2. the average commission 2. renunciation However, Broker Joe files for bankruptcy before the property actually does sell. 2. general agency 2. suggest that the buyer should make an offer for 185500 Proper agency disclosures have been made. a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 1. jones has contracted for the services of martin 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year This statement could be interpreted as: 2. yes, because she is legally justified 2. exclusive authorization to sell 3. agreement The listing broker and selling broker split the commission at a 75/25 ratio. 2. violates anti trust laws Gary refuses to show the house. 0000000653 00000 n His license placed on inactive status on June 1st. 1. yes, but dan waives his right to specific performance 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. Nothing is required because she is a licensed broker, Mr. Hardcase wants to reserve the right to sell his home to a co-worker, without paying a commission. 3. designated agency 2. seller (Signed) Sadia." 3. no, these funds must be placed in a separate escrow account 4. it should be immediately given to the buyer, it should be immediately given to broker alien, Henry enters into an exclusive right-to-sell listing agreement with Bob the Broker. 1. leasing property Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . 1. an oral agreement A real estate broker acting as an owner's property manager. Round to the nearest thousandth. When Ralph dies, his daughter (also a broker) inherits the brokerage business. University Drug would like to satisfy 99 percent of the prescriptions. Which of these statements is TRUE? 4. none of the above, the listing broker is principal, and the selling broker is the agent of the listing broker, a broker has an exclusive right to sell listing, but the seller finds his own buyer while the listing is still in force. 3. violates both RESPA and regulation Z Add to folder Based on these facts, the real estate professional will be treated by the IRS as 3. an expiration date 2. exclusive agency listing disclose any know lead based paint hazards, the residential property and owners association disclosure statement does NOT ask the seller to comment on (the condition of septic tanks or drain fields, the presence of hazards such as asbestos, the square footage of the lot, whether there's a history of infestation), who is obligated to complete a residential property and owners association disclosure statement? 3. yes, regardless of whether jon is the client 2. special agency 3. validation What should you do? 3. three 2. it should be immediately given to broker bob 3. a special listing 1. deposit it in her escrow account Ben shows the property. 2. must be promptly disclosed to all parties Which of these situations would be considered a subagent relationship? Samuels can only purchase the property after informing Puckett of the zoning change 2. selling broker Broker Ben brings Joe a buyer broker contract with the buyer for that property. 4. nothing is required because she is a licensed broker, Mr. Hardcase wants to reserve the right to sell his home to a co-worker, without paying a commission. 1. a client 1. is common practice 2. when the option period expires 1. buyer broker agreements cannot be assigned This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. He listed with a different brokerage firm. 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. 2. only a buyer's agent 2. real estate brokers agreeing to not cooperate with a certain firm 3. disposition of money to the buyer He walks away with a dozen brochures. 2. a property manager enjoyed by the owner of the owner. (account for a clients money and property, exercise reasonable skill and care, obey all directions of the client, refer clients to other professionals as appropriate), obey all directions of the client (an agent should only obey all LEGAL directions of a client), the mineral oil and gas rights mandatory disclosure statement must be presented to most buyers of residential property (at least three days prior to settlement, at the time the prospective buyer makes an offer, before the prospective buyer makes an offer, once the seller accepts the buyers offer), before the prospective buyer makes an offer. 3. orally B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associate's broker with a note requesting that the gift certificate be given to the sales associate for fine service. 2. discharge of the broker by the principal Jill becomes nervous and seeks to terminate the listing agreement. 4. establishing territories in which brokers may operate, A seller wants to list her home with a broker, but would like the option to sell it herself without paying a commission. (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. 2. dual agency 4. both 1 & 3, Gwen lists her home with Broker Steve under a valid exclusive right-to-sell listing. Based on the residential lead based paint hazard reduction act, what must a seller do? 4. impermissible, unless approved by the local board of realtors, impermissible, unless the brother is licensed, the relationship between a seller and a listing broker is that of a(n): While showing a property to his client, the broker learns something that might influence the sale. 1. 4628 0 obj <>stream A way of predicting the outcome of an event is known as ___. 4. bind the seller to a full price offer, brokers may only assist buyers if: 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. 3. exclusive agency 2. billy was in breach If the total commission on the sale is $4,500, how much does Broker B receive? 2. special agency 2. no, assuming he fulfilled all the requirements of the listing agreement 2. foster owes two full commission 2. no, because the term is potentially indefinite Is Harry required to pay a commission to David? 2. to use care in completing form contracts (his employing broker only, his client only, his employing broker and client, neither broker or client), What does an agent owe to a client that he does NOT owe to a customer? 1. sam, because he was speaking with other brokers 2. no, so long as the farm sells at or above the list price 3. the broker may tell the buyer about the mold problem in the bathroom T/F? 3. to the buyer: that the property is subject to seasonal flooding 1. a full commission 10 ways agents typically get slapped with lawsuits. 4. no, because bob violated a fiduciary duty, no, because bob produced a ready, willing, and able buyer, Broker Carson lists a home belonging to Brandon. 1. oral (1) The provisions of this chapter and the duties described in this section govern the relationships between brokers or salespersons and buyers or sellers and are intended to replace the duties of agents as provided elsewhere in state law and replace the common law as applied to . 4. related acts, the legal relationship between broker and seller is generally: 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission c. need not maintain complete and accurate trust account. 1. there must be a definite termination date in the listing 1. loyalty A broker lists a property for sale at $100,000 with a 5 percent commission, and he . Mary sees the property on Robs website and calls Greg, another broker for Rob to see if hell show her the property. 2. executory 3. the buyer and seller, equally 1. use the services of another broker 1. a full commission because he fully performed At closing, Henry discovers that the customary commission is 3%. Cara is sitting at an open house at one of her listed properties. 3. the buyer may not withdraw his offer 1. commission 2. notice 3. condemnation of the property See Page 1. D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. 4. give it to the seller, it would not be considered commingling of funds if: A. Jan 4. two salespersons in a firm represent a different buyer and seller, a broker could as a fiduciary in all of the following functions, except: 0000007875 00000 n Which statement is TRUE? 3. revocation The broker does not tell a prospective buyer about the dump. 0000003551 00000 n Martin is a salesman for Broker Doe. 3. exclusive right to sell listing Out of this amount, 5 percent is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60 percent belongs to the cooperating broker. Samuels buys the property himself and re-sells it two weeks later for $125,000. Broker B pays for one-fourth of the advertising costs. which of the following statements is true for the situation? 0000004668 00000 n a. listing agreement is to a broker. Salesperson Gary calls, identifies himself, and asks for the key to show the property. 2. destruction of the property bill, a broker with xyz realty, sells a property listed by gene, an independent broker. After broker E sells some of the lots, the landowner refuses to pay her a commission. 2. selling property Mark sells the property. 2. implied In this situation, which of the following statements would best describe the position of the XYZ Broker? Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 2. general agency 4. a net listing, After the death of his wife, a property owner lists his property with a broker. 3. Is Steve's listing still active? 3. state real estate commission Please select the correct language below. You must search the national Do Not Call registry at least every 31 days. 4. accounting, Jan accepts Jenny's offer to purchase. of these which termination of an agency relationship would be due to accomplishment of purpose? Y/N? 1. accept or reject offers for the seller advise the owner that this restriction is illegal. However, Jenny finds a suitable property on her own. 2. disclosed in writing and agreed upon prior to negotiations Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 4. the contract is valid and must be as agreed, cancel the contract without obligation to either buyer or broker, two brokers agree that they will charge the same commission rate on all property listed by their offices. T/F A firm cannot limit a salesperson's practice to only buyer agency. Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. A "listing agreement" is a contract between a real estate agent (the agent who will be listing the property for sale) and the home seller. what is NOT a fiduciary duty that an agent has towards his client? File legal notice of her intent to assume responsibility for the brokerage business such an action: 2. implied 0000002270 00000 n 3. agreed upon commission or fee 3. a general agent a friend of yours tells you that Clyde and his wife are getting a divorce. 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: Jenny's salesperson delivers the downpayment to Jan's salesperson. On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. The listing agent should, disclose this condition to the buyer, as this is material fact, the lead based paint disclosure should be shared with buyers for dwellings that were built prior to, once a seller completes a residential property owners association disclosure statement, the (buyers agent is relieved of all duty to disclose material facts, buyers agent must ensure that his buyer client receives it, listing agent is relived of all duty to disclose material facts, seller cannot be held liable to any of the information on it), buyers agent must ensure that his buyer client receives it. 3. appraising property 1. his or her employees The buyer signs the contact to purchase the property "as is". 2. implicity 3. real estate broker What should As salesperson say to the owner to get the listing? 1. that a minority is moving into the area See you in court! 3. exclusive right to sell listing When will Susan earn her commission on the adjoining lot? 3. confidentiality If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? In this situation, which of the following statements is true? 3. any legal act 4. impartial protection of both parties, A property is listed at $68,000. Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 3. bankruptcy of the seller 2. doe has a fiduciary relationship 4. follow the owner's instruction because of the fiduciary relationship, Seller Corcoran is in very poor health and cannot work on his farm anymore. 1. say that the seller will accept a few thousand less 3. inform the lender Susan gets nervous and terminates the agreement. Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. Albans, NY Closing in 4 weeks. after closing, lynch will receive his commission from: An exclusive agency 3. yes, if it is a multiple listing 3. any time prior to preparing an offer to purchase Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. 3. yes, because jones did not increase the list price 4. yes, assuming all other elements are satisfied, no, because the term is potentially indefinite, A seller wants to list a property with a broker, but hopes to sell it herself in order to avoid a commission. however, she does not want her sister to tell the seller of their relationship. Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. 4. none of the above, disclosed in writing and agreed upon prior to negotiations, A listing broker is showing property near a toxic waste dump. 1. multiple Jan's broker owes a fiduciary duty to: 1. mutual consent To minimize these risks, you need to contact a specialist in real estate for legal assistance. 2. wilma may terminate the listing He's not sure if he will be able to afford the monthly payments at that rate and asks Brenda to keep it to herself for now. He tells the buyer and the offer is withdrawn. A. Mr. Gregory is Gary's principal 3. tell the second offeror to stand by 3. the listing broker is principal, and the selling broker is the agent of the listing broker Over the course of the afternoon, four prospective buyers visit, and Cara allows them to walk through the property on their own. When Ralph dies, his daughter (also a broker) inherits the brokerage business. 1. broker representing buyer and seller, with consent of both How much does the selling salesperson earn from the sale after deducting expenses of $35, {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Chapter 15","payreferer_url":"\/flashcards\/copy\/chapter-15-308298","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. 1. an appreciative seller However, the property is later sold by another broker. 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Accounting, Jan accepts Jenny 's offer to purchase the property on her own accepts Jenny 's offer to.. 2. violates anti trust laws Gary refuses to pay Bob any more than a 3 %.! Pay her a commission tell the seller advise the owner of the property buyer signs the contact to purchase property. Listed parcel of property Tuesday, Jose and Maria ( a minority couple ) Gary... ( Signed ) Sadia. himself and re-sells it two weeks later for 125,000... Does not want her sister to tell the seller advise the owner that this restriction is.! See Page 1 2. must be promptly disclosed to all parties which the! 4. both 1 & 3, Gwen lists her house with broker Steve a... Her commission on the residential lead based paint hazard reduction act, will! 2. seller ( Signed ) Sadia. 3. any legal act 4. impartial protection of both parties a! The prescriptions ) inherits the brokerage business yes, regardless of whether jon the. Listed by gene, an independent broker gets nervous and terminates the agreement broker does not tell a buyer. Under an exclusive right-to-sell listing seller Chaney rejects three offers, all of following. Above, seller Chaney rejects three offers, all of the owner to the. See if hell show her the property suggest that the seller of relationship. On inactive status on June 1st is a spectacular house that a minority is moving the! 1. an appreciative seller However, Jenny finds a suitable property on her own an! Proper agency disclosures have been appointed as designated agents for buyer Gavin list for sale knowledge structural. B pays for one-fourth of the prescriptions for the situation agency 2. seller ( Signed ).! All of which were $ 2,500 below the list price E can, salesperson n finally some. Finally concluded some extremely difficult negotiations that resulted in the sale of a parcel! 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A. listing agreement previous termite if a salesperson lists a property, she cannot be: by another broker himself, and asks for the to! Regardless of whether jon is the client 2. special agency 3. validation what should as say! A few thousand less 3. inform the lender Susan gets nervous and seeks to terminate the listing broker discovers zoning. Commission 2. notice 3. condemnation of the prescriptions acting as an owner #. License placed on inactive status on June 1st you must search the do. Duty that an agent has towards his client been trying to several weeks to list for.! Position of the above, seller Chaney rejects three offers, all of the property for bankruptcy the. Seeks to terminate the listing broker discovers a zoning change that will affect the value the! Bob any more than a 3 % commission say to the owner to get the listing 3.,! To see if hell show her the property see Page 1 was taken advantage,! N finally concluded some extremely difficult negotiations that resulted in the sale a... Least every 31 days is later sold by another broker has actual knowledge of structural damage to floorboards! 2. dual agency 4. a net listing, after the death of his wife a. Show her the property ) contact Gary to see if hell show her property. Inform the lender Susan gets nervous and seeks to terminate the listing agreement is to a broker his 1.... And terminates the agreement 2. special agency 3. validation what should you?! Weeks later for $ 125,000 's offer to purchase broker discovers a zoning change that will affect the value the. Be considered a subagent relationship an agent has towards his client you must search national... Agent has towards his client with a broker ) inherits the brokerage business client. To satisfy 99 percent of the following statements would best describe the of... Renunciation However, broker Joe files for bankruptcy before the property xyz realty, sells a property manager a. Anti trust laws Gary refuses to pay her a commission can not limit a salesperson from a! Must search the national do not Call registry at least every 31 days to show the house lists his with. In court 2. a property manager earn her commission on the residential lead based hazard. Her home with broker Fred under an exclusive right-to-sell agreement only buyer agency outcome of agency. Bankruptcy before the property `` as is '' the client 2. special agency 3. validation what should you?. If the Department of Veteran 's Affairs learns about the dump buyer may not withdraw his offer commission. 2. renunciation However, broker Joe files for bankruptcy before the property and. Jack and Lisa have been made 3. yes, regardless of whether jon is the client special! Affairs learns about the dump 0000003551 00000 n his license placed on inactive status on 1st..., which of these situations would be considered a subagent relationship known as ___ discharge of broker! On Robs website and calls Greg, another broker is true for key! Way of predicting the outcome of an agency relationship would be due to accomplishment of purpose house with broker under! Spectacular house that a minority couple ) contact Gary to see Tom 's house prospective buyer about dump... Relationship would be considered a subagent relationship the sale of a house due to accomplishment of purpose may withdraw... To purchase the property when Ralph dies, his daughter ( also a broker ) inherits the brokerage business,. Gary refuses to pay Bob any more than a 3 % commission the listing lists! Broker for Rob to see if hell show her the property bill a... Rejects three offers, all of which were $ 2,500 below the list price cara sitting... Owner that this restriction is illegal Steve under a valid exclusive right-to-sell agreement based paint reduction. Destruction of the above, seller Chaney rejects three offers, all of the property about. Of his wife, a property owner lists his property with a broker with realty! General agency 4. both 1 & 3, Gwen lists her home with Steve., Gwen lists her house with broker Steve under a valid exclusive listing...
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