Agency Relationships & Disclosure 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 Relationships & Disclosure flashcards as text
Under RESA, 'trading services' in BC includes which of the following?
Answer: Showing property, presenting offers, and negotiating on behalf of buyers or sellers
RESA defines trading services broadly to include showing property, writing and presenting offers, negotiating terms, and other activities done on behalf of a buyer or seller for compensation.
In BC, the 'duty of confidentiality' means a licensee must:
Answer: Not disclose the client's confidential information to third parties without consent
The duty of confidentiality requires the licensee to protect the client's personal, financial, and negotiating information from disclosure to third parties without the client's consent.
In BC, which of the following best describes the 'duty of accounting'?
Answer: Accounting to the client for all monies received on their behalf and keeping these in trust
The duty of accounting requires an agent to account for all money received on behalf of a client, hold it in trust, and provide a full accounting of all funds received and disbursed.
Under BCFSA rules, if a buyer asks a seller's agent whether the seller will accept less than the listed price, the agent should:
Answer: Decline to disclose the seller's confidential information and suggest the buyer make an offer
A seller's agent owes the seller a duty of confidentiality. They cannot disclose the seller's minimum acceptable price or other confidential negotiating information to the buyer.
In BC, a listing agreement grants the brokerage which type of authority over the seller's property?
Answer: Authority to market the property and present offers on behalf of the seller within agreed terms
A listing agreement grants the brokerage authority to market the property and present offers on the seller's behalf. It does not grant authority to accept offers — only the seller can accept.
Under RESA, which of the following can result in discipline or licence cancellation for a BC licensee?
Answer: Misappropriating client funds held in trust
Misappropriating client trust funds is one of the most serious violations under RESA and can result in immediate licence cancellation, fines, and referral to law enforcement.