3. However, the property is later sold by another broker. . Advise the probate court of her intent to assume responsibility for the listing agreements Select one: 2. agent of the seller and sub agent of the broker 1. yes, if the purchaser receives a comparison of available interest rates 4. universal agency, Jon lists his home with Paul. Bob presents an offer to Henry, which he accepts. The real estate professional's entire income is from sales commissions rather than an hourly wage. 2. an exclusive right to sell . 3. real estate broker 3. a special listing 1. reject the offer in accordance with his duty of due diligence After two weeks of focused searching, Steve finally finds a buyer to make an offer. The sales agreement is signed. 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? 3. confidentiality Who, if anyone would be considered a dual agent in this scenario? (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. What type of listing agreement did the seller have? Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. With whom can Lane share this information? 3. three 3. there is an agency relationship He walks away with a dozen brochures. This may be unethical, but Puckett got the asking price and therefore suffered no loss 3. exclusive right to sell listing advise the owner that this restriction is illegal. 2. the couple should complain to garys broker and demand to be shown the property 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: 2. the cooperating broker could be a subagent to the seller however, she does not want her sister to tell the seller of their relationship. (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 3. no, unless joe is in breach of the terms 3. death of the principal the broker may: A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. 1. open listing C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. (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? He quickly receives an offer and earnest money check from Billy. 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. 2. that the seller is in poor financial condition 3. that the seller will not accept an offer based on VA financing What should the broker do? However, Broker Joe files for bankruptcy before the property actually does sell. This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. b. may manage the client's property to his or her own a. dvantage. Chris is: 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. The seller tells the broker that if necessary, she will accept $185,000. 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). After Jenny purchases the property, John demands his commission. On the date scheduled for closing, the seller refuses to sign any of the papers. 3. a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit 1. the broker had found a buyer and has earned his commission 1. the seller 1. yes, as long as she sees the property within the next business day 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. 2. general agency 3. no, because gerry sold the house 2. buyer broker agreements terms may be disclosed to customers 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. 2. exclusive authorization to sell He listed with a different brokerage firm. 3. revert to an open listing 4. all of the above, jon is an agent for betty the buyer. 2. unilateral rescission 4. all of the above, if a salesperson lists a property, she cannot be: 1. subagency 2. jenny When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. 4628 0 obj
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2. accept, of behalf of the seller, an offer OVER the listed price of the property 3. validation In this situation, which of the following statements is true? 3. disclosed in writing after negotiations 4500 4. exclusive right to sell, Phil is a salesman working for Broker Joan. 3. an exclusive agency listing 4. all of the above, the law of agency can include relationships between principals, agents and: 2. the percentage of commission or fee Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. 4. no, because bob violated a fiduciary duty, no, because bob produced a ready, willing, and able buyer, Broker Carson lists a home belonging to Brandon. 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. all of the following persons may act as escrow agents except: A buyer's broker presents an offer for property listed by another broker. 3. deposit earnest money in her escrow account During the agreement period, the seller sells the property himself. He maintains her finances, signs any legal papers, hires caregivers, and if mom is unwell, Iggy takes her to the doctor even if she does not want to go. Two days later, David demands a commission. 1. no, because it is a material fact 3. the broker may tell the buyer about the mold problem in the bathroom 2. renunciation 1. an appreciative seller 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. At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. 3. the seller may refuse to sell There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). 3. an expiration date Please upgrade to Cram Premium to create hundreds of folders! The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. 4. violates fair housing law, the relationship between a broker and client is most accurately described as: 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: 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. 2. two salespersons represent a different buyer and seller in the same transaction 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 1. a real estate salesperson handling referrals only 3. jan and jenny can Sadie tell Velma that Stan would accept $5000 below list? They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. 2. revocation by the principal Herb buyer client Jim is interested in Ricks property. 2. the property owner 1. a trustee relationship 3. death of the salesperson 1. suspend the licenses of both brokers 3. condemnation of the property 2. incorrect, because the agreement is valid for a reasonable amount of time Which listing agreement should the seller NOT sign? A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. trailer
1. yes, because the agreement was in force when harry bought the property 1. if the selling agent changes brokers 1. a special agent 2. selling broker B. Gary is Mr. Gregory's agent Broker Ellie takes a listing for jays large home with a big yard and unground pool. 3. a salesperson represents both buyer and seller 3. listing broker 4500 Peter signs a listing contact with ABC realty to sell his property. 3. casper owes 3 commissions based on past experience, the owner thinks that females cause less damage. 1. 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. 3. the listing is voidable by murphy 1. a dual agent In this situation, which of the following statements would best describe the position of the XYZ Broker? 4. to the buyer: that the seller is going through a divorce, to the buyer: that the seller is going through the divorce, A salesperson wishes to charge a reduced commission to her sister. Susan sells Tom's house to Pete. What should you do? Is he legally allowed to do this? 1. agent of both the seller 1. jan 1. the seller must accept the offer Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. 3. an attorney in fact Is the broker susceptible to claims of fraud? 2. jim, a broker, advertises that his firm will only represent buyers may dan terminate the contract? Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. 2. yes, if the buyer pays a fee to the brokerage firm Both listings expired. State the null and alternative hypotheses from the perspective of the motorist groups. 3. exclusive right to sell listing 3. buyer broker agreements may be created verbally 3. negotiated between broker and seller Samuels buys the property himself and re-sells it two weeks later for $125,000. 1. universal agency 4. both 2 & 3, a broker can do which of the following actions? Broker E tells the landowner that she can sell the lots. You may search five area codes at no charge. What is the sales agent's relationship with the broker and the seller? 1. lender 2. advertise the property is being sold "as is" He falls in love with the property and makes the purchase without David's assistance. After two weeks pass without being shown a satisfying property, Billy revokes the agreement. 4. when the licensee has substantive discussions about specific property, when the licensee has substantive discussions about specific property, the listing broker discovers that a property's value has been adversely affected by proposed construction of a new plant. 4. 4. none of the above, who is intermediary between a buyer and a seller? A broker lists a property for sale at $100,000 with a 5 percent commission, and he . (the broker abandons the seller before the listing period ends, the broker does not find a buyer before the listing period ends, the listing broker sells the property, the seller fires his agent before the listing period ends), Of these which of the following is the best example of General Agent? 1. open listing 4. buy the property quickly, sell the property before the foreclosure is completed, in a real estate transaction, which of the following facts must an agent disclose to his principal? 2. to use care in completing form contracts 1. jones has contracted for the services of martin 4. nothing, the relationship most likely to exist between a licensee and the seller is a: 4612 0 obj
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4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. 0000000016 00000 n
2. an agent 1. co brokers 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. Select one: 4. optionor and optionee, what is not a fiduciary duty that an agent has towards his client? (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. Round to the nearest thousandth. 2. loyalty 2. real estate brokers agreeing to not cooperate with a certain firm 1. universal agency 3. if the owner abandons the property What type of listing agreement did he most likely sign? 4. yes, but only because the info is material, yes, but only because the info is material, what should a salesperson do with the earnest money she receives from a buyer? For $ 200 per front foot 3. listing broker 4500 peter signs a listing contact with Realty... Jenny 's offer to purchase casper owes 3 commissions based on past experience, the property himself agent has his. 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