Your question: What is substantive contract in real estate?

Substantive contact means contact in which a discussion or dialogue between the consumer and the associated licensee moves from casual introductory talk to a meaningful conversation regarding the selling or buying motives or objectives of the seller or buyer, financial qualifications, and other confidential information …

What is substantial contact?

Substantial Contact means the elevated degree that a material in contact with water may release leachable contaminants into the water such that levels of these contaminants may be unacceptable with respect to either public health or aesthetic concerns.

What is first substantive contact?

An event triggering. agency disclosure (e.g., prior to entering into a. listing agreement, prior to showing a property, at an open house when a buyer displays serious.

Can a Realtor represent both buyer and seller in Minnesota?

The broker may represent the Buyer only, and not the Seller, even if he or she is being paid in whole or in part by the Seller. A Buyer’s broker owes to the Buyer the fiduciary duties described below. … Within the limitations described above, dual agents owe to both Seller and Buyer the fiduciary duties described below.

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What is a substantive dialogue?

The Real Estate License Act defines “substantive dialogue” to mean a meeting or written communication that involves a substantive discussion relating to specific real property.

What is a dual agent in real estate?

Dual agency occurs when a real estate agent works on behalf of both the home buyer and seller. In most real estate transactions, it is much more common to have separate agents represent each party, as this helps avoid the conflict of interest that can happen when an agent negotiates for both sides.

Why is agency disclosure mandated?

The purpose of the agency disclosure form is to protect the client. Upon signing, there is no contractual obligation to exclusively work with that agent, however, this document does make sure that everyone who hires a real estate agent understands the full scope of their relationship dynamic.

Which of the following statements would be defined as puffing?

Legal Definition of puffing

: the practice of making exaggerated commendations especially for promotional purposes also : the exaggerated commendations made. Note: Generally, a seller cannot be held liable for misrepresentation for statements that amount to mere puffing.

In which of the following contact situations would a seller’s agent be expected to disclose his agency relationships?

In which of the following contact situations would a seller’s agent be expected to disclose his agency relationships? The agent is showing the client’s property to a prospective buyer. present all offers to the principal. specific activities on behalf of the principal, as defined in the agency agreement.

Which of the following is a dual agency situation?

Dual agency is when a real estate agent works with the buyer and the seller on the same transaction simultaneously. Here’s a common scenario on when dual agency may occur: A real estate agent is hired to sell the home of a client named Mary.

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What is special about a universal agent?

What is special about a universal agent? A universal agent has power of attorney. … A universal agent has power of attorney. The authority to act for another person in specified or all legal or financial matters.

Is dual agency legal in MN?

Dual agency occurs at the brokerage level and then flows to all the salespeople. … According to Minnesota law (largely written by Realtors); When dual agency occurs, the salesperson (or salespersons) and the brokerage firm are legally prohibited from, “advocating for one party to the detriment of the other.” MINN.

Which type of buyer agency may limit the amount of representation but offers the flexibility to work with multiple agents?

Exclusive Right to Sell Listing

If the property sells while the broker has the listing, the seller must pay the agreed-upon commission regardless of who actually procured the buyer. This limits any conflict with the seller over who was responsible for procuring the buyer.

How long does a buyer-broker agreement last?

The length of your buyer-broker agreement is one of the first things laid out in the contract. During this time, you are contractually obligated to honor the agreement for that time frame. Typically, the agreement will last for six months.

Are buyers agreements binding?

The buyer-broker agreement is binding for both parties. So, getting out of it might be tricky. You can ask to be released by the broker if you’re not happy.

What is buyer representation in real estate?

A buyer representation agreement is a contract between a real estate agent and the buyer to form an exclusive representation relationship. The contracted agent acts as the buyer’s agent in the real estate transaction. The buyer gets the agent’s expertise in locating a property and real estate negotiations.

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