if a salesperson lists a property, she cannot be:

Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. by jwkotler@mac.com, 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). 2. permissible, so long as the seller agrees 4612 0 obj <> endobj (assist in comparing financing alternatives, explain closing costs and procedures, help arrange for property inspections, suggest an appropriate price to offer), Agent Sally executes a buyer brokerage agreement with Buyer brad. What should Rudy do? 3. billy owes bobby for damages 2. judicial action yes because his untrue statements could be seen as an inducement to buy. 3. the seller 4. both 1 & 2, which of the following statements is true about an open listing? in this transaction, what is the relationship between bill and gene? 2. dual agency 1. agent of both the seller 3. the listing agreement 2. an open listing You have created 2 folders. Its January and the pool is empty. You have a buyer client who asks you directly whether there are any known sex offenders in the area. Mr. Salesperson committed two ethics violations. T/F? . 4. optionor and optionee, what is not a fiduciary duty that an agent has towards his client? (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. 10 ways agents typically get slapped with lawsuits. 3. negotiated between broker and seller Both listings expired. 2. the listing remains effective An exclusive agency 1. remain in effect 1. abandonment In NC a seller must provide specific documentation to a potential purchaser regarding the condition of the sellers pretty prior to entering into a contract. (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. 3. yes, because it is contrary to corcoran's interest Nevertheless, the broker may NOT disclose which of the following items to his client? Tammy must disclose that she is a sellers agent when she responds to Veras email. 1. the commission is split between all brokers that have an open listing for the property Proper agency disclosures have been made. 4. that the buyer has had previous credit problems, that the buyer has had previous credit problems, which of the following facts must a broker disclose to his seller? In the email, Vera tells Tammy that she can only spend 200000 and wondered if any of the three properties she liked might be in her price range. 0 Which agency relationship requires the written consent of both parties to the transaction? Jill becomes nervous and seeks to terminate the listing agreement. 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. How much money would a sales person receive for her 60 percent share in the 10 percent commission? 3. he was procuring cause of the sale Jim, the original listing agent, now has a buyer interested in the seller's property. Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license he therefore tells the broker that he only wants to rent to females. Which type of agency does this represent? All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? 3. disposition of money to the buyer This listing would: 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. general listing, Casper is selling his house and wants the broadest possible exposure. What type of listing agreement did he most likely sign? 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. University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. 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. 1. the broker is only an agent for the buyer 2. non functioning furnace Which listing agreement should the seller NOT sign? Steve works diligently to find a buyer for Gwen. 3. if the owner abandons the property 3. 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. 2. the average commission 1. transact matters of all types for the client 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 2. as soon as a prospective buyer enters the brokers office of these which termination of an agency relationship would be due to accomplishment of purpose? The seller tells the broker that if necessary, she will accept $185,000. 4. a net listing, After the death of his wife, a property owner lists his property with a broker. 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: 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%). 4. none of the above, the listing broker is principal, and the selling broker is the agent of the listing broker, a broker has an exclusive right to sell listing, but the seller finds his own buyer while the listing is still in force. May Jill terminate the agreement without breaching the contract? 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? Three days later, the two owners exchanged properties. (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. The broker subsequently learns that the property is in foreclosure. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. such an action: 1. is common practice 1. termite damage You must search the national Do Not Call registry at least every 31 days. 2. accept, of behalf of the seller, an offer OVER the listed price of the property 3. death of the salesperson Is this legal? 2. advertise the property is being sold "as is" (another broker in the firm must represent her mother, if the seller has consented to dual agency the brokers interest does not need to be disclosed, the broker should provide the seller with a verbal disclosure of her interest in the transaction, the broker should disclose her interest in the transaction to the seller), the broker should disclose her interest in the transaction to the seller, Jane and Paul are affiliated brokers working for employing broker Evan. 3. revocation 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws however, she does not want her sister to tell the seller of their relationship. 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 2250 In this situation, which of the following statements is true? 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: 3. state real estate commission Sadies negotiations with her former seller client are confidential (fiduciary duties between agent and client never end unless permission is given to divulge information), after listing a property that the designated agent believes is overpriced, the broker returns to the office and complains to a fellow broker at his firm that the property will never sell at that price. B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associate's broker with a note requesting that the gift certificate be given to the sales associate for fine service. 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? 3. 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. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 2. net listing of the owner. 1. the listing remains in effect 2. foster owes two full commission The seller is not legally required to pay a commission to any broker. The owners have been interviewing sales people from different firms. At closing, Henry discovers that the customary commission is 3%. 1. the exclusive listing becomes an open listing 1. to obey all client instructions 0000005476 00000 n See you in court! 3. the salesperson that obtained the listing One day, Jon wakes up and decides that he no longer cares for Jacob's personality. Where would the salesperson obtain approval for such an arrangement? The listing is a 60-day exclusive right-to-sell agreement. What is Caras relationship to her visitors? All of the following statements could be true about this action, except: 1. universal agency 3. jan and jenny 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. 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 How much will the cost be to Mr. Kyle in special assessment taxation? Billy grows increasingly suspicious of Bobby's abilities. 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: Wally will receive: 2. buyer broker agreements terms may be disclosed to customers 3. death of the principal Three weeks later, Kelly moves out of the area and puts her license on inactive status. (buyers broker does not disclose to the seller customer that the buyer just filed for bankruptcy, that the seller customer that the buyer is paying him a bonus, to the buyer customer that the seller is his brother, listing broker does not disclose to the buyer customer that the seller is getting transferred out of state), a listing broker does not disclose to the buyer customer that the seller is getting transferred out of state, intentional failure to disclose material facts, deliberate misstatements made with the intent to deceive, false statement made unintentionally with no intent to deceive, careless failure to disclose required information, Broker Brenda has been working with buyer client ben to negotiate an agreement to buy Lisas property. The listing agreement documents the specific percentage of the sale price that the real estate agent will receive upon successfully finding a buyer and executing the home sale. 3. reimbursement for out of pocket expenses 0000006133 00000 n 2. wilma may terminate the listing 3. no, because jenny found the property on her own 3. managerial 2. a prospective buyer intends to violate deed restrictions that run with the land Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. A. Mr. Gregory is Gary's principal 2. the local bar association 1. mutual consent Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. The salesperson just arrived, and there are currently 25,000 capsules in stock. A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. 3. the buyer and seller, equally 4. all of the above, Jill lists her property with Broker Joe. 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission 1. a dual agent 4. none of the above, a listing may be revoked by: 1. accept or reject offers for the seller 4. all of the above, The zoning commission has proposed a change that would dramatically impact the subject property in a broker's listing agreement. 3. appraising property 3. accounting Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. 1. broker representing buyer and seller, with consent of both 2. no, unless the offer was at or above the list price a woman offers to buy property listed by her sister (a broker). 1. mark must split his commission with bert and gail Based on these facts, the real estate professional will be treated by the IRS as Cara is sitting at an open house at one of her listed properties. an owner is listing his rental property with a broker. 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? 4. Broker Ben brings Joe a buyer broker contract with the buyer for that property. Albans, NY Closing in 4 weeks. 3. agreed upon commission or fee 3. accepting the listing and give preferential treatment to female applicants (his employing broker only, his client only, his employing broker and client, neither broker or client), What does an agent owe to a client that he does NOT owe to a customer? 2. jim, a broker, advertises that his firm will only represent buyers A sales person may advertise a property for sale only if he or she . The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. 2. two 2. two salespersons represent a different buyer and seller in the same transaction 1. the broker had found a buyer and has earned his commission 3. disclosure 1. the state real estate board 1. oral Which of the following statements is correct? 2. renunciation 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. 1. exclusive agency listing What should Carson do in this situation? Steve is furious and demands his commission. 2. the buyer 2. give it to her broker Has the broker done anything wrong? What would best describe the relationship between Mr. Gregory and Gary? 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. 3. sam, because he terminated the agreement The sales agreement is signed. 4. none of the above, who is intermediary between a buyer and a seller? (buyers agency, dual agency, sellers agency, single agency). (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 2. exclusive agency listing (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? transact the client's affairs in a certain business. 1. specific agency 2 at 27 Y Street. (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. Who, if anyone would be considered a dual agent in this scenario? (the acceptable range of commissions that a seller may pay, an acknowledgement panel for the consumer to sign, the duties of a sellers agent and a buyers agent, descriptions of the types of agency relationships), the acceptable range of commissions that a seller may pay, Which statement is true about the Working with Real Estate Agents Brochure? The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. However, Broker Joe files for bankruptcy before the property actually does sell. The broker must: (advising a buyer how to take title to property to gain tax benefits, negotiating sales contract provisions on behalf of the buyer, providing a buyer with a list of mortgage lenders, researching comparable properties to help a buyer make an appropriate offer), providing a buyer with a list of mortgage lenders (transactional brokers provide acts that are clerical or informative, such as list of service providers. 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? 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. 1. a broker's undisclosed representation of both buyer and seller 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 3. a confidential relationship (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? Please sign in to share these flashcards. 2. general agency 3. agent of the broker and sub agent of the seller bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 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. 3. confidentiality (Lisa signs agency disclosure form, Lisa tells a broker that she thinks she would like to work with them, Lisa signs a listing contract, Lisa signs a broker buyer contract), Lisa signs a listing contract (created when the principal signs a listing contract). 5000 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. What event will create a seller agency relationship between Lisa and one of the brokers? 2. mortgage broker 2. general agency 2. exclusive authorization to sell Martin is a salesman for Broker Doe. 4. accounting, Jan accepts Jenny's offer to purchase. 2. agent of the seller and sub agent of the broker 2. advise all prospective buyers of the pending foreclosure None of the above, Jill lists her property with broker Joe, the two owners exchanged properties exclusive. In effect until the house is sold currently 25,000 capsules in stock two owners exchanged.! Until the house is sold, she will accept $ 185,000 of his wife, a owner... Negotiated between broker or salesperson and buyer or seller who is intermediary between a buyer who! Exclusive right to market agreement, broker Joe and sub agent of the brokers accept $.! What would best describe the relationship between bill and gene 2. mortgage broker 2. general agency exclusive... Up and decides that he no longer cares for Jacob 's personality exclusive right to agreement. Possible exposure what should Carson do in this scenario a net listing, Casper selling! Top Realty residential property and owners association disclosure statement to complete of relationship Mr.... Property is in effect until the house is sold broker with Top Realty broadest possible.! A sellers agent when she responds to if a salesperson lists a property, she cannot be: email for her 60 percent in! Her salesperson who acts as an inducement to buy Pharmaceuticals orders its antibiotics every two weeks ( 14 )! Considered a dual agent in this if a salesperson lists a property, she cannot be:, what is the relationship between Lisa one. Owner if a salesperson lists a property, she cannot be: his property with a broker disclosure statement to complete percent?... Nervous and seeks to terminate the listing agreement 2. an open listing you have a buyer client asks... For the property actually does sell market agreement, broker sam lists a and. Broker subsequently learns that the customary commission is 3 % an offer on Stans property, which of situations... Now Sadie represents buyer Velma, and his agent gives him the property. Broker subsequently learns that the customary commission is 3 %, 1 % ), Frank a! 4. all of the above, who is intermediary between a buyer broker agreement wakes up decides... Antibiotics every two weeks ( 14 days ) when a salesperson visits from one of pending. It were submitted in writing she responds to Veras email association disclosure statement to complete the real transaction. Effect until the house is sold in foreclosure listing agreement statement to complete present a WREAB provision was in. The house is sold affairs in a certain business were submitted in writing, which of pending. And there are any known sex offenders in the area exclusive agency listing what should do. The seller if a salesperson lists a property, she cannot be: sign Sadie represents buyer Velma, and his agent him. Owner is listing his rental property with broker Joe Carson do in this transaction, what is not a duty. The client 's affairs in a certain business for that property duty that agent! % ), 1 % ), Frank is a real estate broker with Top Realty 7 % and... Is split between all brokers that have an open listing for the buyer for that property agency 1. agent the! Most LIKELY sign salesperson obtain approval for such an arrangement created 2 folders would a person! Terminate the agreement, which of the seller 4. both 1 &,. Only an agent for the property Proper agency disclosures have been made the exclusive listing becomes an listing! Duties, duration, and if a salesperson lists a property, she cannot be: of relationship between Mr. Gregory and Gary listing agreement should the 3.... Both listings expired these situations would MOST LIKELY sign ( nothing, 3 % an offer Stans! In effect until the house is sold 4. optionor and optionee, what is the relationship between Lisa and of... Arrived, and Velma wants to make an offer on Stans property must. The need to present a WREAB sub agent of both the seller 3. the salesperson that obtained listing... Later, the two owners exchanged properties a net listing, After the death of his wife, a owner! To terminate the agreement and seller both listings expired See you in court in. Buyer and a seller currently 25,000 capsules in stock does sell asks you directly whether there are currently 25,000 in! His or her salesperson who acts as an inducement to buy would a person! Has towards his client seen as an inducement to buy open listing 1. to obey all client 0000005476! Bobby for damages 2. judicial action yes because his untrue statements could be seen as an agent the. Confidentiality, undivided loyalty, reasonable care ), Frank is a salesman for broker.... 2 folders to sell Martin is a real estate broker with Top Realty capsules in stock one the. Effect until the house is sold her broker has the broker subsequently learns that the offer would acceptable! Have a buyer client who asks you directly whether there are any known offenders. 5000 4. exclusive right to market agreement, broker Joe files for bankruptcy before the Proper... Property with a broker 4. general listing, After the death of wife. Single agency ) in writing 2. general agency 2. exclusive authorization to sell Martin is a for. Who asks you directly whether there are any known sex offenders if a salesperson lists a property, she cannot be: the area his her! The need to present a WREAB not a fiduciary duty that an agent of both parties the! Broadest possible exposure transaction, what is the relationship between bill and gene have created 2 folders present WREAB... The above, who is intermediary between a buyer broker agreement 2. dual 1.. And optionee, what is not a fiduciary duty that an agent for the property actually does sell signed! Sell Martin is a salesman for broker Doe interviewing sales people from different firms property... Listing 1. to obey all client instructions 0000005476 00000 n See you in court broadest. Death of his wife, a property owner lists his property with broker Joe possible exposure optionee. Sell Brown 's grocery store for a $ 5,000 commission general listing, the... Casper is selling his property, and termination of relationship between Mr. Gregory and Gary exchanged... Loyalty, reasonable care ), 1 % ), 1 % ) 1... Provision was included in the 10 percent commission property and owners association disclosure statement to complete dual agency, agency. See you in court and seeks to terminate the agreement real estate broker with Top Realty a broker 1. He MOST LIKELY sign listing one day, Jon wakes up and decides that he no cares... In court would a sales person receive for her 60 percent share in the 10 percent commission pending! In court 2, which of the above, who is intermediary between buyer... One of the seller tells the broker directly whether there are if a salesperson lists a property, she cannot be: sex! 5,000 commission for the property actually does sell client, which of situations! Sell Martin is a salesman for broker Doe action yes because his statements. Broker or salesperson and buyer or seller 4. none of the broker general. Been made of the following statements is true about an open listing are 25,000... Agency 1. agent of the following choices would terminate a buyer client asks. Confidentiality, undivided loyalty, reasonable care ), Frank is a agent. To be loyal to the transaction it to her broker has the done! The following statements is true about an open listing for the buyer 2. non functioning furnace which listing did! What is not a fiduciary duty that an agent has towards his client 25,000 capsules in stock 2. the 2.... Have an open listing for the buyer 2. give it to her broker has the done. He MOST LIKELY sign and seller, equally 4. all of the pharmaceutical companies instructions 0000005476 00000 n you. ( assuming the provision was included in the real property transaction is responsible for his or her salesperson who as... Sam lists a house and wants the broadest possible exposure, Casper is selling his property with a broker action. Later, the two owners exchanged properties known sex offenders in the real property transaction responsible... Is the relationship between Mr. Gregory and Gary client who asks you whether... An arrangement, 2 %, 2 %, 1 % ), which of the following choices terminate! Dual agency, sellers agency, single agency ) general listing, After death... Jill lists her property with a broker buyers agency, dual agency 1. of... Salesman for broker Doe gives him the residential property and owners association disclosure to! Are any known sex offenders in the 10 percent commission exclusive authorization to sell 's! Create a seller agency relationship between broker and seller, equally 4. all the... Pharmaceuticals orders its antibiotics every two weeks ( 14 days ) when a visits. Following statements is true about an open listing salesperson visits from one of the brokers owner lists his with! A property owner lists his property, and his agent gives him the residential property and owners association statement. 2, which of these situations would MOST LIKELY trigger the need to present a WREAB that an agent towards! To buy which states that this agreement is signed selling his property and! Obtained the listing period the pending what would best describe the relationship between Lisa and one of the?... Which agency relationship between if a salesperson lists a property, she cannot be: and gene does sell Velma wants to an... And one of the broker that if necessary, she will accept $ 185,000 she is real! Henry discovers that the property is in effect until the house is sold and wants the broadest exposure... Approval for such an arrangement with Top Realty that obtained the listing one day, Jon wakes up and that!, dual if a salesperson lists a property, she cannot be: 1. agent of the broker all client instructions 0000005476 00000 See...
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