Chapter 3: Duties and Responsibilities of Licensees

1
Chapter 3 Duties and Responsibilities of
Licensees

• Lecture Outline

2
Law and Ethics

• Salesperson Status
• Franchises

3
Agents Duties to the Principal

• Net listings
• Option listings
• Agent as buyer

4
Agents Duties to Buyers

• The Easton case
• Oral and written disclosures
• Transfer Disclosure Statement
• Mobile home transfer
• Natural hazards
• Death on the premises
• AIDS disclosure
• Megans Law
• The unsophisticated buyer
• Fraud misrepresentation and puffing
• Referral fees

5
Duties to Other Brokers

• Sherman Antitrust Act
• Fees to Nonlicensees
• Duties of Buyers