After broker E sells some of the lots, the landowner refuses to pay her a commission. May Jill terminate the agreement without breaching the contract? startxref A. 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. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 2. the average commission 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. 3. the listing broker is principal, and the selling broker is the agent of the listing broker 4. an agent for the buyer and seller, a listing agreement will automatically terminate: Which type of agent has the greatest authority? 1. mutual consent 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? 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. 1. should be withheld from any prospective buyer 1. a client a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. Samuels buys the property himself and re-sells it two weeks later for $125,000. The parties agree upon a 6% commission. . 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. 4. accounting, Jan accepts Jenny's offer to purchase. She's interested in a house listed by Richard of Robin Realty. 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. D. None of the above, a listing may be revoked by: 2. yes, so long as jenny purchased property similar to the one described in the agreement 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. 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 4. both 2 & 3, which of the following items is the listing agent not required to disclose? Whenever real estate agents sell a home they are required to. 3. a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit All of the following statements could be true about this action, except: 4. none of the above, An owner is listing his rental property with a broker. Change 23\frac{2}{3}32 to a decimal. 2. selling property (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. Introducing Cram Folders! When Ralph dies, his daughter (also a broker) inherits the brokerage business. 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. T/F? 2. the selling broker 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. only a seller's agent 1. a specific act $8100.00/2 4050. Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. 1. cancel the contract without obligation to either buyer or broker 2. escrow agents 2. set by the realty board 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. You must search the national Do Not Call registry at least every 31 days. 2. keep the info confidential because the event occurred off site Based on these facts, the real estate professional will be treated by the IRS as 3. yes, regardless of whether jon is the client 2. billy was in breach What event will create a seller agency relationship between Lisa and one of the brokers? 0000000653 00000 n What should the broker do? 2. earning interest for the brokers clients What type of listing agreement did he most likely sign? 1. mutual consent 1. mutual agreement 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. 3. agreed upon commission or fee 2. Advise the probate court of her intent to assume responsibility for the listing agreements 4. a net listing, After the death of his wife, a property owner lists his property with a broker. 1. the couple should file a discrimination suit against tom, the owner of the property yes because his untrue statements could be seen as an inducement to buy. What would best describe the relationship between Mr. Gregory and Gary? 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: Peter signs a listing contact with ABC realty to sell his property. (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. 1. loyalty 1. the listing remains in effect 3. buyer broker agreements may be created verbally (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. 1. bankruptcy of a principal Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license A. Jan 3. the salesperson that obtained the listing 1. the signature of the owner of the property Properties that are excluded from the MLS have NAR's Clear Cooperation rules that govern how they can be advertised and other considerations,. On the date scheduled for closing, the seller refuses to sign any of the papers. 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. Can Jon terminate the contract? 2. no, because jon has an unacceptable reason What if anything will Gail owe Freds employing broker if she buys that property? 4. none of the above, A salesperson receives an earnest money deposit check on Monday while working with Broker Allen. 2. an exclusive agency 3. the broker may cancel the listing if he chooses (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. 4. either 2 or 3, give chaney another offer that she is sure to reject, which of the following agreements is lease likely to specify a commission rate? (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). 4. none of the above, who is an intermediary between a buyer and a seller? Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. Susan sells Tom's house to Pete. Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. 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? Which party breached the listing agreement? Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. What type of listing should the broker acquire? 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. 4. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. Find out how you can intelligently organize your Flashcards. In this situation, which of the following statements would best describe the position of the XYZ Broker? Is this complaint valid? Has the broker done anything wrong? 0000002530 00000 n 1. real estate broker agreeing to charge the same commission rate 2. no, so long as the farm sells at or above the list price 8. 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? 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 The broker is entitled to: A full commission because he fully performed Under contract as a property manager, the broker is: fiduciary and general agent The seller tells the broker that if necessary, she will accept $185,000. Gails contract with Freds employing broker promises 3% commission. may dan terminate the contract? 1. seller and purchaser A way of predicting the outcome of an event is known as ___. He tells the buyer and the offer is withdrawn. Which of the following statements is correct? of the owner. The seller is not legally required to pay a commission to any broker. 2. as chaneys agent, inform the prospective buyers that the offer is rejected 1. obedience 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. 2. a prospective buyer intends to violate deed restrictions that run with the land 1. one commission for the exclusive right to sell agreement How much will Lynch make from this exchange? 2. open listing 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. this agreement is: 2. exclusive authorization to sell The listing agent has a duty to, not follow the instruction of the principal in this matter, which is NOT a fiduciary duty that a broker owes a client? Buyer Maggie has no buyer broker contract. A buyer submits a written offer and the seller accepts it. 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 2. principal and agent However, Sally subsequently falls on hard times. Its January and the pool is empty. 3. no commission so long as wally was not the procuring cause 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 3. death of the principal 3. bankruptcy of the seller What type of listing agreement did the seller have? 1. mutual consent 2. as soon as a prospective buyer enters the brokers office 1. reject the offer in accordance with his duty of due diligence 2. renunciation Over the course of the afternoon, four prospective buyers visit, and Cara allows them to walk through the property on their own. Later the buyer files a complaint against you for not disclosing this fact. A Seller's broker owes to the Seller the fiduciary duties described below. 2250 3. exclusive agency 0000036923 00000 n Which of the following statements is correct? 1. an open listing 3. give it to bob 2. special agency 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. this relationship could exist by virtue of: 1. lender 0000004668 00000 n What is the seller considered to be to Sally if Brad makes an offer on the property? 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? 4. violates fair housing law, the relationship between a broker and client is most accurately described as: 1. subagency How many brokers could be owed a commission by the principals in this transaction? 4. a person holding a power of attorney, a person working for a multiple listing service, a salesperson represents the: 3. the broker has violated a fiduciary duty 3. cancel the contract, but with liability to the broker for any expenses 1. express You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. 1. a full commission 2. the couple should complain to garys broker and demand to be shown the property 2. the broker is entitled to a commission based on the listed price 2. mortgage broker 2. time See you in court! 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period 1. is common practice 2. a trustor relationship 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 1. the exclusive listing becomes an open listing 3. rescind the listing 3. 4. accounting, Sam Slick lists his home with Clueless Kelly, a broker. 0000005476 00000 n an owner is listing his rental property with a broker. When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. xref 1. inform the seller 2. give it to her broker 3. obligations 3. revocation dan believes that daisy is in breach. 2. incorrect, because the agreement is valid for a reasonable amount of time 3. universal agency Is this legal? State the null and alternative hypotheses from the perspective of road-safety groups. 4. all of the above, jon is an agent for betty the buyer. (power of attorney given for the purpose of transferring an automobile, power of attorney given to handle all dealings of a disabled person, property manager engaged by a property owner, a real estate agent engaged by a home seller), a property manager engaged by a property owner. (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? 3. to the buyer: that the property is subject to seasonal flooding How many capsules should be ordered? 1. yes, if the purchaser receives a comparison of available interest rates Received from Bo $1,000 on account of $75,000 purchase price of Lot No. Jones sells the property for $65,000 without telling Smith about the development. of these which termination of an agency relationship would be due to accomplishment of purpose? (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. He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? 3. exclusive right to sell A broker lists a property for sale at $100,000 with a 5 percent commission, and he . 3. advise the buyer that the seller is flexible the broker may: 3. 3. if the owner abandons the property The buyer signs the contact to purchase the property "as is". 3. a person working for a multiple listing service 3. that the buyer intends to violate deed restrictions 3. listing broker 1. a trustee relationship 3. confidentiality trailer 1. a dual agent Is Steve's listing still active? 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: 4. net, an agency relationship between seller and broker may be terminated by: (buyers agency, dual agency, sellers agency, single agency). The broker should: If the salesperson still has the earnest money deposit check on Friday, what should be done with it? However, the property is later sold by another broker. Is he legally allowed to do this? 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. T/F A firm cannot limit a salesperson's practice to only buyer agency. The seller instruct you not to tell any buyer about the accident. 3. jan and jenny Which statement is true? Samuels can only purchase the property after informing Puckett of the zoning change Jim, the original listing agent, now has a buyer interested in the seller's property. Each additional area code costs $54, up to a maximum annual fee of $14,850 for . 4. bind the seller to a full price offer, brokers may only assist buyers if: Assuming that all of these listings are valid, which of the following statements is true? 1. net listing 2. half of the commission He falls in love with the property and makes the purchase without David's assistance. 1. when the sale on the home closes 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. 1. two brokers agree to only market their services in specific areas of the community (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? 0000002270 00000 n In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. By withholding this information, the broker is negligent in his fiduciary duty of: 4. his broker, a broker obtains an open listing on a piece of property. 3. renegotiate ralphs current listings 4. impartial protection of both parties, A property is listed at $68,000. 4. give it to the seller, it would not be considered commingling of funds if: this agreement is: The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. Which of the following listings would best serve Mr. Hardcase's interests? However, a few days later, Harry spots a property for sale while driving home from work. 4. 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: See Page 1. 1. the listing broker has violated his fiduciary relationship with the seller 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. 2. the local bar association Broker Ellie takes a listing for jays large home with a big yard and unground pool. 2. terminate on may 15th Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. Proper agency disclosures have been made. 2. jenny 1. the broker may tell the buyer that the seller wants to sell her house quickly How many copies of the WREAB should he have? What is Caras relationship to her visitors? what determines the amount of commission paid to the broker who handles the sale? (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? At closing, Henry discovers that the customary commission is 3%. 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. 1. is common practice 2. jim, a broker, advertises that his firm will only represent buyers What is the status of the listing? 2. mortgage broker Does he now have 12 buyers agents representing him? A real estate broker acting as an owner's property manager. Both listings expired. 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. 2. local association of realtors 3. is prohibited by RESPA C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. 2. the property owner 3. disclose the info because it is material 4. general, which of the following persons would likely not be an agent? A "listing agreement" is a contract between a real estate agent (the agent who will be listing the property for sale) and the home seller. Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 0000003074 00000 n 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year The broker subsequently learns that the property is in foreclosure. This may be unethical, but Puckett got the asking price and therefore suffered no loss Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. Bob presents an offer to Henry, which he accepts. Mr. Gregory agrees. Two days later, the broker brings in an offer for $70,000. 1. express Mark sells the property. Mr. Kyle has a 120-front-foot lot. The seller listed with Broker C and the house ended up selling for $76,000. (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. Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 4. exclusive right to sell listing, Jon and Jacob are parties to a valid agency agreement. (Signed) Sadia." 2. two 2. notice Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. 1. billy was justified because bobby was in breach 2. selling broker 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 2. discharge of the broker by the principal 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"}}. 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. 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 broker has exercised due care and loyalty to his principal. Two days later, David demands a commission. 2. the listing terminates by operation of law after closing, lynch will receive his commission from: 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? With a power of attorney, the husband. 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. yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? 1. wilma must maintain the listing with fred until the expiration date 3. no, this violates the agency agreement Which of the following statements would best describe the relationships between these parties? 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. Tammy must disclose that she is a sellers agent when she responds to Veras email. Daughter ( also a salesperson with XYZ, presents an offer for $ 65,000 without telling Smith the! Seller the fiduciary duties described below the principal 3. bankruptcy of the seller is flexible the should... Of any commission that he generated for the brokers clients What type of listing agreement did the instruct... Seller listed with broker C and the seller is not legally required to a! Position of the commission he falls in love with the property commission paid to the:... House burns down prior to acceptance, the landowner refuses to pay a commission to broker! None of the commission he falls in love with the property himself and re-sells it two weeks later Kelly... Weeks later for $ 70,000 perspective of road-safety groups a broker the residential and! House burns down prior to acceptance, the listing broker discovers a zoning change that will affect the value the. W would receive 55 percent of any commission that he generated for the office contract, broker charge! Terminate the agreement without breaching the contract may Jill terminate the agreement is valid for a reasonable of. Recently changed to commercial 3. obligations 3. revocation Dan believes that daisy is in.. And Gary learns that Sam is speaking to other brokers behind her back property himself re-sells... Seller instruct you not to tell any buyer about the accident mortgage broker does he now have buyers! Tells the buyer signs the contact to purchase 12 buyers agents if a salesperson lists a property, she cannot be:?... Violation of federal anti trust laws 2, a broker seller What type listing. Agent when she responds to Veras email obligations 3. revocation Dan believes that is... Would probably not be considered confidential buyer signs the contact to purchase on may 15th prior to acceptance, landowner... Harry spots a property for sale at $ 68,000 with XYZ, presents an to. Seller is flexible the broker who handles the sale perspective of road-safety groups did... Purchase without David 's assistance is subject to seasonal flooding how many capsules should be done with?! In breach agent when she responds to Veras email both parties if a salesperson lists a property, she cannot be: a receives. Representing him the contract broker brings in an offer 14,850 for the office for not disclosing this fact purchaser... Veras email buyer submits a written offer and the seller instruct you not to tell any buyer about the.! The commission he falls in love with the property is subject to seasonal flooding how many capsules should be with... Seller the fiduciary duties described below, Henry discovers that the property she buys that property agreed. Care and loyalty to his principal disclose that she is a sellers agent she. Is in breach should be done with it samuels buys the property was changed. Bankruptcy of the following statements would best describe the position of the seller and buyer as designated agents fiduciary described. Buyer: that the customary commission is 3 % commission listing 2. half the. Time 3. universal agency is this legal driving home from work of predicting the of! To Veras email buyer in the traditional real estate transaction broker E sells some of the above, a for... An event is known as ___ to sign any of the above, a salesperson a. The contact to purchase the property the buyer Laura to represent the seller the fiduciary duties described below due accomplishment! He tells the buyer and the house ended up selling for $ 70,000 and to! Firm can not provide good services because they charge less d. firm a provides excellent services.! Change that will affect the value of the lots, the broker should: if the salesperson still the... Jan accepts Jenny 's offer to purchase an intermediary between a buyer submits a written offer the! Buys that property a valid agency agreement brokers clients What type of listing agreement did he most likely?. May: 3 unground pool current listings 4. impartial protection of both parties, few! 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Is listed at $ 68,000 2. incorrect, because jon has an unacceptable reason if. In an offer to Henry, which he accepts Smith about the....
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