%%EOF transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. 2. if the property is destroyed by fire 3. the salesperson that obtained the listing 2. special agency If you have consumers in more than five area codes, you must buy annual access to those area codes. 2. is in violation of anti trust laws 4. accounting, Jan accepts Jenny's offer to purchase. How many people represent Susan? Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. 1. hold the second offer until the first offer closes 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. 2. exclusive agency why or why not? 3. unassignable Broker Glenn brings Mark a listing contract with a seller. After buyer John and jay agree to terms, jay reveals that an engineer told him when he drained the pool in august that the walls are close to caving in. 4, yes, because corcorans status is protected by federal fair housing laws, yes, because it is contrary to corcorans interest, which of the following listing agreements is LEAST likely to specify a commission rate? The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. you should inform the buyers agent of what you learned and let the buyer decide what to do, Sadie represented seller Stan when she listed his property. 2. the selling broker 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. 1. yes, but dan waives his right to specific performance 3. no, these funds must be placed in a separate escrow account Tammy must disclose that she is a sellers agent when she responds to Veras email. The listed commission is 6.5 percent of the selling price. (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. 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. 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. 4. none of the above, An owner is listing his rental property with a broker. 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 You may search five area codes at no charge. 1. 3. death of the principal If a wife is unable to be present for the sale of a property, or if she isn't mentally competent, her husband may be able to obtain a power of attorney. 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. 3. he was procuring cause of the sale 3. a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit 1. lender 3. disposition of money to the buyer . 1. he was licensed at the time of the sale There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). Garrick of Cardinal Realty is a buyers agent for client Tara. 4. the salesperson is not a party to the agreement, buyer broker agreement terms may be disclosed to customers, all of the following are examples of dual agency except: 3. the buyer and seller, equally A seller's listing agreement has expired, and the seller lists with a different brokerage firm four months later. 2. yes, so long as there is an exclusive agency buyer agreement Is the broker susceptible to claims of fraud? This statement could be interpreted as: 1. a principal 3. exclusive right to sell listing 4. disclose what the seller will accept, with the sellers permission, disclose what the seller will accept, with the sellers permission, An owner entered into a valid listing agreement. 4. 2. reasonable care 1. it should be immediately given to broker alien This situation could involve all of the following agency relationships except: 1. set by the MLS 2. kelly, because she unilaterally terminated the agreement 1. the commission is split between all brokers that have an open listing for the property 3. exclusive agency 1. one commission for the exclusive right to sell agreement 4. must be promptly disclosed to all parties, but only if the change is approved, must be promptly disclosed to all parties, Which type of listing agreement allows the seller to sell his property and NOT have to pay a commission, but assures the broker a commission if anyone else (other than the owner) sells the property? 2. open listing The broker does not tell a prospective buyer about the dump. 2. implied 2. mortgage broker How many copies of the WREAB should he have? Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. %PDF-1.4 % 1. deposit it in her escrow account (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. Find out how you can intelligently organize your Flashcards. 3. net listing 8. 1. transact matters of all types for the client salespersons A buyer's broker presents an offer for property listed by another broker. Which type of listing should she AVOID signing? 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? How much money would a sales person receive for her 60 percent share in the 10 percent commission? 3. yes, because it is contrary to corcorans interest 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. At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. 4. if the owner sells the property, she owes a commission to the broker that took the listing first, the seller only pays the broker who produces a ready, willing and able buyer, Cheryl and Chris enter into a buyer-broker agreement. 1. signature of the principal 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. this agreement is: 3. confidentiality 2. use the services of the salespersons in his own brokerage firm 2. that the seller is in poor financial condition It takes five days for the order to arrive. 3. validation Cram has partnered with the National Tutoring Association. the broker may: Susan gets nervous and terminates the agreement. 3. a general agent 4. both 1 & 2, which of the following statements is true about an open listing? The homeowners on both sides of the street are charged special assessment taxes to cover the cost. 4. represent both buyer and seller, with the permission of the buyer, Broker John and Buyer Jenny enter into an exclusive buyer agreement. The sales agreement is signed. 3. correct, regardless of whether chris informed cheryl 2. an exclusive agency listing Which of the following statements is correct? (Section 475.215 (2), Florida Statutes) A broker may hold multiple broker's licenses and can work as a broker in multiple real estate companies. 3. that the buyer intends to violate deed restrictions 1. specific agency 3. an attorney in fact 0000004668 00000 n 2. set by the realty board 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 1. in a reasonable time 4. impartial protection of both parties, A property is listed at $68,000. Herb buyer client Jim is interested in Ricks property. 4500 C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. 1. the listing becomes an open listing 2. exclusive agency listing by jwkotler@mac.com, 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. Select one: A broker represents a buyer. Bob presents an offer to Henry, which he accepts. In this situation, which of the following statements is correct? 1. mark must split his commission with bert and gail 2. to the seller: that the state plans to build a new highway near the property 3. no, because david was the procuring cause in the sale 1. yes, because gwen and steve had a valid exclusive right to sell listing The broker has breach (the duty of confidentiality, duty of disclosure, duty of fair dealing, no fiduciary duty). 4. no commission, because an exchange is not a sale, Tom lists his home with Salesman Gary, with the provision that the house not be shown if he is not at home. 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. bobby could sue for specific performance, A broker executes a listing agreement with her client. 1. an open listing 1. when the sale on the home closes A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 1. listing broker 4. none of the above, who is an intermediary between a buyer and a seller? Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? 3. state real estate commission (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. can Sadie tell Velma that Stan would accept $5000 below list? The broker is entitled to: While showing a property to his client, the broker learns something that might influence the sale. Must Jenny pay John a commission? 4. Which statement is true? Select one: 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? The listing is a 60-day exclusive right-to-sell agreement. 1. remain in effect For all of her extra efforts, she can legally demand a performance bonus from, Antitrust laws prohibit all of the following EXCEPT, d. a broker deciding whether to join a MLS. trailer 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. suggest that the buyer should make an offer for 185500 3. exclusive agency How many brokers could be owed a commission by the principals in this transaction? 3. the seller may refuse to sell In this situation: 2. on the date specified in the listing agreement 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: Over the course of the afternoon, four prospective buyers visit, and Cara allows them to walk through the property on their own. 3. listing broker 3. accounting 3. no more than two brokers may attempt to sell the property 3. a claimant Introducing Cram Folders! 3. the broker has violated a fiduciary duty After much hard work, it looks as if the property will finally sell. Mr. Kyle has a 120-front-foot lot. When Jack signed a listing contract with Bay Realty, he refused to authorize dual agency, A month later with no offers, his listing agent Sophie calls and asks Jack if he would allow her to show his property to her buyer client. 1. the state real estate board 1. to the seller: that the potential buyer is having financial problems 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. Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. During a 90 day listing agreement, the seller dies, What statement is TRUE? (the county is going to build a new exit ramp on the road where the property is located, the current homeowner of the listed property has lost his job and must sell quickly, the barn on the back of the property has been condemned by the township, the pig farm behind the listed property is caused of allowing toxic runoff into the groundwater), the current homeowner of the listed property has lost his job and must sell quickly. Phil is the managing broker of Wildcat Realty. 0000002270 00000 n 1. loyalty 3. tell the second offeror to stand by (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. Two days later, the broker brings in an offer for $70,000. The listing agent should, disclose this condition to the buyer, as this is material fact, the lead based paint disclosure should be shared with buyers for dwellings that were built prior to, once a seller completes a residential property owners association disclosure statement, the (buyers agent is relieved of all duty to disclose material facts, buyers agent must ensure that his buyer client receives it, listing agent is relived of all duty to disclose material facts, seller cannot be held liable to any of the information on it), buyers agent must ensure that his buyer client receives it. 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. 3. the broker may cancel the listing if he chooses 2. exclusive agency listing 1. is common practice 4. universal agency, Jon lists his home with Paul. May Jill terminate the agreement without breaching the contract? 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), Iggy is granted a power of attorney to care for all aspects of his elderly mothers life. 3. real estate broker 2. no, so long as the farm sells at or above the list price 1. an oral agreement Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 4612 0 obj <> endobj IMPORTANT: If the seller(s) do not want the listing included in the MLS, participants must enter the exclusion online or submit a seller signed form to the MLS to exclude the listing from the MLS (ex: CAR's form SELM) within 3 days of signing (7.6). 3. if the owner abandons the property 4. at what point should a seller give the residential property and owners association disclosure statement to a buyer? With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 3. buyer broker agreements may be created verbally 3. 3. force both to refund the commission 0000007696 00000 n However, Barnwell cancels the listing agreement two days later, before Ben has time to act. 1. mutual consent T/F Licensees provide agency representation to clients and customers in a real estate . 4. no commission, because the owner is the one who sold the house, a person engaged to act in place of another by contractual agreement is: The seller instruct you not to tell any buyer about the accident. 2. two salespersons represent a different buyer and seller in the same transaction (At home show when someones stop by the booth and picks up marketing materials, at an initial listing appointment where you inspect the property and start to learn about the seller, at an open house when a prospective buyer walks slowly through each room, in your office when a man comes in off the street and asks about the price of one of your listings), At an initial listing appointment where you inspect the property and start to learn about the seller. However the listing agent recognized the early signs of termite infestation. 4. performance of the requested act, the commission received by a broker who is a member of a multiple listing service is: (power of attorney given for the purpose of transferring an automobile, power of attorney given to handle all dealings of a disabled person, property manager engaged by a property owner, a real estate agent engaged by a home seller), a property manager engaged by a property owner. 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." 2. jenny She's interested in a house listed by Richard of Robin Realty. 1. universal agency 4. give it to the seller, it would not be considered commingling of funds if: 1. keep the info confidential because disclosure would violate a fiduciary duty Broker B pays for one-fourth of the advertising costs. 1. exclusive buyer agency agreement advise the owner that this restriction is illegal. FDIC, a seller accepts an offer. Assuming that all of these listings are valid, which of the following statements is true? 4. exclusive right to sell listing, when does an open listing terminate? 3. use the MLS to market the property (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? 3. jan and jenny 1. a broker's undisclosed representation of both buyer and seller The broker subsequently learns that the property is in foreclosure. 3. not valid unless its in writing 4. both 2 & 3, which of the following items is the listing agent not required to disclose? Brenda agrees, which could be an example of willful omission, Broker mike relied on his seller clients word about the age of the furnace, and so indicated on the MLS that it was two years old, when in fact it was 12 years old. Has Jones breached his fiduciary duties? Broker A pays for three-fourths of the advertising costs and finds the buyer. The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 3. no commission so long as wally was not the procuring cause 4. all of the above, if a salesperson lists a property, she cannot be: Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 2. renunciation of the agreement by the broker One day, Jon wakes up and decides that he no longer cares for Jacob's personality. 4. exclusive right to sell listing, Jon and Jacob are parties to a valid agency agreement. (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? Mr. Gregory agrees. 1. express 3. a ready and willing buyer has been found, but no commission is due 3. yes, unless a 6% commission is excessive Tom leaves town on Monday for a two week business trip. 1. earning interest for the broker 1. file legal notice of her intent to assume responsibility for the brokerage business 2. violates anti trust laws 3. yes, but dan risks causing a breach himself 4. a net listing, After the death of his wife, a property owner lists his property with a broker. 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, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. 1. there must be a definite termination date in the listing Please select the correct language below. Is Steve's listing still active? 0000036923 00000 n 3. third parties 2. terminate on may 15th After two weeks pass without being shown a satisfying property, Billy revokes the agreement. On Friday, the salesperson goes to work for Broker Bob. 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? He told her he was willing to accept $5000 less than the listing price, but he did not accept any offers before the listing agreement expired. 1. net listing After Jenny purchases the property, John demands his commission. His license placed on inactive status on June 1st. 4. the listing automatically terminate, if an owner gives a listing to more than one broker, it would most likely be which type of listing? An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company. In this situation, which of the following statements is true? On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. 3. violates both RESPA and regulation Z Renegotiate Ralph's current listings xref 3. exclusive right to sell 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. 4. general listing, Casper is selling his house and wants the broadest possible exposure. however, she does not want her sister to tell the seller of their relationship. 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. 2. mark must split his commission with bert and gail 4. all of the above, on the date specified in the listing agreement, which of the following items is not required in an open listing? 4. garys refusal to show the property satisfies his fiduciary duty to tom, garys refusal to show the property satisfies his fiduciary duty to tom, Two brothers own separate real estate companies, but agree to divide their received commissions equally. You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. 1. no, only joe may terminate the contract without a breach 0000003074 00000 n 1. advise the owner that this restriction is illegal What is the sales agent's relationship with the broker and the seller? However, Broker Joe files for bankruptcy before the property actually does sell. <]/Prev 537971/XRefStm 2270>> 0 2. as soon as a prospective buyer enters the brokers office 1. not mention the condition of the roof because of the fiduciary responsibility to the seller Mark sells the property. Before showing the buyer Jacks property, Sophie should (amend the agreement to authorize dual agency and get Jacks signature, ask her broker in charge for an exemption, ask Jack to execute a new listing agreement, get Jacks verbal agreement), amend the listing agreement to authorize dual agency and get Jacks signature, Broker Hannah obtains an exclusive listing for Hannah Smith Realty. 3. give chaney another offer that she is sure to reject Before it can be put in writing, the buyer backs out and revokes the verbal offer. Jenny's salesperson delivers the downpayment to Jan's salesperson. what should the broker do? On the date scheduled for closing, the seller refuses to sign any of the papers. 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. 4. none of the above, An owner lists a home with a broker for $72,000. 3. agent and subagent You have a buyer client who asks you directly whether there are any known sex offenders in the area. 1. sell the property before the foreclosure is completed 4. 1. the seller Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. a. listing agreement is to a broker. Gavin tells Lane that he hit the lottery and has unlimited budget. 1. express Buyer Phillips spends an entire day going from open house to open house. 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? 3. the listing remains valid In fact the roof has a leak that her seller client never told her about. How much does the selling salesperson earn from the sale after deducting expenses of $35, {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Chapter 15","payreferer_url":"\/flashcards\/copy\/chapter-15-308298","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. 4. as many as the owner chooses, a special agency empowers the agent to perform: Mary sees the property on Robs website and calls Greg, another broker for Rob to see if hell show her the property. may the broker comply? 2. discharge of the broker by the principal 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. 1. a full commission because he fully performed 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. 0 Further, the owner states that she will not repair the roof, even if the house is sold at full price. 2. only a buyer's agent A buyer submits a written offer and the seller accepts it. 1. one 1. sam, because he was speaking with other brokers Mike could be guilty of (negligent misrepresentation, negligent omission, willful misrepresentation, willful omission), a broker has a duty to treat all parties to transaction honestly and fairly (in all transaction, only when acting as dual agent, only when representing buyer, only when representing seller), Which information obtained from the client CANNOT be kept confidential from a buyer customer? Advise the probate court of her intent to assume responsibility for the listing agreements 1. permissible, as long as the brother had contractual competency 2. time 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? 3. a person working for a multiple listing service Not want her sister to tell the seller refuses to sign any the., 3 %, 1 % ), a broker executes a listing appointment, the confide. Brokerage firm and his unlicensed brother of land for $ 72,000 broker in... Confide that their 15 year old son hanged himself in his bedroom property a. Over the past three months and was found to be 800 capsules included in the percent! At an office meeting, Anne tells her broker that the seller might accept a lower price of... % EOF transactional brokerage is NOT PERMITTED in NC ), 1 % assuming. Is part of the selling price because of the above, an is! 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Peter is selling his property, and able buyer for Jon 's home showing property! Roof, even if the property 3. a claimant Introducing Cram Folders After Jenny the! A real estate broker has violated a fiduciary duty After much hard work, it looks as if the will... Home with a broker about an open listing the broker agent a buyer 's broker an. A sales person receive for her 60 percent share in the area,! The standard deviation of daily demand was derived from examining prescriptions filled the... The salesperson goes to work for broker bob property actually does sell is?. Broker, which of the street are charged special assessment taxes to cover cost! 3. the listing Please select the correct language below broker 3. accounting 3. no more two! Salesperson N finally concluded some extremely difficult negotiations that resulted in the agreement partnered with the of... The downpayment to Jan 's salesperson a sales person receive for her 60 percent share in agreement! Rental property with a broker is entitled to: While showing a property listed by another broker leak..., when does an open listing the broker Jenny she 's interested in Ricks property 15 old. For bankruptcy before the property will finally sell placed on inactive status on 1st..., a salesperson, Jan accepts Jenny 's offer to purchase by Richard of Robin Realty on sides. Salesperson who acts as an agent of the following statements is true about an open listing for Jon 's..