The document summarizes key information about agency in real estate transactions. It discusses the fiduciary responsibilities of agents, including care, obedience, accounting, loyalty, disclosure, and confidentiality. It also describes different types of agency relationships such as single agency, subagency, dual agency, and transaction licensees. The summary concludes by outlining the major provisions that must be disclosed in the Pennsylvania Consumer Notice about the duties of agents and various business relationships allowed.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition RevisedTom Blefko
This document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit from lenders involves evaluating risk and yield based on factors like loan term, type, amount, and market rates. Credit scores also impact approval and rates.
2) Government regulations like the Truth in Lending Act require disclosing loan costs and annual percentage rates. The Equal Credit Opportunity Act prohibits credit discrimination.
3) Common loan programs include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss up to 96.5% loan-to-value. Private mortgage insurance may be required on conventional loans over 80% loan-to-value.
LCAR Unit 16 - Ethical Practices and Fair Housing - 14th Edition RevisedTom Blefko
The document discusses fair housing laws and ethical practices in real estate. It provides examples of discrimination testing in Allentown, PA and Long Island, NY that found minorities were treated differently in most cases. Federal and state laws like the Fair Housing Act prohibit discrimination in housing based on protected classes. Violations can result in fines or lawsuits. The implications for real estate professionals are to avoid practices like steering, blocking busting, or discriminatory advertising and follow guidelines to ensure fair treatment of all homebuyers.
LCAR Unit 13 - The Real Estate Business - 14th Edition Revised.pdfTom Blefko
The document discusses the many specializations within the real estate business, including brokerage, real estate sales, appraisal, property management, financing, home inspection, counseling, and education. It also covers the real estate market, factors that affect supply and demand, home ownership, types of housing, ownership expenses, investment considerations, and tax benefits of home ownership.
LCAR Unit 14 - Real Estate Brokerage - 14th Edition Revised.pdfTom Blefko
This document discusses real estate brokerage and the legal considerations of technology in real estate. It provides an overview of how real estate brokerage has evolved from small family businesses to larger corporate models. It also examines the broker-salesperson relationship and compensation structures. The document analyzes current housing market trends and concludes there is little risk of a crash due to tight lending standards and homeowner equity. It outlines antitrust laws and regulations around internet advertising, social media use, email marketing, and telemarketing in real estate.
LCAR Unit 17 - Listing Agreements and Buyer Representation Contracts - 14th E...Tom Blefko
The document discusses listing agreements and buyer representation contracts. It covers the key points that agency contracts are employment contracts for broker services, not property transfer contracts. Listing and buyer representation agreements are fundamental real estate profession documents. Pennsylvania law requires written agreements when a consumer compensates a broker. Required agreement elements include the broker's fee/term, broker services, broker representing multiple parties, and cooperation with other brokers. The document outlines exclusive right to sell, exclusive agency, and open listings. It discusses listing contract forms and the typical information contained within like property details, ownership evidence, broker compensation, and indemnification.
LCAR Unit 20 - Appraising Real Estate - 14th Edition RevisedTom Blefko
The document discusses appraising real estate. It provides information on appraisals, appraisers, regulations for appraisals, and the appraisal process. The key points are:
- An appraisal is an estimate of a property's market value based on approved methods and supportable evidence. Appraisals are done by independent professionals in an impartial manner.
- Appraisals used for federally related transactions must comply with regulations. Appraisers follow USPAP standards and are certified at different levels depending on the types of properties they appraise.
- The appraisal process involves gathering data, determining highest and best use, and using the sales comparison, cost, and income approaches to estimate a
LCAR Unit 16 - Ethical Practices and Fair Housing - 14th Edition RevisedTom Blefko
The document discusses fair housing laws and ethical practices in real estate. It provides examples of housing discrimination tests conducted in Allentown, PA and Long Island, NY that found minorities were treated differently a majority of the time. It outlines federal, state, and local laws prohibiting housing discrimination and exemptions. Real estate agents and brokers must comply with these laws and avoid practices like steering, blockbusting, discriminatory advertising, and redlining. Violations can result in fines, damages payments, license suspension, and other penalties.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition Revised.pdfTom Blefko
This document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit from lenders involves evaluating risk and yield based on factors like loan term, type, amount, and market rates. Credit scores also impact approval and rates.
2) Government regulations like the Truth in Lending Act require disclosing loan costs and annual percentage rates. The Equal Credit Opportunity Act prohibits credit discrimination.
3) Common loan programs include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss up to 96.5% loan-to-value. Private mortgage insurance may be required on conventional loans over 80% loan-to-value.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition RevisedTom Blefko
This document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit from lenders involves evaluating risk and yield based on factors like loan term, type, amount, and market rates. Credit scores also impact approval and rates.
2) Government regulations like the Truth in Lending Act require disclosing loan costs and annual percentage rates. The Equal Credit Opportunity Act prohibits credit discrimination.
3) Common loan programs include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss up to 96.5% loan-to-value. Private mortgage insurance may be required on conventional loans over 80% loan-to-value.
LCAR Unit 16 - Ethical Practices and Fair Housing - 14th Edition RevisedTom Blefko
The document discusses fair housing laws and ethical practices in real estate. It provides examples of discrimination testing in Allentown, PA and Long Island, NY that found minorities were treated differently in most cases. Federal and state laws like the Fair Housing Act prohibit discrimination in housing based on protected classes. Violations can result in fines or lawsuits. The implications for real estate professionals are to avoid practices like steering, blocking busting, or discriminatory advertising and follow guidelines to ensure fair treatment of all homebuyers.
LCAR Unit 13 - The Real Estate Business - 14th Edition Revised.pdfTom Blefko
The document discusses the many specializations within the real estate business, including brokerage, real estate sales, appraisal, property management, financing, home inspection, counseling, and education. It also covers the real estate market, factors that affect supply and demand, home ownership, types of housing, ownership expenses, investment considerations, and tax benefits of home ownership.
LCAR Unit 14 - Real Estate Brokerage - 14th Edition Revised.pdfTom Blefko
This document discusses real estate brokerage and the legal considerations of technology in real estate. It provides an overview of how real estate brokerage has evolved from small family businesses to larger corporate models. It also examines the broker-salesperson relationship and compensation structures. The document analyzes current housing market trends and concludes there is little risk of a crash due to tight lending standards and homeowner equity. It outlines antitrust laws and regulations around internet advertising, social media use, email marketing, and telemarketing in real estate.
LCAR Unit 17 - Listing Agreements and Buyer Representation Contracts - 14th E...Tom Blefko
The document discusses listing agreements and buyer representation contracts. It covers the key points that agency contracts are employment contracts for broker services, not property transfer contracts. Listing and buyer representation agreements are fundamental real estate profession documents. Pennsylvania law requires written agreements when a consumer compensates a broker. Required agreement elements include the broker's fee/term, broker services, broker representing multiple parties, and cooperation with other brokers. The document outlines exclusive right to sell, exclusive agency, and open listings. It discusses listing contract forms and the typical information contained within like property details, ownership evidence, broker compensation, and indemnification.
LCAR Unit 20 - Appraising Real Estate - 14th Edition RevisedTom Blefko
The document discusses appraising real estate. It provides information on appraisals, appraisers, regulations for appraisals, and the appraisal process. The key points are:
- An appraisal is an estimate of a property's market value based on approved methods and supportable evidence. Appraisals are done by independent professionals in an impartial manner.
- Appraisals used for federally related transactions must comply with regulations. Appraisers follow USPAP standards and are certified at different levels depending on the types of properties they appraise.
- The appraisal process involves gathering data, determining highest and best use, and using the sales comparison, cost, and income approaches to estimate a
LCAR Unit 16 - Ethical Practices and Fair Housing - 14th Edition RevisedTom Blefko
The document discusses fair housing laws and ethical practices in real estate. It provides examples of housing discrimination tests conducted in Allentown, PA and Long Island, NY that found minorities were treated differently a majority of the time. It outlines federal, state, and local laws prohibiting housing discrimination and exemptions. Real estate agents and brokers must comply with these laws and avoid practices like steering, blockbusting, discriminatory advertising, and redlining. Violations can result in fines, damages payments, license suspension, and other penalties.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition Revised.pdfTom Blefko
This document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit from lenders involves evaluating risk and yield based on factors like loan term, type, amount, and market rates. Credit scores also impact approval and rates.
2) Government regulations like the Truth in Lending Act require disclosing loan costs and annual percentage rates. The Equal Credit Opportunity Act prohibits credit discrimination.
3) Common loan programs include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss up to 96.5% loan-to-value. Private mortgage insurance may be required on conventional loans over 80% loan-to-value.
LCAR Unit 14 - Real Estate Brokerage - 14th Edition RevisedTom Blefko
The document discusses trends in the real estate brokerage industry. It notes that brokerage services have become more complex since the 1950s with the rise of multiple listing services and buyer representation. Today, brokers face challenges like managing complex transactions, personnel, and technology. The housing market is also described as more stable now compared to the bubble of the late 2000s, with home prices rising and fewer foreclosures. The document outlines various legal considerations for brokers around compensation, independent contractor status, and antitrust laws as technology continues to change the industry.
LCAR Unit 21 - Closing the Real Estate Transaction - 14th Edition RevisedTom Blefko
The document discusses the closing process for real estate transactions. It covers:
1) The closing process involves the buyer inspecting documents like the title, survey, and inspection results. The seller ensures they receive payment while the buyer ensures they have funds.
2) The title is checked to disclose liens and the seller's existing loan is paid off. If the buyer assumes the loan, the loan balance must be verified.
3) Federal laws like RESPA and TRID regulate the closing process, requiring forms that disclose costs to buyers in a standardized way. TRID consolidated prior forms into a Loan Estimate and Closing Disclosure to improve transparency.
LCAR Unit 17 - Listing Agreements and Buyer Representation Contracts - 14th E...Tom Blefko
The document discusses listing agreements and buyer representation contracts. It provides an overview of agency contracts and explains that listing and buyer representation agreements are fundamental documents of the real estate profession. It then describes the key components that must be included in written listing and buyer representation agreements according to Pennsylvania licensing law. Finally, it discusses the different types of listing agreements (exclusive right-to-sell, exclusive agency, open) and buyer agency agreements (exclusive, exclusive agency, nonexclusive) and the terms that must be addressed in each.
LCAR Unit 22 - Leasing and Property Management - 14th Edition RevisedTom Blefko
This document provides an overview of leasing and property management. It discusses key concepts such as different types of leases, the responsibilities of property managers, and financial reports used in property management. Specifically, it covers lease agreements, the management plan and agreement, the property manager's responsibilities, renting procedures, and types of leases including gross, net, percentage, and ground leases.
This document discusses various types of real estate contracts and disclosures. It covers consumer notices, seller property disclosures, material facts, latent defects, stigmatized properties, estimated closing costs, condominium disclosures, fact versus opinion, offers and counteroffers, contingencies, amendments and addendums. It also discusses agency disclosure, timeframes, options contracts, and installment sales contracts. The key information licensees need to know about preparing valid and legally binding real estate sale contracts is covered.
LCAR Unit 15 - Agency in Real Estate - 14th Edition RevisedTom Blefko
This document discusses agency in real estate transactions. It defines key terms like agent, principal, fiduciary duties and different types of agency relationships. It explains how agency relationships are formed and terminated. It also summarizes a landmark court case around dual agency disclosure. Real estate agents have fiduciary duties of care, obedience, accounting, loyalty, disclosure and confidentiality to their principal. Agents can represent buyers or sellers through single agency or both parties through dual agency with proper consent.
LCAR Unit 22 - Leasing and Property Management - 14th Edition RevisedTom Blefko
This document discusses various aspects of leasing and property management. It begins by defining property management and describing how it involves leasing, managing, marketing, and maintaining real estate owned by others. It then discusses lease agreements, including how they work as a contract between an owner and tenant. Several key elements of lease agreements are outlined, such as requirements for a valid lease, drafting considerations, use and maintenance of premises, security deposits, and types of leases. Breach of lease situations and remedies are also summarized.
LCAR Unit 13 - The Real Estate Business - 14th EditionTom Blefko
The document discusses the many specializations within the real estate business, including brokerage, real estate sales, appraisal, property management, financing, home inspection, counseling, and education. It also covers the real estate market, factors that affect supply and demand, home ownership, types of housing, ownership expenses, investment considerations, and tax benefits of home ownership.
The document provides examples of real estate math concepts including prorations, profit and loss calculations, principal and interest, and commission calculations. It walks through multiple examples step-by-step showing the calculations to determine accrued interest on a mortgage assumption, property tax credits, sales prices requiring a certain profit percentage, loan repayment amounts, appraised property values based on mortgage amounts, commissions earned from property sales, and determining commission rates.
2022 NAR Profile of Home Buyers and SellersTom Blefko
The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty's sales meeting on March 7, 2023, covering the following topics: 1. VIP vendor Next Door Photos, 2. 2022 North Pointe Award Winners, 3. Upcoming Virtual Training Sessions, 4. Foreclosure Headlines, 5. 2022 NAR Profile of Home Buyers and Sellers.
2023 NAR Profile of Home Buyers and SellersTom Blefko
- The 2023 Profile of Home Buyers and Sellers survey provides insights into home buying and selling trends between July 2022 and June 2023.
- Home buyers had a median household income of $107,000, up from $88,000 the previous year. 20% of buyers paid cash without financing, up from 13% in 2021.
- First-time buyers made up 32% of the market, up from a historic low of 26% last year but still the 4th lowest share in over 40 years of data.
The document provides examples and step-by-step instructions for solving various types of real estate math problems commonly found on licensing exams. It addresses strategies for prorating rent and expenses, calculating profit and loss from a home sale, determining interest on a loan, and computing commissions based on a property's selling price. Examples show setting up and solving equations to find unknown values related to properties, rents, commissions, interest rates, and other financial factors involved in real estate transactions.
What Does a Recession Mean for the Real Estate Industry?Tom Blefko
Sales meeting for the North Pointe office of Berkshire Hathaway HomeServices Homesale Realty covering the following topics: 1. NEW Cinch Home Services' home warranty plans, 2. BHHS Awards Criteria, 3. Homesale Listing Packages, 4. Google Drive, 5. Cloze CRM, 6. Ninja Selling installation, 7. What does a recession mean for the real estate industry.
Our Steps to Success Buyer Presentation is about educating your buyer clients right from the beginning. As a Realtor®, you are a trained, knowledgeable, experienced professional. You know the market nationally, regionally and locally. With a strong buyer presentation such as ours, you will get the commitment of buyer prospects to work with you. We all know that working with buyers can be like herding cats. Our Buyer Presentation is a tool designed to help designate you as the real estate professional and establish control of your client.
What to Say to Buyers When They Want to BailTom Blefko
The document summarizes key points from a sales meeting for Homesale Realty real estate agents. It introduces new home warranty benefits and products. It also discusses upcoming changes like shorter listing timelines and requirements to start home showings immediately. The document reviews measuring home square footage accurately according to new standards. Finally, it provides tips for agents on addressing buyer objections when they want to back out of a home purchase.
This document provides information about mortgages and homeownership. It explains that a mortgage is a loan used to finance the purchase of a home. It distinguishes between fixed-rate and adjustable-rate mortgages. It also discusses factors that impact total mortgage costs like down payment amounts, interest rates, and loan terms. Additionally, it compares costs and payments for different down payment amounts and credit scores to illustrate the impacts of these factors.
Private Money Credibility Packet - JJ Modern HomesJeff Jungers
JJ Modern Homes is a real estate investment company that specializes in buying distressed properties at discounts of 30-50% below market value, renovating them, and reselling them for a profit. They have a systematic process for finding, evaluating, purchasing, and quickly renovating properties, and they work with private lenders to fund property acquisitions and renovations in exchange for interest payments. Their business model aims to improve neighborhoods by increasing the quality and value of housing properties.
Chad Hendrix is the owner and broker of Hendrix Properties, a small real estate company in Charlotte. After working for several larger firms, Chad started his own company in 2004 to focus on putting clients' interests first through educated agents, innovative marketing, and a personalized approach. Hendrix Properties aims to achieve big results for clients through listening to their goals, carefully pricing and marketing their homes, and maintaining small sizes that allow for close relationships with clients.
First Time Home Buyer Class Sacramento CaliforniaHomeBoom.com
Learn about first time home buyer programs to purchase real estate. First time home buyer loan programs are our there to help you buy your first home. Down payment assistance and special government programs can help with closing costs. HomeBoom.com is a great place to search for the perfect house.
LCAR Unit 15 - Agency in Real Estate - 14th Edition RevisedTom Blefko
The document provides an overview of agency relationships in real estate transactions. It defines key terms like principal, agent, fiduciary duties and discusses how agency relationships are created and terminated. It also describes different types of agency relationships like single agency, subagency, and disclosed dual agency. Single agency refers to representing only one party, either the seller or buyer. Subagency involves one broker appointing another to assist. Dual agency occurs when an agent represents both parties with their written consent.
This document provides an overview of dual agency and brokerage relationships under Massachusetts law. It defines key terms like agency, principal, client, and fiduciary. It explains the requirements for dual agency, including obtaining written consent from both buyer and seller. A dual agent's duties are to treat both clients honestly and impartially by disclosing defects and presenting all offers. The document outlines different types of brokerage relationships like seller agency, buyer agency, and designated agency. It also discusses proper disclosure of relationships and compensation methods.
LCAR Unit 14 - Real Estate Brokerage - 14th Edition RevisedTom Blefko
The document discusses trends in the real estate brokerage industry. It notes that brokerage services have become more complex since the 1950s with the rise of multiple listing services and buyer representation. Today, brokers face challenges like managing complex transactions, personnel, and technology. The housing market is also described as more stable now compared to the bubble of the late 2000s, with home prices rising and fewer foreclosures. The document outlines various legal considerations for brokers around compensation, independent contractor status, and antitrust laws as technology continues to change the industry.
LCAR Unit 21 - Closing the Real Estate Transaction - 14th Edition RevisedTom Blefko
The document discusses the closing process for real estate transactions. It covers:
1) The closing process involves the buyer inspecting documents like the title, survey, and inspection results. The seller ensures they receive payment while the buyer ensures they have funds.
2) The title is checked to disclose liens and the seller's existing loan is paid off. If the buyer assumes the loan, the loan balance must be verified.
3) Federal laws like RESPA and TRID regulate the closing process, requiring forms that disclose costs to buyers in a standardized way. TRID consolidated prior forms into a Loan Estimate and Closing Disclosure to improve transparency.
LCAR Unit 17 - Listing Agreements and Buyer Representation Contracts - 14th E...Tom Blefko
The document discusses listing agreements and buyer representation contracts. It provides an overview of agency contracts and explains that listing and buyer representation agreements are fundamental documents of the real estate profession. It then describes the key components that must be included in written listing and buyer representation agreements according to Pennsylvania licensing law. Finally, it discusses the different types of listing agreements (exclusive right-to-sell, exclusive agency, open) and buyer agency agreements (exclusive, exclusive agency, nonexclusive) and the terms that must be addressed in each.
LCAR Unit 22 - Leasing and Property Management - 14th Edition RevisedTom Blefko
This document provides an overview of leasing and property management. It discusses key concepts such as different types of leases, the responsibilities of property managers, and financial reports used in property management. Specifically, it covers lease agreements, the management plan and agreement, the property manager's responsibilities, renting procedures, and types of leases including gross, net, percentage, and ground leases.
This document discusses various types of real estate contracts and disclosures. It covers consumer notices, seller property disclosures, material facts, latent defects, stigmatized properties, estimated closing costs, condominium disclosures, fact versus opinion, offers and counteroffers, contingencies, amendments and addendums. It also discusses agency disclosure, timeframes, options contracts, and installment sales contracts. The key information licensees need to know about preparing valid and legally binding real estate sale contracts is covered.
LCAR Unit 15 - Agency in Real Estate - 14th Edition RevisedTom Blefko
This document discusses agency in real estate transactions. It defines key terms like agent, principal, fiduciary duties and different types of agency relationships. It explains how agency relationships are formed and terminated. It also summarizes a landmark court case around dual agency disclosure. Real estate agents have fiduciary duties of care, obedience, accounting, loyalty, disclosure and confidentiality to their principal. Agents can represent buyers or sellers through single agency or both parties through dual agency with proper consent.
LCAR Unit 22 - Leasing and Property Management - 14th Edition RevisedTom Blefko
This document discusses various aspects of leasing and property management. It begins by defining property management and describing how it involves leasing, managing, marketing, and maintaining real estate owned by others. It then discusses lease agreements, including how they work as a contract between an owner and tenant. Several key elements of lease agreements are outlined, such as requirements for a valid lease, drafting considerations, use and maintenance of premises, security deposits, and types of leases. Breach of lease situations and remedies are also summarized.
LCAR Unit 13 - The Real Estate Business - 14th EditionTom Blefko
The document discusses the many specializations within the real estate business, including brokerage, real estate sales, appraisal, property management, financing, home inspection, counseling, and education. It also covers the real estate market, factors that affect supply and demand, home ownership, types of housing, ownership expenses, investment considerations, and tax benefits of home ownership.
The document provides examples of real estate math concepts including prorations, profit and loss calculations, principal and interest, and commission calculations. It walks through multiple examples step-by-step showing the calculations to determine accrued interest on a mortgage assumption, property tax credits, sales prices requiring a certain profit percentage, loan repayment amounts, appraised property values based on mortgage amounts, commissions earned from property sales, and determining commission rates.
2022 NAR Profile of Home Buyers and SellersTom Blefko
The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty's sales meeting on March 7, 2023, covering the following topics: 1. VIP vendor Next Door Photos, 2. 2022 North Pointe Award Winners, 3. Upcoming Virtual Training Sessions, 4. Foreclosure Headlines, 5. 2022 NAR Profile of Home Buyers and Sellers.
2023 NAR Profile of Home Buyers and SellersTom Blefko
- The 2023 Profile of Home Buyers and Sellers survey provides insights into home buying and selling trends between July 2022 and June 2023.
- Home buyers had a median household income of $107,000, up from $88,000 the previous year. 20% of buyers paid cash without financing, up from 13% in 2021.
- First-time buyers made up 32% of the market, up from a historic low of 26% last year but still the 4th lowest share in over 40 years of data.
The document provides examples and step-by-step instructions for solving various types of real estate math problems commonly found on licensing exams. It addresses strategies for prorating rent and expenses, calculating profit and loss from a home sale, determining interest on a loan, and computing commissions based on a property's selling price. Examples show setting up and solving equations to find unknown values related to properties, rents, commissions, interest rates, and other financial factors involved in real estate transactions.
What Does a Recession Mean for the Real Estate Industry?Tom Blefko
Sales meeting for the North Pointe office of Berkshire Hathaway HomeServices Homesale Realty covering the following topics: 1. NEW Cinch Home Services' home warranty plans, 2. BHHS Awards Criteria, 3. Homesale Listing Packages, 4. Google Drive, 5. Cloze CRM, 6. Ninja Selling installation, 7. What does a recession mean for the real estate industry.
Our Steps to Success Buyer Presentation is about educating your buyer clients right from the beginning. As a Realtor®, you are a trained, knowledgeable, experienced professional. You know the market nationally, regionally and locally. With a strong buyer presentation such as ours, you will get the commitment of buyer prospects to work with you. We all know that working with buyers can be like herding cats. Our Buyer Presentation is a tool designed to help designate you as the real estate professional and establish control of your client.
What to Say to Buyers When They Want to BailTom Blefko
The document summarizes key points from a sales meeting for Homesale Realty real estate agents. It introduces new home warranty benefits and products. It also discusses upcoming changes like shorter listing timelines and requirements to start home showings immediately. The document reviews measuring home square footage accurately according to new standards. Finally, it provides tips for agents on addressing buyer objections when they want to back out of a home purchase.
This document provides information about mortgages and homeownership. It explains that a mortgage is a loan used to finance the purchase of a home. It distinguishes between fixed-rate and adjustable-rate mortgages. It also discusses factors that impact total mortgage costs like down payment amounts, interest rates, and loan terms. Additionally, it compares costs and payments for different down payment amounts and credit scores to illustrate the impacts of these factors.
Private Money Credibility Packet - JJ Modern HomesJeff Jungers
JJ Modern Homes is a real estate investment company that specializes in buying distressed properties at discounts of 30-50% below market value, renovating them, and reselling them for a profit. They have a systematic process for finding, evaluating, purchasing, and quickly renovating properties, and they work with private lenders to fund property acquisitions and renovations in exchange for interest payments. Their business model aims to improve neighborhoods by increasing the quality and value of housing properties.
Chad Hendrix is the owner and broker of Hendrix Properties, a small real estate company in Charlotte. After working for several larger firms, Chad started his own company in 2004 to focus on putting clients' interests first through educated agents, innovative marketing, and a personalized approach. Hendrix Properties aims to achieve big results for clients through listening to their goals, carefully pricing and marketing their homes, and maintaining small sizes that allow for close relationships with clients.
First Time Home Buyer Class Sacramento CaliforniaHomeBoom.com
Learn about first time home buyer programs to purchase real estate. First time home buyer loan programs are our there to help you buy your first home. Down payment assistance and special government programs can help with closing costs. HomeBoom.com is a great place to search for the perfect house.
LCAR Unit 15 - Agency in Real Estate - 14th Edition RevisedTom Blefko
The document provides an overview of agency relationships in real estate transactions. It defines key terms like principal, agent, fiduciary duties and discusses how agency relationships are created and terminated. It also describes different types of agency relationships like single agency, subagency, and disclosed dual agency. Single agency refers to representing only one party, either the seller or buyer. Subagency involves one broker appointing another to assist. Dual agency occurs when an agent represents both parties with their written consent.
This document provides an overview of dual agency and brokerage relationships under Massachusetts law. It defines key terms like agency, principal, client, and fiduciary. It explains the requirements for dual agency, including obtaining written consent from both buyer and seller. A dual agent's duties are to treat both clients honestly and impartially by disclosing defects and presenting all offers. The document outlines different types of brokerage relationships like seller agency, buyer agency, and designated agency. It also discusses proper disclosure of relationships and compensation methods.
Section 7 General Principals of Agency.pptxroczhurocky
This document discusses the principles of agency in real estate. It defines the different types of agency relationships like universal agent, general agent, special agent, and power of attorney. It also outlines the fiduciary responsibilities agents have to their principals, including the duties of care, obedience, accounting, loyalty (confidentiality), and disclosure. Finally, it covers how agency is created with sellers and buyers through listing and buyer agreements, and the requirement for agents to disclose their business relationships and various roles using a Consumer Information Statement.
LCAR Unit 17 - Listing Agreements and Buyer Representation Contracts - 14th E...Tom Blefko
The document discusses listing agreements and buyer representation contracts. It covers the key points that agency contracts are employment contracts for broker services, not property transfer contracts. Listing and buyer representation agreements are fundamental real estate profession documents. Pennsylvania law requires written agreements between brokers and consumers that outline broker fees, services provided, and other details. The document outlines the types of listing agreements including exclusive right to sell, exclusive agency, and open listings. It also discusses listing contract forms and the key information that must be included like property details, ownership evidence, broker compensation, and other terms.
LCAR Unit 14 - Real Estate Brokerage - 14th Edition RevisedTom Blefko
This document discusses real estate brokerage, including how the nature of brokerage has changed over time with increased complexity in transactions and use of technology. It covers broker and salesperson relationships and compensation models, as well as legal considerations like antitrust laws. The key points are that brokerage involves bringing parties together for real estate transactions and charging a fee, brokerage firms have evolved from small family operations to larger companies using technology, and brokers must understand various laws governing compensation and market practices.
This document discusses real estate sales contracts and disclosures. It covers the key disclosures required from sellers, such as property disclosures and known defects. Buyers are responsible for discovering their own issues of concern. Licensees must disclose known costs associated with a transaction. The document outlines other required disclosures like condo documents, material facts, latent defects, and stigmatized properties. It also discusses the components of a sales contract including contingencies, amendments, and required disclosures by licensees.
Real estate brokers and sales associates are licensed by state governments to arrange real estate transactions. Brokers can oversee sales associates. The real estate sales process involves listing presentations, marketing properties, presenting offers, negotiating contracts, and closing. Brokers owe fiduciary duties to their clients and must always act in the client's best interest.
This document discusses the requirements for a valid real estate contract, remedies for breach of contract, the role of real estate agents and brokers, and taxation implications of real property sales. A valid contract requires legal capacity of parties, mutual agreement through offer and acceptance, consideration, a lawful purpose, and being in writing. In the event of default, the nondefaulting party can pursue money damages, liquidated damages, rescission of the contract, specific performance, or recovery of expenses. Real estate agents and brokers represent buyers or sellers through listing agreements, which can be open, exclusive, or exclusive right-to-sell.
This document outlines the topics that will be covered in a course on agency relationships and obligations when working for clients. The course will discuss agency definitions and types of agents. It will also cover an agent's scope of authority, fiduciary duties to clients, and liability for contracts and torts. Additional real estate agent duties to clients, such as handling offers and funds, will be examined. Finally, the document addresses client obligations to agents and requirements for disclosing agency representation.
This document provides consumers with information about real estate licensee relationships and responsibilities. It explains that licensees can act as seller agents, buyer agents, dual agents, or transaction licensees. Regardless of the relationship, all licensees must act with reasonable care, deal honestly, present all offers/communications, and disclose conflicts of interest. Consumers should acknowledge receiving this form, and licensees should provide it during the initial interview.
Real estate principles_powerpoint_for_chapter_21Morten Andersen
This document discusses the principal-broker relationship and agency in real estate. It defines agency as being created when one person delegates authority to another to act on their behalf. The principal is the property owner, the agent is the broker, and the client is the principal. It outlines the broker's obligations to the principal, including care, obedience, accounting, and loyalty. It also discusses issues like establishing authority, disclosure liability, red flags to watch for in transactions, and agency disclosure requirements.
Massachusetts Continuing Education Course - 2 Credits
An interactive and informative course designed to review the most commonly used forms in a real estate transaction. We will look at federal, state and local forms. We will explore the difference between the laws and regulations and the policies and customs regarding their use.
The document discusses key aspects of real estate sales contracts and the home buying process. It covers the types of disclosures required in sales contracts, including disclosing property defects, material facts, and latent defects. It also discusses contingencies that are often included in contracts to protect buyers, such as contingencies for home inspections, obtaining financing, and the sale of the buyer's current home. The document outlines the key components of a real estate sales contract and agreement of sale, including offers, counteroffers, contingencies, and amendments. It explains the roles and responsibilities of real estate agents and brokers in preparing contracts and handling earnest money deposits from buyers.
This document provides consumers with information about different types of agency relationships they may enter into with real estate licensees: seller's agent, buyer's agent, dual agent, and designated agent. It also describes transaction licensees. Regardless of the relationship, all licensees owe consumers duties to act with reasonable care, deal honestly, present all offers/counteroffers, and disclose conflicts of interest. Certain contractual terms like fees, duties, and cooperation with other brokers must be addressed in a signed agreement.
The document provides information for buyers and sellers of residential real estate in South Dakota. It discusses the mission of the South Dakota Real Estate Commission to protect consumers in real estate transactions. It also outlines various terms related to real estate agency relationships and types of representation available to buyers and sellers. The document provides guidance on important steps and considerations for both buying and selling a home.
This document discusses various aspects of real estate agency relationships and duties. It covers topics like dual agency, limited representation, disclosure requirements, and termination of agency. It also warns of potential issues with dual agency like conflicts of interest that could lead to legal claims from clients. Overall, the document provides an overview of important legal and ethical considerations regarding agency in real estate transactions.
1) Real estate brokers help people buy and sell homes and properties by obtaining property listings, determining market prices, and facilitating transactions.
2) Brokers earn commissions from property sales that are typically a percentage of the sale price and split among involved agents.
3) There are no specific qualifications to become a broker, but the field is competitive so brokers look for applicants with strong personalities, communication skills, and attention to detail.
Agents have a fiduciary relationship with their principals. Duties: disclosure (open and honest); confidentiality; accounting (keep the principals informed); obedience to legal and ethical limits; loyalty; skill and care
Real brokerage services encyclopedia.pptx3reddvise
Real estate brokers help people buy and sell homes and properties. They obtain property listings, determine market prices, and earn a commission when a property sells. Anyone can become a broker, but the job requires strong communication skills and attention to detail. Brokers' main income comes from commissions on successful sales, which are typically a percentage of the property's value. Proper contracts and tax deductions of commissions are important parts of running a real estate brokerage business.
Similar to LCAR Unit 15 - Agency in Real Estate - 14th Edition Revised (20)
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
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welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
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https://listingturkey.com/property/avrupa-konutlari-esentepe/
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
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June 2024 Lancaster County Sales Meeting for Berkshire Hathaway HomeServices Homesale Realty covering the following topics: 1. VA Suspends Buyer Agent Payment Plan (article), 2. Frequently Used Terms in title, 3. Zillow Showcase Overview, 4. QuickBuy commission promotion, 5. Documenting Cooperative Compensation, 6. NAR's Code of Ethics - Mass Media Solicitations, 7. Is it really cheaper to rent? 8. Do's and Don't's when Terminating the Agreement of Sale, 9. Living in an UBER World
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At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
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3. THE POWER OF EQUITY BUILD-UP
3
2018
$150,000
- 5,250
$144,750
Sale Price
Down Payment
Mortgage (FHA)
Bought a house in
2023
$150,000
68,100
$218,100
136,737
5,250
$76,113
Sale Price
Appreciation (PA = 45.4%)
Home Value
Mortgage Payoff
Less: Down Pymt.
Equity
SOLD the house in
4. OVERVIEW
• Agency – The special relationship between a real estate licensee
and the parties represented in a real estate transaction
4
Page 247
5. OVERVIEW
• Agency is governed by two kinds of law:
1. Common Law – The rules of
society established by
tradition and court decisions
2. Statutory Law – Laws, rules,
and regulations enacted by
legislatures and other
governing bodies
5
Page 247-248
6. OVERVIEW
• The principal-agent relationship evolved from the master-servant
relationship under English common law
6
Page 248
7. LANDMARK COURT CASE
• So why is Agency such a serious issue?
• Dismuke vs. Edina Realty (1993) and Bokusky vs. Edina Realty
(1994)
7
8. LANDMARK COURT CASE
• Buyers sought $200 Million in earned
commissions over a six year period
involving over 6,000 transactions
• Sellers sought $75 Million in damages
claiming they were not represented
8
9. LANDMARK COURT CASE
9
• Case revolved around the adequacy of Edina Realty’s Dual Agency
Disclosure
• OUTCOME: Although Edina’s agents
provided the disclosure, the
document and agents did not
adequately explain the effects
of dual agency
10. AGENCY CONCEPTS
• Law of Agency defines the rights and duties of the principal and
the agent
10
Page 248
11. AGENCY CONCEPTS
• Definitions:
• Agent – Individual authorized and consents to represent the
interest of another
• Subagent – Individual who has been delegated some authority
or responsibility by another party
• Principal – Individual who hires the agent and delegates
responsibility of representing the principal
11
Page 248
12. AGENCY CONCEPTS
• Definitions: (cont’d)
• Agency – The fiduciary relationship between the principal and
agent wherein the agent is authorized to represent the principal
in a transaction
• Fiduciary Relationship – One in which the agent is placed in a
position of special trust and confidence to the principal
12
Page 248
13. AGENCY CONCEPTS
• Definitions: (cont’d)
• Client – Principal that receives advice and counsel (written
agreement exists between the parties)
• Customer – A non-represented consumer that receives some
level of service (no written agreement exists between the
parties)
• Nonagent – Middleman between a buyer and a seller
(transaction licensee)
13
Page 248
14. AGENCY CONCEPTS
• In Pennsylvania, a consumer is one who may engage a broker to
provide services under a variety of working relationships
• Buyer Agent, Designated Agent, Dual
Agent, Seller Agent, Subagent, and
Transaction Licensee
14
Page 249
15. AGENCY CONCEPTS
• Fiduciary Responsibilities – They are not just moral and ethical;
they are the law
15
Page 249
• Care
• Obedience
• Accounting
• Loyalty
• Disclosure
• Confidentiality
Under Common Law of
Agency, an Agent
owes principal
COALD+C
16. AGENCY CONCEPTS
• Figure 15.1 shows the obligations to
the Buyer if they are a Customer or
Client (principal)
16
Page 249-250
17. AGENCY CONCEPTS
• Fiduciary Responsibilities - Care
• Agents must exercise a reasonable degree of care while
transacting business entrusted to them
• Agents are liable to the principal
for any loss resulting from negligence
• Errors & Omissions Insurance (E&O)
covers liability for errors and
negligence
17
Page 251
18. AGENCY CONCEPTS
• Fiduciary Responsibilities - Obedience
• Agents must act in good faith obeying
the principal’s instructions
• Not obligated to obey instructions
that are unlawful or unethical
• Agent may be liable for any losses
principal suffers if they exceed
authority assigned
18
Page 251
19. • Fiduciary Responsibilities - Accounting
• Commingling – Mixing client monies
with personal or general business
funds is illegal
• Conversion – The illegal use of
entrusted money
• Required to give copies of documents
to all parties and retain for 3 years
AGENCY CONCEPTS
19
Page 251
20. • Fiduciary Responsibilities - Loyalty
• Requires that agents place the principal’s
interest above those of all others,
including the agent’s own self-interest
• Agents must disclose their interest
when selling their own real estate
and buying the real estate of their
principal
AGENCY CONCEPTS
20
Page 252
21. • Fiduciary Responsibilities - Disclosure
• Agent has duty to inform the principal
of all facts that might affect the
principal’s position in a transaction
• Includes material facts that the agent knows
or should have known
• Seller must disclose latent defects which may
not be discovered during inspection
AGENCY CONCEPTS
21
Page 252
22. • Fiduciary Responsibilities – Disclosure of Environmental Hazards
• Agent should ensure that their clients are aware of potential
issues with environmental health hazards
• Examples: Seller Property
Disclosure Statement,
Lead-based Paint Disclosure
AGENCY CONCEPTS
22
Page 253
Environmental
Hazards
23. • Fiduciary Responsibilities – Confidentiality
• Agent may not disclose the principal’s
financial condition
• Confidentiality does not extend to
material facts about the condition
of the property
• Anything learned about a client
must remain confidential forever
AGENCY CONCEPTS
23
Page 253
24. AGENCY CONCEPTS
• Client versus Customer Service:
• The Client is who the agent gives advice and counsel
• Agent works FOR the client (principal)
• The Customer is entitled to factual
information and fair and honest
dealings
• Agent works WITH the
customer
24
Page 253-254
25. CREATION & TERMINATION OF AGENCY
• The relationship must be consensual and is formed when the
principal delegates authority and the agent consents to act
25
Page 255
26. CREATION & TERMINATION OF AGENCY
• Agency Relationships may be created in two ways:
1. Express Agency – The parties formally express their intention
to establish an agency relationship and state its terms and
conditions
26
Page 255
Written
Oral
- or -
27. CREATION & TERMINATION OF AGENCY
• Agency Relationships may be created in two ways:
1. Express Agency (cont’d)
• In Pennsylvania, all exclusive contracts of employment must
be in writing
27
Page 255
Listing
Agreement
Buyer Agency
Agreement
28. CREATION & TERMINATION OF AGENCY
• Agency Relationships may be created in two ways:
2. Implied Agency – Occurs when the actions of the parties
indicate that they have mutually consented to an agency
agreement
• Licensee may create an
agency relationship
unintentionally, inadvertently,
or accidently by their actions
28
Page 255-256
29. CREATION & TERMINATION OF AGENCY
• Agency Coupled With an Interest – Relationship in which the agent
is given an interest in the subject of the agency (i.e. the property
being sold)
29
Page 256
30. CREATION & TERMINATION OF AGENCY
• The source of compensation does not determine agency
• An agent does not necessarily
represent the person who pays
the agent’s commission
• Written agency agreement
should state how the agent
is being compensated and
explain alternatives
30
Page 256
31. • Termination of Agency
• Completion, performance, or fulfillment of
the purpose
• Death or incapacity of either party
• Destruction or condemnation of property
• Expiration of the terms
• Mutual agreement
• Breach by one of the parties
• Operation of law (i.e. bankruptcy)
CREATION & TERMINATION OF AGENCY
31
Page 256
32. • An agent’s empowerment to represent the principal depends
solely on the authorization to do so
• Universal Agent – Empowered to do anything the principal
could do
• General Agent – Represent the principal in a broad range of
matters related to a particular business
• Special Agent – Authorized to represent the principal in one
specific act or transaction
TYPES OF AGENCY RELATIONSHIPS
32
Page 257
33. • Real Estate Licensing and Registration Act (RELRA) permits (but
does not require) broker to act as:
• Agent of Buyer (or Tenant)
• Agent of Seller (or Landlord)
• Dual Agent – Represent both parties in the same transaction
• Transaction Licensee – Nonagent
TYPES OF AGENCY RELATIONSHIPS
33
Page 257
34. • Single Agency – Agent
represents only one party in a
single transaction
TYPES OF AGENCY RELATIONSHIPS
34
Page 258
35. • Single Agency (Figure 15.2)
TYPES OF AGENCY RELATIONSHIPS
35
Page 303
Agent
(ABC Realty)
Client
Customer
Written Listing
Agreement
No Written
Agreement
36. • Single Agency (cont’d)
• Seller as Principal – Seller enters a
listing agreement with a broker to
market the seller’s real estate
TYPES OF AGENCY RELATIONSHIPS
36
Page 258
37. • Single Agency (cont’d)
• Buyer as Principal – A Buyer who
contracts with a broker to locate
property and represent the buyer’s
interests in a transaction
TYPES OF AGENCY RELATIONSHIPS
37
Page 258
38. • Single Agency (cont’d)
• Landlord as Principal – An owner
who employs a broker to market,
lease, maintain, or manage the
owner’s property
TYPES OF AGENCY RELATIONSHIPS
38
Page 259
39. • Single Agency (cont’d)
• Tenant as Principal – A tenant who
contracts with a broker to locate
property suitable for the tenant’s
specific purposes
TYPES OF AGENCY RELATIONSHIPS
39
Page 259
40. • Single Agency (cont’d)
• Subagency – Created when one
broker appoints another broker
to help perform client-based
functions on the principal’s
behalf
TYPES OF AGENCY RELATIONSHIPS
40
Page 259
41. • Subagency (Figure 15.3)
TYPES OF AGENCY RELATIONSHIPS
41
Page 304
Agent
(ABC Realty)
Subagent
(XYZ Realty)
Client
(Seller)
Customer
(Buyer)
Written Listing
Agreement
No Written
Agreement
42. • Dual Agency – Agent represents two principals in the same
transaction
• Must fulfill fiduciary responsibilities to one principal without
compromising the interests of the other
• Disclosed Dual Agency – Pennsylvania licensees may act for
more than one party in a transaction only with the knowledge
and written consent of all parties
TYPES OF AGENCY RELATIONSHIPS
42
Page 259-260
44. • Dual Agency (cont’d)
• Designated Agency – In Pennsylvania, a process that
accommodates an in-house sale in which two different affiliated
licensees are involved
• The Broker is a dual agent
• Written disclosure of this status is required
TYPES OF AGENCY RELATIONSHIPS
44
Page 260
45. • Dual Agency with Designated Agency
TYPES OF AGENCY RELATIONSHIPS
45
Broker
(ABC Realty)
Client
(Seller)
Written Listing
Agreement
w/Dual Agency
Clause
Written Buyer Agency
Agreement
w/Dual Agency
Clause
Client
(Buyer)
Agent B
(ABC Realty)
Agent A
(ABC Realty)
Designated
Agent for Seller
Designated
Agent for Buyer
Dual Agent
46. • Dual Agency (cont’d)
• Undisclosed Dual Agency – It might occur unintentionally or
inadvertently by agent’s words and actions
• Violation of license law
• Can result in rescission of contract, forfeiture of commission,
lawsuit for damages, and license issues
TYPES OF AGENCY RELATIONSHIPS
46
Page 260-261
47. • Transaction Licensee (Nonagency) – Not an agent of either party
• Licensee helps buyer
and seller with
paperwork
• Buyer and seller
negotiate sale without
representation
TYPES OF AGENCY RELATIONSHIPS
47
Page 261
48. • Disclosure of Agency – Mandatory that real estate licensees
disclose who they represent
• Pennsylvania Consumer Notice –
Disclosure summary for the
purchase, sale, or lease of
residential or commercial real
estate
CONSUMER NOTICE
48
Page 262
Figure 15.5
49. • Major Provisions of Consumer Notice:
• Statement advising parties that they are not represented unless
they sign a written agreement
• General duties owed to all parties
• Description of business relationships allowed in PA
• Contractual terms that must be in agreements
• Statement about the Real Estate Recovery Fund
CONSUMER NOTICE
49
Page 262
50. • Licensees must discuss the
Consumer Notice at the initial
interview or the first
substantive discussion between
a licensee and consumer about
the consumer’s needs
CONSUMER NOTICE
50
Page 262
51. • If initial meeting is via phone or e-mail, licensees are required to
make the following disclosure to consumer:
“The real estate law requires that I provide you with a written consumer notice that
describes the various business relationship choices that you may have with a real estate
licensee. Since we are discussing real estate without you having the benefit of the
Consumer Notice, I have the duty to advise you that any information you give me at
this time is not considered to be confidential, and nay information you give me will not
be considered confidential unless and until you and I enter into a business relationship.
At our first meeting I will provide you with a written Consumer Notice which explains
those business relationships and my corresponding duties to you.”
CONSUMER NOTICE
51
Page 262
52. • Make sure consumer is aware that
this document is not a contract
• It is only a disclosure
CONSUMER NOTICE
52
Page 264
53. • States that agents are REQUIRED to provide this document
to consumer
Question:
What should you do if the consumer refuses to sign?
CONSUMER NOTICE
53
Page 264
54. • The document describes the various agency relationships that
the licensee may enter into with the consumer
CONSUMER NOTICE
54
Page 264
Seller
Agent
Buyer
Agent
Dual
Agent
Designated
Agent
Transaction
Licensee
55. • Describes the duties that agents owe all consumers regardless of
representation status
CONSUMER NOTICE
55
Page 264
• Disclose conflicts of interests and financial interests
• Provide assistance with document preparation
• Advise consumer to seek expert advice beyond
licensee’s expertise
• Keep consumer informed
• Disclose financial interest in a service at the time
service is recommended
56. • Describes the duties that agents owe all consumers regardless of
representation status (cont’d)
CONSUMER NOTICE
56
Page 264
• Exercise reasonable professional skill and care
• Deal honestly and in good faith
• Present all documents associated with transaction
as soon as possible
• Comply with the Real Estate Seller Disclosure Law
• Account for escrow and deposit funds
57. • Indicates terms that are negotiable between the consumer and
licensee
CONSUMER NOTICE
57
Page 264
• Duration of licensee’s employment
• Licensee’s fees
• Scope of licensees activities
• Broker’s cooperation with sharing of fees
with other brokers
58. Before you disclose any financial
information to a licensee, be advised
that unless you select a business
relationship by signing a written
agreement, the licensee in NOT
representing you. A business
relationship is NOT presumed.
CONSUMER NOTICE
58
Page 264
• The last statement on the notice is: