2. a customer He therefore tells the broker that he only wants to rent to females. If she intends to operate the firm and keep her father's listings, it is necessary that she: Broker Rudy receives a fourth offer which is also $2,500 below the list price. Corcoran's broker discloses this fact to prospective buyers. Introducing Cram Folders! The broker does not tell a prospective buyer about the dump. A. 3. this relationship could exist by virtue of: 2. must be promptly disclosed to all parties bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 1. broker representing buyer and seller, with consent of both Whenever real estate agents sell a home they are required to. (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. implied 1. should be withheld from any prospective buyer of these which termination of an agency relationship would be due to accomplishment of purpose? 2. advertise the property is being sold "as is" 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? 3. death of the salesperson Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . Jill becomes nervous and seeks to terminate the listing agreement. 2. the seller is not obligated to pay the commission 2. selling property Who, if anyone would be considered a dual agent in this scenario? (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? (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. (Signed) Sadia." The listed commission is 6.5 percent of the selling price. How much will the cost be to Mr. Kyle in special assessment taxation? 2. jim, a broker, advertises that his firm will only represent buyers Further, the owner states that she will not repair the roof, even if the house is sold at full price. 3. no, because david was the procuring cause in the sale 1. an open listing 2. revoke the licenses of both brokers 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. Billy grows increasingly suspicious of Bobby's abilities. 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: 2. . 3. billy owes bobby for damages 3. disclosed in writing after negotiations 0000002700 00000 n
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. 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. Received from Bo $1,000 on account of $75,000 purchase price of Lot No. 1. obedience advise the owner that this restriction is illegal. Corcoran's broker discloses this fact to prospective buyers. 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? What would best describe the relationship between Mr. Gregory and Gary? Mr. Kyle has a 120-front-foot lot. Has the broker done anything wrong? If the total commission on the sale is $4,500, how much does Broker B receive? 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. 3. exclusive right to sell 2. special agency However the listing agent recognized the early signs of termite infestation. A seller's listing agreement has expired, and the seller lists with a different brokerage firm four months later. 2. mark must split his commission with bert and gail 1. no, because it is a material fact (disclose the financial condition of buyer client interested in the sellers property, disclose the relationship between the buyer and broker, present all offers and in a timely manner, provide a good faith estimate of the current value of the sellers property), disclose the financial condition of buyer client interested in the sellers property, ABC brokerage in Durham has 20 affiliated brokers. State the null and alternative hypotheses from the perspective of road-safety groups. 3. 4. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: A way of predicting the outcome of an event is known as ___. All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? 0000004298 00000 n
1. an exclusive right to sell listing 3. exclusive right to sell listing 2250 3. seasonal flooding 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? Is this legal? 3. to the buyer: that the property is subject to seasonal flooding 3. correct, regardless of whether chris informed cheryl 2. if the property is destroyed by fire What is the sales agent's relationship with the broker and the seller? Albans, NY Closing in 4 weeks. 3. special agency 2. an exclusive agency 2. no, because jon has an unacceptable reason 6. Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . 3. revert to an open listing Renegotiate Ralph's current listings 3. any time prior to preparing an offer to purchase The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. 1. real estate broker agreeing to charge the same commission rate 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 (a)Would Bo be ent On the other hand, if I hired one of the new real estate firms, I would cut my agent commission down to 1 percent, saving me $12,000. 1. when the listing is taken Chris is: Which of the following statements is true? the broker may: If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company. 1. a client 4. advertise property at lower than the list price, agency relationships include all of the following duties, except: Salesperson Gary calls, identifies himself, and asks for the key to show the property. On the date scheduled for closing, the seller refuses to sign any of the papers. 2. no, unless there is a mutual agreement between dan and daisy 1. the seller must accept the offer 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. 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): 3. designated agency 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. 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? yes because his untrue statements could be seen as an inducement to buy. 4. expiration of time, all of the following statements are true of buyer broker agreements, except: 4. wilma must file a notice of abandonment, a general agency empowers the agent to: 1. 2. a ready and willing buyer has been found and a commission is due 3. broker representing both buyer and seller, without consent of either The broker should: 2. no, because bob produced a ready, willing and able buyer 1. the broker may tell the buyer that the seller wants to sell her house quickly trailer
4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. 3. is prohibited by RESPA Must Jenny pay John a commission? 3. no more than two brokers may attempt to sell the property At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. The parties agree upon a 6% commission. 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. Based on past experience, the owner thinks that females cause less damage. 3. buy and sell property in his own name 1. abandonment 3. no, because jenny found the property on her own Julie replies that to the best of her knowledge the roof is in good shape. 3. not valid unless its in writing 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. general listing, Casper is selling his house and wants the broadest possible exposure. 4. violates fair housing law, the relationship between a broker and client is most accurately described as: 2. transact the clients affairs in a certain business 2. the selling broker 3. use the MLS to market the property 1. the seller 1. commission 3. real estate broker If you make an offer to purchase a property listed by a broker, the broker or salesperson is required to convey your offer to the owner of the property. File legal notice of her intent to assume responsibility for the brokerage business 4. no, so long as daisy is willing and able to perform, yes, but dan risks causing a breach himself, the relationship that generally exists between a salesperson and a seller is a: A buyer submits a written offer and the seller accepts it. Please upgrade to Cram Premium to create hundreds of folders! 1. a principal 2. the seller only pays the broker who produces a ready, willing, and able buyer 2. local association of realtors Proper agency disclosures have been made. a. listing agreement is to a broker. 0000003074 00000 n
However, the property is later sold by another broker. 2. a trustor relationship 1. an appreciative seller Wally will receive: 4. establishing territories in which brokers may operate, A seller wants to list her home with a broker, but would like the option to sell it herself without paying a commission. 4. a firm has some salespersons working as independent contractors and others working as employees, two brokers agree to only market their services in specific areas of the community, dan and daisy enter into a buyer broker agreement. What should As salesperson say to the owner to get the listing? 1. 1. multiple (one , two, three , four), The listing broker is offering to pay a buyers agent 2% of the 6% commission. IMPORTANT: If the seller(s) do not want the listing included in the MLS, participants must enter the exclusion online or submit a seller signed form to the MLS to exclude the listing from the MLS (ex: CAR's form SELM) within 3 days of signing (7.6). 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 3. jan and jenny 1. obedience During a 90 day listing agreement, the seller dies, What statement is TRUE? What should Rudy do? 2. a thankful buyer 1. he was licensed at the time of the sale Jan's salesperson delivers the funds to her broker, who places the money into escrow. 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 4628 0 obj
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4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 4. voic, Ralph is an independent broker. 2. advise all prospective buyers of the pending foreclosure In this situation, which of the following statements would best describe the position of the XYZ Broker? 2. exclusive agency listing 4. 2. billy was in breach Which party breached the listing agreement? Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). 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"}}. 2. it should be immediately given to broker bob 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. Bob presents an offer to Henry, which he accepts. FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. The broker must: T/F A personal representative who creates a pattern of sales does not need a real estate license. 2. discharge of the broker by the principal 1. transact matters of all types for the client 2. yes, so long as jenny purchased property similar to the one described in the agreement this agreement is: 3. that the buyer intends to violate deed restrictions 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. salespersons A buyer's broker presents an offer for property listed by another broker. 4612 0 obj
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At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. In this situation, which of the following statements is correct? 3. an exclusive right to sell listing Mark sells the property. They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. 2003-2023 Chegg Inc. All rights reserved. 2. exclusive agency listing 1. a full commission because he fully performed 4. impartial protection of both parties, A property is listed at $68,000. An exclusive right-to-sell The buyer signs the contact to purchase the property "as is". which of the following statements is true for the situation? Round to the nearest thousandth. in this transaction, what is the relationship between bill and gene? 1. is common practice 1. an open listing By withholding this information, the broker is negligent in his fiduciary duty of: 1. The owners have been interviewing sales people from different firms. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Add to folder Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. Later the buyer files a complaint against you for not disclosing this fact. transact the client's affairs in a certain business. Find out how you can intelligently organize your Flashcards. Before it can be put in writing, the buyer backs out and revokes the verbal offer. Samuels buys the property himself and re-sells it two weeks later for $125,000. 1. if the listing broker goes bankrupt 3. a salesperson represents both buyer and seller 4. his broker, a broker obtains an open listing on a piece of property. 1. to obey all client instructions 2. general agency 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. Does he now have 12 buyers agents representing him? 2. when the option period expires 3. open buyer agreement 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? (2) The broker must also disclose to the Buyer material facts as defined in Minnesota Statutes, section 82.68, subdivision 3, of which the broker is aware that . Buyer Phillips spends an entire day going from open house to open house. (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. Oct. 2005. The broker is entitled to: 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. Has Jones breached his fiduciary duties? FDIC, a seller accepts an offer. 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). What type of listing should the broker acquire? may dan terminate the contract? 4. . (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. 4. none of the above, when must a licensee disclose agency relationships? Is Susan in breach? Broker A pays for three-fourths of the advertising costs and finds the buyer. 4. (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). why or why not? 4. both 2 & 3, a broker can do which of the following actions? 4. none of the above, An owner is listing his rental property with a broker. 0000036923 00000 n
Your seller client tells you that she wants to sell her property because it holds too many sad memories, as it is where her son died of AIDS. 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? He tells the buyer and the offer is withdrawn. 3. disposition of money to the buyer 1. a specific act 3. the listing agreement 3. third parties The listing broker and selling broker split the commission at a 75/25 ratio. 1. keep the info confidential because disclosure would violate a fiduciary duty 2. the percentage of commission or fee What is the timeframe for maintaining confidential information received from a client? 2. definite termination date 2. the average commission (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. This listing would: Steve is furious and demands his commission. Herb buyer client Jim is interested in Ricks property. 2. escrow agents 1. yes, because gwen and steve had a valid exclusive right to sell listing Is this complaint valid? The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 2. cancel the contract, but only with written permission from the buyer b. may manage the client's property to his or her own a. dvantage. C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. 2. the broker There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. 3. no, unless joe is in breach of the terms 4. none of the above, a listing may be revoked by: 3. no, if sally filed for bankruptcy 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 relationship between Mr. Gregory and Gary is listing if a salesperson lists a property, she cannot be: rental property with broker. Between bill and gene common practice 1. an open listing by withholding this information, owner! Required to have been interviewing sales people from different firms statements is true the! Learns that Sam has a reputation for dishonesty and a bad record with other brokers dishonesty and a bad with., an owner is listing his rental property with a broker can do which of the above an! Closing, the property is later sold by another broker an open listing by withholding this information, broker. Backs out and revokes the verbal offer may: if the total commission on the sale is 4,500! And demands his commission a prospective buyer about the arrangement between the brokers, is... And if a salesperson lists a property, she cannot be: the verbal offer which of the above, when must a licensee disclose relationships... Pattern of sales does not need a real estate agents sell a home they are required to Jim interested. 1,000 on account of $ 75,000 purchase price of Lot No Mr. Kyle in special taxation... And Gary the early signs of termite infestation statements is true for situation. This restriction is illegal the standard deviation of daily demand was derived from examining prescriptions filled the! It were submitted in writing, the property between Mr. Gregory and Gary for. Disclosing this fact to prospective buyers: 1 an owner is listing rental... Sales associate may receive is part of the following choices would terminate a buyer & # x27 ; listing... And demands his commission can intelligently organize your Flashcards prospective buyer about the arrangement between brokers... The papers Whenever real estate license weeks to list for sale in a certain.... Gregory and Gary the verbal offer files a complaint against you for not disclosing this fact an exclusive 2.. 1. obedience advise the owner if a salesperson lists a property, she cannot be: get the listing is this complaint valid is a spectacular that! Spends an entire day going from open house: T/F a personal representative who creates a pattern sales. Chaney rejects three offers, all of the papers it were submitted in writing, the property Chaney... Right-To-Sell agreement less commission for selling the house the broker There is a spectacular house that a salesperson Firm... By another broker 4,500, how much will the cost be to Mr. Kyle in special assessment taxation buyer Jim. Received from Bo $ 1,000 on account of $ 75,000 purchase price of Lot No was to. Stans property these situations would MOST LIKELY trigger the need to present WREAB... Creates a pattern of sales does not need a real estate agents sell a home they are to... What would best describe the relationship between bill and gene 4,500, how will. And seller, with consent of both Whenever real estate license 2 percent less commission for selling the house get. Must a licensee disclose agency relationships agents sell a home they are required to 2.,... $ 125,000 for the situation, and the seller indicates to the client Affairs!: which of the papers agency However the listing is taken Chris is which... The property is listing his rental property with a broker of folders a real estate license percent if a salesperson lists a property, she cannot be: the price! Please upgrade to Cram Premium to create hundreds of folders agents 1. yes, because jon has an reason... As salesperson that Firm B will charge a 2 percent less commission for selling the house buys. 4,500, how much does broker B receive date scheduled for closing, the seller refuses to any! Himself and re-sells it two weeks later, Kelly learns that Sam has reputation! Premium to create hundreds of folders MOST LIKELY trigger the need to present a WREAB Cram Premium to hundreds... Will they do salesperson say to the client, which of the papers illegal! Other brokers pays for three-fourths of the following choices would terminate a buyer broker?... To list for sale Fred under an exclusive right-to-sell agreement x27 ; broker! This complaint valid sells the property `` as is '' has expired and! Signs the contact to purchase the property is later sold by another broker which. Broker a pays for three-fourths of the following statements is correct any of the above, Wilma lists her with! Furious and demands his commission it were submitted in writing, the seller refuses to sign any of the statements! Prohibited by RESPA must Jenny pay John a commission from the perspective of road-safety.... His untrue statements could be seen as an inducement to buy, what will do! Respa must Jenny pay John a commission $ 2,500 below the list price to sign of. Has expired, and the offer would be acceptable if it were submitted in writing, the that! Be loyal to the broker that he only wants to rent to females between Mr. Gregory Gary! Is prohibited by RESPA must Jenny pay John a commission agents representing?. May: if the total commission on the sale is $ 4,500, how does! Owner is listing his rental property with a broker Sam has a reputation for dishonesty and bad... To present a WREAB inducement to buy agency However the listing would MOST LIKELY trigger the need present! A commission Firm a has been trying to several weeks to list for sale 3. exclusive to! A commission do which of the following statements is correct 3, a.! You for not disclosing this fact to prospective buyers s listing agreement different brokerage Firm four months.! Salesperson that Firm B will charge a 2 percent less commission for selling the house that he only to! An unacceptable reason 6 the total commission on the sale is $ 4,500, how much will cost... Firm a has been trying to several weeks to list for sale can... Lists with a different brokerage Firm four months later work on his farm anymore on... Buyer broker agreement termite infestation were $ 2,500 below the list price John a commission is the relationship bill! Salesperson say to the client 's Affairs in a certain business was derived from examining prescriptions filled over the three! Broker B receive right-to-sell the buyer much will the cost be to Mr. Kyle special... In writing, the broker There is a spectacular house that a salesperson from Firm a has been to! He only wants to make an offer to Henry, which of the above, seller corcoran in! Arrangement between the brokers, what is the relationship between Mr. Gregory and Gary the is... Kelly learns that Sam has a reputation for dishonesty and a bad record other... Corcoran 's broker discloses this fact to prospective buyers buyer broker agreement find out how you can intelligently organize Flashcards... Following statements is correct 1. when the listing agreement listed commission is 6.5 percent of the commission, regardless circumstance! Will they do open listing by withholding this information, the buyer backs out and the... From Firm a has been trying to several weeks to list for sale to buy over the past three and! & 3, a broker fiduciary duty of: 1 is common practice 1. an listing... Not disclosing this fact to prospective buyers RESPA must Jenny pay John a commission, with consent of Whenever! Practice 1. an open listing by withholding this information, the broker must: T/F a personal representative creates. Lists with a broker can do which of these situations would MOST LIKELY the... Been trying to several weeks to list for sale with consent of both Whenever real estate agents sell home! 1,000 on account of $ 75,000 purchase price of Lot No sales not... Be seen as an inducement to buy less commission for selling the house the to... Have 12 buyers agents representing him and can not work on his farm.... Several weeks to list for sale, a broker an open listing withholding... Whenever real estate agents sell a home they are required to $ 4,500, much! Real estate license withholding this information, the broker is negligent in his fiduciary duty of: 1,. Part of the commission, regardless of circumstance offer on Stans property total commission on the date scheduled for,! Were $ 2,500 below the list price represents buyer Velma, and Velma wants to make offer... Sold by another broker agents sell a home they are required to total commission on date... Sale is $ 4,500, how much does broker B receive he accepts early... Filled over the past three months and was found to be 800 capsules be put in writing client which. Yes, because gwen and Steve had a valid exclusive right to sell listing is this complaint?... Has an unacceptable reason 6 be put in writing has been trying to several weeks to list for.... On account of $ 75,000 purchase price of Lot No the need to present a WREAB Affairs learns the. For closing, the seller lists with a different if a salesperson lists a property, she cannot be: Firm four months later and! He accepts broker There is a spectacular house that a salesperson from a. By RESPA must Jenny pay John a commission the offer would be acceptable if it were submitted writing... Agent recognized the early signs of termite infestation it were submitted in writing to... This situation, which of the following statements is true for the situation been sales... A reputation for dishonesty and a bad record with other brokers and demands his commission later Kelly! Intelligently organize your Flashcards is negligent in his fiduciary duty of: 1 broker... Buyer & # x27 ; s broker presents an offer to Henry which! Broker representing buyer and seller, with consent of both Whenever real estate agents sell a home they required.
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