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Principles of Real Estate: Homework Assignment #1 - Agency, Brokerage, and Sales Contracts, Assignments of Real Estate Management
A homework assignment from a principles of real estate course, focusing on agency, brokerage, and sales contracts. Students are required to read assigned materials and answer questions regarding the roles and responsibilities of real estate brokers and salespersons, the differences between various types of listings, and the elements of a valid contract. Questions include the difference between a broker and salesperson, the relationship between real estate agents and realtors®, the duties of a seller's agent, and the obligations of an agent to clients and the public.
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RE 310 – Principles of Real Estate
Homework Assignment #1 – Agency, Brokerage and Sales Contracts Dr. Stanley D. Longhofer Read the assigned materials and briefly answer the following questions.
- What is the difference between a real estate broker and a real estate salesperson?
- Are all real estate agents REALTORS®? Explain.
- List and briefly explain the duties a seller’s agent has to his or her client (principal).
- What obligations does an agent have to his or her customers and the general public?
- Explain the differences between an exclusive right to sell listing, an exclusive agency listing, and an open listing.
- List and briefly explain the elements of a valid contract.
- What does it mean to sue for “specific performance” when a real estate contract has been breached?