These laws are in place to protect buyers from being misled by agents who are actually representing the sellers. Agency disclosure laws help clear up confusion over whose interests are being represented in a transaction. Some states have _ that require agents to disclose who they are representing to the buyers.Īnswer: A. Usually, the types of questions these include are the fiduciary duties of the agents and principals and agency disclosure laws.ġ7. All documents, details, and facts about the property must be reported and recognized by all parties involved before, during, and after the transaction. (This practice question was taken from the practice test provided by .)ĭisclosure is extremely important for agents and principals to have an honest and transparent transaction. When a principal signs an exclusive-right-to-sell listing with a broker, the principal will pay the broker a commission even if the principal or another agent procures the buyer. The listing agent will be paid the commission no matter who procures the buyer.
Which option best describes an exclusive-right-to-sell listing? There are different modes, ways, processes, requirements, and qualifications for transferring property.ġ5. The transfer process happens by way of a deed. Real estate agents need to know about the concept and legalities of property transfer because it will help them to know the value of the property and who has the rights to claim the property. (This practice question was taken from the practice test provided by .) This lists all the terms and conditions in detail. The terms of the trust deed are not printed in the short form but refer to an original deed of trust recorded in each county, and it is identified as a fictitious deed of trust. This merely recites the trustor’s name, the trustee’s name, describes the property, and has a place for signature.
Nearly all deeds of trust used by banks, escrow, and title companies are the short form.
This previously recorded trust deed is known as a _.Īnswer: D. In checking trust deed documents in the county recorder’s office, you will find that the recorded deed of trust refers to standard clauses contained in a previously recorded deed of trust.
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