3. casper owes 3 commissions 4. expiration of time, all of the following statements are true of buyer broker agreements, except: There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. D. None of the above, a listing may be revoked by: 1. there is a written agreement 1. 2. no, because bob produced a ready, willing and able buyer dan believes that daisy is in breach. An exclusive agency 1. signature of the principal the seller has a right to: Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. 1. the seller must accept the offer of these which termination of an agency relationship would be due to accomplishment of purpose? 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. 1. if the listing broker goes bankrupt Gary refuses to show the house. 3. buy and sell property in his own name Martin is a salesman for Broker Doe. The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. 4. yes, assuming all other elements are satisfied, no, because the term is potentially indefinite, A seller wants to list a property with a broker, but hopes to sell it herself in order to avoid a commission. Which of these situations would be considered a subagent relationship? Is this complaint valid? 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. (Jane can tell Maggie that the seller is desperate to sell, Jane is not obligated to assist Maggie during contract negotiations, Jane must protect the best interest of her client Maggie, sponsoring broker Evan is a dual agent), Jane is not obligated to assist Maggie during contract negotiations. 4. 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: Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . Samuels can only purchase the property after informing Puckett of the zoning change 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. 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror 3. use the MLS to market the property 1. in a reasonable time Broker Glenn brings Mark a listing contract with a seller. 1. no, because it is a material fact 1. co brokers 0000003074 00000 n 4. voic, Ralph is an independent broker. a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. 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. 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? 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. 1. that a minority is moving into the area 3. broker representing both buyer and seller, without consent of either 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? (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? 3. if the owner abandons the property 2. the property owner 2. exclusive agency listing 2. special agency 3, two brokers agree to charge the same commission rate on all property listed by their offices. 4. no, unless the broker so authorizes the salesperson, A seller contacted three brokers to suggest the list price for his property. 1. the listing broker has violated his fiduciary relationship with the seller 2. place a for sale sign on the property 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. A way of predicting the outcome of an event is known as ___. 3. universal agency 4. general listing, Casper is selling his house and wants the broadest possible exposure. 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: c. need not maintain complete and accurate trust account. Is the listing still effective? (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? Broker Laura brings Mark a buyer broker contract with the buyer for that property. (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? 2. exclusive agency listing 2. the selling broker Jenny's salesperson delivers the downpayment to Jan's salesperson. 3. yes, because jones did not increase the list price 1. permissible, as long as the brother had contractual competency 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. 2. executory IMPORTANT: If the seller(s) do not want the listing included in the MLS, participants must enter the exclusion online or submit a seller signed form to the MLS to exclude the listing from the MLS (ex: CAR's form SELM) within 3 days of signing (7.6). The real estate professional's entire income is from sales commissions rather than an hourly wage. 1. when the listing is taken 2. to use care in completing form contracts 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. lenders charging usurious interest rates 1. yes, if jon is the client 4. no, because john failed to find a property before jenny, yes, so long as jenny purchased property similar to the one described in the agreement, if a broker employs a property manager, the relationship is likely to be: 1. exclusive agency listing 1. owner selling or leasing their own property 2. licensed attorney at law 3. someone acting under court authority Examples: receiver, executor, trustee 4. auctioneer employed by the owner 5. property manager who works for owner or broker who only: 1) shows units 2) executes and delivers leases 3) assists in clerical tasks At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. 1. listing broker B. The broker must: The sales agreement is signed. 4. represent both buyer and seller, with the permission of the buyer, Broker John and Buyer Jenny enter into an exclusive buyer agreement. He tells the buyer and the offer is withdrawn. 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? 1. say that the seller will accept a few thousand less 1. an exclusive agency Fred later abandons the listing. 2. 3. advise the buyer that the seller is flexible 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. 2. yes, so long as there is an exclusive agency buyer agreement 3. bankruptcy of the seller She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. Can Jon terminate the contract? 1. leasing property 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. What if anything will Gail owe Freds employing broker if she buys that property? 3. the listing is voidable by murphy 3. the listing broker is principal, and the selling broker is the agent of the listing broker startxref 1. the broker may tell the buyer that the seller wants to sell her house quickly 1. a real estate salesperson handling referrals only 1. there must be a definite termination date in the listing 2. the buyer 4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. Introducing Cram Folders! Buyer Phillips spends an entire day going from open house to open house. This listing would: 2. a trustor relationship 3. exclusive agency Advise the probate court of her intent to assume responsibility for the listing agreements b. may manage the client's property to his or her own a. dvantage. Based on past experience, the owner thinks that females cause less damage. 3. tell the second offeror to stand by transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. 3. seasonal flooding 1. the seller The broker is entitled to: 3. real estate broker 1. yes, if the purchaser receives a comparison of available interest rates 3. exclusive right to sell listing B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associate's broker with a note requesting that the gift certificate be given to the sales associate for fine service. 1. 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). Kelly confronts Sam and terminates the listing. 2. non functioning furnace 3. revert to an open listing 3. there is an agency relationship (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. 0000006133 00000 n 1. jones has contracted for the services of martin It is required for residential and commercial transactions, Which of the following discussions would MOST LIKELY be considered substantial contact between an agent and prospective buyer? the listing broker has exercised due care and loyalty to his principal. 1. yes, as long as she sees the property within the next business day 1. agent of both the seller 2. a thankful buyer The listed commission is 6.5 percent of the selling price. The salesperson just arrived, and there are currently 25,000 capsules in stock. 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission T/F Licensees provide agency representation to clients and customers in a real estate . 2. discharge of the broker by the principal Garrick of Cardinal Realty is a buyers agent for client Tara. To minimize these risks, you need to contact a specialist in real estate for legal assistance. However, Broker Joe files for bankruptcy before the property actually does sell. 1. keep the info confidential because disclosure would violate a fiduciary duty 2. general agency 0000002700 00000 n 3. a special listing Find out how you can intelligently organize your Flashcards. Each additional area code costs $54, up to a maximum annual fee of $14,850 for . 3. unassignable 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws 1. 2. an open listing 0000005476 00000 n 3. an independent broker refuses to join the local association of realtors One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. 3. general agency He falls in love with the property and makes the purchase without David's assistance. What should you do? 4. all of the above, A broker accepts an exclusive right-to-sell listing. Jones sells the property for $65,000 without telling Smith about the development. 2. incorrect, because the agreement is valid for a reasonable amount of time Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. If you have consumers in more than five area codes, you must buy annual access to those area codes. 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. 3. that the buyer intends to violate deed restrictions The broker subsequently learns that the property is in foreclosure. 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. A broker lists a property for sale at $100,000 with a 5 percent commission, and he . By withholding this information, the broker is negligent in his fiduciary duty of: 10 ways agents typically get slapped with lawsuits. 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: 1. an open listing 4. an agent for the buyer and seller, a listing agreement will automatically terminate: 1. accept or reject offers for the seller 3. it should be immediately given to the seller 2. the listing remains effective 3. the salesperson that obtained the listing 1. not mention the condition of the roof because of the fiduciary responsibility to the seller 0000004668 00000 n The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. Which statement is true? 2. if the property is destroyed by fire 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. 0000007875 00000 n 1. submit the offer to brandon at an appointment with a prospective seller client, broker Freida does a quick inspection of the property. Mark is the BIC at an agency that practices designated dual agency. (buyers broker does not disclose to the seller customer that the buyer just filed for bankruptcy, that the seller customer that the buyer is paying him a bonus, to the buyer customer that the seller is his brother, listing broker does not disclose to the buyer customer that the seller is getting transferred out of state), a listing broker does not disclose to the buyer customer that the seller is getting transferred out of state, intentional failure to disclose material facts, deliberate misstatements made with the intent to deceive, false statement made unintentionally with no intent to deceive, careless failure to disclose required information, Broker Brenda has been working with buyer client ben to negotiate an agreement to buy Lisas property. 1. the broker had found a buyer and has earned his commission 4. his broker, a broker obtains an open listing on a piece of property. Broker must: the sales agreement is signed mortgage lender approved him for a loan 1! 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