What is particular about the duty of confidentiality as its owed by transaction brokers? Chi tiết

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The Kansas Brokerage Relationships in Real Estate Transactions Act (referred to as BRRETA II) became effective on October 1, 1997. The following summary describes a seller's agent, a buyer's agent, and a transaction broker.

Nội dung chính Show

• How many duties are owed in a no brokerage relationship in Florida?
• Which of the following is not a duty of a broker engaged by a buyer?
• What is a transaction broker example?
• How do nonresidential transactions differ from residential transactions with respect to the three authorized brokerage relationships available in Florida real estate?

SELLER'S AGENT
The seller's agent represents the seller only, so the buyer may be either unrepresented or represented by another agent.

The seller's agent is responsible for performing the following duties:

promoting the interests of the seller with the utmost good faith, loyalty, and fidelity

protecting the seller's confidences, unless disclosure is required

presenting all offers in a timely manner

advising the seller to obtain expert advice

accounting for all money and property received

disclosing to the seller all adverse material facts about the buyer that the agent knows

disclosing to the buyer all adverse material facts actually known by the agent, including:

• environmental hazards affecting the property that are required to be disclosed
• the physical condition of the property
• any material defects in the property or in the title to the property
• any material limitation on the seller's ability to complete the contract

The seller's agent has no duty to:

conduct an independent inspection of the property for the benefit of the buyer

independently verify the accuracy or completeness of any statement by the seller or any qualified third party

BUYER'S AGENT
The buyer's agent represents the buyer only, so the seller may be either unrepresented or represented by another agent.

The buyer's agent is responsible for performing the following duties:

promoting the interests of the buyer with the utmost good faith, loyalty, and fidelity

protecting the buyer's confidences, unless disclosure is required

presenting all offers in a timely manner

advising the buyer to obtain expert advice

accounting for all money and property received

disclosing to the buyer all adverse material facts about the property that the agent knows

disclosing to the seller all adverse material facts actually known by the agent, including all material facts concerning the buyer's financial ability to perform the terms of the transaction

The buyer's agent has no duty to:

conduct an independent investigation of the buyer's financial condition for the benefit of the seller

independently verify the accuracy or completeness of statements made by the buyer or any qualified third party

TRANSACTION BROKER
The transaction broker is not an agent for either party, so the transaction broker does not advocate the interests of either party.

The transaction broker is responsible for performing the following duties:

exercising reasonable skill and care

presenting all offers in a timely manner

advising the parties regarding the transaction

suggesting that the parties obtain expert advice

accounting for all money and property received

keeping the parties fully informed

assisting the parties in closing the transaction

disclosing to the buyer all adverse material facts actually known by the transaction broker, including:

• environmental hazards affecting the property that are required to be disclosed
• the physical condition of the property
• any material defects in the property or in the title to the property
• any material limitation on the seller's ability to complete the contract

disclosing to the seller all adverse material facts actually known by the transaction broker, including all material facts concerning the buyer's financial ability to perform the terms of the transaction

The transaction broker protects the confidences of both parties.

If the transaction is the sale of one to four residential units or the sale of agricultural real estate, the following information shall not be disclosed by a transaction broker without the consent of all parties:

• that a buyer is willing to pay more than the purchase price offered for the property
• that a seller is willing to accept less than the asking price for the property
• what the motivating factors are for any party buying or selling the property
• that a seller or buyer will agree to financing terms other than those offered; or
• any information or personal confidences about a party to the transaction which might place the other party an advantage over the party unless the disclosure is required by law or failure to disclose such information would constitute fraudulent misrepresentation.

If the transaction is the sale or lease of commercial property or residential property of more than four units, the transaction broker shall not disclose any information or personal confidences about a party to the transaction which might place the other party an advantage unless failure to disclose such information would constitute fraudulent misrepresentation. The transaction broker may disclose the following information unless prohibited by the parties:

• that a buyer or tenant is willing to pay more than the purchase price or lease rate offered for the property
• that a seller or landlord is willing to accept less than the asking price or lease rate for the property
• what the motivating factors are for any party buying, selling or leasing the property; or
• that a seller, buyer, landlord or tenant will agree to financing terms other than those offered.

The transaction broker has no duty to:

conduct an independent inspection of the property for the benefit of any party

conduct an independent investigation of the buyer's financial condition

independently verify the accuracy or completeness of statements made by the seller, buyer, or any qualified third party

STATEMENT OF REPRESENTATION

Do not assume that an agent is acting on your behalf, unless you have signed a contract with the agent's firm to represent you. If you have not entered into a written agency agreement, you are considered to be a customer rather than a client. As a customer, you represent yourself. Any information that you, the customer, disclose to the agent representing another party will be disclosed to that other party. Even though licensees may be representing other parties, they are obligated to treat you honestly, give you accurate information, and disclose all known adverse material facts.

BRRETA

How many duties are owed in a no brokerage relationship in Florida?

A licensee who chooses to enter a no broker relationship are only required to fulfill the following three duties: All đơn hàng must be conducted honestly and fairly. Disclosure of known material facts that can affect the value of a residential property. Account for all funds and transactions performed by the licensee.

Which of the following is not a duty of a broker engaged by a buyer?

the broker is not obligated to seek other properties for the buyer while the buyer is a party to a contract to purchase property, unless the brokerage engagement stipulates otherwise.

What is a transaction broker example?

Transaction broker means a real estate brokerage firm that provides customer service to a buyer, a seller, or both in a real estate transaction. A transaction broker may be a single agent of a party in a transaction giving the other party customer service.

How do nonresidential transactions differ from residential transactions with respect to the three authorized brokerage relationships available in Florida real estate?

How do non-residential transactions differ from residential transactions with respect to the three authorized brokerage relationships available in Florida real estate? A. The duties attached to those relationships are greater for non-residential transactions than they are for residential transactions. Tải thêm tài liệu liên quan đến nội dung bài viết What is particular about the duty of confidentiality as its owed by transaction brokers? Reply 9 0 Chia sẻ

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