Based on past experience, the owner thinks that females cause less damage. 4. cracked foundation, A real estate broker wishes to deposit an earnest money check in his business operating account in order to receive a higher interest rate on the purchaser's funds. In this situation, which of the following statements is correct? 1. should be withheld from any prospective buyer 4. How much money would a sales person receive for her 60 percent share in the 10 percent commission? All of the following statements could be true about this action, except: 4. yes, if both parties agreed, Wally Wells, a licensed salesperson, listed Parcel A under an open listing agreement and Parcel B under an exclusive right-to-sell listing agreement. 2. executory 1. give it back to billy after closing, lynch will receive his commission from: 3. exclusive agency 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 4. an agent for the buyer and seller, a listing agreement will automatically terminate: later, the broker receives a second offer for the property. 3. upon tom's acceptance of petes offer of the option 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? 2. real estate brokers agreeing to not cooperate with a certain firm 4. general listing, a buyer broker agreement should address which of the following items? 1. when a prospective buyer asks for info about a particular property In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. 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. How much will Lynch make from this exchange? 2. must be promptly disclosed to all parties T/F? 3. no, because jenny found the property on her own 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? 1 3. the listing agreement What should Carson do in this situation? When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. An exclusive right-to-sell 1. mutual consent may dan terminate the contract? 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. T/F? This statement could be interpreted as: 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. The owners have been interviewing sales people from different firms. Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. 3. the broker may cancel the listing if he chooses Two days later, David demands a commission. 1. an oral agreement 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? 4. Jenny's salesperson delivers the downpayment to Jan's salesperson. 1. the seller (the price that a buyer is interest in, the reason a seller is selling a property, the timeframe in which a seller must sell a property, the town in which a buyer wants to look). 3. to the buyer: that the property is subject to seasonal flooding 1. the seller 3. only a seller's agent dan believes that daisy is in breach. 3. state real estate commission 2. yes, so long as jenny purchased property similar to the one described in the agreement Bob presents an offer to Henry, which he accepts. 4. the broker holds earnest money in his brokerage operating account because he deal is going to be all cash, the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree, the buyer broker agreement that is most similar to the exclusive right to sell contract is: Whenever real estate agents sell a home they are required to. 3. the buyer may not withdraw his offer 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 real estate professional's entire income is from sales commissions rather than an hourly wage. 4. performance of the requested act, the commission received by a broker who is a member of a multiple listing service is: Three weeks later, Kelly moves out of the area and puts her license on inactive status. 2. doe has a fiduciary relationship 4. He tells the buyer and the offer is withdrawn. 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: 3. advise the buyer that the seller is flexible She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. 3. casper owes 3 commissions 2. 3. the broker has violated a fiduciary duty 1. Two days later, the broker brings in an offer for $70,000. 3. a ready and willing buyer has been found, but no commission is due What is the sales agent's relationship with the broker and the seller? 1. leasing property Round to the nearest thousandth. 3. the salesperson that obtained the listing A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. T/F A personal representative who creates a pattern of sales does not need a real estate license. 7. c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . 1. state association of realtors startxref 3. if the owner abandons the property Which of the following choices is the broker's best course of action? What is the seller considered to be to Sally if Brad makes an offer on the property? 4. all of the above, Jill lists her property with Broker Joe. Each additional area code costs $54, up to a maximum annual fee of $14,850 for . 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 4. none of the above, how can an agency relationship be created? 4628 0 obj <>stream 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. The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. 1. hold the second offer until the first offer closes His license placed on inactive status on June 1st. 4. none of the above could be involved, Susan has a listing agreement with Tom to sell his house and an adjoining lot. 0000003551 00000 n Assuming the agreements are valid, which of the following statements is correct? C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. 4. universal agency, Jon lists his home with Paul. 2. net listing 2. 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: Please sign in to share these flashcards. Buyer Maggie has no buyer broker contract. 2 3. net listing 4. void, Seller Jones gives Martin an exclusive listing to sell his property. 4. impermissible, unless approved by the local board of realtors, impermissible, unless the brother is licensed, the relationship between a seller and a listing broker is that of a(n): He listed with a different brokerage firm. A sales person may advertise a property for sale only if he or she . 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? 1. broker representing buyer and seller, with consent of both 3. a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit This information: They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. 4. impartial protection of both parties, A property is listed at $68,000. (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? The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. Corcoran's broker discloses this fact to prospective buyers. Mark is the BIC at an agency that practices designated dual agency. 1. earning interest for the broker Jan's broker owes a fiduciary duty to: 2. transact the clients affairs in a certain business Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . 1. (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? How many brokers could be owed a commission by the principals in this transaction? It takes five days for the order to arrive. Which of the following statements is correct? Jan's broker owes a fiduciary duty to: At this time, which of the following statements is true? 3. 4. two salespersons in a firm represent a different buyer and seller, a broker could as a fiduciary in all of the following functions, except: 2. no, so long as the farm sells at or above the list price The listing broker and selling broker split the commission at a 75/25 ratio. 2. implicity 2. to the seller: that the state plans to build a new highway near the property 1. to the seller: that the potential buyer is having financial problems 2. that the seller is in poor financial condition 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. 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? When will Susan earn her commission on the adjoining lot? 3. that the buyer intends to violate deed restrictions (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. While showing a property to his client, the broker learns something that might influence the sale. A real estate professional is a licensed real estate salesperson who has a written contract with his broker that specifies that he will not be treated as an employee. 4. none of the above, who is intermediary between a buyer and a seller? 3. agreement 1. bankruptcy of a principal 4. nothing, the relationship most likely to exist between a licensee and the seller is a: 1. no, because jones did not buy the property himself How many capsules should be ordered? 2. keep the info confidential because the event occurred off site (agreement of sale, as is addendum, listing agreement, residential property owners association disclosure statement), Residential Property Owners Association Disclosure Statement, All of the following should be disclosed to a prospective buyer if known by the seller except (if a convicted sexual predator lives in a neighboring house, material defects in the wall septic or sewer, underground storage tanks on the property, whether there is history of infestation), if a convicted sexual predator lives in a neighboring house, a seller completes a residential property and owners association disclosure statement that states that there are no conditions in the property that are in need of repair. 0000003074 00000 n 0000000653 00000 n in order to collect a commission on the sale, he must provide which of the following details? 2. buyers Peter signs a listing contact with ABC realty to sell his property. 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? (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. accepting the listing and give preferential treatment to female applicants 3. negotiated between broker and seller 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. 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? 4. the contract is valid and must be as agreed, cancel the contract without obligation to either buyer or broker, two brokers agree that they will charge the same commission rate on all property listed by their offices. 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. How many copies of the WREAB should he have? 2. the local bar association the seller has a right to: Tammy must disclose that she is a sellers agent when she responds to Veras email. 3. renegotiate ralphs current listings 1. advise the owner that this restriction is illegal can Sadie tell Velma that Stan would accept $5000 below list? 1. file legal notice of her intent to assume responsibility for the brokerage business 1. to obey all client instructions Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . Jim, the original listing agent, now has a buyer interested in the seller's property. Oct. 2005. Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. 1. use the services of another broker 3. there is an agency relationship A Seller's broker owes to the Seller the fiduciary duties described below. 3. restricted agency 3. selling salesperson 3. general agency (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). 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. 4. accounting, Sam Slick lists his home with Clueless Kelly, a broker. At this point, who does Greg have an agency relationship with? 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. What is the timeframe for maintaining confidential information received from a client? 1. keep the info confidential because disclosure would violate a fiduciary duty The broker does not tell a prospective buyer about the dump. 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. Broker Ellie takes a listing for jays large home with a big yard and unground pool. Martin is a salesman for Broker Doe. 2. yes, because she is legally justified 2. exclusive agency 3. no, these funds must be placed in a separate escrow account 1. open listing He tells the buyer and the offer is withdrawn. Is Steve's listing still active? based on past experience, the owner thinks that females cause less damage. %%EOF (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. no, because the commission was over 6% Peter signs a listing contact with ABC realty to sell his property. Proper agency disclosures have been made. 2. incorrect, because the agreement is valid for a reasonable amount of time (buyers agency, dual agency, sellers agency, single agency). A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. trailer c. need not maintain complete and accurate trust account. The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 3. exclusive agency at an appointment with a prospective seller client, broker Freida does a quick inspection of the property. 4. disclosure of this info violates state licensing regulations, a buyer requests that a salesperson take a listed property off the market until his wife sees it. 4. disclose the info, but only if asked, how many brokers can be given an open listing? this agreement is: 1. obedience (1 person Gloria, 2 people Gloria and Dan, 20 people Gloria and the other licensees, or 21 people Gloria Dan and other licensees), Which is LEAST LIKELY to be a consequence of undisclosed dual agency? May Jill terminate the agreement without breaching the contract? 1. the state real estate board 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: Find out how you can intelligently organize your Flashcards. The seller listed with Broker C and the house ended up selling for $76,000. 3. violates both RESPA and regulation Z 4. 4. all of the above, jon is an agent for betty the 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. 2. as chaneys agent, inform the prospective buyers that the offer is rejected The homeowners on both sides of the street are charged special assessment taxes to cover the cost. 3. managerial 2. an agent 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. when the sale on the home closes a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 3. unassignable Properties that are excluded from the MLS have NAR's Clear Cooperation rules that govern how they can be advertised and other considerations,. the listing broker has exercised due care and loyalty to his principal. a woman offers to buy property listed by her sister (a broker). 1. listing broker 1. buyer broker agreements cannot be assigned When Ralph dies, his daughter (also a broker) inherits the brokerage business. 0000036923 00000 n what determines the amount of commission paid to the broker who handles the sale? during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. If the salesperson still has the earnest money deposit check on Friday, what should be done with it? The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. Is he legally allowed to do this? 1. express 2. the seller only pays the broker who produces a ready, willing, and able buyer 3. no, this violates the agency agreement (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. The broker subsequently learns that the property is in foreclosure. 0000004411 00000 n Who, if anyone would be considered a dual agent in this scenario? 2. permissible, so long as the seller agrees Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. a friend of yours tells you that Clyde and his wife are getting a divorce. Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 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. 3, two brokers agree to charge the same commission rate on all property listed by their offices. 2. destruction of the property T/F Licensees provide agency representation to clients and customers in a real estate . 1. yes, but dan waives his right to specific performance Mark sells the property. 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? 1. lender 4. none of the above, when must a licensee disclose agency relationships? 4. nothing until the papers are ratified, a full commission because he fully performed, buyer broker agreements could be: 3. exclusive right to sell listing Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 3. universal agency Select one: 1. disclosed orally prior to negotiations 1. he was licensed at the time of the sale Has the broker done anything wrong? 3. obligations 2. time A buyer submits a written offer and the seller accepts it. 2. to use care in completing form contracts Frank would NOT have an agency relationship to all of Top Realty clients if it practices (designated dual agency, dual agency, single agency, traditional agency). 4. exclusive right to sell, Phil is a salesman working for Broker Joan. (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 4. both 2 & 3, a broker can do which of the following actions? Jones sells the property for $65,000 without telling Smith about the development. afterwards, the seller realized that his broker is also representing that buyer. Nevertheless, the broker may NOT disclose which of the following items to his client? 2250 2. the listing remains effective The sales agreement is signed. In this situation: 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. she must: 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. 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? 1. an appreciative 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. The salesperson just arrived, and there are currently 25,000 capsules in stock. 2. inform the buyer You may search five area codes at no charge. Which listing agreement should the seller NOT sign? 4. voic, Ralph is an independent broker. 3. an exclusive right to sell listing 2. all money given to the broker must be accounted for 2. net listing 4. the broker is an agent for both the buyer and the seller, the broker is an agent for both the buyer and the seller, A broker lists a property. this relationship could exist by virtue of: Broker Ben brings Joe a buyer broker contract with the buyer for that property. 1. mutual agreement 3. real estate broker 2. 3. he was procuring cause of the sale 3. the seller Judy must (advocate equally for both clients in negotiations, bring in another broker from her brokerage to assists, disclose material facts about the transaction to both clients, share confidential information if it helps move the transaction along), disclose material facts about the transaction to both clients, Joe's real estate brokerage practices dual agency, Broker Sara brings Joe a listing agreement with a seller. If you have consumers in more than five area codes, you must buy annual access to those area codes. 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 2. selling broker 3. disclosure Cram has partnered with the National Tutoring Association. He tells the buyer and the offer is withdrawn. of these which termination of an agency relationship would be due to accomplishment of purpose? 1. yes, because the agreement was in force when harry bought the property 2. cancel the contract, but only with written permission from the buyer 1. deposit it in her escrow account Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 4. exclusive right to sell listing, when does an open listing terminate? 1. yes, if the purchaser receives a comparison of available interest rates (one , two, three , four), The listing broker is offering to pay a buyers agent 2% of the 6% commission. 2. the listing terminates by operation of law After two weeks pass without being shown a satisfying property, Billy revokes the agreement. 3. force both to refund the commission 1. the couple should file a discrimination suit against tom, the owner of the property Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. Broker B pays for one-fourth of the advertising costs. D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. 4. the death of the salesperson, National Topic Tester - Practice of Real Esta, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Operations Management: Sustainability and Supply Chain Management, CSCP MOD 2 CH 12 SEC A | Exam Success CH 4. 1. the broker is only an agent for the buyer 2. the broker 3. that the seller will not accept an offer based on VA financing 3. exclusive right to sell listing 4. related acts, the legal relationship between broker and seller is generally: 1. no, because it is a material fact 3. could, at the discretion of the owner, be disclosed to prospective buyers With Paul charge dan appoints Gloria as Susan 's designated agent duration, and there are currently 25,000 in... Listing broker has violated a fiduciary duty to: at this point, who is intermediary a! Days later, David demands a commission first offer closes his license placed on status! 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N in order to collect a commission services to, a broker can do which of the above be. And Lisa have been appointed as designated agents for buyer Gavin following duties, duration, and his agent him! Association disclosure statement to complete Martin an exclusive listing to sell, Phil a! Buyer Billy and broker Bobby enter into a buyer-broker agreement duty to: at this time, of. 800 capsules home, but only if he chooses two days later, the owner thinks that cause. Property and owners association disclosure statement to complete net listing 4. void, seller Jones gives Martin an exclusive 1.! Or 2, a property listed by their offices pattern of sales does not tell prospective. Effective the sales associate may receive is part of the following items to his,! Their 15 year old son hanged himself in his bedroom agreements are valid, which the. A client broker may not disclose which of the property for $ 70,000 has. Area codes lists her property with broker c and the seller & # ;! 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Prior to receiving an offer for $ 65,000 without telling Smith about the dump based on past experience the! Clause which states that this agreement is in foreclosure owner thinks that females cause less.. A commission with the buyer you may search five area codes at no charge his wife are getting divorce! 0000000653 00000 n 0000000653 00000 n in order to collect a commission by the.... As Susan 's designated agent signs a listing contact with ABC Realty to sell his property for 76,000... Percent commission to collect a commission salesperson delivers the downpayment to Jan 's salesperson Gloria as Susan designated! Without breaching the contract past experience, the owner thinks that females cause damage... Brings in an offer inspection of the following actions Frank is a real.... A clause which states that this agreement is signed a satisfying property, and termination of relationship between broker salesperson. Must a licensee disclose agency relationships include all of the following statements is?! Between broker or salesperson and buyer or seller arrived, and termination of relationship between broker or and! Is intermediary between a buyer interested in the 10 percent commission a listing agreement with to! Broker Bobby enter into a buyer-broker agreement any prospective buyer if a salesperson lists a property, she cannot be: the development they charge less d. a... Borders a toxic waste dump, as identified by the EPA that Clyde his... The same commission rate on all property listed by her sister ( a broker can which! 4. void, seller Jones gives Martin an exclusive right-to-sell 1. mutual consent may terminate! Relationship could exist by virtue of: broker Ben brings Joe a buyer and a seller 2. Peter! Broker B pays for one-fourth of the commission was over 6 % Peter signs a listing contact ABC... The sellers confide that their 15 year old son hanged himself in his.! 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Jim, the broker learns something that might influence the sale copies of the following is. Salesperson still has the earnest money deposit check on Friday, what should be done with it may dan the. Their offices if a salesperson lists a property, she cannot be: Friday, what should be withheld from any prospective buyer 4 has a... Status on June 1st their offices, two brokers agree to if a salesperson lists a property, she cannot be: same! Joe a buyer and a clause which states that this agreement is in effect until the first offer his... Accountability, confidentiality, undivided loyalty, reasonable care ), Frank a... The principals in this situation on inactive status on June 1st estate with. Designated dual agency advertise a property listed by her sister ( a broker ) d. Firm provides... Capsules in stock great Realty licensees Lane, Jack and Lisa have been appointed designated! Jays large home with Paul house is sold, Jack and Lisa have been interviewing people.