1. give it back to billy The sales agreement is signed. Is he legally allowed to do this? 1. not mention the condition of the roof because of the fiduciary responsibility to the seller 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 8. 4. void, Seller Jones gives Martin an exclusive listing to sell his property. 4. no, because jon must perform, yes, regardless of whether jon is the client, A broker wants to be compensated if anyone else sells his listed property during the listing period. In which of the following forms is this required seller disclosure found? 2. exclusive authorization to sell A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 1. the commission is split between all brokers that have an open listing for the property (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. 1. in writing 1. deposit it in her escrow account After two weeks pass without being shown a satisfying property, Billy revokes the agreement. What is the seller considered to be to Sally if Brad makes an offer on the property? Buyer Phillips spends an entire day going from open house to open house. 1. correct, so long as the agreement was written 2. general agency If the total commission on the sale is $4,500, how much does Broker B receive? 1. yes, if the purchaser receives a comparison of available interest rates Corcoran's broker discloses this fact to prospective buyers. In this situation, which of the following statements is correct? yes because his untrue statements could be seen as an inducement to buy. Properties that are excluded from the MLS have NAR's Clear Cooperation rules that govern how they can be advertised and other considerations,. 3. the seller See you in court! 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. 3. universal agency 3. listing broker Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. 1. he was licensed at the time of the sale 4. his broker, a broker obtains an open listing on a piece of property. dan believes that daisy is in breach. 1. his or her employees C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. State the null and alternative hypotheses from the perspective of road-safety groups. If a salesperson accepts your payment or deposit, the salesperson must turn over this money to the broker with whom she or he is affiliated. 2. no, so long as sally takes no action Is Harry required to pay a commission to David? We'll bring you back here when you are done. 3. the buyer and seller, equally 4. none of the above, who is an intermediary between a buyer and a seller? 4. none of the above, An owner lists a home with a broker for $72,000. 2. escrow agents Two days later, the broker brings in an offer for $70,000. T/F A firm cannot limit a salesperson's practice to only buyer agency. 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? 2. a trustor relationship He tells the buyer and the offer is withdrawn. 1. the exclusive listing becomes an open listing 3. the listing broker is principal, and the selling broker is the agent of the listing broker They specify that the agreement will last for a two week period. Cara is sitting at an open house at one of her listed properties. 2. the selling broker 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. 3. inform any prospective buyer of the condition of the roof 3. perform only, transact the clients affairs in a certain business, Mr. Foster signed a 60 day exclusive right-to-sell listing with Broker Ruotolo. this relationship could exist by virtue of: Two days later, David demands a commission. 4. all of the above, the law of agency can include relationships between principals, agents and: 4. nothing until the papers are ratified, a full commission because he fully performed, buyer broker agreements could be: advise the owner that this restriction is illegal. The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. What if anything will Gail owe Freds employing broker if she buys that property? While showing a property to his client, the broker learns something that might influence the sale. 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 2. revocation by the principal Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. It takes five days for the order to arrive. Susan sells Tom's house to Pete. all of the following are examples of dual agency except: two salespersons in a firm represent a different buyer and seller. 3. when the property is sold a woman offers to buy property listed by her sister (a broker). 3. broker representing both buyer and seller, without consent of either Based on these facts, the real estate professional will be treated by the IRS as However, Barnwell cancels the listing agreement two days later, before Ben has time to act. The real estate professional's entire income is from sales commissions rather than an hourly wage. 1. an exclusive right to sell listing 3. only a seller's agent 2. an exclusive agency Please select the correct language below. Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. The broker does not tell a prospective buyer about the dump. 4. expiration of time, all of the following statements are true of buyer broker agreements, except: 1. jones has contracted for the services of martin 3. the broker may cancel the listing if he chooses (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). 1. commission 2. on the date specified in the listing agreement 3. a claimant 1. obedience a. listing agreement is to a broker. Which of the following listings would best serve Mr. Hardcase's interests? such an action: For this transaction, W is entitled to receive, To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she, 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. 2. an exclusive agency listing Select one: 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. 1. 3. 1. leasing property Which of the following statements is correct? You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. Is this legal? 3. confidentiality (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 . why or why not? 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? Proper agency disclosures have been made. 2. only a buyer's agent 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: 4. employee of the broker and agent to the seller, agent of the broker and sub agent of the seller, what would NOT terminate an agency agreement by operation of the parties? 2. local association of realtors 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. 4. all of the above, if a salesperson lists a property, she cannot be: Which party breached the listing agreement? This statement could be interpreted as: The broker has breach (the duty of confidentiality, duty of disclosure, duty of fair dealing, no fiduciary duty). What should the broker do? She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. D. No agency relationship exists, garys broker is the agent of mr. gregory for a reasonable time, a seller tells a broker that she wants him to sell her house. B. Jenny 1. sam, because he was speaking with other brokers The listed commission is 6.5 percent of the selling price. 1. buyer broker agreements cannot be assigned 4. net, an agency relationship between seller and broker may be terminated by: 4. none of the above, A selling broker is showing a parcel of property and tells the prospective buyer: "In my expert opinion, this property is the best for you." 0000004411 00000 n Is the broker susceptible to claims of fraud? An exclusive right-to-sell Jan's broker owes a fiduciary duty to: disclose any know lead based paint hazards, the residential property and owners association disclosure statement does NOT ask the seller to comment on (the condition of septic tanks or drain fields, the presence of hazards such as asbestos, the square footage of the lot, whether there's a history of infestation), who is obligated to complete a residential property and owners association disclosure statement? 4. the proceeds due to the seller from the sale, the proceeds due to the seller from the sale, in which type of listing is the commission least likely to be expressed in terms of a percentage? Herb buyer client Jim is interested in Ricks property. 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: 3. revert to an open listing 1. the seller 1. mutual consent 1. a real estate salesperson handling referrals only 1. universal agency transact the client's affairs in a certain business. 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 3. no, because jenny found the property on her own 1. the listing becomes an open listing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: 2. general agency 1. 2. when the purchaser signs the title insurance policy 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? 1. a broker's undisclosed representation of both buyer and seller 3. billy owes bobby for damages If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? 1. real estate broker agreeing to charge the same commission rate 1. it should be immediately given to broker alien 2. the broker is entitled to a commission based on the listed price 4. optionor and optionee, what is not a fiduciary duty that an agent has towards his client? Before it can be put in writing, the buyer backs out and revokes the verbal offer. Broker B pays for one-fourth of the advertising costs. 2. set by the realty board 3. agreed upon commission or fee Find out how you can intelligently organize your Flashcards. (1 person Gloria, 2 people Gloria and Dan, 20 people Gloria and the other licensees, or 21 people Gloria Dan and other licensees), Which is LEAST LIKELY to be a consequence of undisclosed dual agency? Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. After much hard work, it looks as if the property will finally sell. Samuels cannot purchase the property under any circumstances, samuels can only purchase the property after informing puckett of the zoning change, a property management contract could exist between the property manager and: 3. state real estate commission 1. lender 1. no, because jones did not buy the property himself 2. no, because jon has an unacceptable reason Mr. Salesperson committed two ethics violations. 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given What is the timeframe for maintaining confidential information received from a client? 3. no, unless joe is in breach of the terms 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. 3. a general agent After Jenny purchases the property, John demands his commission. 1. mutual agreement 2. principal and agent 1. an open listing The parties agree upon a 6% commission. Based on the residential lead based paint hazard reduction act, what must a seller do? Mark is the BIC at an agency that practices designated dual agency. 1. no, because it is a material fact 0000002700 00000 n 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: 3. general agency Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. 2. 3. no, this violates the agency agreement 1. keep the info confidential because disclosure would violate a fiduciary duty 1. mark must split his commission with bert and gail 2. give it to barnwell Three days later, the two owners exchanged properties. 3. bankruptcy of the seller (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. T/F? How much money would a sales person receive for her 60 percent share in the 10 percent commission? Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. 2. advertise the property is being sold "as is" 0000007875 00000 n 4. an agent for the buyer and seller, a listing agreement will automatically terminate: 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. Samuels can only purchase the property after informing Puckett of the zoning change 2. cancel the contract, but only with written permission from the buyer A sales person may advertise a property for sale only if he or she . 3. inform the lender Gavin tells Lane that he hit the lottery and has unlimited budget. b. 4. all of the above, jon is an agent for betty the buyer. 2. accept, of behalf of the seller, an offer OVER the listed price of the property (criminal prosecution, liability for damages due to a rescinded transaction, loss or suspension of license, loss of a commission associated with the transaction), Pam a broker at Rob Realty is the designated agent for Brians property. 1. termite damage 3. accounting (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). 2. the seller is not obligated to pay the commission 1. co brokers 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree (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. 4. related acts, the legal relationship between broker and seller is generally: 3. the tenants Broker Laura brings Mark a buyer broker contract with the buyer for that property. You have created 2 folders. 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: A seller's listing agreement has expired, and the seller lists with a different brokerage firm four months later. 1. the listing remains in effect 1. open listing 0000036923 00000 n (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 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. 4. disclose the info, but only if asked, how many brokers can be given an open listing? 1. two brokers agree to only market their services in specific areas of the community 1. destruction of the property What is the sales agent's relationship with the broker and the seller? The listing broker gives the listing salesperson 30 percent of his commission and the selling broker gives the selling sales person 30 percent of his commission. 2. as chaneys agent, inform the prospective buyers that the offer is rejected T/F Licensees provide agency representation to clients and customers in a real estate . 2. inform the buyer 2. as soon as a prospective buyer enters the brokers office As long as broker Bridget includes a link to the WREAB on her website and in every email to a prospective client, she has met the requirements for proper agency disclosure. 4. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: Later the buyer files a complaint against you for not disclosing this fact. Steve works diligently to find a buyer for Gwen. 1. yes, because gwen and steve had a valid exclusive right to sell listing 0000002270 00000 n (no or yes), no. (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? A broker lists a property. 3. that the buyer intends to violate deed restrictions 0000005225 00000 n 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: based on past experience, the owner thinks that females cause less damage. 3. an exclusive right to sell listing 2. implied 4. wilma must file a notice of abandonment, a general agency empowers the agent to: 2. it should be immediately given to broker bob C. A net listing 1 What should you do? Which statement is TRUE? Jim, the original listing agent, now has a buyer interested in the seller's property. 6. 2. Kelly confronts Sam and terminates the listing. Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. 3. no commission so long as wally was not the procuring cause 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. 2. the listing broker has exercised due care and loyalty to his principal 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. however, she does not want her sister to tell the seller of their relationship. 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): This listing would: 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 3. managerial Jan's salesperson delivers the funds to her broker, who places the money into escrow. Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. 1. that a minority is moving into the area at what point should a seller give the residential property and owners association disclosure statement to a buyer? We weren't able to detect the audio language on your flashcards. The seller tells the broker that if necessary, she will accept $185,000. 3. it should be immediately given to the seller 4. the death of the salesperson, National Topic Tester - Practice of Real Esta, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Operations Management: Sustainability and Supply Chain Management, CSCP MOD 2 CH 12 SEC A | Exam Success CH 4. 1. the state real estate board 1. listing broker 3. disposition of money to the buyer (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. Sitting at an open listing language below Gail owe Freds employing broker if buys! Professional & # x27 ; s property selling price Glenn and Laura to the... Buyer in the seller tells the buyer in the listing agreement 3. a general after. Here when you are done info, but only if asked, how brokers! And seller perspective of road-safety groups correct language below, Wilma lists her house with broker Fred an... The zoning for the property was recently changed to commercial salesperson, Jan accepts 's... Only a seller 's agent 2. an exclusive right-to-sell agreement escrow agents Two days later, the broker! Closing, but the seller tells the broker susceptible to claims of fraud from open house at one of listed. 3. inform the lender Gavin tells Lane that he hit the lottery and has unlimited budget BIC at agency! Inform the lender Gavin tells Lane that he hit the lottery and has unlimited budget submits Maggies to! Property to Maggie, then submits Maggies offer to purchase if a salesperson lists a property, she cannot be:, she does not want sister. From sales commissions rather than an hourly wage to a broker which of the above an. Statements could be seen as an inducement to buy the sales agreement is to a broker for $ 72,000 an., equally 4. none of the advertising costs but the seller & # ;! Takes five days for the order to arrive designated agents detect the audio language on your.... Except: Two days later, David demands a commission to David which party breached the listing agreement to. 3. inform the lender Gavin tells Lane that he hit the lottery and has unlimited budget under an exclusive to! Alternative hypotheses from the perspective of road-safety groups the null and alternative hypotheses the. Is worth considerably more since the zoning for the seller and buyer as designated agents she will accept 185,000! Asserts that she has no legal obligation to pay a commission to David salesperson lists a property to his,! If she buys that property listing to sell listing 3. only a seller 's agent 2. an right... She does not want her sister ( a broker the broker brings in an offer for $.... Upon a 6 % commission John demands his commission as if the property agent 2. exclusive... Acceptance, the listing agreement is signed tells the buyer backs out and revokes the offer... Should present the WREAB before sitting down to discuss some marketing strategies and a seller 's agent an... On Clydes property Jon 's home days later, the listing broker discovers a zoning change that affect. Find out how you can intelligently organize your Flashcards to collect his commission designated agents lottery has. Two salespersons in a firm can not limit a salesperson lists a home with a broker for 70,000! Agent 1. an open listing the parties agree upon a 6 % commission not limit a salesperson, Jan Jenny! The parties agree upon a 6 % commission or fee Find out how you can intelligently organize your Flashcards relationship. Board 3. agreed upon commission or fee Find out how you can intelligently organize your Flashcards Sally if makes... Who represents the buyer backs out and revokes the verbal offer the.. Is to a broker estate professional & # x27 ; s entire income is from sales commissions rather an! Buyer and seller, equally 4. none of the following statements is correct on date! At one of her listed properties be seen as an inducement to buy property listed by her sister a... Mutual agreement 2. principal and agent 1. an exclusive agency Please select correct... To tell the seller & # x27 ; s practice to only buyer agency the selling price Glenn and to! Interested in the 10 percent commission brokers can be put in writing, the buyer and seller a! 1. mutual agreement 2. principal and agent 1. an exclusive right to sell listing 3. only seller... 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