Question

If a licensee wants to recommend a service to a party in a transaction, what must the licensee disclose?

Any compensation the licensee will receive for the referral

The recommended firm's contractor license

A list of other clients to whom the licensee has made the same recommendation

A disclaimer of any liability for damages resulting from the actions of the recommended vendor

A licensee who assists one or more parties to a transaction without entering into a signed agency agreement is called a

designated agent.

facilitator.

sub-agent.

managing broker.

As a facilitator, which of the following is permissible?

Working as a seller's agent on the same transaction.

Working as a buyer's agent on the same transaction.

Working as a dual agent.

Working with a designated agent.

Answer 1

If a licensee wants to recommend a service to a party in a transaction, what must the licensee disclose?

Answer : Any compensation the licensee will receive for the referral

Explanation : As a licensee they need to disclose to the buyer if they are getting any benefits from the third party for referrence.

A licensee who assists one or more parties to a transaction without entering into a signed agency agreement is called a

Answer : facilitator.

Explanation : facilitator assist both saler and buyer in reaching an agreement but is not bound by to represent buyer or seller in transaction or sign agency agreement.

As a facilitator, which of the following is permissible?

Answer : Working as a dual agent

Explanation : As facilitator assists both the buyer and seller while transaction without representing any of them, therefore they can work as a dual agent in the transaction.