Real Estate Essay

6798 WordsJul 18, 201228 Pages
Work in the real estate industry CPPDSM4080A Edition 2 Assignment 2 (TVET) STUDENT NAME Daniel Skrzypek OTEN NUMBER N855096 Please read the “Guide to completing and submitting assignments” before you begin this assignment. What you need to do To successfully complete this assignment you must answer the following questions to demonstrate your knowledge. The assignment will be granted a result of “Competent” if the learning outcomes are achieved or “not yet competent” if not. If a result of “Not Yet Competent” is achieved you will be given the opportunity to resubmit your assignment. Question 1: Describe the meaning of the term ‘Agency’ and identify the types of agency relationships that a real…show more content…
motivation of the seller for selling nor the motivation of the buyer for buying. ANOTHER RELATIONSHIP If a consumer does not wish to have a licensee act on behalf of that consumer either as a seller agent or a buyer agent yet wishes to enter another relationship with the real estate brokerage firm, the licensee shall clearly describe, in writing, that relationship. The written description of that other relationship shall be signed by all parties to the relationship prior to any services being rendered. Question 2: Identify two parties who might establish an agency relationship with a real estate agent outlining the purpose of the relationships 1 - The Real Estate Act Rules require that all industry members ensure their role in a transaction is clearly understood by their clients and third parties [Real Estate Act Rules, s.41(e)]. This means mortgage borrowers must clearly understand with whom their mortgage broker has a working relationship. Real Estate Council of Alberta research into mortgage brokerage/consumer relationships has demonstrated that consumers often do not clearly understand their relationship with the brokerage, the role of the brokerage and the relationship the brokerage may have with lenders. Agency is a relationship established when two parties agree to have one party act on behalf of the other. In an agency relationship, the agent (the industry member) will act on behalf of its principal. In the case of mortgage

More about Real Estate Essay

Open Document