1. an open listing Y/N? (criminal prosecution, liability for damages due to a rescinded transaction, loss or suspension of license, loss of a commission associated with the transaction), Pam a broker at Rob Realty is the designated agent for Brians property. 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. (before the buyer makes an offer, before the buyer walks through the house, before the sellers accepts the offers, before the transaction closes), which of these do you think would least likely be considered a material fact that must be disclosed to a buyer? 1. he was licensed at the time of the sale 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. Which of the following listings would best serve Mr. Hardcase's interests? 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. 3. yes, because jones did not increase the list price (one , two, three , four), The listing broker is offering to pay a buyers agent 2% of the 6% commission. 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 1. accept, of behalf of the seller, a promissory note as an earnest money deposit 2. dual agency 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? 2. principal and agent 1. broker representing buyer and seller, with consent of both He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. At this time, which of the following statements is true? 1. in a reasonable time 3. seasonal flooding 1. express 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: 2. no, so long as the farm sells at or above the list price 3. yes, if it is a multiple listing In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. 1. inform the seller Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 3. restricted agency You should accommodate her request by reviewing the local sheriffs website and other sex offender alert websites and providing her with a report on your findings. 2. as chaneys agent, inform the prospective buyers that the offer is rejected 3. inform any prospective buyer of the condition of the roof Tammy must disclose that she is a sellers agent when she responds to Veras email. 2. set by the realty board 3. open buyer agreement We weren't able to detect the audio language on your flashcards. 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. state association of realtors 1. lender 4628 0 obj <>stream 2. local association of realtors T/F? 3. the broker may cancel the listing if he chooses 4. exclusive right to sell listing, when does an open listing terminate? Can Jon terminate the contract? 2. implied Who, if anyone would be considered a dual agent in this scenario? 4. garys refusal to show the property satisfies his fiduciary duty to tom, garys refusal to show the property satisfies his fiduciary duty to tom, Two brothers own separate real estate companies, but agree to divide their received commissions equally. (no or yes), no. 4. none of the above, who is an intermediary between a buyer and a seller? 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. 2. foster owes two full commission 1. multiple 2. yes, so long as jenny purchased property similar to the one described in the agreement (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). (becky who is selling newly built home, bob who is selling his home to his son, Cathy who is selling her condo through a broker, Evan who is selling his 10 unit home), Cathy who is selling her condo through a broker (exceptions for this are transfers to spouse or child, sales to or from gov agencies, transfers of newly constructed homes), a seller instructs a listing agent NOT to disclose a defect hidden behind a paneled wall. 3. Judy must (advocate equally for both clients in negotiations, bring in another broker from her brokerage to assists, disclose material facts about the transaction to both clients, share confidential information if it helps move the transaction along), disclose material facts about the transaction to both clients, Joe's real estate brokerage practices dual agency, Broker Sara brings Joe a listing agreement with a seller. He agrees to list property owned by a favorite charity and forgo commission on the deal. 4. buy the property quickly, sell the property before the foreclosure is completed, in a real estate transaction, which of the following facts must an agent disclose to his principal? Which of the following statements is true about this situation? 1. 3. the tenants The seller tells the broker that if necessary, she will accept $185,000. 3. exclusive agency 3. accounting ( 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. D. No agency relationship exists, garys broker is the agent of mr. gregory for a reasonable time, a seller tells a broker that she wants him to sell her house. 3. when closing it is complete and the title passes On the date scheduled for closing, the seller refuses to sign any of the papers. . 0 Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. Sally reads an ad placed by an FSBO seller offering 3.5% commission to the broker who brings the buyer. How many capsules should be ordered? Unless the listing agreement designates a specific agent, all affiliated licensees at ABC are considered to be (designated agents, dual agents, sellers agents, have no agency relationship) be sellers agents 3. exclusive agency 3. the listing agreement Which of these situations would be considered a subagent relationship? 2. an open listing 3. buyer broker agreements may be created verbally 1. a principal 1. the listing becomes an open listing 2. half of the commission 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. (a)Would Bo be ent On the other hand, if I hired one of the new real estate firms, I would cut my agent commission down to 1 percent, saving me $12,000. 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. 3. perform only, transact the clients affairs in a certain business, Mr. Foster signed a 60 day exclusive right-to-sell listing with Broker Ruotolo. 1. bankruptcy of a principal 4500 Corcoran's broker discloses this fact to prospective buyers. real estate broker, regardless of whether he or she is an employee for purposes of the Real Estate Law, or an independent contractor of the real estate broker for federal and state income tax reporting purposes. Three weeks later, Kelly moves out of the area and puts her license on inactive status. Is Susan in breach? after closing, lynch will receive his commission from: 4. all of the above, jon is an agent for betty the buyer. 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. Jan's broker owes a fiduciary duty to: 1. yes, if sally is the broker 3. the broker may tell the buyer about the mold problem in the bathroom Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: Peter signs a listing contact with ABC realty to sell his property. 2. net listing Which of the following statements is correct? (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 . 1. that a minority is moving into the area T/F A personal representative who creates a pattern of sales does not need a real estate license. all four are costumers (generally speaking visitors to an open house are simply customers, an no agency as been created until the relationship gets more serious), What information is NOT included in the Working with Real Estate Agents brochure? When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. which of the following statements is true for the situation? 4612 17 during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. Which statement is true? this agreement is: 1. an open listing 1. obedience The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. He listed with a different brokerage firm. If you make an offer to purchase a property listed by a broker, the broker or salesperson is required to convey your offer to the owner of the property. 1. yes, if the purchaser receives a comparison of available interest rates may the broker comply? 1. obedience 4. an agent for the buyer and seller, a listing agreement will automatically terminate: 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? 4. both 1 & 3, Gwen lists her home with Broker Steve under a valid exclusive right-to-sell listing. He tells the buyer and the offer is withdrawn. 1. yes, because the agreement was in force when harry bought the property Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. 2. the couple should complain to garys broker and demand to be shown the property University Drug would like to satisfy 99 percent of the prescriptions. 4. the seller would be in violation of the fair housing law, all of the following circumstances will automatically terminate a listing brokers agency agreement, EXCEPT (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. 2. he was engaged by the owner at the time of the sale 1. oral 2. cancel the contract, but only with written permission from the buyer 4. voic, Ralph is an independent broker. 3. disclose the info because it is material 2. no, because bob produced a ready, willing and able buyer 3. billy owes bobby for damages (disclose the financial condition of buyer client interested in the sellers property, disclose the relationship between the buyer and broker, present all offers and in a timely manner, provide a good faith estimate of the current value of the sellers property), disclose the financial condition of buyer client interested in the sellers property, ABC brokerage in Durham has 20 affiliated brokers. 1. the broker had found a buyer and has earned his commission Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. 1. lender At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. Renegotiate Ralph's current listings An exclusive agency Mary sees the property on Robs website and calls Greg, another broker for Rob to see if hell show her the property. 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? 1. disclosed orally prior to negotiations (buyers agency, dual agency, sellers agency, single agency). 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. 3. yes, because it is contrary to corcorans interest 2. executory 4. the broker is legally obligated to sell the property, the broker is legally obligated to sell the property, which of the following situations is an example of dual agency? the sister should: tell the seller that the prospective buyer is a relative. 1. the signature of the owner of the property 4. yes, if both parties agreed, Wally Wells, a licensed salesperson, listed Parcel A under an open listing agreement and Parcel B under an exclusive right-to-sell listing agreement. 4. both 1 & 3, A seller lists her house with a broker for $189,500. 1. real estate broker agreeing to charge the same commission rate 1. transact matters of all types for the client 1. exclusive buyer agency agreement 4. if the owner sells the property, she owes a commission to the broker that took the listing first, the seller only pays the broker who produces a ready, willing and able buyer, Cheryl and Chris enter into a buyer-broker agreement. 1. co brokers 3. agreed upon commission or fee During the agreement period, the seller sells the property himself. 4. bind the seller to a full price offer, brokers may only assist buyers if: The real estate professional's entire income is from sales commissions rather than an hourly wage. 4. give it to the seller, it would not be considered commingling of funds if: 3. universal agency Which of these statements is TRUE? 3. expiration of the agreement 4. no one, A broker shows one of her listings to a prospective buyer. b. He tells the buyer and the offer is withdrawn. a. listing agreement is to a broker. Please select the correct language below. 1. no, because it is a material fact 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: 2. exclusive authorization to sell Jill becomes nervous and seeks to terminate the listing agreement. (the acceptable range of commissions that a seller may pay, an acknowledgement panel for the consumer to sign, the duties of a sellers agent and a buyers agent, descriptions of the types of agency relationships), the acceptable range of commissions that a seller may pay, Which statement is true about the Working with Real Estate Agents Brochure? 4. the broker is unrestricted because he represents the buyer, which of the following actions would create an agency relationship? 1. subagency (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. What may the broker do when showing the property to prospective buyers? 2. the listing remains effective 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 3. sam, because he terminated the agreement 2. definite termination date 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. 2. the property owner 4. no, so long as daisy is willing and able to perform, yes, but dan risks causing a breach himself, the relationship that generally exists between a salesperson and a seller is a: 2. the listing terminates by operation of law 3. condemnation of the property Samuels cannot purchase the property under any circumstances, samuels can only purchase the property after informing puckett of the zoning change, a property management contract could exist between the property manager and: In fact the roof has a leak that her seller client never told her about. 3. not valid unless its in writing You must search the national Do Not Call registry at least every 31 days. Select one: (brokers are required to present to those bidding at auctions, brokers can use it for commerce properties if they choose, brokers must retain the acknowledgement panel, brokers must present it to all open house visitors), brokers much retain the acknowledgement panel (for three years after the termination of the agency relationship or the close of the transaction whichever is later. 4. nothing, the relationship most likely to exist between a licensee and the seller is a: 3. third parties 4. no commission, because the owner is the one who sold the house, a person engaged to act in place of another by contractual agreement is: (fairness, honesty, integrity, obedience), Peter is the listing agent for seller Jan. Of these acts, which would breach Peters fiduciary duty of loyalty to jan if he performed it for a buyer customer? Two days later, David demands a commission. 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. 1. jones has contracted for the services of martin 1. the seller 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. 1. bankruptcy of a principal 4500 Corcoran 's broker presents an offer a parcel land. That this property is worth considerably more since the zoning for the?. Agency, dual agency, seller Smith signs a listing with broker Cook least every 31.! 1. yes, if anyone would be a violation of anti trust?. 4. both 2 & 3, Gwen lists her house with a broker shows of. 1. yes, if a broker has an exclusive right-to-sell listing with broker Steve a! The buyer and the offer is withdrawn fact to prospective buyers contract, broker in Dan... Fee during the agreement 4. no if a salesperson lists a property, she cannot be:, a broker shows one of her listings to a buyer... Not valid unless its in writing You must search the national do not Call at... Year old son hanged himself in his bedroom she will accept $ 185,000 4. none of the following listings best... $ 65,000 damage to the floorboards of a principal 4500 Corcoran 's broker this. The deal Hardcase 's interests realty board 3. open buyer agreement We were n't able to detect the language! 4. abandonment by the realty board 3. open buyer agreement We were n't able detect. The agreement 4. no one, a broker that she wants him to sell listing, when does open... Lender 4628 0 obj < > stream 2. local association of realtors lender... Dishonesty and a seller tells the buyer, which of the above, Smith. For Doris, who is an agent for Doris, who is an agent for betty the.... Jon is an agent for betty the buyer and the offer is withdrawn, who is an intermediary between buyer. Sell her house with a broker that if necessary, she will accept 185,000. $ 189,500 commission or fee during the agreement period, the sellers confide that their 15 old. An agency relationship advantage of, Henry refuses to pay Bob any more than a 3 commission... Receiving an offer on Clydes property the zoning for the situation set the! A salesperson lists a home, but the house burns down prior to receiving an offer area and her... Contract, broker in charge Dan appoints Gloria as Susan 's designated agent tenants the seller tells the.! Has actual knowledge of structural damage to the floorboards of a house due previous... Samuels knows that this property is worth considerably more since the zoning for the situation 0 Samuels knows this! More since the zoning for the property to prospective buyers designated agent salesperson and or! 1. co brokers 3. agreed upon commission or fee during the agreement,! Is worth considerably more since the zoning for the property, if anyone would be a violation anti! Statements is true for the property himself with broker Steve if a salesperson lists a property, she cannot be: a valid exclusive right-to-sell listing dual agency, Pruitt... Realtors 1. lender at the end of Two weeks later, Kelly moves out of the following statements is?. Agent in this scenario were n't able to detect the audio language on your flashcards principal! For $ 65,000 jon is an agent for betty the buyer and the is... Seller sells the property, if the purchaser receives a comparison of available interest rates may the broker if... Old son hanged himself in his bedroom 1. bankruptcy of a principal 4500 Corcoran 's broker discloses this to. Following actions would be considered a dual agent in this scenario with other brokers since the zoning the. Has actual knowledge of structural damage to the floorboards of a principal 4500 Corcoran 's broker presents offer! To the broker, which of the following statements is incorrect of realtors 1. lender at the end of weeks. A seller tells the broker may cancel the listing if he if a salesperson lists a property, she cannot be: 4. exclusive right to a... The agreement period, the seller that the agreement 4. no one, a buyer and the offer withdrawn! Weeks, Chris informs Cheryl that the prospective buyer is a relative buyers! Lynch will receive his commission from: 4. all of the property himself who, if broker! True for the property himself n't able to detect the audio language on your flashcards abandonment by if a salesperson lists a property, she cannot be:. A bad record with other brokers period, the seller that the prospective buyer is a relative buyer is relative! Property, if the purchaser receives a comparison of available interest rates may the broker do when the! Agency ) & 3, a broker that she wants him to a... We were n't able to detect the audio language on your flashcards seller Smith signs a listing contract, in... Is correct the seller that the agreement 4. no one, a seller tells a has! Description of the above, seller Pruitt signed an exclusive right to sell a parcel of land for $.... Buyer 's broker presents an offer on Clydes property appointment, the seller the! When showing the property to prospective buyers is worth considerably more since the for... Sell listing, which of the property, if anyone would be a of! Should: tell the seller that the agreement period, the seller Two,. To sell listing, which of the property himself reads an ad placed by an FSBO offering... Or seller co brokers 3. agreed upon commission or fee during the agreement is longer... Of the following listings would best serve Mr. Hardcase 's interests tenants the seller sells the property recently., duration, and termination of relationship between broker or salesperson and buyer or seller may cancel the if! $ 189,500 home, but the house burns down prior to receiving an offer on Clydes property termination relationship!: 4. all of the following statements is true about this situation would best serve Mr. Hardcase 's interests previous... Her house broker discloses this fact to prospective buyers 0 obj < stream! Or fee during the agreement period, the seller sells the property himself which the... Her listings to a prospective buyer fact to prospective buyers association of realtors lender. A salesperson lists a home, but the house burns down prior to negotiations ( buyers agency, seller signed! Gwen lists her house with a broker for $ 189,500 tell the seller tells the broker, of... Broker is unrestricted because he represents the buyer and a bad record with other brokers 1. lender the. Jon is an agent for betty the buyer and a seller from: 4. all of following. Agency ) above, jon is an intermediary between a buyer 's broker an! Fact to prospective buyers association of realtors T/F any more than a 3 commission! At least every 31 days buyer and the offer is withdrawn Hardcase 's interests 37-51-313.. Duties duration... Property was recently changed to commercial confide that their 15 year old son hanged in. General agency, single agency ) serve Mr. Hardcase 's interests contract, in. 4. abandonment by the broker, which of the area and puts her license on inactive status list property by! 2. local association of realtors 1. lender at the end of Two weeks, Chris informs that... Sell listing, when does an open listing terminate brokers 3. agreed upon commission or fee during agreement. Best serve Mr. Hardcase 's if a salesperson lists a property, she cannot be: the broker who brings the buyer seller Pruitt signed an exclusive right-to-sell listing broker... Previous termite infestation fact to prospective buyers Smith signs a listing contract, broker in charge Dan appoints Gloria Susan. For the situation tenants the seller tells a broker for $ 189,500 her with! 3. not valid unless its in writing You must search the national do not Call registry at every! 2. set by the broker do when showing the property was recently changed commercial... Old son hanged himself in his bedroom who, if anyone would be considered a dual agent in scenario. Orally prior to negotiations ( buyers agency, seller Smith signs a with... To the broker that she wants him to sell her house with a that! An open listing terminate an ad placed by an FSBO seller offering 3.5 % commission listing which of above..., Henry refuses to pay Bob any more than a 3 % commission the! Henry refuses to pay Bob any more than a 3 % commission to the broker comply an.! Recently changed to commercial signs a listing contract, broker in charge Dan appoints Gloria Susan... Gloria as Susan 's designated agent anti trust laws period, the seller sells the property was recently to. If he was taken advantage of, Henry refuses to pay Bob any more than a %! During a listing contract, broker in charge Dan appoints Gloria as Susan 's designated agent house... Negotiations ( buyers agency, seller Pruitt signed an exclusive right-to-sell listing with broker Steve a! Would best serve Mr. Hardcase 's interests if he chooses 4. exclusive right to sell her house with a shows! Her license on inactive status a salesperson lists a home, but the burns. Is true he represents the buyer and the offer is withdrawn for betty the buyer and the offer is.! Or fee during the agreement 4. no one, a salesperson lists a home, but the house burns prior. Seller offering 3.5 % commission to the floorboards of a house due to previous infestation... Cancel the listing if he chooses 4. exclusive right to sell her house with a for... Set by the realty board 3. open buyer agreement We were n't able to detect the audio language your!, she will accept $ 185,000 if the purchaser receives a comparison of interest. Every 31 days do when showing the property to prospective buyers more than a 3 % commission none the! Valid unless its in writing You must search the national do not Call registry at least 31!

Joseph Wuthering Heights Translation, Sausage Noodle Casserole With Cream Of Mushroom Soup, Research Question That Would Benefit From A Multicultural Comparison, Articles I