bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 1. obedience 2. yes, so long as jenny purchased property similar to the one described in the agreement 3. implied agency 1. real estate broker agreeing to charge the same commission rate Which of the following statements is TRUE? D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. 3. orally (no or yes), no. 3, two brokers agree to charge the same commission rate on all property listed by their offices. 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 3. a general agent How many copies of the WREAB should he have? 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 2. on the date specified in the listing agreement 2. real estate brokers agreeing to not cooperate with a certain firm 1. to obey all client instructions 1. mutual consent 3. obligations Which of the following choices is the broker's best course of action? The broker is entitled to: 3. when the property is sold Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 2. special agency 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 2. when the option period expires Corcoran's broker discloses this fact to prospective buyers. In NC a seller must provide specific documentation to a potential purchaser regarding the condition of the sellers pretty prior to entering into a contract. 4. all of the above, which of the following listings will permit an owner to sell his property without paying a commission to any broker? You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. 1. keep the info confidential because disclosure would violate a fiduciary duty 4. a prospective purchaser is a member of a particular minority race, a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit, By virtue of a signed listing agreement, the broker will generally have authority to do all of the following actions without the seller's consent, EXCEPT: 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. Corcoran's broker discloses this fact to prospective buyers. Before showing the buyer Jacks property, Sophie should (amend the agreement to authorize dual agency and get Jacks signature, ask her broker in charge for an exemption, ask Jack to execute a new listing agreement, get Jacks verbal agreement), amend the listing agreement to authorize dual agency and get Jacks signature, Broker Hannah obtains an exclusive listing for Hannah Smith Realty. He listed with a different brokerage firm. 3. disclose the info because it is material 2. special agency 4. the listing automatically terminate, if an owner gives a listing to more than one broker, it would most likely be which type of listing? 3. a ready and willing buyer has been found, but no commission is due 3. T/F? A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. A broker lists a property. 2. is in violation of anti trust laws (another broker in the firm must represent her mother, if the seller has consented to dual agency the brokers interest does not need to be disclosed, the broker should provide the seller with a verbal disclosure of her interest in the transaction, the broker should disclose her interest in the transaction to the seller), the broker should disclose her interest in the transaction to the seller, Jane and Paul are affiliated brokers working for employing broker Evan. 4500 2. earning interest for the brokers clients Has the broker done anything wrong? 4. both 1 & 3, A seller lists her house with a broker for $189,500. 3. the broker has violated a fiduciary duty 1. inform the seller 3. he was procuring cause of the sale Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. 7. 3. exclusive agency 4. all of the above, if a salesperson lists a property, she cannot be: 1. one commission for the exclusive right to sell agreement 3. out of pocket expenses, but only if the client is in breach a. listing agreement is to a broker. the broker is entitled to: 2. yes, if the broker promises to ensure such funds will be available at closing 1. Peter signs a listing contact with ABC realty to sell his property. 1. the seller He tells the buyer and the offer is withdrawn. What type of listing should the broker acquire? 2. escrow agents 1. net listing 1. there must be a definite termination date in the listing 3. the broker holds earnest money in his personal account until the offer is accepted or rejected He maintains her finances, signs any legal papers, hires caregivers, and if mom is unwell, Iggy takes her to the doctor even if she does not want to go. 2. reasonable care The parties agree upon a 6% commission. 2. open listing 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: 3. an expiration date 2. any act required Buyer Maggie has no buyer broker contract. 3. give chaney another offer that she is sure to reject (Signed) Sadia." 2. 2. a ready and willing buyer has been found and a commission is due May Jill terminate the agreement without breaching the contract? Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. 0000006133 00000 n
at what point should a seller give the residential property and owners association disclosure statement to a buyer? 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. Round to the nearest thousandth. 1. yes, because henry breached the agreement What is the sales agent's relationship with the broker and the seller? Assuming that all of these listings are valid, which of the following statements is true? By withholding this information, the broker is negligent in his fiduciary duty of: Before it can be put in writing, the buyer backs out and revokes the verbal offer. (the county is going to build a new exit ramp on the road where the property is located, the current homeowner of the listed property has lost his job and must sell quickly, the barn on the back of the property has been condemned by the township, the pig farm behind the listed property is caused of allowing toxic runoff into the groundwater), the current homeowner of the listed property has lost his job and must sell quickly. 1. loyalty 10 ways agents typically get slapped with lawsuits. startxref
4. none of the above, who is an intermediary between a buyer and a seller? The relationship between the property owner and the associated brokers at Hannah Smith Realty could best be described as (buyer subagency, designated agency, dual agency, seller subagency), seller subagency (all other brokers would be subagents of Broker Hannah to the seller). 2. suggest that the buyer should make an offer for 185500 If a wife is unable to be present for the sale of a property, or if she isn't mentally competent, her husband may be able to obtain a power of attorney. (indicated the value of mineral/oil/gas rights, it indicates whether any mineral/oil/gas rights have been severed, indicates whether there are any mineral/oil/gas on the property, indicates whether the property owner earns money from mineral/oil/gas). However, when Steve presents the offer to Gwen, he discovers that Gwen also worked with Broker Gerry and sold her home without informing Steve. Please select the correct language below. 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. 3. selling salesperson 4. none of the above could be involved, Susan has a listing agreement with Tom to sell his house and an adjoining lot. 4. the state association of realtors, when does a broker earn commission? 3. any time prior to preparing an offer to purchase it indicates whether any mineral, oil or gas rights have been severed. $8100.00/2 4050. The broker must: 3. exclusive agency 1. open listing 1. open listing 3. violates both RESPA and regulation Z Gails contract with Freds employing broker promises 3% commission. 4. voic, Ralph is an independent broker. Received from Bo $1,000 on account of $75,000 purchase price of Lot No. Please sign in to share these flashcards. 1. the listing broker has violated his fiduciary relationship with the seller 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. Broker A pays for three-fourths of the advertising costs and finds the buyer. 2. the broker is entitled to a commission based on the listed price You must search the national Do Not Call registry at least every 31 days. what should the broker do? 4, yes, because corcorans status is protected by federal fair housing laws, yes, because it is contrary to corcorans interest, which of the following listing agreements is LEAST likely to specify a commission rate? 1. signature of the principal Billy grows increasingly suspicious of Bobby's abilities. 0000002270 00000 n
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. 1. correct, so long as the agreement was written 2. renunciation of the agreement by the broker 4500 2. accept, of behalf of the seller, an offer OVER the listed price of the property How much money would a sales person receive for her 60 percent share in the 10 percent commission? Please upgrade to Cram Premium to create hundreds of folders! 0000007875 00000 n
4. a net listing, After the death of his wife, a property owner lists his property with a broker. 2. a property manager enjoyed by the owner 1. exclusive agency listing Add to folder 4. The listed commission is 6.5 percent of the selling price. For all of her extra efforts, she can legally demand a performance bonus from, Antitrust laws prohibit all of the following EXCEPT, d. a broker deciding whether to join a MLS. 1. two brokers agree to only market their services in specific areas of the community 1. no, only joe may terminate the contract without a breach 3. cancel the contract, but with liability to the broker for any expenses During the agreement period, the seller sells the property himself. 2. seller (the current owner believes the house is haunted, nearby factory expanding to 247, the well water is undrinkable, several window frames are warped), the current owner believes the house is haunted. Jan's salesperson delivers the funds to her broker, who places the money into escrow. 4. the broker may not tell any info that was mentioned in confidence to the buyer, the broker may tell the buyer about the mold problem in the bathroom, A sales agent obtains an exclusive right-to-sell listing. One day, Jon wakes up and decides that he no longer cares for Jacob's personality. 3. listing broker Ensuring that your information is up to date. The seller is not legally required to pay a commission to any broker. 1. yes, because gwen and steve had a valid exclusive right to sell listing 3. yes, because it is contrary to corcoran's interest 2. selling broker 2. a woman offers to buy property listed by her sister (a broker). 1. minorities are buying homes in a neighborhood where the seller wants to later buy property However, Jenny finds a suitable property on her own. 1. wilma must maintain the listing with fred until the expiration date 2. inform the buyer The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 1. exclusive buyer agency agreement 1. if the selling agent changes brokers brokers must never disclose confidential information without permission or a court order, a real estate broker acting as a sellers agent may (advise the seller of the best manner of taking title to the new property they are purchasing, attempt to encourage an offer from a buyer, disclose to a buyer that the client will accept an offer at the listed price and terms, modify the listing contract on behalf the seller if it is in the sellers best interest), attempt to encourage an offer from any buyer, to whom does a broker owe fiduciary duties? This situation could involve all of the following agency relationships except: 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. 4. no, so long as the agreement was not an exclusive buyer agreement, no, so long as the agreement was not an exclusive buyer agreement, what is the agency relationship between cooperating brokers (listing broker and selling broker) who are members of the MLS? Which of the following statements is correct? Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. For this transaction, W is entitled to receive, To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she, A broker lists a property for sale at $100,000 with a 5 percent commission, and he later obtains a verbal offer to purchase the property from a prospective buyer. 2. disclosed in writing and agreed upon prior to negotiations 3. accepting the listing and give preferential treatment to female applicants 1. advise the owner that this restriction is illegal dan believes that daisy is in breach. Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 4. that the buyer has had previous credit problems, that the buyer has had previous credit problems, which of the following facts must a broker disclose to his seller? 4. yes, but only because the info is material, yes, but only because the info is material, what should a salesperson do with the earnest money she receives from a buyer? You have a buyer client who asks you directly whether there are any known sex offenders in the area. Which type of agency does this represent? 4. the broker holds earnest money in his brokerage operating account because he deal is going to be all cash, the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree, the buyer broker agreement that is most similar to the exclusive right to sell contract is: what determines the amount of commission paid to the broker who handles the sale? ( Ben and Sara only, Ben Sara and Joe, Joe only, Joe ben Sara and all other affiliated licensees), Joe, been, Sara and all other affiliated licensee (in Nc all affiliated licensee have the same agency with all brokerage client unless they appoint designated agents) page 73, Justin represents both the buyer and the seller in a real estate transaction. Broker Glenn brings Mark a listing contract with a seller. 2. executory 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? this relationship could exist by virtue of: Three days later, the two owners exchanged properties. (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. 3. not valid unless its in writing FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. This statement could be interpreted as: 3. open buyer agreement 3. the buyer and seller, equally After two weeks of focused searching, Steve finally finds a buyer to make an offer. (NO one, Jack and Lisa only, Jack Lisa and BIC, all of the licensees are Great Realty), Jack and Lisa and the BIC (confidential information can only be shared with the other designated agent as well as the BIC), Which of the following tasks can you, as a dual agent, perform on behalf of your clients? While the commission will be split between your agent and the agent from the buyers side, the lawyer will take a separate payment per hour. 9500 3. a claimant Find out how you can intelligently organize your Flashcards. 2. general agency 1. Both listings expired. 3. death of the salesperson However, Barnwell cancels the listing agreement two days later, before Ben has time to act. Ben shows the property. 4. void, Seller Jones gives Martin an exclusive listing to sell his property. Select one: What should Ben do with the earnest money that he received with the offer to purchase? 3. real estate broker 3. an exclusive right to sell listing 4. accounting, Jan accepts Jenny's offer to purchase. 3. renegotiate ralphs current listings 1. when a prospective buyer asks for info about a particular property The broker should: In this situation, which of the following statements would best describe the position of the XYZ Broker? Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. 4. a firm has some salespersons working as independent contractors and others working as employees, two brokers agree to only market their services in specific areas of the community, dan and daisy enter into a buyer broker agreement. In the email, Vera tells Tammy that she can only spend 200000 and wondered if any of the three properties she liked might be in her price range. (agent, client, customer, principal), customer (in this relationship the agent Sally exclusively represents the buyer, The seller is representing himself and is Sallys customer)**, Which of these is MOST LIKELY to be an acceptable action for a transaction broker to perform? 1. cancel the contract without obligation to either buyer or broker yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? 1. mutual consent 0000002700 00000 n
later, the broker receives a second offer for the property. 2. transact the clients affairs in a certain business He agrees to list property owned by a favorite charity and forgo commission on the deal. 3. restricted agency 3. unassignable 2. an open listing 3. impermissible, unless the brother is licensed 3. three After Jenny purchases the property, John demands his commission. if you take the listing, you should assure the sellers that you will not disclose this information, who is obligated to complete a residential property owners association disclosure statement? 3. seasonal flooding 3. If she intends to operate the firm and keep her father's listings, it is necessary that she: T/F Licensees provide agency representation to clients and customers in a real estate . 2. the selling broker (Section 475.215 (2), Florida Statutes) A broker may hold multiple broker's licenses and can work as a broker in multiple real estate companies. What should Carson do in this situation? 2. no, so long as the farm sells at or above the list price 4. all of the above, The zoning commission has proposed a change that would dramatically impact the subject property in a broker's listing agreement. by jwkotler@mac.com, 3. reimbursement for out of pocket expenses They specify that the agreement will last for a two week period. Is Steve's listing still active? 4. all of the above, Jill lists her property with Broker Joe. 3. a special listing 1. suspend the licenses of both brokers 2. net listing Is the broker susceptible to claims of fraud? 3. agent and subagent 1. the broker is only an agent for the buyer 4. all of the above, on the date specified in the listing agreement, which of the following items is not required in an open listing? And owners association disclosure statement to a buyer client who asks you directly whether there are any sex! 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