It has priority over the prior Chapter 3 materials. Use the Chapter 8 information for Chapter 8 exam only. The brokerage relationships law takes effect on November 1, 2000.
Licensees working with buyers can act as transaction brokers or single party brokers.
A person who is a seller, buyer, landlord, or tenant or a person who is involved in an option or exchange is a party. As a single-party broker working with sellers do not disclose confidential information such as the buyer's motivation to buy, the price the buyer is willing to offer or the financing terms the buyer is willing to accept. I discuss brokerage relationships with her and ask how she would like to work with me. She says she wants to be represented but refuses to sign anything. I agree to work for her benefit.