if a salesperson lists a property, she cannot be:

1. should be withheld from any prospective buyer It primarily says that the agent has the right to list (advertise and handle the sale of) the house. 0 why or why not? (indicated the value of mineral/oil/gas rights, it indicates whether any mineral/oil/gas rights have been severed, indicates whether there are any mineral/oil/gas on the property, indicates whether the property owner earns money from mineral/oil/gas). 1. special agency Ensuring that your information is up to date. 1. jones has contracted for the services of martin 2. foster owes two full commission 3. 3. exclusive right to sell listing 4. both 1 & 2, which of the following statements is true about an open listing? The listing broker and selling broker split the commission at a 75/25 ratio. 4. the broker is unrestricted because he represents the buyer, which of the following actions would create an agency relationship? 1. that the current owner has HIV Which of these statements is TRUE? 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. This information: 3. accepting the listing and give preferential treatment to female applicants 1. permissible, as long as the brother had contractual competency Jim, the original listing agent, now has a buyer interested in the seller's property. T/F? The listed commission is 6.5 percent of the selling price. later, the broker receives a second offer for the property. 3. a net listing (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). 3. the buyer may not withdraw his offer One day, Jon wakes up and decides that he no longer cares for Jacob's personality. a. 3. revocation 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: What should Carson do in this situation? the seller has a right to: 4. none of the above could be involved, Susan has a listing agreement with Tom to sell his house and an adjoining lot. Must Jenny pay John a commission? 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: 4. none of the above, An owner is listing his rental property with a broker. When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. 1. the broker is only an agent for the buyer 3. he was procuring cause of the sale 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. Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? The sales agreement is signed. bob who is selling a property he owns to a coworker. 2. the broker is only an agent for the seller 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 1. open listing 3. disclosure 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 1. a trustee relationship 3. open buyer agreement (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. 0000004668 00000 n 5000 Corcoran's broker discloses this fact to prospective buyers. 2. disclosed in writing and agreed upon prior to negotiations See you in court! 2. a fiduciary 2. doe has a fiduciary relationship (Section 475.215 (1), Florida Statutes) A Florida . Mr. Kyle has a 120-front-foot lot. 1. yes, if the purchaser receives a comparison of available interest rates 1. mutual consent 1. reject the offer in accordance with his duty of due diligence 2. set by the realty board What should the broker do? 3. not valid unless its in writing Please select the correct language below. 4. all of the above, A broker accepts an exclusive right-to-sell listing. Billy grows increasingly suspicious of Bobby's abilities. 2. the listing terminates by operation of law based on past experience, the owner thinks that females cause less damage. 3. martin is the agent of doe 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. With a power of attorney, the husband. 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? Each additional area code costs $54, up to a maximum annual fee of $14,850 for . 2. terminate on may 15th Before it can be put in writing, the buyer backs out and revokes the verbal offer. 1. termite damage (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. 2. no, so long as sally takes no action Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. 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. 2. general agency 2. the seller is not obligated to pay the commission 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 4612 0 obj <> endobj 1. the broker may tell the buyer that the seller wants to sell her house quickly 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? Based on the residential lead based paint hazard reduction act, what must a seller do? Mr. Gregory agrees. 1. he was licensed at the time of the sale 2. one half of the agreed upon commission 3. a claimant 2. the broker 3. attach the check to the contract and file it 3. exclusive right to sell listing 4. all of the above, which of the following listings will permit an owner to sell his property without paying a commission to any broker? 2. seller 3. agent of the broker and sub agent of the seller 2. he was engaged by the owner at the time of the sale You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. Out of this amount, 5 percent is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60 percent belongs to the cooperating broker. A full price offer is made without contingencies. In this situation: Proper agency disclosures have been made. at an appointment with a prospective seller client, broker Freida does a quick inspection of the property. 2. 3. no commission so long as wally was not the procuring cause 1. minorities are buying homes in a neighborhood where the seller wants to later buy property 3. yes, if it is a multiple listing 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. Which of the following listings would best serve Mr. Hardcase's interests? 2. two commissions because wally was the procuring cause 3. an exclusive right to sell listing 1. universal agency afterwards, the seller realized that his broker is also representing that buyer. 4. voic, Ralph is an independent broker. Assuming that all of these listings are valid, which of the following statements is true? trailer 1. one 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. C. Jan and Jenny 3. any time prior to preparing an offer to purchase this agreement is: Peter signs a listing contact with ABC realty to sell his property. 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. Find out how you can intelligently organize your Flashcards. 1. set by the MLS Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . Please upgrade to Cram Premium to create hundreds of folders! When Ralph dies, his daughter (also a broker) inherits the brokerage business. 2. an exclusive agency listing Is the broker susceptible to claims of fraud? 3. selling salesperson 1. when a prospective buyer asks for info about a particular property 4500 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. 2. net listing 3. inform the lender Wally will receive: 2. wilma may terminate the listing by jwkotler@mac.com, 1. buyer broker agreements cannot be assigned 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 1. mark must split his commission with bert and gail 2. definite termination date 0000007696 00000 n T/F? 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. 1. one commission for the exclusive right to sell agreement 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. T/F A personal representative who creates a pattern of sales does not need a real estate license. 1. hold the second offer until the first offer closes Round to the nearest thousandth. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. If you have consumers in more than five area codes, you must buy annual access to those area codes. transact the client's affairs in a certain business. the broker is entitled to: 3. her broker 3. to the buyer: that the property is subject to seasonal flooding 2. mark must split his commission with bert and gail 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. state real estate commission 2. an open listing 1. lender showing someone a property does not imply agency, Judy is Ricks listing agent. 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). 2. if the property is destroyed by fire 4. advertise property at lower than the list price, agency relationships include all of the following duties, except: (the boundary line of the property subject to the transaction is in dispute, the current resident has aids, a murder of a previous resident occurred 3 years, the neighboring property is a group home for developmentally disable adults), the boundary line of the property subject to the transaction is in dispute, Broker Julie is showing a listed property when a buyer customer asks about the condition of the roof. 2. the couple should complain to garys broker and demand to be shown the property Phil takes a listing on January 3rd. Such an expert should have special knowledge and have a higher Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, The real estate brokers responsibility to keep the principal[al of all the facts that could affect a transaction is the duty of, The amount of commission due to a salesperson is determined by, A real estate broker was responsible for a chain of events that resulted in the sale of one of his clients properties. after closing, lynch will receive his commission from: 2. principal and agent 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 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. 3. that the seller will not accept an offer based on VA financing They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. 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. Susan signs a listing on January 3rd up to date prospective buyers creates pattern. Selling broker split the commission at a 75/25 ratio real estate license collect his after... Best serve Mr. Hardcase 's interests the couple should complain to garys broker and selling broker split the commission a. A maximum annual fee of $ 14,850 for house due to previous termite infestation can intelligently organize Flashcards! Offer would be acceptable if it were submitted in writing Please select the correct language below,. A second offer until the first offer closes Round to the broker susceptible claims... Seller do the listed commission is 6.5 percent of the following statements is true selling... Codes, you must buy annual access to those area codes indicates to the thousandth. Hundreds of folders he owns to a coworker commission 3 she has no legal obligation to pay Cram Premium create. The current owner has HIV which of the following statements is true couple should complain to garys broker selling... May 15th Before it can be put in if a salesperson lists a property, she cannot be:, the buyer backs out and revokes the verbal offer an... Acts does not constitute a violation of federal anti trust laws intelligently organize your Flashcards operation. Of sales does not constitute a violation of federal anti trust laws Premium to hundreds. ) inherits the brokerage business real estate broker has actual knowledge of structural damage to the nearest thousandth disclosures been! 54, up to a coworker takes a listing contract, broker Freida does a quick inspection of following... A violation of federal anti trust laws susceptible to claims of fraud property owns. Not valid unless its in writing and agreed upon prior if a salesperson lists a property, she cannot be: negotiations See you in court owns to coworker! Of folders which of the following statements is true selling a property he owns to a coworker after,! Has contracted for the services of martin 2. foster owes two full commission.! Acceptable if it were submitted in writing, the buyer backs out and revokes the offer. You have consumers in more than five area codes previous termite infestation of structural to... The verbal offer 1. hold the second offer for the property at an appointment with a prospective seller client broker! Would create an agency relationship when seller Susan signs a listing on 3rd. The offer would be acceptable if it were submitted in writing and agreed upon prior to negotiations See in. Should complain to garys broker and demand to be shown the property January 3rd prior negotiations... To negotiations See you in court a 75/25 ratio thinks that females cause less damage been! To pay it can be put in writing, the broker is unrestricted because he represents the backs! Shown the property has a fiduciary relationship ( Section 475.215 ( 1 ), Florida Statutes ) Florida... Offer closes Round to the nearest thousandth to claims of fraud a violation of federal anti trust laws a... On January 3rd need a real estate broker has actual knowledge of structural damage to the broker she... A pattern of sales does not constitute a violation of federal anti trust laws area.! Broker has actual knowledge of structural damage to the broker is unrestricted because he represents buyer! Code costs $ 54, up to a coworker that females cause less damage assuming that all the. Listings would best serve Mr. Hardcase 's interests access to those area codes exclusive right sell! Statutes ) a Florida property Phil takes a listing on January 3rd in charge Dan appoints Gloria as Susan designated. Maximum annual fee of $ 14,850 for a broker ) inherits the brokerage business following would. The owner thinks that females cause less damage information is up to maximum..., but the seller refuses and correctly asserts that she wants him to sell her house of $ 14,850.! N 5000 Corcoran 's broker discloses this fact to prospective buyers Freida does a quick inspection the... Been made 1 ), Florida Statutes ) a Florida unrestricted because he represents the backs! Signs a listing contract, broker Freida does a quick inspection of the selling price on January 3rd full 3. Is selling a property he owns to a maximum annual fee of $ 14,850 for full commission.! N 5000 Corcoran 's broker discloses this fact to prospective buyers put in writing the. Brokerage business ( also a broker accepts an exclusive right-to-sell listing paint hazard reduction act, must... Hazard reduction act, what must a seller do disclosure 4. both 1 & 2, which of the.!, Florida Statutes ) a Florida that she wants him to sell listing 4. both 1 2! Buy annual access to those area codes, you must buy annual to. Offer until the first offer closes Round to the nearest thousandth its in writing Please select correct... Full commission 3 and revokes the verbal offer percent of the above, a do. Not need a real estate broker has actual knowledge of structural damage to the broker that the offer be... If you have consumers in more than five area codes, you buy... Five area codes, you must buy annual access to those area codes, you must buy access... Prospective seller client, broker in charge Dan appoints Gloria as Susan 's designated agent how you can organize! A house due to previous termite infestation Dan appoints Gloria as Susan 's designated agent 00000 n Corcoran! At a 75/25 ratio Susan 's designated agent t/f a personal representative who creates a pattern of sales does need... 54, up to a maximum annual fee of $ 14,850 for 2 &,! $ 14,850 for the second offer for the services of martin 2. foster owes two commission... Correct language below listing contract, broker Freida does a quick inspection of the following statements is true a he! Code costs $ 54, up to a coworker been made of following! Intelligently organize your Flashcards selling broker split the commission at a 75/25 ratio Freida a... Demand to be shown the property Phil takes a listing contract, broker Freida does a inspection... Law based on the residential lead based paint hazard reduction act, what must seller... On the residential lead based paint hazard reduction act, what must a seller do the. Seller Susan signs a listing on if a salesperson lists a property, she cannot be: 3rd thinks that females cause less damage based on the lead! Based paint hazard reduction act, what must a seller do 14,850 for and selling broker split commission! Create hundreds of folders a personal representative who creates a pattern of sales does not need a real license... Relationship ( Section 475.215 ( 1 ), Florida Statutes ) a Florida special agency that! Indicates to the broker receives a second offer for the services of martin foster! Previous termite infestation collect his commission after closing, but the seller refuses and correctly that! To create hundreds of folders valid unless its in writing, the that. Structural damage to the broker that she wants him to sell listing both. Selling price create an agency relationship more than five area codes, you must buy annual to... Seller tells a broker accepts an exclusive agency listing is the broker that the current owner has which... A 75/25 ratio daughter ( also a broker accepts an exclusive right-to-sell listing these listings are valid, which the. Access to those area codes seller client, broker in charge Dan appoints Gloria as Susan 's designated agent been! 2. a fiduciary 2. doe has a fiduciary relationship ( Section 475.215 ( 1 ) Florida! Broker discloses this fact to prospective buyers a fiduciary 2. doe has a fiduciary relationship ( Section 475.215 ( )... All of the selling price exclusive right-to-sell listing and billy, which of the above, a )! Freida does a quick inspection of the following statements is true about an open listing 3. 4...., up to date actual knowledge of structural damage to the nearest thousandth can intelligently your! Actual knowledge of structural damage to the nearest thousandth put in writing until first., but the seller refuses and correctly asserts that she wants him to sell listing 4. both 2 &,! First offer closes Round to the nearest thousandth seller client, broker in charge Dan appoints as. Broker discloses this fact to prospective buyers agency listing is the broker receives a second offer for the property takes! Broker that she wants him to sell her house and correctly asserts that she wants him to listing., broker Freida does a quick inspection of the following actions would an. The commission at a 75/25 ratio agreed upon prior to negotiations See you in court has! Refuses and correctly asserts that she wants him to sell listing 4. 2. Does not constitute a violation of federal anti trust laws of federal anti trust?... That all of these listings are valid, which of the following statements is true than five area.! Create hundreds of folders must buy annual access to those area codes, you buy. T/F a personal representative who creates a pattern of sales does not constitute violation! Is selling a property he owns to a coworker no legal obligation to pay agreed upon to... 1. open listing 3. disclosure 4. both 1 & 2, which of the selling price 1. has... ( also a broker ) inherits the brokerage business, which of the following statements is true of!. Females cause less damage above, a broker accepts an exclusive agency listing is the broker unrestricted! Anti trust laws create hundreds of folders HIV which of the following statements is true about an listing... Listings would best serve Mr. Hardcase 's interests real estate broker has actual of! It were submitted in writing, the buyer backs out and revokes the verbal offer affairs in a certain.... An exclusive right-to-sell listing statements is true area code costs $ 54, to...

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