Agency Relationships & Disclosure Flashcards
6 cards from real BC Real Estate Trading Services Course practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Agency Relationships & Disclosure flashcards as text
In BC, a listing may be classified as an 'exclusive listing' when:
Answer: Only the listing brokerage may market and sell the property, without MLS exposure
An exclusive listing means only the listing brokerage has the right to sell the property for the listing period, without the property being listed on MLS/the broader cooperating system.
Under BCFSA conduct rules, a licensee must avoid 'conflicts of interest' which means they must:
Answer: Disclose any personal interest or competing loyalty that could affect their duty to the client
A conflict of interest arises when a licensee has a personal interest or competing duty that could impair their ability to act in the client's best interests. These must be disclosed and managed.
In BC, a licensee acting as a 'transaction facilitator' rather than an agent:
Answer: Assists both parties with the mechanics of the transaction without representing either party
A transaction facilitator assists both buyer and seller with completing the transaction without acting as an agent for either. They provide limited, procedural assistance only.
Under BCFSA rules, when a licensee's brokerage has a listing and a buyer approaches without an agent, the brokerage should first:
Answer: Disclose the agency relationship and discuss representation options with the buyer
BCFSA requires licensees to disclose their agency relationship and explain the representation options available to the unrepresented buyer before proceeding.
In BC, a 'holdover clause' (protection period) in a listing agreement protects the listing brokerage by:
Answer: Entitling the brokerage to commission if a buyer introduced during the listing period buys after it expires
A holdover clause entitles the listing brokerage to their commission if the seller sells to a buyer who was introduced to the property by the brokerage during the listing period, even after the listing expires.
Under RESA BC, a real estate brokerage's trust account must be used for:
Answer: Client deposits, earnest money, and other funds held on behalf of clients
RESA requires that all client funds — including deposits and earnest money — be held in a separate trust account, completely segregated from the brokerage's operating funds.