- Are real estate agents bound by confidentiality?
- What happens when a listing agreement expires?
- Can a real estate agent get a commission after the contract expired?
- What acronym can be used to remember the six fiduciary duties of an agent?
- Does a seller have to disclose multiple offers?
- What does a realtor have to disclose?
Are real estate agents bound by confidentiality?
An agent is obligated to safeguard his principal’s confidence and secrets.
A real estate broker, therefore, must keep confidential any information that might weaken his principal’s bargaining position if it were revealed..
What happens when a listing agreement expires?
Once a listing agreement expires, the contract is terminated and the house is taken off the market. You will be free to either look for another real estate agent or broker, extend the listing agreement with your current real estate agent or broker, or take their home off the market completely.
Can a real estate agent get a commission after the contract expired?
Understanding the “safety clause” in a real estate listing A safety clause outlines a commission protection period for the agent. This clause will lay out a certain number of months after the listing has expired during which the agent will still receive a commission in the event of a sale.
What acronym can be used to remember the six fiduciary duties of an agent?
The agency relationship is a contract that gives the REALTOR® a fiduciary duty for 6 specific standards. We remember the standards by using the acronym OLD CAR: (Obedience, Loyalty, Disclosure, Confidentiality, Accountability and Reasonable Care/Diligence).
Does a seller have to disclose multiple offers?
Standard of Practice of the REALTOR® Code of Ethics states that the existence of offers should only be disclosed with the seller’s consent. The seller alone determines whether one or more of the prospective buyers will be informed that there are multiple offers.
What does a realtor have to disclose?
As discussed, sellers and real estate professionals must disclose all known defects and hazards present on a property. While a seller needs to be truthful, their agent also needs to do some investigation to make sure all known hazards and defects are fully disclosed to potential buyers.