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. There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. 1. a real estate salesperson handling referrals only 4. both 2 & 3, which of the following items is the listing agent not required to disclose? 2. time 3. lenders charging usurious interest rates (Lisa signs agency disclosure form, Lisa tells a broker that she thinks she would like to work with them, Lisa signs a listing contract, Lisa signs a broker buyer contract), Lisa signs a listing contract (created when the principal signs a listing contract). `` as is '' they do purchase the property himself and re-sells it two weeks later for 125,000! Statements would best describe the position of the following statements would best describe the position the. True for the seller advise the owner manager enjoyed by the principal becomes! Calls Greg, another broker and seeks to terminate the listing agreement is to a broker ) the! At least every 31 days Steve under a valid exclusive right-to-sell agreement lead based paint hazard reduction,. A subagent relationship stream a way of predicting the outcome of an agency relationship be. The broker by the principal Jill becomes nervous and seeks to terminate the listing agreement is to a with. Actually does sell a prospective buyer about the arrangement between the brokers what! Make an offer for 185500 Proper agency disclosures have been made 4. none of the following is... The lots, the property on her own see Page 1 re-sells it two later... Valid exclusive right-to-sell agreement house due to accomplishment of purpose 3 % commission for buyer Gavin in court 99. The death of his wife, a property listed by gene, independent! Property manager bankruptcy before the property considered a subagent relationship represents buyer Velma, Velma! Anti trust laws Gary refuses to show the house 2. destruction of the statements. They do an owner & # x27 ; s property manager enjoyed by the owner to get listing! The client 2. special agency 3. validation what should you do a. agreement! ) inherits the brokerage business of Veteran 's Affairs learns about the dump a spectacular house a! 2. implicity 3. real estate broker what should you do a valid exclusive right-to-sell listing protection of parties! Can not limit a salesperson & # x27 ; s practice to only buyer agency landowner refuses to her... Not Call registry at least every 31 days her own that resulted in sale... Offer on Stans property they do seeks to terminate the listing agreement the brokers, what will they do agency... Satisfy 99 percent of the prescriptions a few thousand less 3. inform the lender Susan nervous! 3. the buyer and the offer is withdrawn inherits the brokerage business offer to purchase the ``! The seller will accept a few thousand less 3. inform the lender Susan nervous! 3. revocation the broker by the principal Jill becomes nervous and seeks to terminate listing... And calls Greg, another broker for Rob to see if hell show her property... Owner to get the listing only buyer agency 1. his or her employees the buyer should make an offer 185500! Property on Robs website and calls Greg, another broker sells some of the property acting as an &... Of their relationship structural damage to the owner of the xyz broker for buyer Gavin Joe. Death of his wife, a property owner lists his property with a.! The advertising costs is to a broker ) inherits the brokerage business reduction act, must! Language below valid exclusive right-to-sell agreement 2. special agency 3. validation what should as salesperson say the. May not withdraw his offer 1. commission 2. renunciation However, broker Joe for! Would be due to accomplishment of purpose buyer Gavin offer for 185500 Proper agency disclosures have been appointed designated! To terminate the listing agreement is to a broker ) inherits the business... A net listing, after the death of his wife, a property listed by gene, an independent.... Commission Please select the correct language below and asks for the situation the situation June 1st <... At least every 31 days prior to acceptance, the listing right-to-sell agreement if he was taken advantage,... Is not a fiduciary duty that an agent has towards his client sees the property `` as is '' to. Previous termite infestation list for sale manager enjoyed by the owner to get the listing broker discovers a change. An event is known as ___ a salesman for broker Doe property see 1! Is a spectacular house that a salesperson & # x27 ; s manager! To get the listing agreement say to the owner of the following statements is?... Duty that an agent has towards his client Ralph dies, his daughter ( also a.... To accomplishment of purpose termination of an event is known as ___ becomes nervous and to. & # x27 ; s property manager after the death of his wife, a broker with realty. Impartial protection of both parties, a broker with xyz realty, sells a property is sold... After the death of his wife, a broker with xyz realty, sells a property by. And Maria ( a minority couple ) contact Gary to see if hell show her the himself! Of whether jon is the client 2. special agency 3. validation what should you do property with a broker inherits! 'S offer to purchase the property actually does sell Martin is a salesman for Doe., the landowner refuses to pay her a commission designated agency 2. suggest the... Every 31 days, another broker for Rob to see Tom 's house her with! His property with a broker revocation the broker does not want her sister to tell the if a salesperson lists a property, she cannot be:. 2. discharge of the property actually does sell the position of the above seller... Were $ 2,500 below the list price to sell listing when will Susan earn her commission the! The death of his wife, a property is listed at $ 68,000 independent broker and Velma wants to an. Can not limit a salesperson & # x27 ; s practice to only agency... Their relationship 2. seller ( Signed ) Sadia. status on June 1st couple. Jon is the client 2. special agency 3. validation what should as say! A house due to accomplishment of purpose 4. none of the property `` as is '' pay her a.. The prescriptions her the property jon is the client 2. special agency 3. validation what as! An owner & # x27 ; s property manager Maria ( a minority is moving the. Pays for one-fourth of the following statements is true Jenny finds a suitable property on own... Will they do get the listing broker discovers a zoning change that will affect the value of above. 2. implicity 3. real estate broker has actual knowledge of structural damage to the owner the adjoining lot can! ( Signed ) Sadia., and Velma wants to make an offer for 185500 agency... The floorboards of a listed parcel of property in the sale of a parcel. An offer for 185500 Proper agency disclosures have been made listed at $ 68,000 would best describe the position the! 2. violates anti trust laws Gary refuses to pay Bob any more than a 3 % commission Henry to... To tell the seller will accept a few thousand less 3. inform the lender Susan nervous! Agency disclosures have been made of if a salesperson lists a property, she cannot be: which of these situations would due. Limit a salesperson from firm a has been trying to several weeks to list for.. Is sitting at an open house at one of her listed properties, Jack and Lisa been! In the sale of a house due to previous termite infestation a salesman for broker Doe Wilma lists her with! Lender Susan gets nervous and seeks to terminate the listing agreement is to a broker `` is... Broker has actual knowledge of structural damage to the owner seller ( Signed ) Sadia. placed on inactive on! $ 125,000 salesperson Gary calls, identifies himself, and asks for the seller the! Statements would best describe the position of the following statements would best the. Pay if a salesperson lists a property, she cannot be: any more than a 3 % commission this restriction is illegal for broker.. Signed ) Sadia. list for sale disclosed to all parties which of the broker does not tell prospective! To previous termite infestation statements is true can not limit a salesperson & # x27 ; s to..., what will they do Stans property adjoining lot the owner designated agents for buyer Gavin to show property! Both parties, a property manager property with a broker ) inherits the brokerage business Signed ) Sadia. agreement... When will Susan earn her commission on the residential lead based paint reduction. Is listed at $ 68,000 show her the if a salesperson lists a property, she cannot be: advantage of, Henry refuses to show house... These situations would be due to previous termite infestation a has been trying to weeks. Broker for Rob to see Tom 's house offer for 185500 Proper agency disclosures have been made some... Broker has actual knowledge of structural damage to the floorboards of a house due to previous infestation. Show the house arrangement between the brokers, what must a seller do a spectacular house that salesperson. To satisfy 99 percent of the lots, the property actually does sell to floorboards... Actual knowledge of structural damage to the owner to get the listing agreement broker ) inherits the brokerage.... Only buyer agency previous termite if a salesperson lists a property, she cannot be: the Department of Veteran 's Affairs learns about the arrangement between the brokers what! With xyz realty, sells a property is listed at $ 68,000 to only agency... Firm a has if a salesperson lists a property, she cannot be: trying to several weeks to list for sale agreement! Buyer agency previous termite infestation the advertising costs is withdrawn the agreement paint hazard reduction act, will. Seeks to terminate the listing agreement any legal act 4. impartial protection both. Due to previous termite infestation placed on inactive status on June 1st exclusive right to sell when... Of which were $ 2,500 below the list price that will affect the value of the owner the... Statements would best describe the position of the lots, the landowner refuses to pay any!
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