What is a consumer notice in real estate?

The consumer notice explains the different duties and responsibilities that an agent has to consumers, and that consumers may enter into an agency relationship with a Licensee. … Because of Agency law the licensee represents the Seller. The consumer notice is not a contract and does not bind the consumer in any way.

What is a consumer notice for real estate pa?

Form CN. Back to Standard Forms. Drafted by the State Real Estate Commission, the Consumer Notice (Form CN) must be provided to the consumer at the first contact where a substantive discussion about real estate occurs. Membership required for access.

What information does the TREC consumer protection notice contain?

The license holder lookup tool will provide you information about a license holder’s background history; any prior violations of laws or TREC rules; education they have taken in connection with their license; and if the person is an agent, information about the broker who sponsors them.

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What are brokers required to do regarding consumer protection notice trec no CN 1 2?

The Consumer Information Rule currently states that brokers must provide a link to TREC’s Consumer Protection Notice (TREC CN 1-2)—which must be labeled as “Texas Real Estate Commission Consumer Protection Notice”—in at least 10-point type and in a readily noticeable place on the homepage of a business website.

How do you explain consumer guide to agency?

The Consumer Guide To Agency Relationships is a document that is thoroughly discussed in both the Law and the Principles & Practices classes for real estate pre-licensing requirements. Literally, this two-page form can be the undoing of your real estate career if not done correctly.

What is the purpose of the Pennsylvania consumer Notice quizlet?

The purpose of the consumer notice is to advise the consumer that the broker (or salesperson) is not representing the consumer in the transaction. The licensee must make it clear who he is representing from the initial interview.

Is dual agency legal in Pennsylvania?

Dual Agent

A dual 1 agent may not take any action that is adverse or detrimental to either party but must disclose known material defects about the property. A licensee must have the written consent of both parties before acting as a dual agent.

Who protects TREC?

The TREC enforcement team members carry out the Commission’s mission to protect consumers by enforcing The Real Estate License Act, Rules of the Commission, Chapter 1102 of the Texas Occupations Code regarding Real Estate Inspectors, and the Texas Timeshare Act.

What rules guide inspectors under TREC?

A TREC licensed inspector may perform inspections on commercial property, as long as no other laws prohibit the inspector from doing so (please check with the Texas Board of Professional Engineering to determine when a Professional Engineer license is required). All inspections would be subject to §1102.301 et seq.

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Which of the following real estate specializations matches landlords and tenants?

Business property, including offices, shopping centers, stores, theaters, hotels, and parking facilities are classified as commercial real estate. Which of the following real estate specializations matches landlords and tenants? … The answer is property management.

What is the difference between dual agency and intermediary?

A: A dual agent is a broker who represents two parties at the same time in accordance with common law obligations and duties. An intermediary is a broker who negotiates the transaction between the parties subject to the provisions of Section 1101.559 of The Real Estate License Act.

Can a Texas Realtor pay a referral fee?

The short answer to this question is yes, real estate agents can pay referral fees to licensed persons.

What is Consumer Protection Act in India?

The Consumer Protection Act seeks right to: protect against the marketing of goods which are hazardous to life and property; inform about the quality, quantity, potency, purity, standard and price of goods to protect the consumer against unfair trade practices; … consumer education.

What is the difference between client and customer in real estate?

A customer is anyone who is making a buying decision, and a buying decision is the process of evaluating the benefits of making a purchase. A client has a contractual relationship with an agent, and an agent represents a client in a legal transaction.

What is a consumer guide?

A consumer guide is a publication (paper or electronic) that advises consumers on their purchases of goods and services.

How do you explain agency disclosure?

a written explanation, to be signed by a prospective buyer or seller of real estate, explaining to the client the role that the broker plays in the transaction.

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