Check Your Understanding Answers
- List the three specific tasks a broker is authorized to perform in order to achieve the duties outlined in the contract.
- Order reports and disclosures
- Advertise and market the property, including using an MLS
- Share information with a licensee regarding offers on the property, including the offer price
- How many days after an associate enters into an agreement with a seller does the broker have the option to cancel the listing agreement?
5 days
- What is the first course of action for the parties to resolve a dispute arising in regards to the compensation terms of the agreement?
The parties agree to mediate any dispute regarding compensation BEFORE arbitration or court action.
- What does the Ownership, Title and Authority provision state?
Seller warrants to having ownership of the property, that no other person has title to the property, and the seller has the authority to execute this agreement.
