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Exam Review Course Manual – Page 14

Exam Review Course Manual – Page 14. D. BREACH OF CONTRACT 1. Specific Performance –. Not by broker. Bilateral employment contract. E. LISTINGS –. Agency Creation –. Reveal as soon as possible. For any period of time. Employment contract. Find purchaser, accept deposit.

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Exam Review Course Manual – Page 14

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  1. Exam Review Course Manual – Page 14 • D. BREACH OF CONTRACT • 1. Specific Performance – Not by broker Bilateral employment contract E. LISTINGS – • Agency Creation – Reveal as soon as possible For any period of time Employment contract Find purchaser, accept deposit Payment of consideration is not required Not voluntary offer Terminated by completion

  2. Exam Review Course Manual – Page 14 • a. Oral Agreements – Commission permissible Broker would sue broker b. Lease on Duplex – Broker is agent c. Subagent of listing broker – Duty to seller only

  3. Exam Review Course Manual – Page 14 • 2. Fiduciary Obligations – Licensee Integrity, loyalty, honesty Present All Written Offers – At same time Unless frivolous or express instructions Seller Fires Broker – Liable for damages

  4. Exam Review Course Manual – Page 15 • a. Broker Owes Buyer – Fair and honest deal b. Broker as Agent of Buyer (Offeror) – Can present offers to seller and seller’s agent Accepting unauthorized deposits Owes fiduciary duty to buyer only c. Material Facts – Must reveal Leaky roof Septic tank – rescind

  5. Exam Review Course Manual – Page 15 Exaggerated features or benefits • d. Puffing – e. Broker promises seller to find house – Civil suit for damages f. Agent promises to advertise and does not – Actual fraud g. Protect confidential information – After listing expires

  6. Exam Review Course Manual – Page 15 • 3. Deposits – May be anything • Seller – Deposit belongs to seller b. Hold deposit check or accept promissory note Must inform seller c. Conflict between buyer and seller – Interpleader

  7. Exam Review Course Manual – Page 15 • 4. Commissions – Communicate acceptance If not shared – civil suit Cancels, owes both • Commission after term of listing – Protection period clause 5. Liability – Damages if acts in excess • Fraudulent Misrepresentation – Discipline, civil, criminal

  8. End of Session

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