Description Chapters four through 6 discuss the responsibilities of the agen …
Description Chapters four through 6 discuss the responsibilities of the agent and seller as well as the disclosures and contracts that are important in real estate. Agents have a vital role in helping to guide the seller throughout the sale process. Disclosures are essential in protecting all parties during the whole transaction. Key Concepts- Chapter 4: Agency and Its Responsibilities (page 75) Seller agency is when a property owner hires an agent to sell his/ her property at an agreeable cost to the owner. An agent will usually deal with third parties to represent the owner. Agents representing sellers must disclose any information pertinent to the seller. Key Concepts- Chapter 5: Disclosure Information Advisory (DIA) (pages 127, 131) Disclosures are an essential topic in real estate, and those who fail to disclose specific topics to clients can go through litigation. CAR created a Disclosure Information Advisory form that is given to sellers to ensure them of the importance of what they know about the property. Disclosures are designed to protect all parties in a transaction, and CAR has created a Summary Disclosure Chart over 30 pages. Key Concepts- Chapter 6: Contracts (page 170) Five forms must be completed to purchase a property which allows the seller to accept or counter the purchase agreement. Every contract consists of a promise enforceable by law, and the primary type of contract used in real estate is an Express Contract. Express Contracts are expressed in words, and any listing or lease agreement is a type of Express Contract. Summary: I learned that contracts are an essential part of real estate and that I need to familiarize myself with different contracts. I will do so by reading more about this topic and doing my research. I believe that knowing about the disclosures and other contracts will be crucial in my real estate career.
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