Understanding Limited Agency Flashcards

Understanding Limited Agency Flashcards Dual AgencyDual agency is when a single real estate agent represents both the buyer and seller in the sametransaction. It can happen in smaller markets with fewer agents Working with a single real estateagent or real estate firm can help the client facilitate open communication and dialogue It canalso streamline the home buying process. There are fewer people who need to coordinateschedules which may mean it's easier to find time to complete the necessary paperwork.Real EstateLicensingGetting a real estate license in Utah is a little more difficult compared to other states. You need atotal of 120 classroom hours of commission-approved pre-licensing courses. In comparison,to get a license in Florida, real estate licenses require applicants to complete only 63 hours ofcourses Stephanie is an agent. She has listed her own home for sale. A buyer comes along and falls in love with Stephanie's home and wants to make an offer on it. The buyer doesn't have an agent. What CAN Stephanie do?Under no circumstances can Stephanie represent this buyer informed consentConsumer Resources. Informed consent is an agreement by a party to a contract or an element ofthe contract made after the party has been advised of all material facts Robert Realtor has a home listed. He has a buyer who falls in love with the home and wants to make an offer. Which statement is TRUE about what Robert should do in this situation?Robert must get a Limited Agency Consent Agreement signed by both the seller and the buyer prior to writing the offer.The Limited Agency Consent Agreement must be signed

by a Buyer before:

A buyer enters into a Real Estate Purchase Contract Agency Duties ofLimited AgentsThe following fiduciary duties are compromised for limited

agents: Loyalty, Confidentiality,Disclosure

Conflict of Interestas a Limited AgentIf you are involved as a principal in the transaction (even if you only have 1% ownership), you areprohibited from serving as a limited agent in that transaction.Weakening theBargaining Positionof the Other PartyUnnecessarily revealing information that reduces the ability of one party of a transaction to fairlynegotiate. For

example: specifically mentioning the price the buyer or

seller will accept to theother party.In a Limited Agency situation, the duties that are "limited"

are:

Loyalty, Confidentiality, Disclosure

Another name for limited agency is:Dual agency

Limited AgencyDisclosure andConsentSales Agent & Broker Renewals. Agency agreements are used when one party authorizes anotherto conduct business on its behalf.One (Single) AgentLimited AgencyA transaction in which a single agent represents both the buyer and the seller and is the only agentinvolved.Criminal Penaltiesfor Violation ofChapter Criminal penalties for violations of real estate licensure law can include prison time. It is importantas agents to follow all rules, regulations, and procedures If an agent practicing limited agency does a Comparative

Market Analysis for one client:

They absolutely must give the same CMA to the other client Utah Division RealEstate WebsiteIn the Utah Division of Real Estate you will be able to find valuable resources. Real Estate Information Consumer Resources Sales Agent & Broker Renewals Appraisals This will be a great platform to enhance your knowledge and understand about the resources available to you.The Limited Agency Consent Agreement needs to be

signed by:

The Buyer, the Seller, and the Agent or Broker Agency BeforeContractsThe term "agency" is used in real estate to help determine what legal responsibilities the realestate professional has an obligation to their client and all other parties in the transaction Undisclosed dual agency:Is a serious violation of state lawCan result in loss of commission or lawsuitCan result in license suspension or revocation Two (Double) AgentLimited AgencyA transaction in which a single brokerage represents both the buyer and the seller, but differentagents within the brokerage represent the buyer and the seller.Limited AgencyA completely different role from that of a typical agent, one in which you have to be careful whatyou're doing to not violate your obligations to both sides. You essentially become a neutral thirdparty, helping both sides to a limited degree. It can be more profitable, as you get bothcommissions, but you must be very careful to not break the law while doing so.