If a licensee wants to recommend a service to a party in a transaction, what mus
ID: 396919 • Letter: I
Question
If a licensee wants to recommend a service to a party in a transaction, what must the licensee disclose?
Any compensation the licensee will receive for the referral
The recommended firm's contractor license
A list of other clients to whom the licensee has made the same recommendation
A disclaimer of any liability for damages resulting from the actions of the recommended vendor
A licensee who assists one or more parties to a transaction without entering into a signed agency agreement is called a
designated agent.
facilitator.
sub-agent.
managing broker.
As a facilitator, which of the following is permissible?
Working as a seller's agent on the same transaction.
Working as a buyer's agent on the same transaction.
Working as a dual agent.
Working with a designated agent.
Explanation / Answer
If a licensee wants to recommend a service to a party in a transaction, what must the licensee disclose?
Answer : Any compensation the licensee will receive for the referral
Explanation : As a licensee they need to disclose to the buyer if they are getting any benefits from the third party for referrence.
A licensee who assists one or more parties to a transaction without entering into a signed agency agreement is called a
Answer : facilitator.
Explanation : facilitator assist both saler and buyer in reaching an agreement but is not bound by to represent buyer or seller in transaction or sign agency agreement.
As a facilitator, which of the following is permissible?
Answer : Working as a dual agent
Explanation : As facilitator assists both the buyer and seller while transaction without representing any of them, therefore they can work as a dual agent in the transaction.
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