1. is common practice 3. could, at the discretion of the owner, be disclosed to prospective buyers 3. death of the principal why or why not? This may be unethical, but Puckett got the asking price and therefore suffered no loss 1. a dual agent 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. The seller instruct you not to tell any buyer about the accident.
4. related acts, the legal relationship between broker and seller is generally: 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: What should Ben do with the earnest money that he received with the offer to purchase? 4. exclusive right to sell, Phil is a salesman working for Broker Joan. Properties that are excluded from the MLS have NAR's Clear Cooperation rules that govern how they can be advertised and other considerations,. 3. exclusive right to sell The listing is a 60-day exclusive right-to-sell agreement. 3. an exclusive right to sell listing 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? Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 2. two salespersons represent a different buyer and seller in the same transaction Phil is the managing broker of Wildcat Realty. (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. give it back to billy 1. keep the info confidential because disclosure would violate a fiduciary duty 3. accepting the listing and give preferential treatment to female applicants of these which termination of an agency relationship would be due to accomplishment of purpose? 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. a. 3. yes, but dan risks causing a breach himself On February 1st, Phil was killed in an automobile accident. 1. the exclusive listing becomes an open listing 1. exclusive buyer agency agreement 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. an owner is listing his rental property with a broker. 1. sell the property before the foreclosure is completed He walks away with a dozen brochures. 0000006133 00000 n
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. 1. the state real estate board %%EOF
4. no one, A broker shows one of her listings to a prospective buyer. The homeowners on both sides of the street are charged special assessment taxes to cover the cost. Jan's broker owes a fiduciary duty to: 1. foster must only pay ruotolo 3. give it to bob 2. discharge of the broker by the principal 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. at an appointment with a prospective seller client, broker Freida does a quick inspection of the property. 3. this agreement is: The listing broker and selling broker split the commission at a 75/25 ratio. Which of the following statements is true about this situation? 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. no, because jenny found the property on her own in this transaction, what is the relationship between bill and gene? 1. transact matters of all types for the client T/F? 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). 3. no, because david was the procuring cause in the sale 2. The broker does not tell a prospective buyer about the dump. 3. to the buyer: that the property is subject to seasonal flooding 2. revoke the licenses of both brokers He falls in love with the property and makes the purchase without David's assistance. Which of the following statements is correct? 2. renunciation of the agreement by the broker 1. special agency 4. none of the above, when must a licensee disclose agency relationships? 3. no, because gerry sold the house You may search five area codes at no charge. 2. incorrect, because the agreement is valid for a reasonable amount of time 2. the selling broker however, she does not want her sister to tell the seller of their relationship. 1. an open listing 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 2. advise all prospective buyers of the pending foreclosure 2. mark must split his commission with bert and gail However, the property is later sold by another broker. 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. Broker E tells the landowner that she can sell the lots. 2. dual agency 2250 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. agreement 1. an exclusive agency 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 1. 2. when the option period expires Peter signs a listing contact with ABC realty to sell his property. this relationship could exist by virtue of: You have a buyer client who asks you directly whether there are any known sex offenders in the area. 2. seller See Page 1. Is Steve's listing still active? 0000003074 00000 n
2. Both have authorized dual agency. 3. not valid unless its in writing 2. place a for sale sign on the property The buyer signs the contact to purchase the property "as is". the seller has a right to: Jan's salesperson delivers the funds to her broker, who places the money into escrow. A broker represents a buyer. (no or yes), no. 2. 2. mortgage broker 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? What should Rudy do? 1. no, because it is a material fact 1. the listing remains in effect 4. both 2 & 3, which of the following items is the listing agent not required to disclose? When must Garrick disclose to Richard that he represents the buyer? However, Broker Joe files for bankruptcy before the property actually does sell. The broker must: After broker E sells some of the lots, the landowner refuses to pay her a commission. 1. the broker may tell the buyer that the seller wants to sell her house quickly 2. the broker may tell the buyer that the seller is willing to accept a lower offer (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? 3. third parties 3. disposition of money to the buyer While showing a property to his client, the broker learns something that might influence the sale. 2. notice 3. expiration of the agreement ( Ben and Sara only, Ben Sara and Joe, Joe only, Joe ben Sara and all other affiliated licensees), Joe, been, Sara and all other affiliated licensee (in Nc all affiliated licensee have the same agency with all brokerage client unless they appoint designated agents) page 73, Justin represents both the buyer and the seller in a real estate transaction. 3. state real estate commission Which agency relationship requires the written consent of both parties to the transaction? 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: Which of the following statements is correct? B. Gary is Mr. Gregory's agent A. Jan 1. if the listing broker goes bankrupt Is Susan in breach? 2. principal and agent 3. agreed upon commission or fee Mary sees the property on Robs website and calls Greg, another broker for Rob to see if hell show her the property. He therefore tells the broker that he only wants to rent to females. 1. leasing property Joseph wants to tell his property, so he invites agents from four different brokerages firms to interview before selecting the listing agent who suggests the highest listing price. However, Sally subsequently falls on hard times. 3. bankruptcy of the seller 1. a full commission because he fully performed Which type of agency does this represent? 3. accounting 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. 2. judicial action Tammy must disclose that she is a sellers agent when she responds to Veras email. Based on these facts, the real estate professional will be treated by the IRS as 1. seller and purchaser he therefore tells the broker that he only wants to rent to females. Renegotiate Ralph's current listings 3. selling salesperson 3. out of pocket expenses, but only if the client is in breach <]/Prev 537971/XRefStm 2270>>
4. performance of the requested act, the commission received by a broker who is a member of a multiple listing service is: Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. 2. exclusive agency listing 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. 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. 2. violates anti trust laws Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. 1. open listing Albans, NY Closing in 4 weeks. 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. 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? (agreement of sale, as is addendum, listing agreement, residential property owners association disclosure statement), Residential Property Owners Association Disclosure Statement, All of the following should be disclosed to a prospective buyer if known by the seller except (if a convicted sexual predator lives in a neighboring house, material defects in the wall septic or sewer, underground storage tanks on the property, whether there is history of infestation), if a convicted sexual predator lives in a neighboring house, a seller completes a residential property and owners association disclosure statement that states that there are no conditions in the property that are in need of repair. 2. terminate on may 15th 3. only a seller's agent A broker lists a property for sale at $100,000 with a 5 percent commission, and he . 2 at 27 Y Street. 4. none of the above, who is intermediary between a buyer and a seller? Broker Glenn brings Mark a listing contract with a seller. 4. bind the seller to a full price offer, brokers may only assist buyers if: (Section 475.215 (1), Florida Statutes) A Florida . Gavin tells Lane that he hit the lottery and has unlimited budget. If the salesperson still has the earnest money deposit check on Friday, what should be done with it? 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. 4. both 1 & 3, A seller lists her house with a broker for $189,500. 2. an exclusive agency listing 3. an expiration date 1. he was licensed at the time of the sale 3. sam, because he terminated the agreement 3. implied agency 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. can Sadie tell Velma that Stan would accept $5000 below list? 3. yes, because jones did not increase the list price a. listing agreement is to a broker. 2. yes, so long as jenny purchased property similar to the one described in the agreement Proper agency disclosures have been made. 3. revocation 3. attach the check to the contract and file it Billy grows increasingly suspicious of Bobby's abilities. This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. 3. broker representing both buyer and seller, without consent of either h}LgkKKQkabyqiT_*L]+V8LbQ$d(%hb}z0v=s~ ~O z1apN}Q|. 3. a net listing A real estate professional is a licensed real estate salesperson who has a written contract with his broker that specifies that he will not be treated as an employee. 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