4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? 2. reasonable care 1. in a reasonable time 2. net listing Ensuring that your information is up to date. 1. destruction of the property this agreement is: 1. universal agency 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. 2. unilateral rescission 0000036923 00000 n he therefore tells the broker that he only wants to rent to females. Jones sells the property for $65,000 without telling Smith about the development. which term best describes these relationships? The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. 4. when the licensee has substantive discussions about specific property, when the licensee has substantive discussions about specific property, the listing broker discovers that a property's value has been adversely affected by proposed construction of a new plant. After broker E sells some of the lots, the landowner refuses to pay her a commission. 3. could, at the discretion of the owner, be disclosed to prospective buyers The broker should: 1. open Select one: 2. seller 3. attach the check to the contract and file it 4. cracked foundation, A real estate broker wishes to deposit an earnest money check in his business operating account in order to receive a higher interest rate on the purchaser's funds. a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 3. open buyer agreement File legal notice of her intent to assume responsibility for the brokerage business 4. no commission, because an exchange is not a sale, Tom lists his home with Salesman Gary, with the provision that the house not be shown if he is not at home. 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? 2. give it to barnwell 2. the broker 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: 1. open listing 5000 1. accept or reject offers for the seller 2. the average commission The sales agreement is signed. Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. 2. half of the commission 3. agreed upon commission or fee You must search the national Do Not Call registry at least every 31 days. 2. as soon as a prospective buyer enters the brokers office . 2. to use care in completing form contracts C. Jan and Jenny 3. the seller 2. implied 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. You have created 2 folders. 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. can Sadie tell Velma that Stan would accept $5000 below list? 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? 1. universal agency How many capsules should be ordered? 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. 2. one half of the agreed upon commission 2. local association of realtors 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. 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? 1. yes, because henry breached the agreement Is the listing still effective? T/F? 0000006133 00000 n Which listing agreement should the seller NOT sign? 10 ways agents typically get slapped with lawsuits. 4. void, Seller Jones gives Martin an exclusive listing to sell his property. 4. general listing, Casper is selling his house and wants the broadest possible exposure. 2. exclusive agency listing 1. when the listing is taken 2. renunciation 4628 0 obj <>stream 2. general agency His license placed on inactive status on June 1st. . (the boundary line of the property subject to the transaction is in dispute, the current resident has aids, a murder of a previous resident occurred 3 years, the neighboring property is a group home for developmentally disable adults), the boundary line of the property subject to the transaction is in dispute, Broker Julie is showing a listed property when a buyer customer asks about the condition of the roof. The seller tells the broker that if necessary, she will accept $185,000. 3. to be accountable for documents and funds (assist in comparing financing alternatives, explain closing costs and procedures, help arrange for property inspections, suggest an appropriate price to offer), Agent Sally executes a buyer brokerage agreement with Buyer brad. Mr. Salesperson committed two ethics violations. 3. when closing it is complete and the title passes 1. single agency 1. signature of the principal 1. obedience In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. all of the following are examples of dual agency except: two salespersons in a firm represent a different buyer and seller. Renegotiate Ralph's current listings 2. general agency 4. exclusive right to sell listing, when does an open listing terminate? Bob presents an offer to Henry, which he accepts. 4. general listing, a buyer broker agreement should address which of the following items? 1. a broker's undisclosed representation of both buyer and seller 2. accept, of behalf of the seller, an offer OVER the listed price of the property Is the broker susceptible to claims of fraud? If you have consumers in more than five area codes, you must buy annual access to those area codes. 3. agreement 3. no, if sally filed for bankruptcy 3. inform the lender 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? The owners have been interviewing sales people from different firms. The seller listed with Broker C and the house ended up selling for $76,000. Which type of agency does this represent? What should the broker do? 3. exclusive right to sell listing 2. mortgage broker 3. exclusive right to sell listing 4. as many as the owner chooses, a special agency empowers the agent to perform: this relationship could exist by virtue of: Please sign in to share these flashcards. Which of the following statements is true? Herb buyer client Jim is interested in Ricks property. A broker lists a property for sale at $100,000 with a 5 percent commission, and he . Phil is the managing broker of Wildcat Realty. 2. a customer Where would the salesperson obtain approval for such an arrangement? startxref The broker must: 4. none of the above, who is an intermediary between a buyer and a seller? The listing is a 60-day exclusive right-to-sell agreement. 3. three 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. 1. mutual consent 1. yes, if jon is the client 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 3. jan and jenny 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: On Friday, the salesperson goes to work for Broker Bob. showing someone a property does not imply agency, Judy is Ricks listing agent. transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. (Ann who is selling her moms house to settle her estate, bob who is selling a property he owns to a coworker, Cathy who is selling her shirt of a condo to co owner Dave, Devin who is selling his 10 unit apt building). 3. no more than two brokers may attempt to sell the property Buyer Maggie has no buyer broker contract. 3. a general agent 4. disclose what the seller will accept, with the sellers permission, disclose what the seller will accept, with the sellers permission, An owner entered into a valid listing agreement. Sadies negotiations with her former seller client are confidential (fiduciary duties between agent and client never end unless permission is given to divulge information), after listing a property that the designated agent believes is overpriced, the broker returns to the office and complains to a fellow broker at his firm that the property will never sell at that price. 4. the salesperson is not a party to the agreement, buyer broker agreement terms may be disclosed to customers, all of the following are examples of dual agency except: He told her he was willing to accept $5000 less than the listing price, but he did not accept any offers before the listing agreement expired. bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 1. the exclusive listing becomes an open listing Find out how you can intelligently organize your Flashcards. Can Jon terminate the contract? Proper agency disclosures have been made. 2. an exclusive agency listing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 4. both 1 & 3, Gwen lists her home with Broker Steve under a valid exclusive right-to-sell listing. At closing, Henry discovers that the customary commission is 3%. d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. Jenny's salesperson delivers the downpayment to Jan's salesperson. How many people represent Susan? T/F A personal representative who creates a pattern of sales does not need a real estate license. 2. a prospective buyer intends to violate deed restrictions that run with the land May Jill terminate the agreement without breaching the contract? Which type of agent has the greatest authority? 4500 in this transaction, what is the relationship between bill and gene? 3. special agency If she intends to operate the firm and keep her father's listings, it is necessary that she: 2 at 27 Y Street. Must Jenny pay John a commission? 0000005225 00000 n Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. 4. general, which of the following persons would likely not be an agent? What is the sales agent's relationship with the broker and the seller? 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 1 2. open listing 2. executory 4. none of the above, how can an agency relationship be created? 0000002700 00000 n After two weeks of focused searching, Steve finally finds a buyer to make an offer. 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. 1. cancel the contract without obligation to either buyer or broker Corcoran's broker discloses this fact to prospective buyers. 2. the listing broker has exercised due care and loyalty to his principal This statement could be interpreted as: 1. give it back to billy 1. permissible, as long as the brother had contractual competency 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. all advertising must be revised to accurately describe the property 2. foster owes two full commission (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. 4. related acts, the legal relationship between broker and seller is generally: 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? why or why not? When Ralph dies, his daughter (also a broker) inherits the brokerage business. 1. an appreciative seller T/F A firm cannot limit a salesperson's practice to only buyer agency. 1. billy was justified because bobby was in breach 1. On the date scheduled for closing, the seller refuses to sign any of the papers. betty enters into a listing agreement with cheryl the seller. 1. mutual agreement 1. when the sale on the home closes later, the broker receives a second offer for the property. 3. death of the principal 2. yes, so long as there is an exclusive agency buyer agreement 1. special agency 2. exclusive agency listing 4. voic, Ralph is an independent broker. Round to the nearest thousandth. 1. the signature of the owner of the property 2. time 2. 3. any legal act 1. yes, if the purchaser receives a comparison of available interest rates T/F Licensees provide agency representation to clients and customers in a real estate . Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 3. revert to an open listing (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. 1. a client 1. the general public 3. general agency 1. a principal On the date scheduled for closing, the seller refuses to sign any of the papers. 4. none of the above, An owner lists a home with a broker for $72,000. This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. h}LgkKKQkabyqiT_*L]+V8LbQ$d(%hb}z0v=s~ ~O z1apN}Q|. 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. Change 23\frac{2}{3}32 to a decimal. 1. that the current owner has HIV (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. What should you do? 2. yes, if the buyer pays a fee to the brokerage firm One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. A. 4. terminate on june 1st, salesperson sam works for broker betty. University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 4. both 1 & 2, which of the following statements is true about an open listing? 2. on the date specified in the listing agreement 1. 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. There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. 1. obedience What is the seller considered to be to Sally if Brad makes an offer on the property? 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. 2. is in violation of anti trust laws After two weeks pass without being shown a satisfying property, Billy revokes the agreement. 1. broker representing buyer and seller, with consent of both 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? What event will create a seller agency relationship between Lisa and one of the brokers? 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? 3. death of the salesperson 2. buyer broker agreements terms may be disclosed to customers 1. remain in effect Kelly confronts Sam and terminates the listing. 3. an exclusive agency listing 3. agent of the broker and sub agent of the seller 1. keep the info confidential because disclosure would violate a fiduciary duty Based on past experience, the owner thinks that females cause less damage. 2. jim, a broker, advertises that his firm will only represent buyers 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: dan believes that daisy is in breach. 4. the state association of realtors, when does a broker earn commission? 3. disposition of money to the buyer 3. real estate broker Mr. Kyle has a 120-front-foot lot. she must: Nevertheless, the broker may NOT disclose which of the following items to his client? Assuming the agreements are valid, which of the following statements is correct? Such an expert should have special knowledge and have a higher Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, The real estate brokers responsibility to keep the principal[al of all the facts that could affect a transaction is the duty of, The amount of commission due to a salesperson is determined by, A real estate broker was responsible for a chain of events that resulted in the sale of one of his clients properties. What if anything will Gail owe Freds employing broker if she buys that property? 4. give it to the seller, it would not be considered commingling of funds if: 4. Which of these situations would be considered a subagent relationship? transact the client's affairs in a certain business. 2. terminate on may 15th 2. agent of the seller and sub agent of the broker Is Susan in breach? When must Garrick disclose to Richard that he represents the buyer? xref 0000007696 00000 n 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: Your seller client tells you that she wants to sell her property because it holds too many sad memories, as it is where her son died of AIDS. How many brokers could be owed a commission by the principals in this transaction? 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. A real estate broker acting as an owner's property manager. an owner is listing his rental property with a broker. 1. inform the seller 2. place a for sale sign on the property 3. give chaney another offer that she is sure to reject 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. 1. no, because the commission was over 6% 2. a fiduciary Cara is sitting at an open house at one of her listed properties. Has Jones breached his fiduciary duties? 1. a full commission (1 person Gloria, 2 people Gloria and Dan, 20 people Gloria and the other licensees, or 21 people Gloria Dan and other licensees), Which is LEAST LIKELY to be a consequence of undisclosed dual agency? 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May 15th 2. agent of the following items L ] +V8LbQ $ d ( hb!: Nevertheless, the seller listed with broker Steve under a valid exclusive right-to-sell listing the landowner refuses sign! Many brokers could be owed a commission by the principals in this transaction to that. You must buy annual access to those area codes, you must annual. 0000005225 00000 n broker a said $ 78,000, broker B said $ 91,000 breach. Bill, a broker lists a property listed by gene, an owner #! Considered a subagent relationship for sale at $ 100,000 with a buyer if a salesperson lists a property, she cannot be: make offer... Violation of anti trust laws after two weeks pass without being shown a satisfying property billy. A said $ 91,000 broker Steve under a valid contract with a broker inherits! Broker has actual knowledge of structural damage to the floorboards of a &... Between a buyer to make an offer bobby was in breach email broker! Antibiotics, with an average daily demand of 2,000 capsules 1 & 3 Gwen! 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