Tulsa Real Estate Agents | Gathering Places
Hey tulsa real estate agents, we are back talking about real estate agency, okay, where we left off. We just went through the different types of asians. There is general universal agents. Those are the types of agency relationships. Now we’re going to talk about single agency and single agency. I just means that the agent is representing only one party during the transaction there is an agency has to be disclosed. Dual agency means is that you’re representing the seller and the buyer in the same transaction, and you have to disclose in writing. When you are representing both parties. It is illegal not to discloseand. You could represent in a single agency at 12. Tulsa real estate agents can represent the buyers. You would be a buyer’s agent at that point and you would have a buyer’s agency or you would represent the cellar now buyer’s agency, tulsa real estate agents will have their buyers sign a contract stating that they are only going to use them and a lot of 812 seville estate agents won’t do that for the sphere of presley. Scaring the bear way. I, do not have my buyers sign a contract when they went to work with me. I only do the contracts, obviously on the listing side, but yes, we can represent both parties in dual agency as long as it is disclosed and there could sometimes be a conflict of interest when you represent someone in a dual agency. So really both parties, seller and buyer have to agree to dual agency. If, if that’s the case, and if they don’t want to, then they don’t have to so what’s the non-agency, so pretty much non-agency just means that you are a transaction broker. It’s also called a non agent and that again refers to someone who is just the still at 18, the transaction or a transaction coordinator, but you’re not represent them to the full entire. Already at this point, tulsa real estate agents need to know that how to terminate an agency in this is something that you are tested on and there’s a few things you need to know. If it tells real estate agents pass away and die. Does that mean that the contract they have with the seller or in a transaction is broke? No, because if an agent dies, the broker still has that agency. The listing is always done with a broker and not an agent. So what the broker would do is, if that’s, if it’s not the real estate agent were to pass away, then they would find a new agent to take over that file, because the the contract was signed with a broker and not the agent himself. So that does not terminate the agency, but a few things and agency may be terminated for a few reasons and we’ll go over those if a buyer and seller, if either party were to die, then that would terminate the agency if there is destruction to a property, to the point where it’s inhabitable that would terminate the agency if the terms on your contract, specifically a listing contract words to expire, that terminates the agency and mutual agreements by all parties is so if everybody agrees both buyer and seller, and that would terminate the agency if somebody were to breach a contract and I operational law. If, if let’s say someone filed bankruptcy, foreclosure that would terminate the agent seem so you can, those are the only reasons that tells the real estate agents would be able to terminate at that point. So that will be testable on the state exam tulsa real estate agents need to know what puffy means and the difference between puffing and fraud is passing fraud. Will let’s go over that caffeine. Just means that you’re, exaggerating and let’s say you’re talking about a piece of property, and it’s not all what the pictures may seem to be you’re just going to exaggerate and really talk that property at and is it legal? Yes, you can use puffing, you can. Is it in your advertisements? It is not fraudulent, so the difference between that is front is mean. Fraud means that you are intentionally trying to mislead somebody, and that is illegal. You can not practice. Fraud at tulsa, real estate agents need to know the difference between fraud and negligent misrepresentation. Fraud just means you are intentionally doing it. Negligent misrepresentation means that you are intentionally trying to mislead somebody, and they, however, you did to it, but it was accidental, so negligent misrepresentation is accidental. Fraud is on purpose, friday, the big no-no you can still get in trouble for negligent misrepresentation, but tulsa real estate agents will be in a lot more trouble if they commit fraud. Let’s talk about latent defects, real quick, because this could be a negligent misrepresentation, so pretty much tulsa real estate agents need to know that layton defax is a hit, something it’s hidden like I hadn’t structure I hit defect on the property. That would not normally be a dream like the inspection process that is ahead in life, a latent defect, so buyers. If someone is purchasing a property, the buyer can cancel the actual contract if a seller actually fails to disclose latent defect. If they purposely know that there’s a defect, but they don’t disclose it, then they could break the contract and they can also be awarded money. Do the damages from failing to do so. So it’s really important, that is a latent defect, is discovered by tulsa real estate agents. It needs to always be disclosed, even if the seller says, please do not disclose that legally. You have to disclose that or you’re putting your license and your career at jeopardy. So this is an interesting. This next category is really interesting. I get these questions a lot about stigmatized properties, stigmatized properties. Let’s say for an example:if a property was discovered to be haunted or if somebody committed murder or if somebody passed away, hey that’s considered as stigmatized property and a lot of questions that possible estate agents get is, do you have to disclose that and then the answer is no.
You did not have to disclose. The only thing that you have to disclose is latent defects, property condition. If a buyer wants to know if property is haunted or if a murder has taken place, the only thing they can do is ask the question and writing and have their agent send it to the seller’s agent so that they can give it to the seller the seller to answer if they choose to or they can ignore it. It’s technically up to the buyer to do their own research and during the inspection. And. Another thing that does not have to be disclosed is, if there’s a someone like a child sex offender that lives next door. It is not the duty of the real estate agent or the seller to disclose that information and legally they don’t have to. It-is always up to the buyer to investigate anything and everything about the property to determine whether they want to move forward and purchase that piece of property. So the megan’s law is something that is promoted pretty much when it comes to sex offenders on megan’s law went into effect, and not just. It was a law that a little girl named megan was murdered and sexual crimes happened against her, so it megan’s law is going to be like a registration system where you can go there and you can do your own research to see if there are any check child sex offenders or sex offenders in general. In that neighborhood