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Staying In Business and Out of Court
Tennessee Real Estate Foundation and the Association of Realtors
4 Tips to Reduce Risk
•Fill out property disclosure form
•Always recommend home inspections
•Recommend home warranties
•Always use current approved sales contracts
Real Estate Settlement
Procedures Act1. Federally related
mortgage
2. Referral
3. Agreement or understanding
4. Thing of value
5. For the referral of settlement services
Changes to Agency Status
Any change in agency status in a given transaction must be discussed and approved in advance with your
client and confirmed in writing.
Minimum Service Requirements Under Law
Scheduling all property showings on behalf of the client
Receiving all offers and counter offers
Answering any questions the client may have
Upon waiver of any of these duties, the consumer may not expect or seek assistance from any other licensees in the transaction for the performance of these duties
MYTH:An agency relationship can be “implied,” created “accidently,” or created simply by a licensee’s actions, statements or behavior.
MYTH:You can be a seller’s agent (the listing agent) and a facilitator for the buyer at the same time.
MYTH:If you’re not sure what your agency status is at the time you submit a written confirmation of agency status, then it’s probably safest to check several boxes… since one of them is sure to be correct!
MYTH:You can’t sell your own listing without changing your agency status in the transaction to facilitator.
MYTH:The managing broker remains a dual agent even if the buyer and seller are each represented by different designated agents in the broker’s office.
MYTH:An office-wide agency policy is unnecessary. Each license should just select the type of agency (or non-agency) relationship that works best for him or her.
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