Question: At what time should the real estate licensee present the consumer notice to the prospective buyer?

At what time should a Pennsylvania licensee present the consumer notice to a prospective homebuyer?

At what time should a Pennsylvania licensee present the Consumer Notice to a prospective homebuyer? The answer is at the initial interview.

What is a consumer notice in real estate?

The consumer notice explains the different duties and responsibilities that an agent has to consumers, and that consumers may enter into an agency relationship with a Licensee. … Because of Agency law the licensee represents the Seller. The consumer notice is not a contract and does not bind the consumer in any way.

In what type of buyer agency if ever is the broker entitled to compensation even if the buyer buys directly from a seller?

In what type of buyer agency, if ever, is the broker entitled to a commission even if the buyer buys directly from the seller? The answer is exclusive buyer agency.

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What if anything is required when a licensee sells a personal property?

What, if anything, is required when a licensee sells a personal property? Must inform all prospective purchasers that the seller holds a real estate license.

Which of the following is the best explanation of an option?

Which of the following is the best explanation of an option? An agreement granting exclusive right to buy, sell, or lease property at a given price within a stated period of time. a contract in which one party buys the right to purchase real property within a future specified time period.

What agency relationship requires the informed consent of both parties buyer and seller group answer choices?

c. Representation is an agency issue; compensation is a contract issue. When the broker represents both the buyer and the seller in the same transaction, the dual representation must be fully disclosed and both parties must give their informed consent in writing.

How is Pennsylvania’s real estate Recovery Fund funded?

The Real Estate Recovery Fund is a fund established by the Real Estate Licensing and Registration Act to provide reimbursement to persons who are victims of fraud, misrepresentation, or deceit committed by real estate licensees during the course of any transaction for which a license is required.

What is a buyer’s agency agreement?

A service agreement, also known as a buyer’s agency agreement, is a legally binding contract between you and the real estate brokerage that your professional is licensed with. … Before you sign, it is important to review all the terms of the buyer’s agency agreement and ask questions about anything that isn’t clear.

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What are the three types of buyer’s agreements?

What are the three types of Buyer’s Agreements? –Exclusive purchase, exclusive seller, and closed buyer agency.

What is a major benefit to a buyer who agrees to representation?

What is a major benefit to a buyer who agrees to representation? A buyer’s agent can help the client negotiate. For example, if a property is overpriced, the licensee can share comparables and advise the client.

How is the relationship handled when a buyer wishes to work with a broker to locate property to purchase?

How is the relationship handled when a buyer wishes to work with a broker to locate property to purchase? … The contract is void unless disclosure is signed by the seller and brokers prior to the parties signing the sales contract.