Ch.12-Web Assignment-pg315 - and the agreement is in...

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Chapter 12: Real Estate Brokerage and Listing Contracts Robb Page 02-Mar-2010 FIN 497: Real Estate Principles Professor Clements Explore the Web – page 315. Visit click on Regulatory Information then Online Rules and Laws . Find your state. Look for links to your state’s regulatory laws. Once the Code of State Regulations webpage is found, search for relevant documents such as [ your state’s ] Real Estate Commission . Within those provided Code documents, scan for headings such as Compliance, Business Conduct or Practice , in order to answer the following questions. 1. What is the law in your state regarding dual agency…is it legal? Yes, it’s legal as long as both interested parties are aware and give their consent,
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Unformatted text preview: and the agreement is in writing. 2. What disclosure is required? A dual agent may disclose any information to one client that the licensee gains from the other client if the information is material to the transaction unless it is confidential information as defined in section 339.710 of the Missouri Revised Statutes. However, there are 5 exceptions, to which the broker shall not disclose information, (highlighted) under sections 4 and 5 of MRS 33.710, (see attached). 3. If a broker or a salesperson fails to disclose his or her agency relationship to a customer (i.e. the prospective buyer) does your state law make them automatically an agent of the customer? No. See attachments for details. 1...
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