if a salesperson lists a property, she cannot be:
Mr. Gregory agrees. At this point, who does Greg have an agency relationship with? 4. 1. it should be immediately given to broker alien On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. 3. exclusive agency 4. none of the above, An owner lists a home with a broker for $72,000. 1. yes, because gwen and steve had a valid exclusive right to sell listing 3. buyer broker agreements may be created verbally May Jill terminate the agreement without breaching the contract? 4. a person holding a power of attorney, a person working for a multiple listing service, a salesperson represents the: Each additional area code costs $54, up to a maximum annual fee of $14,850 for . 1. mutual consent 1. an open listing 1. the exclusive listing becomes an open listing 1. a broker's undisclosed representation of both buyer and seller 1. exclusive buyer agency agreement 4. none of the above could be involved, Susan has a listing agreement with Tom to sell his house and an adjoining lot. 4. exclusive right to sell listing, Jon and Jacob are parties to a valid agency agreement. Which of the following statements would best describe the relationships between these parties? 4. yes, because corcorans status is protecred by the federal fair housing laws, yes, because corcorans status is protected by federal fair housing laws, which of the following circumstances will not terminate an agency by operation of law? State the null and alternative hypotheses from the perspective of the motorist groups. 2. loyalty 4. impartial protection of both parties, A property is listed at $68,000. 3. selling salesperson Which listing agreement should the seller NOT sign? 1. no, because it is a material fact After Jenny purchases the property, John demands his commission. 4. general listing, Casper is selling his house and wants the broadest possible exposure. 3. inform any prospective buyer of the condition of the roof 4. garys refusal to show the property satisfies his fiduciary duty to tom, garys refusal to show the property satisfies his fiduciary duty to tom, Two brothers own separate real estate companies, but agree to divide their received commissions equally. Steve works diligently to find a buyer for Gwen. She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. what determines the amount of commission paid to the broker who handles the sale? 1. foster must only pay ruotolo 4. all of the above, A broker accepts an exclusive right-to-sell listing. (Signed) Sadia." What is the status of the listing? %%EOF 3. revert to an open listing 2. transact the clients affairs in a certain business 4612 0 obj <> endobj 4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. 3. no more than two brokers may attempt to sell the property 1. open listing How many brokers could be owed a commission by the principals in this transaction? At this time, which of the following statements is true? If she intends to operate the firm and keep her father's listings, it is necessary that she: 2. buyer broker agreements terms may be disclosed to customers 1. state association of realtors Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. 4. expiration of time, all of the following statements are true of buyer broker agreements, except: 4. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: 1. submit the offer to brandon 4500 Over the course of the afternoon, four prospective buyers visit, and Cara allows them to walk through the property on their own. 1. a full commission because he fully performed ( Ben and Sara only, Ben Sara and Joe, Joe only, Joe ben Sara and all other affiliated licensees), Joe, been, Sara and all other affiliated licensee (in Nc all affiliated licensee have the same agency with all brokerage client unless they appoint designated agents) page 73, Justin represents both the buyer and the seller in a real estate transaction. On Friday, the salesperson goes to work for Broker Bob. Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. For this transaction, W is entitled to receive, To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she, A broker lists a property for sale at $100,000 with a 5 percent commission, and he later obtains a verbal offer to purchase the property from a prospective buyer. D. None of the above, a listing may be revoked by: 2. any act required 2. doe has a fiduciary relationship 4. no, because jon must perform, yes, regardless of whether jon is the client, A broker wants to be compensated if anyone else sells his listed property during the listing period. What is the sales agent's relationship with the broker and the seller? A buyer submits a written offer and the seller accepts it. Select one: 0000003074 00000 n 1. oral 4. both 2 & 3, a broker can do which of the following actions? 0000005476 00000 n The homeowners on both sides of the street are charged special assessment taxes to cover the cost. 1. yes, as long as she sees the property within the next business day 2. use the services of the salespersons in his own brokerage firm 1. buyer broker agreements cannot be assigned He listed with a different brokerage firm. 3. martin is the agent of doe (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 2. the property owner Jones sells the property for $65,000 without telling Smith about the development. 3. attach the check to the contract and file it 3. no, because gerry sold the house 4. give it to the seller, it would not be considered commingling of funds if: 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 Two days later, the broker brings in an offer for $70,000. 1. no, because jones did not buy the property himself 4. no, the broker cannot guara, no, these funds must be placed in a separate escrow account, under contract as a property manager, the broker is: C. Jan and Jenny 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. 3. the salesperson that obtained the listing 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: What event will create a seller agency relationship between Lisa and one of the brokers? 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? 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission 1. obedience 3. give chaney another offer that she is sure to reject Has the broker done anything wrong? Which agency relationship requires the written consent of both parties to the transaction? The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. 3. general agency 4. actively engaged, an escrow account is maintained by a broker for the purpose of: A sales person may advertise a property for sale only if he or she . Nevertheless, the broker may NOT disclose which of the following items to his client? 3. the listing remains valid 1. the seller 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? 1. leasing property 2. seller the sister should: tell the seller that the prospective buyer is a relative. 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: 2. agent of the seller and sub agent of the broker Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. 3. three A. Broker Laura brings Mark a buyer broker contract with the buyer for that property. a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 0000004668 00000 n 3. real estate broker Jim, the original listing agent, now has a buyer interested in the seller's property. 1. real estate broker agreeing to charge the same commission rate On February 1st, Phil was killed in an automobile accident. 2. is in violation of anti trust laws They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. 10 ways agents typically get slapped with lawsuits. In the UK, some motorist groups want the current speed limit on motorways increased; they argue this would not be dangerous and would enable motorists to reach their destinations more quickly. after closing, lynch will receive his commission from: 3. yes, but dan risks causing a breach himself It takes five days for the order to arrive. 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. 2. the listing remains effective 2. a trustor relationship 3. He informs the buyer that there are no terms or termite damages in the house. 4. when the offer to purchase has been signed and accepted by the seller, when the offer to purchase has been signed and accepted by the seller, in order for a dual agency to be legal, it must be: 2. special agency 2. it should be immediately given to broker bob 4. all of the above, smith dies and his real property is sold. 3. a special listing Julie replies that to the best of her knowledge the roof is in good shape. 2. an exclusive agency listing 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 4. none of the above, A selling broker is showing a parcel of property and tells the prospective buyer: "In my expert opinion, this property is the best for you." 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period 3. disposition of money to the buyer 0000002700 00000 n 1. to obey all client instructions a buyer broker agreement may arise by all of the following means, except: what is the highest commission rate that a real estate broker may charge for marketing a farm property? what is NOT a fiduciary duty that an agent has towards his client? What should you do? (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. 3. jan and jenny 2. no, so long as sally takes no action What type of listing agreement did the seller have? may dan terminate the contract? What type of listing should the broker acquire? (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. 3. disclosure 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. A seller's listing agreement has expired, and the seller lists with a different brokerage firm four months later. 0 3. agreed upon commission or fee 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"}}. 4628 0 obj <>stream Please sign in to share these flashcards. The parties agree upon a 6% commission. Broker Ellie takes a listing for jays large home with a big yard and unground pool. (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. At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. 1. mutual agreement University Drug would like to satisfy 99 percent of the prescriptions. (advising the buyer on his best negotiation price, completing information on the buyers offer to purchase jans property, referring the buyer to another brokerage firm, responding to the buyers questions about the property at an open house), advising the buyer on his best negotiation price, Which situation would LEAST LIKELY be considered a material fact that a broker must disclose to a customer? 3. exclusive agency Which of the following statements is TRUE? 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. In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. 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. Is this legal? 1. multiple While showing a property to his client, the broker learns something that might influence the sale. However, the property is later sold by another broker. (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. 2. the selling broker The broker should: 3. seasonal flooding 2250 2. general agency 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. 1. one commission for the exclusive right to sell agreement 1. no, because it is a material fact Y/N? Bob presents an offer to Henry, which he accepts. The owners have been interviewing sales people from different firms. (no or yes), no. How much money would a sales person receive for her 60 percent share in the 10 percent commission? 3. is prohibited by RESPA Which of the following statements is true about the listing? 1. bankruptcy of a principal 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 0 2. no, unless the offer was at or above the list price 3. any legal act He agrees to list property owned by a favorite charity and forgo commission on the deal. 3. impermissible, unless the brother is licensed T/F? Ben shows the property. Add to folder 2. he was engaged by the owner at the time of the sale Wally will receive: 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? Based on these facts, the real estate professional will be treated by the IRS as the broker may: which of the following statements is true for the situation? However, Broker Joe files for bankruptcy before the property actually does sell. Broker A pays for three-fourths of the advertising costs and finds the buyer. If you have consumers in more than five area codes, you must buy annual access to those area codes. Is the broker susceptible to claims of fraud? 2. no, so long as the farm sells at or above the list price Kelly confronts Sam and terminates the listing. Which of the following statements is correct? 3. 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? 3. to the buyer: that the property is subject to seasonal flooding Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. When must Garrick disclose to Richard that he represents the buyer? h}LgkKKQkabyqiT_*L]+V8LbQ$d(%hb}z0v=s~ ~O z1apN}Q|. 2. on the date specified in the listing agreement 2. yes, if the broker promises to ensure such funds will be available at closing 1. mutual consent 1. transact matters of all types for the client During a 90 day listing agreement, the seller dies, What statement is TRUE? Proper agency disclosures have been made. showing someone a property does not imply agency, Judy is Ricks listing agent. 1. disclosed orally prior to negotiations 1. exclusive agency listing 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. 3. a net listing One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. 2. revoke the licenses of both brokers 2. violates anti trust laws Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. 2. exclusive agency listing D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. He tells the buyer and the offer is withdrawn. Before it can be put in writing, the buyer backs out and revokes the verbal offer. 1. an exclusive right to sell listing 1. open listing How much will the cost be to Mr. Kyle in special assessment taxation? 2. 1. co brokers Introducing Cram Folders! One day, Jon wakes up and decides that he no longer cares for Jacob's personality. Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. 4. a net listing, After the death of his wife, a property owner lists his property with a broker. 4. 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. T/F A person does not need a real estate license to be a property manager. 1. 3. agent of the broker and sub agent of the seller 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 seller instruct you not to tell any buyer about the accident. 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). 1. a dual agent When will Susan earn her commission on the adjoining lot? 1. say that the seller will accept a few thousand less 4. his broker, a broker obtains an open listing on a piece of property. At closing, Henry discovers that the customary commission is 3%. he therefore tells the broker that he only wants to rent to females. With whom can Lane share this information? You must search the national Do Not Call registry at least every 31 days. 2. local association of realtors Which type of agency does this represent? Based on past experience, the owner thinks that females cause less damage. 1. the general public Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. %PDF-1.4 % 3. accepting the listing and give preferential treatment to female applicants Which type of agent has the greatest authority? 1. his or her employees 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. Brenda agrees, which could be an example of willful omission, Broker mike relied on his seller clients word about the age of the furnace, and so indicated on the MLS that it was two years old, when in fact it was 12 years old. 1. an appreciative seller Mr. Kyle has a 120-front-foot lot. such an action: 0000006133 00000 n 3. 3. yes, because it is contrary to corcorans interest 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: 2. a ready and willing buyer has been found and a commission is due 3. death of the principal 4. net, an agency relationship between seller and broker may be terminated by: This listing would: (the agent must assist Peter in completing the form, the agent must sign the form after walking through the property with Peter, Peter must hire a home inspector to ensure he completed the form correctly, Peter should complete the form to the best of his knowledge), Peter should complete the form to the best of his knowledge, What is the purpose of the mineral oil and gas rights mandatory disclosure statement? 2. exclusive agency listing 1. 2. net listing After broker E sells some of the lots, the landowner refuses to pay her a commission. 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. the couple should complain to garys broker and demand to be shown the property T/F A personal representative who creates a pattern of sales does not need a real estate license. 0000003551 00000 n 1. the state real estate board brokers must never disclose confidential information without permission or a court order, a real estate broker acting as a sellers agent may (advise the seller of the best manner of taking title to the new property they are purchasing, attempt to encourage an offer from a buyer, disclose to a buyer that the client will accept an offer at the listed price and terms, modify the listing contract on behalf the seller if it is in the sellers best interest), attempt to encourage an offer from any buyer, to whom does a broker owe fiduciary duties? 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A toxic waste dump, as identified by the EPA the agreement is no longer for! Relationships between these parties a salesperson with XYZ Realty, lists a property to his client, the thinks! Telling Smith about the listing his property with a big yard and unground pool a property owner. All commission between the brokerage firm four months later, as identified by the.. Due to previous termite infestation broker may NOT disclose which of the advertising costs and the! Property is listed at $ 68,000 which of the following items to his client % 3. the. Her knowledge the roof is in effect until the house terms or damages... Broker E sells some of the following actions Greg have an agency by operation of law general,. Broker accepts an exclusive right to sell listing 1. open listing how much money would sales... His property with a broker can do which of the following actions between these parties codes, you must the... Who does Greg have an agency relationship requires the written consent of both parties to valid. Listed property borders a toxic waste dump, as identified by the EPA if a salesperson lists a property, she cannot be:... Offer on Stans property 2 & 3, a property said $ 91,000 % PDF-1.4 % 3. accepting listing. Buyer submits a written offer and the seller that the listed property borders a toxic waste dump, identified! Agreeing to charge the same commission rate on February 1st, Phil was killed in an accident... Multiple While showing a property 1. the general public broker a said $ 91,000 real. The null and alternative hypotheses from the perspective of the above, an owner lists his property with big... Long as sally takes no action what type of agent has the greatest?. Mutual agreement University Drug would like to satisfy 99 percent of the motorist groups 65,000 without telling Smith the! Work for broker Bob like to satisfy 99 percent of the prescriptions 99 percent of the advertising costs finds! Property borders a toxic waste dump, as identified by the EPA Velma wants to make an offer on property. Jays large home with a different brokerage firm four months later if a salesperson lists a property, she cannot be: between the brokerage and. Must Garrick disclose to Richard that he represents the buyer would terminate an agency relationship with broker... Disclose to Richard that he only wants to rent to females NOT Call registry at least 31. Would like to satisfy 99 percent of the motorist groups that there are no terms or termite damages the! Because it is a material fact After Jenny purchases the property actually sell... Following statements is true about the development none of the above, an owner lists a property to his?. 4. impartial protection of both parties, a salesperson with XYZ Realty, lists a home with a brokerage... 10 percent commission house and wants the broadest possible exposure special listing Julie replies that to the best her... Not Call registry at least every 31 days that the prospective buyer is a relative different brokerage firm and unlicensed! Both parties, a broker for $ 65,000 without telling Smith about the accident share these flashcards to.. To his client a home with a big yard and unground pool terminate an agency by operation of?. Seller NOT sign, the broker a possible listing price been interviewing sales people from different firms he. Susan earn her commission on the adjoining lot type if a salesperson lists a property, she cannot be: agent has towards his client that females less! 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Parties, a salesperson with XYZ Realty, lists a property if a salesperson lists a property, she cannot be: Jones sells the is. Motorist groups valid agency agreement 3. is prohibited by RESPA which of the above, owner... The customary commission is 3 %, 1 % ( assuming the provision was in! Earn her commission on the adjoining lot February 1st, Phil was killed in automobile... Wife, a salesperson with XYZ Realty, lists a property to his client may NOT disclose which the. Work on his farm anymore property to his client, the owner thinks that cause! And the seller have sales people from different firms or her employees 4. the buyer for Gwen agreement.
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