This office lease provision states that the landlord and tenant each warrant and represent to the other party that there was no broker, finder or similar person, other than those listed, entitled to a commission, fee or other compensation, instrumental in consummating the lease. It also states that no conversations or prior negotiations were had by the landlord or tenant, respectively, or anyone acting on behalf of the landlord or the tenant, respectively, with any broker, finder or similar person, other than those listed, concerning the renting of the demised premises.
Pennsylvania Lease Provisions Relating to Brokers
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US-OL29A07
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As a customer, you can expect a real estate licensee to provide the following customer-level services: · To disclose all material defects actually known by the licensee pertaining to the on-site physical condition of the real estate; · To treat both the buyer/tenant and seller/landlord honestly; · To provide reasonable ...
Which of the following documents does a Pennsylvania broker need to retain for three years? Most transaction documents and contracts must be retained for three years. Consumer Notices and sub-agent and transaction licensee agreements only need to be retained for six months.
The Real Estate Commissioner, who is appointed by the Governor, is the chief executive of the Department of Real Estate. To facilitate the administration and enforcement of the Real Estate Law and the Subdivided Lands Law, the Commissioner is empowered by law to issue regulations.
Commission Member Information Each of said members of the commission shall be appointed by the Governor.
In addition, a licensee is required to disclose any personal interest he or she has in a property. Confidentiality about the principal's affairs is an important aspect of loyalty. An agent is bound to inform the client of all facts that might affect the client's interests in the transaction.
Pennsylvania State Real Estate Commission.
Which of these is NOT a duty that licensees owe to all consumers of real estate services? ?> Licensees owe no duty of confidentiality to consumers. Licensees do owe all consumers of real estate services a number of general duties, such as acting in good faith.
Multiple responsible brokers ? delegation of duties. In these cases, the broker may appoint a branch broker to supervise the activities of the licensees (and any assistants) at the branch location however, the broker is still fully responsible for all activities at all locations.
Although the agent owes no fiduciary duty to a customer, the seller's agent must, nonetheless, disclose important information about the property and be honest to the customer. A customer can, and often will, have their own agent.
