Lesson_07 - Printable Lesson Materials Print these...

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Printable Lesson Materials 13218 NE 20th Street Bellevue, WA 98005 425-747-7272 800-221-9347 www.rockwellinstitute.com Print these materials as a study guide This portion of your printable materials consists of dozens of frames that summarize the content in this lesson. The frames are arranged on the page to make it easy for you to study the material and add your own notes from your textbook or the online course. Graphic Summaries Many students learn best from sets of questions, and this multiple choice quiz allows you to focus your review of the material to important topics. Quizzes These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two parts: graphic summaries of the content and a multiple choice quiz . © 2009 Rockwell Institute
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1 California Real Estate Law © Copyright 2007 Rockwel Publishing, Inc. Lesson 7: Duties to Clients and Customers © Copyright 2007 Rockwel Publishing, Inc. Introduction This lesson will discuss: l agency disclosure requirements l duties owed to clients l duties owed to all parties © Copyright 2007 Rockwel Publishing, Inc. Agency Disclosure Requirements Licensee has duties to anyone he interacts with during real estate transaction. Extent of duty depends on whether agency relationship has been established. l Duty to client is different from duty to customer.
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2 © Copyright 2007 Rockwel Publishing, Inc. Agency Disclosure Requirements To reduce confusion, many states have passed real estate agency disclosure laws. Real estate agency disclosure laws : require real estate agents to disclose to both buyer and seller which party or parties they are representing in the transaction © Copyright 2007 Rockwel Publishing, Inc. Agency Disclosure Requirements Agency disclosure laws apply to transactions: l involving residential property l with up to four dwelling units © Copyright 2007 Rockwel Publishing, Inc. Agency Disclosure Requirements First step in disclosure process is to provide agency disclosure form . l Front of form: explains duties of seller’s agent, buyer’s agent, and dual agent l Back of form: presents statutory text of disclosure requirements Agency disclosure form
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3 © Copyright 2007 Rockwel Publishing, Inc. Agency Disclosure Requirements Licensees must: l give form to each party l get signature to acknowledge receipt Agency disclosure form © Copyright 2007 Rockwel Publishing, Inc. Agency Disclosure Requirements Deadline for listing agent: l must give copy to seller before seller signs listing agreement Deadline for selling agent: l must give copy to each party as soon as practicable Agency disclosure form © Copyright 2007 Rockwel Publishing, Inc. Agency Disclosure Requirements
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Lesson_07 - Printable Lesson Materials Print these...

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