Transaction broker real estate1/17/2024 What the motivating factors are for any party buying, selling, or leasing the property That a seller or landlord is willing to accept less than the asking price or lease rate forthe property That a buyer or tenant is willing to pay more than the purchase price or lease rateoffered for the property (3) The following information shall not be disclosed by a transaction-broker without the informed consent of all parties: To comply with any applicable federal, state, or local laws, rules, regulations, orordinances including fair housing and civil rights statutes or regulations. To comply with all requirements of this article 10 and any rules promulgated pursuant to this article 10 and Informing the parties that as seller and buyer or as landlord and tenant they shallnot be vicariously liable for any acts of the transaction-broker Keeping the parties fully informed regarding the transaction Īssisting the parties in complying with the terms and conditions of any contractincluding closing the transaction ĭisclosing to all prospective buyers or tenants any adverse material facts actuallyknown by the broker including but not limited to adverse material facts pertaining to the title, the physical condition of the property, any defects in the property, and any environmental hazards affecting the property required by law to be disclosed ĭisclosing to any prospective seller or landlord all adverse material facts actuallyknown by the broker including but not limited to adverse material facts pertaining to the buyer's or tenant's financial ability to perform the terms of the transaction and the buyer's intent to occupy the property as a principal residence and Presenting all offers and counteroffers in a timely manner regardless of whether theproperty is subject to a contract for sale or lease or letter of intent Īdvising the parties regarding the transaction and suggesting that the parties obtainexpert advice as to material matters about which the transaction-broker knows but the specifics of which are beyond the expertise of the broker Īccounting in a timely manner for all money and property received To exercise reasonable skill and care as a transaction-broker, including, but not limited to: To perform the terms of any written or oral agreement made with any party to thetransaction (2) A transaction-broker shall have the following obligations and responsibilities: (1) A broker engaged as a transaction-broker is not an agent for either party.
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