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
In BC, what is the primary duty of a real estate licensee acting as an agent for a seller?
Answer: To act in the best interests of the seller client
A licensee acting as a seller's agent owes fiduciary duties to the seller, including the duty to act in the seller's best interests, which includes obtaining the best possible price and terms.
Under BCFSA rules, when must a BC real estate licensee provide the 'Disclosure of Representation in Trading Services' form?
Answer: Before or at the earliest practicable opportunity when providing trading services
BCFSA requires licensees to disclose their representative capacity using the prescribed form before or at the earliest practicable opportunity — before any trading services are provided.
In BC, a 'buyer's agent' owes which of the following duties to their buyer client?
Answer: Duty of loyalty, confidentiality, and to act in the buyer's best interests
A buyer's agent owes the buyer full fiduciary duties including loyalty, confidentiality, disclosure of material facts, and acting in the buyer's best interests throughout the transaction.
Under RESA in BC, 'designated agency' means:
Answer: Specific licensees within a brokerage are designated to represent each party, avoiding dual agency conflicts
Designated agency allows a brokerage to designate specific licensees to represent the buyer and seller separately within the same brokerage, thereby reducing dual agency conflicts.
Which of the following is a duty owed to UNREPRESENTED parties (not clients) under BCFSA rules in BC?
Answer: Duty to deal honestly and disclose material latent defects
Even to unrepresented parties, licensees owe a duty of honesty and good faith, including disclosing known material latent defects. They do not owe full fiduciary duties to non-clients.
In BC, if a listing agent has information that is material to the buyer's decision, they must:
Answer: Disclose it to the buyer even if it is adverse to the seller
Under RESA and BCFSA rules, licensees must disclose all known material latent defects to buyers, even when representing the seller. This duty overrides the duty of loyalty to the seller client.