Podcast
Questions and Answers
What is the Broker's primary duty when acting as an agent for the Landlord?
What is the Broker's primary duty when acting as an agent for the Landlord?
- To deal fairly and honestly with the Tenant
- To provide utmost good faith, loyalty, and fidelity to the Landlord (correct)
- To represent the Tenant's interests above all
- To ensure the property is rented at the highest price
Under what circumstance does a Broker represent the Tenant?
Under what circumstance does a Broker represent the Tenant?
- When a Tenant signs a written Tenant Agreement with the Broker (correct)
- When there is a verbal agreement with the landlord
- When the Broker works primarily as an intermediary
- When the Broker decides to act in the Tenant's favor
What should a Tenant refrain from disclosing to the Broker when the Broker is the Landlord's agent?
What should a Tenant refrain from disclosing to the Broker when the Broker is the Landlord's agent?
- Personal preferences about the rental property
- Questions about the rental process
- Concerns related to the property condition
- Information the Tenant does not want shared with the Landlord (correct)
What is a key difference between a Landlord's Agent and a Tenant's Agent?
What is a key difference between a Landlord's Agent and a Tenant's Agent?
In what capacity does a Broker assist the Tenant when representing the Landlord?
In what capacity does a Broker assist the Tenant when representing the Landlord?
Which statement best describes the Broker's relationship with the Tenant without a written agreement?
Which statement best describes the Broker's relationship with the Tenant without a written agreement?
What type of relationship does a Broker have with the Landlord when no written agreement is in place?
What type of relationship does a Broker have with the Landlord when no written agreement is in place?
Which liability applies when a Broker acts as a Landlord's Agent?
Which liability applies when a Broker acts as a Landlord's Agent?
What is required for a Broker to establish an Intermediary relationship with a Tenant or Landlord?
What is required for a Broker to establish an Intermediary relationship with a Tenant or Landlord?
Which of the following duties is NOT owed by an Intermediary to the Tenant or Landlord?
Which of the following duties is NOT owed by an Intermediary to the Tenant or Landlord?
In what situation can a Broker disclose material information about a Tenant or Landlord without consent?
In what situation can a Broker disclose material information about a Tenant or Landlord without consent?
What defines a customer in a real estate transaction?
What defines a customer in a real estate transaction?
Which of the following is true regarding a designated agent?
Which of the following is true regarding a designated agent?
What is the primary obligation of a Broker when working with a customer?
What is the primary obligation of a Broker when working with a customer?
Which scenario allows a broker's relationships with both parties to change to Intermediary?
Which scenario allows a broker's relationships with both parties to change to Intermediary?
What obligation do Brokers have regarding known adverse material facts?
What obligation do Brokers have regarding known adverse material facts?
What must a Tenant do if they wish to rent a property that the Broker is managing?
What must a Tenant do if they wish to rent a property that the Broker is managing?
Which of the following statements about a broker acting as Intermediary is FALSE?
Which of the following statements about a broker acting as Intermediary is FALSE?
Which duty must a Broker fulfill as an Intermediary?
Which duty must a Broker fulfill as an Intermediary?
If a Tenant's Agent is aware of a Tenant's adverse financial facts, what must they do?
If a Tenant's Agent is aware of a Tenant's adverse financial facts, what must they do?
How should a Broker approach handling a customer's information?
How should a Broker approach handling a customer's information?
What is a crucial distinction between an Agent and an Intermediary?
What is a crucial distinction between an Agent and an Intermediary?
What fiduciary duties does a broker owe when acting as the agent for one party?
What fiduciary duties does a broker owe when acting as the agent for one party?
When does a broker act as an intermediary?
When does a broker act as an intermediary?
Which of the following statements about intermediaries is true?
Which of the following statements about intermediaries is true?
What is required for a broker to be considered a seller's agent?
What is required for a broker to be considered a seller's agent?
What duty does a broker owe to a customer in a real estate transaction?
What duty does a broker owe to a customer in a real estate transaction?
What happens if a buyer signs a Buyer Agency Agreement with a broker?
What happens if a buyer signs a Buyer Agency Agreement with a broker?
Under Wyoming law, what is the status of commission rates for real estate brokerage relationships?
Under Wyoming law, what is the status of commission rates for real estate brokerage relationships?
What must a broker disclose as a buyer's agent?
What must a broker disclose as a buyer's agent?
What should a customer avoid sharing with a broker?
What should a customer avoid sharing with a broker?
Which of the following is NOT a required act of an intermediary?
Which of the following is NOT a required act of an intermediary?
If a landlord signs a contract with a broker, what is the broker's responsibility?
If a landlord signs a contract with a broker, what is the broker's responsibility?
What must happen for the written disclosure and acknowledgment to become a valid agreement?
What must happen for the written disclosure and acknowledgment to become a valid agreement?
Which of the following accurately describes the role of a customer in a real estate transaction?
Which of the following accurately describes the role of a customer in a real estate transaction?
What duty does a Broker have as an Intermediary to the parties involved in a transaction?
What duty does a Broker have as an Intermediary to the parties involved in a transaction?
Which statement correctly describes the relationship between a Designated Agent and the parties involved?
Which statement correctly describes the relationship between a Designated Agent and the parties involved?
Under what condition can a Broker serve as an Intermediary for both Buyer and Seller?
Under what condition can a Broker serve as an Intermediary for both Buyer and Seller?
Which of the following is NOT a duty of an Intermediary?
Which of the following is NOT a duty of an Intermediary?
When acting as an Intermediary, which of the following is true?
When acting as an Intermediary, which of the following is true?
What must a Broker disclose to prospective Buyers regarding the property?
What must a Broker disclose to prospective Buyers regarding the property?
Which of the following must the Intermediary disclose to the parties?
Which of the following must the Intermediary disclose to the parties?
If a Buyer Agency Agreement is signed, what can occur if the Buyer wishes to make an offer on a property listed by the same Broker?
If a Buyer Agency Agreement is signed, what can occur if the Buyer wishes to make an offer on a property listed by the same Broker?
Which of the following is a key feature of a Broker's obligations as an Intermediary?
Which of the following is a key feature of a Broker's obligations as an Intermediary?
What is a key requirement for changing an established agency relationship to an Intermediary relationship?
What is a key requirement for changing an established agency relationship to an Intermediary relationship?
What differentiates a designated agent from an Intermediary?
What differentiates a designated agent from an Intermediary?
Which of the following is NOT a material disclosure that an Intermediary must provide to the parties?
Which of the following is NOT a material disclosure that an Intermediary must provide to the parties?
What is the main condition for a Broker to change their role from agent to Intermediary?
What is the main condition for a Broker to change their role from agent to Intermediary?
Which situation would provide the Intermediary the right to disclose private information?
Which situation would provide the Intermediary the right to disclose private information?
Study Notes
Working Relationships with Real Estate Brokers
- Landlord's Agent - the Broker represents the Landlord and owes them a duty of utmost good faith, loyalty, and fidelity. The Broker will not have a written agreement with the Tenant.
- Tenant's Agent - the Broker represents the Tenant and owes them a duty of utmost good faith, loyalty, and fidelity. The Broker requires a written agreement with the Tenant.
- Intermediary - This is a non-agency relationship and requires written agreements with both Landlord and Tenant. The Broker will not represent either party and owes no fiduciary duties.
- Customer - This is a party to a real estate transaction with no established intermediary or agency relationship.
- Designated Agent - A licensee designated by the Brokerage Firm to act as an agent or intermediary for the Landlord or Tenant. Requires written designation by the brokerage firm and acknowledgement by the Landlord or Tenant.
Duties of an Agent
- Agents owe the party they represent a duty of utmost good faith, loyalty, and fidelity.
- Agents will have additional obligations as enumerated in the Intermediary section.
Duties of an Intermediary
- Intermediaries must exercise reasonable skill and care.
- Intermediaries must comply with Wyoming law.
- Intermediaries are not agents or advocates.
- Intermediaries must obtain the written consent of the parties before assisting the Buyer and Seller in the same real estate transaction as an Intermediary to both parties to the transaction.
- Intermediaries must disclose any interests Intermediaries may have that are adverse to the interest of either party.
- Intermediaries must disclose to prospective Buyers, known adverse material facts about the property.
- Intermediaries must disclose to prospective Sellers, any known adverse material facts.
- Intermediaries must disclose to the parties that an Intermediary owes no fiduciary duty, is not allowed to negotiate on behalf of the Buyer or Seller, and may be prohibited from disclosing information about the other party, which if known, could materially affect negotiations in the real estate transaction.
Broker Relationships with Buyers and Sellers
- Seller’s Agent - the Broker represents the Seller and owes them utmost good faith, loyalty, and fidelity. This requires a written agreement with the Seller.
- Buyer’s Agent - the Broker represents the Buyer and owes them utmost good faith, loyalty, and fidelity. This requires a written agreement with the Buyer.
Change from Agent to Intermediary - In-House Transaction
- If a Buyer who has signed a Buyer Agency Agreement with Broker wants to look at, or submit an offer on property Broker has listed as an agent for the Seller - the Seller and the Buyer may consent in writing to allow Broker to change to an Intermediary (non-agency) relationship with both the Buyer and the Seller.
- An established relationship cannot be modified without the written consent of the Buyer or the Seller. The Buyer or Seller may, but are not required to, negotiate different commission fees as a condition to consenting to a change in relationship.
General Notes
- The real estate commission is not fixed by law and is set by each Broker individually and may be negotiable between the Buyer or Seller and the Broker.
- Brokers are generally prohibited from offering legal advice.
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Description
Test your knowledge about the various working relationships real estate brokers maintain with landlords and tenants. This quiz covers the roles of Landlord's Agent, Tenant's Agent, Intermediary, Customer, and Designated Agent. Understand the duties and agreements associated with each role.
