Check Your Understanding Answers
- What does it indicate if section C(2) of the Agency Relationship provision is checked?
The buyer does not consent to the possibility of a dual agency relationship between broker and buyer. By checking this section, only a single agency relationship is possible between the parties.
- Describe the Other Potential Buyers section of Paragraph 2.
This section discusses the possibility of the broker having other potential buyers who may be in competition for similar homes as the buyer.
- According to the agreement, what is the definition of “buyer”?
Section 3F defines a buyer as any person or entity who acts on buyer’s behalf to purchase property.
- List three activities the buyer authorizes the broker to do during the term of the agreement. (Additional correct answers on page 51.)
- Locate properties, present offers, and assist the buyer in negotiating such offers
- Provide guidance to buyer through the transaction process
- Obtain credit report on buyer
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