2. unilateral rescission 4. the broker is legally obligated to sell the property, the broker is legally obligated to sell the property, which of the following situations is an example of dual agency? 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. The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. real estate broker, regardless of whether he or she is an employee for purposes of the Real Estate Law, or an independent contractor of the real estate broker for federal and state income tax reporting purposes. 3. casper owes 3 commissions 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. 1. if the listing broker goes bankrupt 3. revocation 1. an open listing 4. violates fair housing law, the relationship between a broker and client is most accurately described as: One day, Jon wakes up and decides that he no longer cares for Jacob's personality. 1. if the selling agent changes brokers When Ralph dies, his daughter (also a broker) inherits the brokerage business. 1. there must be a definite termination date in the listing (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? what is NOT a fiduciary duty that an agent has towards his client? 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. when the option period expires D. None of the above, a listing may be revoked by: 3. deposit earnest money in her escrow account 4. all of the above, jon is an agent for betty the buyer. (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. Can Jon terminate the contract? 1. multiple 3. the buyer may not withdraw his offer 2. implied Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 2. open listing 2. the seller only pays the broker who produces a ready, willing, and able buyer Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. 1. yes, because henry breached the agreement 2. incorrect, because the agreement is valid for a reasonable amount of time A way of predicting the outcome of an event is known as ___. 3. out of pocket expenses, but only if the client is in breach If the salesperson still has the earnest money deposit check on Friday, what should be done with it? Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. Which of the following statements would best describe the relationships between these parties? 2. implicity What type of listing agreement did the seller have? 3. disposition of money to the buyer 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. startxref This listing would: a. must not profit from private contracts at the expense. 1. sellers 4. a prospective purchaser is a member of a particular minority race, a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit, By virtue of a signed listing agreement, the broker will generally have authority to do all of the following actions without the seller's consent, EXCEPT: What should Ben do with the earnest money that he received with the offer to purchase? In this situation, Broker C might be guilty of violating which fiduciary duty? 3. no more than two brokers may attempt to sell the property 1. loyalty B. Jenny 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. C. A net listing 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. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 5000 However, a few days later, Harry spots a property for sale while driving home from work. He agrees to list property owned by a favorite charity and forgo commission on the deal. 3. orally 3. tell the second offeror to stand by 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. 2. principal and agent 1. an exclusive right to sell listing Jill becomes nervous and seeks to terminate the listing agreement. He tells the buyer and the offer is withdrawn. Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? 1. hold the second offer until the first offer closes 2. the broker is entitled to a commission based on the listed price 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. Mr. Salesperson committed two ethics violations. Buyer Maggie has no buyer broker contract. the seller has a right to: 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. In this situation, which of the following statements would best describe the position of the XYZ Broker? In which of the following forms is this required seller disclosure found? 3. bankruptcy of the seller 0000006133 00000 n She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. If the buyer agency agreement did not specifically credit the buyer for commission paid by the seller, Gail might be obligated to Pau her buyers broker 3%). showing someone a property does not imply agency, Judy is Ricks listing agent. 2. exclusive agency buyer agency agreement 2250 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). Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws 3. jan and jenny D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. 2. kelly, because she unilaterally terminated the agreement 3. agent and subagent 1. that a minority is moving into the area 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 2. cancel the contract, but only with written permission from the buyer 1. a specific act 3. no, because jenny found the property on her own 3. expiration of the agreement 1. the signature of the owner of the property 2. if the property is destroyed by fire 3. when the property is sold 2. only a buyer's agent Round to the nearest thousandth. 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. 0000002530 00000 n 1. co brokers 1. advise the owner that this restriction is illegal 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. 4. yes, provided that joe cannot perform, A salesperson takes a 90 day exclusive right-to-sell listing on April 1st, but moves out of the area on May 15th. 3. rescind the listing 4. void, Seller Jones gives Martin an exclusive listing to sell his property. 0 During the agreement period, the seller sells the property himself. Jan's broker owes a fiduciary duty to: Samuels can only purchase the property after informing Puckett of the zoning change 2. no, so long as the farm sells at or above the list price 4. both 1 & 2, which of the following statements is true about an open listing? 2. terminate on may 15th 4. none of the above, disclosed in writing and agreed upon prior to negotiations, A listing broker is showing property near a toxic waste dump. 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: Which of the following statements is true about the listing? If she intends to operate the firm and keep her father's listings, it is necessary that she: 4. wilma must file a notice of abandonment, a general agency empowers the agent to: What type of listing agreement did he most likely sign? 2. two commissions because wally was the procuring cause 1. subagency 1. a dual agent Select one: 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. 1. correct, so long as the agreement was written 0000007696 00000 n 4. it should be immediately given to the buyer, it should be immediately given to broker alien, Henry enters into an exclusive right-to-sell listing agreement with Bob the Broker. later, the broker receives a second offer for the property. 1. net listing When must Garrick disclose to Richard that he represents the buyer? Please sign in to share these flashcards. 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. 2. transact the clients affairs in a certain business 2. the selling broker 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. Based on past experience, the owner thinks that females cause less damage. 3. yes, but dan risks causing a breach himself 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: How much will the cost be to Mr. Kyle in special assessment taxation? 1. when a prospective buyer asks for info about a particular property 3. state real estate commission 1. to obey all client instructions 3. exclusive agency Gails contract with Freds employing broker promises 3% commission. 2. no, because bob produced a ready, willing and able buyer 4. disclose the info, but only if asked, how many brokers can be given an open listing? What is the seller considered to be to Sally if Brad makes an offer on the property? Broker A pays for three-fourths of the advertising costs and finds the buyer. 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. 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. Is this legal? 2. the broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree Which of the following statements is correct? What is the sales agent's relationship with the broker and the seller? 1. specific agency 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: 3, two brokers agree to charge the same commission rate on all property listed by their offices. Does he now have 12 buyers agents representing him? Which of the following statements is true about this situation? 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? 3. exclusive right to sell listing With whom can Lane share this information? 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). 4. all of the above, smith dies and his real property is sold. Who is a dual agent in this scenario? 4. Both listings expired. 0 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. 3. a ready and willing buyer has been found, but no commission is due Gavin tells Lane that he hit the lottery and has unlimited budget. 2. no, so long as the farm sells at or above the list price Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 1. that the current owner has HIV Judy must (advocate equally for both clients in negotiations, bring in another broker from her brokerage to assists, disclose material facts about the transaction to both clients, share confidential information if it helps move the transaction along), disclose material facts about the transaction to both clients, Joe's real estate brokerage practices dual agency, Broker Sara brings Joe a listing agreement with a seller. 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year 4. bind the seller to a full price offer, brokers may only assist buyers if: 3. if the owner abandons the property 1. give it back to billy 1. transact matters of all types for the client Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. 3. exclusive right to sell 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. 2. time 3. restricted agency <]/Prev 537971/XRefStm 2270>> Is Steve's listing still active? 3. death of the principal 3. confidentiality which term best describes these relationships? 1. a full commission because he fully performed 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? If you have consumers in more than five area codes, you must buy annual access to those area codes. At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. T/F? 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. escrow agents 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. 1. a principal 2. jenny You have created 2 folders. 1. it should be immediately given to broker alien T/F? A buyer submits a written offer and the seller accepts it. Two buyers leave their name and contact information on her sign-in sheet. 4. 0000004668 00000 n 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. such an action: Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 1. jones has contracted for the services of martin Please upgrade to Cram Premium to create hundreds of folders! 3. no, this violates the agency agreement 0000002700 00000 n 4. both 1 & 3, A seller lists her house with a broker for $189,500. (one , two, three , four), The listing broker is offering to pay a buyers agent 2% of the 6% commission. 3. an exclusive right to sell listing 2. the broker is only an agent for the seller In this situation, which of the following statements is correct? 1. an exclusive agency Two days later, the broker brings in an offer for $70,000. advise the owner that this restriction is illegal. 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. Phil takes a listing on January 3rd. (advising a buyer how to take title to property to gain tax benefits, negotiating sales contract provisions on behalf of the buyer, providing a buyer with a list of mortgage lenders, researching comparable properties to help a buyer make an appropriate offer), providing a buyer with a list of mortgage lenders (transactional brokers provide acts that are clerical or informative, such as list of service providers. 2. the selling broker 1. the listing becomes an open listing 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 4500 6. 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. 2. he was engaged by the owner at the time of the sale 2. revocation by the principal 2. special agency 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. 3. implied agency (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). 4. the state association of realtors, when does a broker earn commission? 3. correct, regardless of whether chris informed cheryl 1. deposit it in her escrow account 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? however, she does not want her sister to tell the seller of their relationship. if you take the listing, you should assure the sellers that you will not disclose this information, who is obligated to complete a residential property owners association disclosure statement? 2. an open listing Garrick of Cardinal Realty is a buyers agent for client Tara. How many copies of the WREAB should he have? You have a buyer client who asks you directly whether there are any known sex offenders in the area. a. 4. two salespersons in a firm represent a different buyer and seller, a broker could as a fiduciary in all of the following functions, except: What may the broker do when showing the property to prospective buyers? Before it can be put in writing, the buyer backs out and revokes the verbal offer. 4. none of the above, Broker Lynch has an exclusive listing to sell Jones' hardware store for a $4,500 commission. Three weeks later, Kelly moves out of the area and puts her license on inactive status. The parties agree upon a 6% commission. 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. of these which termination of an agency relationship would be due to accomplishment of purpose? 3. general agency 2. 1. open listing 4. nothing, the relationship most likely to exist between a licensee and the seller is a: 2. selling broker When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. You should accommodate her request by reviewing the local sheriffs website and other sex offender alert websites and providing her with a report on your findings. State the null and alternative hypotheses from the perspective of road-safety groups. 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree 2. advise the probate court of her intent to assume responsibility for the listing agreements (Section 475.215 (1), Florida Statutes) A Florida . Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. 1. bankruptcy of a principal 1. buyer 0000002270 00000 n 4. no, unless the broker so authorizes the salesperson, A seller contacted three brokers to suggest the list price for his property. 1. disclosed orally prior to negotiations 2. selling property 2. violates anti trust laws 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. 1. accept, of behalf of the seller, a promissory note as an earnest money deposit 4. expiration of time, all of the following statements are true of buyer broker agreements, except: b. 2. must be promptly disclosed to all parties 4. his broker, a broker obtains an open listing on a piece of property. The real estate professional's entire income is from sales commissions rather than an hourly wage. Corcoran's broker discloses this fact to prospective buyers. 3. the broker has violated a fiduciary duty A real estate broker acting as an owner's property manager. 2. use the services of the salespersons in his own brokerage firm What should you do? Broker Ellie takes a listing for jays large home with a big yard and unground pool. 1. sell the property before the foreclosure is completed Is the broker susceptible to claims of fraud? 4. establishing territories in which brokers may operate, A seller wants to list her home with a broker, but would like the option to sell it herself without paying a commission. It primarily says that the agent has the right to list (advertise and handle the sale of) the house. 1. not mention the condition of the roof because of the fiduciary responsibility to the seller 3. no, because gerry sold the house You must search the national Do Not Call registry at least every 31 days. T/F Licensees provide agency representation to clients and customers in a real estate . 4. when the offer to purchase has been signed and accepted by the seller, when the offer to purchase has been signed and accepted by the seller, in order for a dual agency to be legal, it must be: 3. This may be unethical, but Puckett got the asking price and therefore suffered no loss Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 1. 4. either 2 or 3, give chaney another offer that she is sure to reject, which of the following agreements is lease likely to specify a commission rate? The listing agreement documents the specific percentage of the sale price that the real estate agent will receive upon successfully finding a buyer and executing the home sale. 4612 0 obj <> endobj Jan's broker owes a fiduciary duty to: Fred later abandons the listing. 3. give it to bob B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associate's broker with a note requesting that the gift certificate be given to the sales associate for fine service. Please select the correct language below. 4. no one, A broker shows one of her listings to a prospective buyer. 4. this agreement is: To minimize these risks, you need to contact a specialist in real estate for legal assistance. 3. yes, if it is a multiple listing C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 2. the listing broker has exercised due care and loyalty to his principal 3. the salesperson that obtained the listing 4. general listing, Casper is selling his house and wants the broadest possible exposure. 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. 4. all of the above, Jill lists her property with Broker Joe. Which of the following statements is correct? 7. However, Broker Joe files for bankruptcy before the property actually does sell. His license placed on inactive status on June 1st. 9. 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? 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? Which agency relationship requires the written consent of both parties to the transaction? 4. a firm has some salespersons working as independent contractors and others working as employees, two brokers agree to only market their services in specific areas of the community, dan and daisy enter into a buyer broker agreement. Violated a fiduciary duty a real estate Cheryl that the agent has his... And alternative hypotheses from the perspective of road-safety groups access to those area codes profit private... 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