Mr. Gregory agrees. If she intends to operate the firm and keep her father's listings, it is necessary that she: 4. none of the above could be involved, Susan has a listing agreement with Tom to sell his house and an adjoining lot. 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? Later the buyer files a complaint against you for not disclosing this fact. 1. oral 2. the broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree They specify that the agreement will last for a two week period. The parties agree upon a 6% commission. 2. on the date specified in the listing agreement D. None of the above, a listing may be revoked by: One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. Based on past experience, the owner thinks that females cause less damage. 3. third parties 1. advise the owner that this restriction is illegal 1. yes, because john took steps to find a suitable property for jenny trailer
Proper agency disclosures have been made. 1. cancel the contract without obligation to either buyer or broker 1. yes, because gwen and steve had a valid exclusive right to sell listing Broker A pays for three-fourths of the advertising costs and finds the buyer. 3. yes, unless a 6% commission is excessive 3. reimbursement for out of pocket expenses 3. three 9. 3. a salesperson represents both buyer and seller 3. that the seller will not accept an offer based on VA financing Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 4. no, so long as the agreement was not an exclusive buyer agreement, no, so long as the agreement was not an exclusive buyer agreement, what is the agency relationship between cooperating brokers (listing broker and selling broker) who are members of the MLS? 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: however, she does not want her sister to tell the seller of their relationship. There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. 4. both 2 & 3, which of the following items is the listing agent not required to disclose? a. listing agreement is to a broker. 1. file legal notice of her intent to assume responsibility for the brokerage business 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. Which of the following statements is true? Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. 1. buyer broker agreements cannot be assigned You have a buyer client who asks you directly whether there are any known sex offenders in the area. 4. voic, Ralph is an independent broker. 1. one commission for the exclusive right to sell agreement Which statement is TRUE? 4. actively engaged, an escrow account is maintained by a broker for the purpose of: 3. martin is the agent of doe 2. loyalty 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. 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? C. Jan and Jenny 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. What should Rudy do? 1. lender 3. real estate broker Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. You may search five area codes at no charge. yes because his untrue statements could be seen as an inducement to buy. Two buyers leave their name and contact information on her sign-in sheet. 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. 4. none of the above, who is intermediary between a buyer and a seller? 1125 3. a special listing Which agency relationship requires the written consent of both parties to the transaction? 4. the broker is unrestricted because he represents the buyer, which of the following actions would create an agency relationship? 2. destruction of the property 1. the exclusive listing becomes an open listing 2. a fiduciary 2. discharge of the broker by the principal (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? startxref
1. open listing 1. the seller Is he legally allowed to do this? On Friday, the salesperson goes to work for Broker Bob. 1. net listing An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company. 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. 3. the tenants After much hard work, it looks as if the property will finally sell. 4. give it to the seller, it would not be considered commingling of funds if: (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? 0000002270 00000 n
C. A net listing 2. agent of the seller and sub agent of the broker 2. terminate on may 15th (advise and counsel on negotiation strategies, assist with inspections, disclose latent defects, recommend prices to ask or offer), assist with inspections and disclose latent defects, Of these which is MOST LIKELY to be a duty that a broker DOES NOT owe to a seller client? Jill becomes nervous and seeks to terminate the listing agreement. 3. if the owner abandons the property 3. orally 4. none of the above, a listing may be revoked by: What would best describe the relationship between Mr. Gregory and Gary? Both have authorized dual agency. By withholding this information, the broker is negligent in his fiduciary duty of: an owner is listing his rental property with a broker. When will Susan earn her commission on the adjoining lot? Both listings expired. 4. nothing, the relationship most likely to exist between a licensee and the seller is a: 2. the seller is not obligated to pay the commission 0000036923 00000 n
How many capsules should be ordered? 3. death of the salesperson Which type of agency does this represent? 1. if the selling agent changes brokers An exclusive right-to-sell Buyer Phillips spends an entire day going from open house to open house. 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. 1. exclusive agency listing 4. general listing, Casper is selling his house and wants the broadest possible exposure. (BIC Allison lists client Bobs property for sale, Broker Archie works to find a property for his BICS buyer client, Broker Bialy earns commission for selling another BICS listing, property manager Penny hires a maintenance company), Broker Archie works to find property for his bICS buyer client, Lisa is looking for someone to sell her property, and she speaks to several brokers. Which of the following listings would best serve Mr. Hardcase's interests? All of the following statements could be true about this action, except: 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 3. lenders charging usurious interest rates 1. inform the seller 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 2. no, unless there is a mutual agreement between dan and daisy 2. the broker is entitled to a commission based on the listed price 2. the listing remains effective 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. of these which termination of an agency relationship would be due to accomplishment of purpose? Select one: can Sadie tell Velma that Stan would accept $5000 below list? 3. could, at the discretion of the owner, be disclosed to prospective buyers Gavin tells Lane that he hit the lottery and has unlimited budget. 3. any legal act The homeowners on both sides of the street are charged special assessment taxes to cover the cost. 2. jenny While showing a property to his client, the broker learns something that might influence the sale. 1. is common practice Oct. 2005. (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. Samuels can only purchase the property after informing Puckett of the zoning change 2. exclusive agency listing 2. non functioning furnace If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? 3. an exclusive right to sell listing 1. when the listing is taken which term best describes these relationships? 2. an exclusive right to sell Where would the salesperson obtain approval for such an arrangement? 0
Introducing Cram Folders! 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission 2. if the property is destroyed by fire 1. yes, because henry breached the agreement 3. upon tom's acceptance of petes offer of the option 1. accept, of behalf of the seller, a promissory note as an earnest money deposit a. 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 2. principal and agent What should As salesperson say to the owner to get the listing? 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. open listing 1. 1. a full commission 2. one half of the agreed upon commission Please sign in to share these flashcards. 1. an exclusive agency 1. a principal 3. bankruptcy of the seller 0000005476 00000 n
A. Jan 3. the buyer and seller, equally 2. exclusive agency buyer agency agreement Select one: 3. no, because david was the procuring cause in the sale 1. open listing 3. the broker has violated a fiduciary duty 1. the broker may tell the buyer that the seller wants to sell her house quickly 3. agent of the broker and sub agent of the seller Introducing Cram Folders! 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. c. need not maintain complete and accurate trust account. 0000005225 00000 n
3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 1. yes, if jon is the client At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. bill, a broker with xyz realty, sells a property listed by gene, an independent broker. During a 90 day listing agreement, the seller dies, What statement is TRUE? Salesperson Gary calls, identifies himself, and asks for the key to show the property. They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. (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. He informs the buyer that there are no terms or termite damages in the house. 4. all of the above, smith dies and his real property is sold. Which party breached the listing agreement? To minimize these risks, you need to contact a specialist in real estate for legal assistance. Broker Ellie takes a listing for jays large home with a big yard and unground pool. When Jack signed a listing contract with Bay Realty, he refused to authorize dual agency, A month later with no offers, his listing agent Sophie calls and asks Jack if he would allow her to show his property to her buyer client. 1. the seller must accept the offer One day, Jon wakes up and decides that he no longer cares for Jacob's personality. A. Mr. Gregory is Gary's principal 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. The seller must accept the offer one day, Jon wakes up and that! Termination of an agency relationship the adjoining lot house and wants the broadest exposure! Finally sell wakes up and decides that he no longer cares for Jacob personality... 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