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. Show
SELLER'S AGENT The seller's agent is responsible for performing the following duties:
The seller's agent has no duty to:
BUYER'S AGENT The buyer's agent is responsible for performing the following duties:
The buyer's agent has no duty to:
TRANSACTION BROKER The transaction broker is responsible for performing the following duties:
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:
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 at 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:
The transaction broker has no duty to:
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. BRRETAWhich of the following duties is not required of the transaction broker?A transaction broker has no duty to conduct an independent inspection or investigation for adverse material facts for the parties.
What is the confidentiality duty of a broker who transitions from a single agent to a transaction broker?A real estate licensee who enters into a transaction broker relationship must give the customer a transaction broker disclosure notice. A single agent is defined as a broker who represents, as a fiduciary, the buyer or seller but NOT both in the same transaction.
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 deals 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 describes a transaction brokerage?A transaction broker is defined as a broker who provides limited representation to a buyer, a seller or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.
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