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PLEASE SOMEONE HELP ANSWER THESE TWO MULTPILE CHOICE QUESTIONS Salesperson Lee approaches the owner of 154 Juniper Lane who is trying to sell his house
PLEASE SOMEONE HELP ANSWER THESE TWO MULTPILE CHOICE QUESTIONS
Salesperson Lee approaches the owner of 154 Juniper Lane who is trying to sell his house privately. After some discussion, the seller agrees to allow Lee and Lee's brokerage to represent his interests in finding a buyer and to pay a commission. Salesperson Lee does not have the seller sign a listing agreement, as he is confident he can sell the property himself without informing other salespeople in the office. In fact, Lee does not ask the seller to sign a listing agreement or even mention it to the seller. Lee subsequently sells the property to a buyer client. This situation is best described as an example of: a complying with REBBA 2002 when creating agency. b establishing agency by an oral agreement. c acting in the seller's best interests. d a way to avoid multiple representation. REBBA 2002 contains specific requirements when a brokerage represents more than one party to the transaction. From the statements listed below, select the correct statement(s). Based on the requirements for multiple representation. i. Provided that both parties verbally agree to the brokerage acting in a multiple representation capacity, there is no need for written consent. ii. The brokerage must obtain informed written consent for multiple representations from both parties at the earliest practicable opportunity. iii. For the consent to be considered informed consent, the individual must understand the nature of the consent they are giving. iv. Informed written consent can be obtained at any time prior to the scheduled completion of the proposed transaction in which the parties are being represented. a Only statements ii. and iii. are correct. b All four statements are correct. c Only statement ii. is correct. d Only statements iii. and iv. are correctStep by Step Solution
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