April 24th, 2023 at 2:33 pm
Fact Pattern: To quickly recap last week’s Legal Tip, you are the listing agent with our company. For ease of reference, your name for this Fact Pattern will be “Yew Lista.” Another agent, Aggie, from another company, Realbiz, is your co-listing agent. The buyer is represented by Baggie, who also works for Realbiz. As discussed in last week’s Legal Tip, you and our company are the Seller’s Agent and Broker, whereas Aggie, Baggie, and Realbiz are all dual agents. Baggie is now asking you (Yew) how to confirm these agency relationships when submitting the buyer’s offer.
Multiple Choice Question: What should you tell Baggie? Pick the best answer:
A. In “Agency Confirmation” in paragraph 2B of the RPA, insert all names (separated by a slash if needed), and then use a pen to draw circles and arrows to show that Yew and our company are the Seller’s Agent only, whereas Aggie, Baggie, and Realbiz are dual agents.
B. Use an Additional Broker Acknowledgment form.
C. Use an Agency Confirmation form.
D. Any of the above. (more…)
April 17th, 2023 at 2:41 pm
April 17, 2023
Fact Pattern: You are an agent with our brokerage company. You co-list a property for sale with an agent, Aggie, who works for another brokerage called Realbiz. As it turns out, the buyer’s agent, Baggie, also works for Realbiz.
Multiple Choice Question: What are the agency relationships in this situation for purposes of completing the agency confirmation? Pick the best answer:
A. You and Aggie are the Seller’s Agent only, and Baggie is the Buyer’s Agent only.
B. You are the Seller’s Agent only, and Aggie and Baggie are dual agents.
C. You, Aggie, and Baggie are all dual agents.
D. The answer depends on whether Aggie and Baggie work out of the same branch office, regardless of whether they work for the same brokerage. (more…)
April 10th, 2023 at 2:42 pm
Multiple Choice Question: When should you as the real estate agent be asking for a tenant estoppel certificate? Pick the best answer:
A. When you are taking a listing for a lease, but the property has an existing tenant.
B. When you are taking a listing for a sale, and the property has an existing tenant.
C. When you are the seller’s agent, and your client is selling the property subject to an existing tenant.
D. When you are the buyer’s agent, and your client is buying the property subject to an existing tenant. (more…)
April 3rd, 2023 at 2:57 pm
Fact Pattern: You are the listing agent for a lease. The landlord and new tenant have mutually executed a C.A.R. Residential Lease or Month-to-Month Rental Agreement (RLMM). The tenancy was scheduled to begin on April 1, 2023. But the tenant has not paid the move-in costs that came due on March 31, 2023, nor has the tenant moved into the leased premises.
Multiple Choice Question: Can the landlord cancel the lease agreement? Pick the best answer:
A. Yes, because the tenant has breached the lease.
B. Yes, after serving a 3-day Notice to Pay or Quit.
C. Yes, after serving a 2-day Notice to Pay.
D. No. (more…)
March 27th, 2023 at 3:43 pm
Fact Pattern: An agent from another company has a new promotion. He is advertising that anyone who gives him the name of someone interested in buying or selling real estate will be entered into a raffle for a chance to win a trip for 2 to Cabo.
Multiple Choice Question: Is this promotion legal? Pick the best answer:
A. Yes.
B. No, it violates the Real Estate Settlement Procedures Act (RESPA).
C. No, it is an illegal lottery.
D. No. (more…)
