1. the general public 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 3. exclusive agency 1. universal agency This statement could be interpreted as: h}LgkKKQkabyqiT_*L]+V8LbQ$d(%hb}z0v=s~ ~O z1apN}Q|. Mr. Kyle has a 120-front-foot lot. 2. permissible, so long as the seller agrees During a 90 day listing agreement, the seller dies, What statement is TRUE? Broker A pays for three-fourths of the advertising costs and finds the buyer. 2. place a for sale sign on the property 3. correct, regardless of whether chris informed cheryl You may search five area codes at no charge. 2. give it to her broker The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. The owners have been interviewing sales people from different firms. What do his clients give up when he represents them both as a dual agent? $8100.00/2 4050. Samuels can only purchase the property after informing Puckett of the zoning change This could be an example of (negligent omission, negligent misrepresentation, willful omission, willful misrepresentation), Which of these do you think would LEAST LIKELY be considered a material fact that must be disclosed to a buyer customer? (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? 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: 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. 3. disclosed in writing after negotiations 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 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. (Brian Pams client, Mary his customer, pam the listing broker, or rob his broker), Rob his broker (greg is an agent of his employing broker rob, he has no fiduciary responsibility to anyone else. 1. it should be immediately given to broker alien 2. net listing 3. the buyer and seller, equally 0000005225 00000 n
Please select the correct language below. 1. 4. none of the above, A salesperson receives an earnest money deposit check on Monday while working with Broker Allen. 1. jan Which of these situations would be considered a subagent relationship? 2. the buyer 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. this agreement is: 1. submit the offer to brandon Where would the salesperson obtain approval for such an arrangement? He walks away with a dozen brochures. While Smith is out of the country, the Mayor announces a development plan that will include Smith's land (causing it to double in value). An exclusive agency Two days later, David demands a commission. 1. (agreement of sale, as is addendum, listing agreement, residential property owners association disclosure statement), Residential Property Owners Association Disclosure Statement, All of the following should be disclosed to a prospective buyer if known by the seller except (if a convicted sexual predator lives in a neighboring house, material defects in the wall septic or sewer, underground storage tanks on the property, whether there is history of infestation), if a convicted sexual predator lives in a neighboring house, a seller completes a residential property and owners association disclosure statement that states that there are no conditions in the property that are in need of repair. the broker is entitled to: Who, if anyone would be considered a dual agent in this scenario? 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. 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? 1. the listing broker has violated his fiduciary relationship with the seller One day, Jon wakes up and decides that he no longer cares for Jacob's personality. (the area in which the buyer wants to look, the maximum mortgage amount the buyer can afford, the name of the buyers dog, the style of house the buyer prefers), the maximum mortgage amount the buyer can afford. Properties that are excluded from the MLS have NAR's Clear Cooperation rules that govern how they can be advertised and other considerations,. 1. the broker had found a buyer and has earned his commission Is this legal? 1. in writing Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. 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): 3. 3. negotiated between broker and seller How many capsules should be ordered? 4. general, which of the following persons would likely not be an agent? showing someone a property does not imply agency, Judy is Ricks listing agent. 1. agent of both the seller 2. is in violation of anti trust laws 4. the broker is unrestricted because he represents the buyer, which of the following actions would create an agency relationship? What type of listing should the broker acquire? Gavin tells Lane that he hit the lottery and has unlimited budget. 1. mutual consent however, she does not want her sister to tell the seller of their relationship. 1. reject the offer in accordance with his duty of due diligence In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. 3. obligations Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. 3. give chaney another offer that she is sure to reject They specify that the agreement will last for a two week period. salespersons A buyer's broker presents an offer for property listed by another broker. 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. 3. designated agency 1. a principal Which of these statements is TRUE? 2. there is a formal representation C. A net listing 2. billy was in breach 4. 3. the salesperson that obtained the listing 1. yes, as long as she sees the property within the next business day Its January and the pool is empty. at what point should a seller give the residential property and owners association disclosure statement to a buyer? You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. 1. oral 3. no, because jenny found the property on her own 4. yes, provided that joe cannot perform, A salesperson takes a 90 day exclusive right-to-sell listing on April 1st, but moves out of the area on May 15th. 3. no, this violates the agency agreement 2. when the option period expires May Jill terminate the agreement without breaching the contract? 2. exclusive agency listing 1. universal agency 2. definite termination date 4612 0 obj
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4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. Proper agency disclosures have been made. I. Seller's Broker: A broker who lists a property, or a salesperson who is licensed to the listing broker, represents the Seller and acts on behalf of the Seller. 3. could, at the discretion of the owner, be disclosed to prospective buyers Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? 4. disclosure of this info violates state licensing regulations, a buyer requests that a salesperson take a listed property off the market until his wife sees it. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. Based on these facts, the real estate professional will be treated by the IRS as The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 2. general agency 4. the proceeds due to the seller from the sale, the proceeds due to the seller from the sale, in which type of listing is the commission least likely to be expressed in terms of a percentage? Proper agency disclosures have been made. 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. B. Jenny He tells the buyer and the offer is withdrawn. Proper agency disclosures have been made. 4. exclusive right to sell listing, when does an open listing terminate? 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"}}. A way of predicting the outcome of an event is known as ___. 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. 10 ways agents typically get slapped with lawsuits. 1. destruction of the property Jill becomes nervous and seeks to terminate the listing agreement. A. Jan (At home show when someones stop by the booth and picks up marketing materials, at an initial listing appointment where you inspect the property and start to learn about the seller, at an open house when a prospective buyer walks slowly through each room, in your office when a man comes in off the street and asks about the price of one of your listings), At an initial listing appointment where you inspect the property and start to learn about the seller. When must Garrick disclose to Richard that he represents the buyer? If she intends to operate the firm and keep her father's listings, it is necessary that she: 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. upon tom's acceptance of petes offer of the option The listing agreement documents the specific percentage of the sale price that the real estate agent will receive upon successfully finding a buyer and executing the home sale. A. Mr. Gregory is Gary's principal 1. not mention the condition of the roof because of the fiduciary responsibility to the seller 2. no, so long as the farm sells at or above the list price 4. accounting, Sam Slick lists his home with Clueless Kelly, a broker. (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. 1. express 2. non functioning furnace 2. mark must split his commission with bert and gail (Section 475.215 (1), Florida Statutes) A Florida . 3. no, unless joe is in breach of the terms 3. a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit 1. 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? T/F? 1. a specific act 4. net, an agency relationship between seller and broker may be terminated by: (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? A buyer submits a written offer and the seller accepts it. 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. of the owner. 2. must be promptly disclosed to all parties 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission 1. sellers 2. revocation by the principal 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. Peter signs a listing contact with ABC realty to sell his property. Later the buyer files a complaint against you for not disclosing this fact. 2. a prospective buyer intends to violate deed restrictions that run with the land 3. when closing it is complete and the title passes You have created 2 folders. Three weeks later, Kelly moves out of the area and puts her license on inactive status. 4. voic, Ralph is an independent broker. To minimize these risks, you need to contact a specialist in real estate for legal assistance. 2. the broker may tell the buyer that the seller is willing to accept a lower offer 2. two salespersons represent a different buyer and seller in the same transaction 2. time 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. a trustor relationship 1. 2. a customer 1. a real estate salesperson handling referrals only When Ralph dies, his daughter (also a broker) inherits the brokerage business. An exclusive right-to-sell 1. that the current owner has HIV 3. to the buyer: that the property is subject to seasonal flooding 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. 3. agent and subagent 2. disclosed in writing and agreed upon prior to negotiations 2. no, assuming he fulfilled all the requirements of the listing agreement 4. both 1 & 2, inform any prospective buyer of the condition of the roof, Salesperson Kelly takes a 90 day exclusive listing to sell Murphy's home. 7. this relationship could exist by virtue of: 3. he was procuring cause of the sale 2. cancel the contract, but only with written permission from the buyer 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. Before it can be put in writing, the buyer backs out and revokes the verbal offer. 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. 1. permissible, as long as the brother had contractual competency 4. accounting, Jan accepts Jenny's offer to purchase. 1. to the seller: that the potential buyer is having financial problems 2. the couple should complain to garys broker and demand to be shown the property 2. terminate on may 15th 2. exclusive agency 0000004668 00000 n
2. all money given to the broker must be accounted for Steve is furious and demands his commission. 1. a full commission because he fully performed 2 2. an exclusive right to sell 4. nothing, the relationship most likely to exist between a licensee and the seller is a: After buyer John and jay agree to terms, jay reveals that an engineer told him when he drained the pool in august that the walls are close to caving in. 4. none of the above, a listing may be revoked by: 2. if the property is destroyed by fire 3. a claimant On the date scheduled for closing, the seller refuses to sign any of the papers. 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), Iggy is granted a power of attorney to care for all aspects of his elderly mothers life. 4. the broker is an agent for both the buyer and the seller, the broker is an agent for both the buyer and the seller, A broker lists a property. If a salesperson accepts your payment or deposit, the salesperson must turn over this money to the broker with whom she or he is affiliated. 4. advertise property at lower than the list price, agency relationships include all of the following duties, except: Nevertheless, the broker may NOT disclose which of the following items to his client? Jenny's salesperson delivers the downpayment to Jan's salesperson. this agreement is: As long as broker Bridget includes a link to the WREAB on her website and in every email to a prospective client, she has met the requirements for proper agency disclosure. 1. the seller must accept the offer 0000007875 00000 n
3. force both to refund the commission 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? Corcoran's broker discloses this fact to prospective buyers. 3. deposit earnest money in her escrow account 4. as many as the owner chooses, a special agency empowers the agent to perform: 3. orally Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. 2. the seller only pays the broker who produces a ready, willing, and able buyer 1. an open listing 2. set by the realty board 2. no, so long as the farm sells at or above the list price All of the following statements could be true about this action, except: Susan gets nervous and terminates the agreement. 3. yes, if it is a multiple listing 2. Add to folder Y/N? See you in court! (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. 2. reasonable care D. None of the above, a listing may be revoked by: 1. abandonment What is the sales agent's relationship with the broker and the seller? The broker is entitled to: 1. yes, if jon is the client If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? b. may manage the client's property to his or her own a. dvantage. of these which termination of an agency relationship would be due to accomplishment of purpose? a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. Buyer Phillips spends an entire day going from open house to open house. 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 3. when the property is sold 2. open listing What type of listing did Sam have? 4. terminate on june 1st, salesperson sam works for broker betty. 3. billy owes bobby for damages 4. to the buyer: that the seller is going through a divorce, to the buyer: that the seller is going through the divorce, A salesperson wishes to charge a reduced commission to her sister. However, the property is later sold by another broker. such an action: 0
1. the seller 2. two commissions because wally was the procuring cause 9500 1. earning interest for the broker 1. the seller 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: Bob presents an offer to Henry, which he accepts. 2. selling broker 2. a fiduciary 2. any act required 8. 3. exclusive right to sell listing Which type of agent has the greatest authority? yes because his untrue statements could be seen as an inducement to buy. 3. no more than two brokers may attempt to sell the property At this time, which of the following statements is true? 1. hold the second offer until the first offer closes Jones sells the property for $65,000 without telling Smith about the development. 4. optionor and optionee, what is not a fiduciary duty that an agent has towards his client? Select one: The sales agreement is signed. Do you think you should share this information with Dories? a. must not profit from private contracts at the expense. 4. employee of the broker and agent to the seller, agent of the broker and sub agent of the seller, what would NOT terminate an agency agreement by operation of the parties? (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. Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. 2. special agency Which statement is true? 3. to be accountable for documents and funds This listing would: 3. a person working for a multiple listing service The listed commission is 6.5 percent of the selling price. 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 1. lender In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. Jan's broker owes a fiduciary duty to: Assuming the agreements are valid, which of the following statements is correct? 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: Is Harry required to pay a commission to David? 3. the broker may cancel the listing if he chooses 1. co brokers %%EOF
2. no, unless there is a mutual agreement between dan and daisy All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 2. yes, because she is legally justified 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. 3. condemnation of the property 2. exclusive agency buyer agency agreement 4. none of the above, how can an agency relationship be created? 2. seller However, some road-safety groups say speed can be a factor in accidents and believe it would be dangerous to increase the existing speed limit. Be considered a dual agent in this scenario has the greatest authority backs... Sister to tell the seller agrees to split all commission between the brokerage firm and his unlicensed brother seller! 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Her own a. dvantage buyer files a complaint against you for not this... Offer and the seller agrees to split all commission between the brokerage firm and his brother...