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 does substantive mean in real estate?
Typically defined as the earliest practicable opportunity during a conversation with a consumer. This can occur prior to entering into a listing agreement, prior to showing a property, or even at an open house.
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 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.
What does substantive dialogue mean?
Substantive negotiations or issues deal with the most important and central aspects of a subject. FORMAL adj usu ADJ n.
What makes a foreclosed property Risky?
One of the risks of foreclosure investing is buying a property that needs more repairs than you initially expected. In fact, foreclosed homes are typically sold «as is», meaning that the bank or the owner won’t make any repairs before putting the property up for sale.
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.
What is a substantive position?
Substantive position means the position to which an employee has been permanently appointed.
What is a substantive contract?
: unconscionability of a contract that arises from the terms of the contract and especially from terms that are found to be one-sided, unjust, or overly harsh — compare procedural unconscionability.
What is a substantive provision?
substantive provisions means the terms and conditions of this Agreement (including any Schedules to this Agreement), but excluding any Annexes, as amended, restated, revised, updated or supplemented from time to time (whether in accordance with Clause 20 (General) or otherwise); Sample 2.
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.
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.
What must brokers disclose to customers quizlet?
The broker may not disclose any confidential information about any client unless given permission in writing to do so by the client. The broker must disclose any information as required by law. The client agrees that the broker may show other customers and clients the same properties that are being shown to him or her.
What does represented buyer mean?
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.
Can the buyer in a real estate transaction ever be considered a client?
A seller who enters into a listing contract with a brokerage firm is a client of the listing agent’s company, not of the agent themselves. … When a real estate broker enters into a contract with a buyer, the buyer becomes the client and the seller becomes the customer.
What is buyer representation in real estate?
A buyer representation (agency) agreement is a contract that delineates the relationship between a prospective home purchaser and a real estate broker or agency. While the agreement serves as good protection for the real estate agent, the home buyer can get significant value out of it as well.