Agency and Disclosures Flashcards
6 cards from real BC Real Estate Trading Services Course practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Agency and Disclosures flashcards as text
A buyer's agent who also represents the seller in the same transaction is acting as a:
Answer: Dual agent
When one licensee represents both the buyer and the seller in the same transaction, this is called dual agency. In BC, dual agency requires written informed consent from both parties.
Which disclosure document must a BC licensee provide to a buyer at the first opportunity?
Answer: Working with a REALTOR disclosure
The 'Working with a REALTOR' disclosure (now called the 'Disclosure of Representation in Trading Services') must be provided to a buyer at the earliest opportunity to explain the nature of the agency relationship.
A real estate licensee owes fiduciary duties ONLY to their:
Answer: Client (the party they represent)
Fiduciary duties — including loyalty, confidentiality, obedience, disclosure, and accountability — are owed only to the licensee's client, not to the opposing party.
Under BC's Real Estate Services Act, a 'client' is best defined as:
Answer: A person who has entered into a service agreement with a brokerage
Under RESA, a client is a person who has entered into a service agreement (agency agreement) with a brokerage for trading services, establishing a formal agency relationship.
Which of the following is an example of an agent's duty of confidentiality being breached?
Answer: Revealing to the buyer that the seller will accept less than the asking price
Revealing the seller's motivation or willingness to accept less than asking price is confidential information — disclosing it to the buyer breaches the agent's duty of confidentiality to their seller-client.
When must a BC licensee disclose that they have a personal interest in a property they are helping a client purchase?
Answer: Before any offer is written
A licensee must disclose any personal interest in a transaction before writing an offer. This disclosure must be in writing and acknowledged by the client to avoid conflicts of interest.