What is the broker responsible for in regard to his sales agents?
The broker is responsible for all professional acts or occupational activities of the sales agents he sponsors including advertising, use of promulgated forms, proper disclosure, etc. The broker must provide written standards of sponsored activities to sponsored license holders.
If the broker wishes to terminate sponsorship, what must he do?
He must notify the sales agent in writing and return the sales agent's license certificate to the Commission immediately. A sales license holder who wishes to terminate his association with the sponsoring broker must do so in writing.
When can an applicant engage in business in regard to picking a sponsoring broker?
An applicant who has applied with a broker and passed the test cannot engage in business until the license is received in the broker's office. An applicant applying without a broker cannot engage in business until a broker is selected and receives the applicant's license.
What are the plans of action if you broker dies, is suspended, or declared legally insane?
Sales agent must change to another broker immediately. When changing to a new broker, a license holder is authorized to engage in the business as soon as his fees and sponsorship forms have been mailed to TREC. This is also true when re-activating an inactive license.
What are the steps if a broker wants to have more than one place of business?
If a broker has more than one place of business he must obtain a branch office license for each additional office at a cost of $50 per office. It is not necessary to have a licensed broker at each location.
What can an unlicensed assistant do?
-Although an unlicensed assistant can accompany licensees on showings and open houses, they cannot conduct either of these activities on their own.
-Place for sale signs on property, accompany an inspector, place advertisements as directed by the license holder.
-Train and motivate license holders.
-Manage an office.
-Perform all clerical activities for the broker, such as typing contracts, preparing reports and CMA's, filing, copying and organizing information.
-Set appointments for a license holder to show a listing.
An unlicensed assistant may not telemarket for listings or engage in any other activities requiring a license.
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