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3.0 hours Agency Exposed

Course Syllabus:



2 Elective Hours
1 Agency Hours

In the not too distant past, consumers did not have access to the information readily available at the keyboard today. Today's consumer is sophisticated, largely due to the internet and social media. This course explores the evolution of consumer protection in the form of agency disclosure by real estate licensees to customers and clients. We will look at duties and responsibilities with comparisons of the various roles. The student will complete this course with a broader understanding of, who, when and how of agency with a view toward protection of all concerned.

Author: Susan Davis, CDEI M11539
Mandatory Seat Timer: Yes
Format: Online
Credit Hours: 3
Required Quiz Grade: 60
Exam Required: No

Content Review:
The Table of Contents page within each course will list the lesson titles and the expected time it should take the student to complete.

Kickout Minutes:
15 minutes. We need to receive a keystroke or mouse click from you every 15 minutes in order for your elapsed time to apply to your total time. If your elapsed time is greater than 15 minutes, then your time will not be counted towards your course time.

Availability of Course:
You will have 180 days to complete the course. The State course expiration date will override the account expiration date assigned at the time of purchase. Any expired, unfinished course will be replaced with a current state approved course, and will be available to you until your account expires. The courses can be accessed from any device connected to the internet at any time.

New York Division of Licensing Services course approval number: M11539

Course Objective

Relate the role the multiple listing service had in defining which party brokers and salespersons represented in a real estate transaction.

Discuss the reason why an FTC report published in 1983 led to many changes in real estate agency representation and disclosure requirements for real estate professionals.

Explain the obligations a salesperson has to their client vs. customer; and distinguish which party you represent in a transaction.

Explain general agency structure and responsibilities under such structure.

Identify common mistakes that can unintentionally imply false representation.

Describe the proper methods to establish an agency representation relationship and recognize which party an agent represents in a transaction.

Identify who determines and who owns agency agreements in a firm.

Explain how dual agency is created and potential pitfalls of such agency respresentation.

Explain why proper agency disclosures are a critical element of practicing real estate and identify the parties to whom the salesperson must disclose their agency representation.

Identify situations that cause conflicts with regard to agency representation for real estate professionals and describe methods for addressing representational conflicts.

List the obligations of an agent to a principal and identify actions that could constitute a breach of fiduciary duties and the consequences of such breach.

Clearly define the fiduciary responsibilities under various agency representations.

Learning Activity: Video