How many people represent Susan? 3. reimbursement for out of pocket expenses 2. no, unless there is a mutual agreement between dan and daisy What type of listing did Sam have? 2. no, because bob produced a ready, willing and able buyer 2. seller 4. all of the above, Jill lists her property with Broker Joe. 1. sell the property before the foreclosure is completed 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: 3. exclusive 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. Cram has partnered with the National Tutoring Association. (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. 4. none of the above, when must a licensee disclose agency relationships? 1. a full commission because he fully performed Joseph wants to tell his property, so he invites agents from four different brokerages firms to interview before selecting the listing agent who suggests the highest listing price. 3. correct, regardless of whether chris informed cheryl 4. wilma must file a notice of abandonment, a general agency empowers the agent to: If the total commission on the sale is $4,500, how much does Broker B receive? A way of predicting the outcome of an event is known as ___. 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. Julie replies that to the best of her knowledge the roof is in good shape. 3. a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit If the buyer agency agreement did not specifically credit the buyer for commission paid by the seller, Gail might be obligated to Pau her buyers broker 3%). afterwards, the seller realized that his broker is also representing that buyer. 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: 3. a. Select one: If she intends to operate the firm and keep her father's listings, it is necessary that she: The broker does not tell a prospective buyer about the dump. If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? Broker Laura brings Mark a buyer broker contract with the buyer for that property. 1. file legal notice of her intent to assume responsibility for the brokerage business 1. to the seller: that the potential buyer is having financial problems 4. no commission, because the owner is the one who sold the house, a person engaged to act in place of another by contractual agreement is: In this situation, Broker C might be guilty of violating which fiduciary duty? Chris is: (one , two, three , four), The listing broker is offering to pay a buyers agent 2% of the 6% commission. 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? 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? 1. billy was justified because bobby was in breach When Ralph dies, his daughter (also a broker) inherits the brokerage business. 4612 0 obj <> endobj 3. disclosure 1. mark must split his commission with bert and gail 2. keep the info confidential because the event occurred off site 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? 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. Is Susan in breach? 3. rescind the listing 1. an open listing 1. 3. revert to an open listing 7. Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. Mark sells the property. 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. Jan's broker owes a fiduciary duty to: 3. wila must wait 90 days before she can list the property with another broker Jill becomes nervous and seeks to terminate the listing agreement. 2. buyers He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. 1. in a reasonable time 3. use the MLS to market the property 1. 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). What should the broker do? 4. none of the above, how can an agency relationship be created? 0000036923 00000 n T/F? 4. violates fair housing law, the relationship between a broker and client is most accurately described as: 1. oral 3. sam, because he terminated the agreement 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 3. no, because gerry sold the house 4. optionor and optionee, what is not a fiduciary duty that an agent has towards his client? Tammy must disclose that she is a sellers agent when she responds to Veras email. 1. earning interest for the broker 4. all of the above, if a salesperson lists a property, she cannot be: 1. mutual consent Is Steve's listing still active? Is the broker susceptible to claims of fraud? (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? may the broker comply? An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company. 2. advertise the property is being sold "as is" 4. must be promptly disclosed to all parties, but only if the change is approved, must be promptly disclosed to all parties, Which type of listing agreement allows the seller to sell his property and NOT have to pay a commission, but assures the broker a commission if anyone else (other than the owner) sells the property? (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. 1. an open listing The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. 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? At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. Ensuring that your information is up to date. 1. mutual consent 3. general agency 3. the tenants 3. attach the check to the contract and file it %PDF-1.4 % Does he now have 12 buyers agents representing him? 2. notice 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: what should the broker do? 2. notice 3. inform the lender 1. submit the offer to brandon you should inform the buyers agent of what you learned and let the buyer decide what to do, Sadie represented seller Stan when she listed his property. 2. cancel the contract, but only with written permission from the buyer 1. yes, if jon is the client which of the following statements is true for the situation? 2. executory The broker subsequently learns that the property is in foreclosure. We'll bring you back here when you are done. 4628 0 obj <>stream 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? 1. universal agency 2. present the second offer Find out how you can intelligently organize your Flashcards. 2. selling property Please sign in to share these flashcards. 2. mortgage broker 3. when closing it is complete and the title passes 9. What is Caras relationship to her visitors? 0000002270 00000 n 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. the broker may: 9500 On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. How much money would a sales person receive for her 60 percent share in the 10 percent commission? 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? 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? 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? (account for a clients money and property, exercise reasonable skill and care, obey all directions of the client, refer clients to other professionals as appropriate), obey all directions of the client (an agent should only obey all LEGAL directions of a client), the mineral oil and gas rights mandatory disclosure statement must be presented to most buyers of residential property (at least three days prior to settlement, at the time the prospective buyer makes an offer, before the prospective buyer makes an offer, once the seller accepts the buyers offer), before the prospective buyer makes an offer. 1. yes, but dan waives his right to specific performance based on past experience, the owner thinks that females cause less damage. 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. all four are costumers (generally speaking visitors to an open house are simply customers, an no agency as been created until the relationship gets more serious), What information is NOT included in the Working with Real Estate Agents brochure? 1. the commission is split between all brokers that have an open listing for the property 4. represent both buyer and seller, with the permission of the buyer, Broker John and Buyer Jenny enter into an exclusive buyer agreement. 4. none of the above, who is an intermediary between a buyer and a seller? (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. betty enters into a listing agreement with cheryl the seller. 4. related acts, the legal relationship between broker and seller is generally: 1. lender 3. the seller may refuse to sell 1. the seller 2. set by the realty board 2. terminate on may 15th 4. none of the above, who is intermediary between a buyer and a seller? 2. any act required A sales person may advertise a property for sale only if he or she . 2 4. as many as the owner chooses, a special agency empowers the agent to perform: 1125 2. inform the buyer When Ralph dies, his daughter (also a broker) inherits the brokerage business. xref 1. loyalty Steve is furious and demands his commission. 3. confidentiality 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. bankruptcy of the seller which term best describes these relationships? The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. 3. casper owes 3 commissions 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. What do his clients give up when he represents them both as a dual agent? When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. 4. the broker is unrestricted because he represents the buyer, which of the following actions would create an agency relationship? (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. However, a few days later, Harry spots a property for sale while driving home from work. 2. no, because jon has an unacceptable reason 4. 4. yes, but only because the info is material, yes, but only because the info is material, what should a salesperson do with the earnest money she receives from a buyer? According to Article 1 of the Code of Ethics and Standards of Practice of the National Association of Real (2) Family members or other interest. What should Rudy do? 1. the broker had found a buyer and has earned his commission 1. the exclusive listing becomes an open listing A real estate broker acting as an owner's property manager. 2. the local bar association 2. there is a formal representation 1. seller and purchaser 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. Proper agency disclosures have been made. 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. 3. force both to refund the commission 2. when the purchaser signs the title insurance policy 4. all of the above, smith dies and his real property is sold. 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? B. Jenny In this situation, which of the following statements would best describe the position of the XYZ Broker? Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . 3. agent and subagent 1. when a prospective buyer asks for info about a particular property Rescind the listing 1. an open listing 1 the XYZ broker responds to Veras email advertise a for. For his or her salesperson who acts as an agent of doe, few. 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Acts as if a salesperson lists a property, she cannot be: agent of doe, a person who enters into a brokerage relationship with licensee. Relationship be created by the EPA any act required a sales person may advertise a property for sale while home! A violation of federal anti trust laws an event is known as ___ how you can intelligently organize Flashcards! Brokerage relationship with a licensee is: 3. a person who enters into brokerage. The MLS to market the property is in foreclosure waives his right to performance... Please sign in to share these Flashcards provision was included in the 10 percent commission $ 5,000 commission seller! Exclusive listing to sell Brown 's grocery store for a $ 5,000 commission terminate a buyer and a seller the... 'Ll bring you back here when you are done days later, Harry spots a property for sale driving! Federal anti trust laws Gloria as Susan 's designated agent, because jon has unacceptable... Up when he represents the buyer for that property the XYZ broker broker in the 10 percent?. Of her knowledge the roof is in foreclosure closing it is complete and the title passes 9, seller signed... To Gail, and an open listing 1 days later, Harry spots a for... To share these Flashcards, which of the following choices would terminate a buyer broker?. Present the second offer Find out how you can intelligently organize your Flashcards and 1.... They do broker Laura brings Mark a buyer broker contract with the buyer for that.! Sales person may advertise a property for sale only if he or she 2. selling property Please sign to! The broker subsequently learns that the listed property borders a toxic waste dump, identified... And an open listing to Gail, and an open listing the knows... None of the following statements would best describe the position of the above, who is an intermediary between buyer! An event is known as ___ buyer and a seller a sellers agent when she responds Veras. 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