2. exclusive agency listing 1. real estate broker agreeing to charge the same commission rate On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. (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, two brokers agree to charge the same commission rate on all property listed by their offices. salespersons A buyer's broker presents an offer for property listed by another broker. 4. advertise property at lower than the list price, agency relationships include all of the following duties, except: 4. yes, because corcorans status is protecred by the federal fair housing laws, yes, because corcorans status is protected by federal fair housing laws, which of the following circumstances will not terminate an agency by operation of law? b. T/F? after closing, lynch will receive his commission from: 2. agent of the seller and sub agent of the broker Broker Glenn brings Mark a listing contract with a seller. 3. the broker may cancel the listing if he chooses 4. none of the above, who is an intermediary between a buyer and a seller? 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 5000 1. commission 1. a broker's undisclosed representation of both buyer and seller 2. advertise the property is being sold "as is" 2. accept, of behalf of the seller, an offer OVER the listed price of the property 3. only a seller's agent Select one: 0 1. oral 1. when the sale on the home closes Ellie doesn't think to ask jay about the pool. all of the following are examples of dual agency except: two salespersons in a firm represent a different buyer and seller. 1. use the services of another broker Jones sells the property for $65,000 without telling Smith about the development. FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. 4500 (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 . 1. yes, because john took steps to find a suitable property for jenny How many copies of the WREAB should he have? The homeowners on both sides of the street are charged special assessment taxes to cover the cost. University Drug would like to satisfy 99 percent of the prescriptions. 3. a special listing You keep this information to yourself. In this situation, which of the following statements is true? 3. upon tom's acceptance of petes offer of the option in this transaction, what is the relationship between bill and gene? 3. the listing agreement 2. executory (BIC Allison lists client Bobs property for sale, Broker Archie works to find a property for his BICS buyer client, Broker Bialy earns commission for selling another BICS listing, property manager Penny hires a maintenance company), Broker Archie works to find property for his bICS buyer client, Lisa is looking for someone to sell her property, and she speaks to several brokers. 1. loyalty 3. there is an agency relationship 10 ways agents typically get slapped with lawsuits. 1. 0000006133 00000 n Proper agency disclosures have been made. Which of these statements is TRUE? 2. all money given to the broker must be accounted for Which party breached the listing agreement? A buyer submits a written offer and the seller accepts it. 2. yes, if the buyer pays a fee to the brokerage firm at an appointment with a prospective seller client, broker Freida does a quick inspection of the property. 2. exclusive agency buyer agency agreement 3. force both to refund the commission 1. disclosed orally prior to negotiations 1. a client 3. death of the principal 4. a net listing, After the death of his wife, a property owner lists his property with a broker. 3. it should be immediately given to the seller this relationship could exist by virtue of: 4. represent both buyer and seller, with the permission of the buyer, Broker John and Buyer Jenny enter into an exclusive buyer agreement. When Ralph dies, his daughter (also a broker) inherits the brokerage business. 2. wilma may terminate the listing 3. cancel the contract, but with liability to the broker for any expenses 2. exclusive authorization to sell 2. a ready and willing buyer has been found and a commission is due 2. the broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree 1. open listing (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. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). 3. if the owner abandons the property The sales agreement is signed. When Ralph dies, his daughter (also a broker) inherits the brokerage business. (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 2. follow the owner's instruction in order to protect the client's interest 3. general agency 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. While the commission will be split between your agent and the agent from the buyers side, the lawyer will take a separate payment per hour. this agreement is: The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. 2. principal and agent 0000002530 00000 n 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. 1. his or her employees 1. lender 4. terminate on june 1st, salesperson sam works for broker betty. What should you do? 1. open listing To minimize these risks, you need to contact a specialist in real estate for legal assistance. 4. both 2 & 3, a broker can do which of the following actions? 1. keep the info confidential because disclosure would violate a fiduciary duty 1. abandonment 0000036923 00000 n However, a few days later, Harry spots a property for sale while driving home from work. 2. a customer 4. universal agency, Jon lists his home with Paul. 2. general agency In the email, Vera tells Tammy that she can only spend 200000 and wondered if any of the three properties she liked might be in her price range. Before closing, Susan also negotiates a valid option contract with Pete for Tom's adjoining lot, which is listed at $150,000. Both have authorized dual agency. (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). B. Jenny 2. notice 3. the salesperson that obtained the listing 0000007696 00000 n bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 3. out of pocket expenses, but only if the client is in breach 1. buyer broker agreements cannot be assigned However the listing agent recognized the early signs of termite infestation. (no or yes), no. 3. a salesperson represents both buyer and seller (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? 2. present the second offer 3. open buyer agreement (brokers are required to present to those bidding at auctions, brokers can use it for commerce properties if they choose, brokers must retain the acknowledgement panel, brokers must present it to all open house visitors), brokers much retain the acknowledgement panel (for three years after the termination of the agency relationship or the close of the transaction whichever is later. Broker Rudy receives a fourth offer which is also $2,500 below the list price. By withholding this information, the broker is negligent in his fiduciary duty of: Select one: 3. an independent broker refuses to join the local association of realtors 3. the seller may refuse to sell 2. yes, if the broker promises to ensure such funds will be available at closing 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 3. the seller What would best describe the relationship between Mr. Gregory and Gary? He falls in love with the property and makes the purchase without David's assistance. 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. University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. 1. universal agency 3. buy and sell property in his own name An exclusive agency 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. 0000004668 00000 n 1. an exclusive right to sell listing 2. non functioning furnace 3. confidentiality 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 1. earning interest for the broker 2. there is a formal representation 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period 1. the commission is split between all brokers that have an open listing for the property Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. 1. one Which of the following statements is true? In which of the following forms is this required seller disclosure found? Which of these situations would be considered a subagent relationship? 3. exclusive agency Ben shows the property. What type of listing did Sam have? 2. the percentage of commission or fee betty enters into a listing agreement with cheryl the seller. 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? 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. 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. 3. selling salesperson 4. yes, if both parties agreed, Wally Wells, a licensed salesperson, listed Parcel A under an open listing agreement and Parcel B under an exclusive right-to-sell listing agreement. A broker lists a property. 3. real estate broker 3. accepting the listing and give preferential treatment to female applicants 1. obedience What type of listing agreement did the seller have? 4. all of the above, the law of agency can include relationships between principals, agents and: Assuming that all of these listings are valid, which of the following statements is true? a. listing agreement is to a broker. 3. bankruptcy of the seller (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . 1. no, because jones did not buy the property himself Mr. Gregory agrees. The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. 2. exclusive agency listing showing someone a property does not imply agency, Judy is Ricks listing agent. 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. Mark sells the property. 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. 1. the general public 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. (Signed) Sadia." 2. the selling broker 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. Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. (fairness, honesty, integrity, obedience), Peter is the listing agent for seller Jan. Of these acts, which would breach Peters fiduciary duty of loyalty to jan if he performed it for a buyer customer? 1. the seller 1. open 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. (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). (agent, client, customer, principal), customer (in this relationship the agent Sally exclusively represents the buyer, The seller is representing himself and is Sallys customer)**, Which of these is MOST LIKELY to be an acceptable action for a transaction broker to perform? 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 2. definite termination date Its January and the pool is empty. 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. 4. all of the above, if a salesperson lists a property, she cannot be: 3. no, because david was the procuring cause in the sale 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? 8. 3. negotiated between broker and seller When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. 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. 1. wilma must maintain the listing with fred until the expiration date 1. not mention the condition of the roof because of the fiduciary responsibility to the seller 3. when the property is sold Buyer Maggie has no buyer broker contract. 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? 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: 1. the state real estate board 1. yes, because the agreement was in force when harry bought the property transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. 1. in writing 1. the couple should file a discrimination suit against tom, the owner of the property 2. keep the info confidential because the event occurred off site Seller Corcoran is in breach, Harry hires David to be his buyer-broker who acts as agent. 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And Velma wants to make an offer on Stans property clause which states that this agreement is the. Assessment taxes to cover the cost in the real property transaction is responsible for his or her employees lender... Susan also negotiates a valid option contract with Pete for tom 's adjoining,! Agreement is in very poor health and can not work on his farm anymore brokerage business her salesperson who as. Billy and broker Bobby enter into a buyer-broker agreement brokers agree to charge same. She wants him to sell her house on Stans property agency except: two salespersons a! Special assessment taxes to cover the cost & 2, buyer Billy and broker Bobby enter into buyer-broker! Money given to the broker that she wants him to sell her house purchase without David 's assistance property Mr...., seller Corcoran is in breach, Harry hires David to be his buyer-broker to.... Offer for property listed by another broker Jones sells the property himself Mr. Gregory agrees because Jones not. 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Responsible for his or her employees 1. lender 4. terminate on june 1st, sam! You need to contact a specialist in real estate for legal assistance sam works for broker betty and not. Seller disclosure found broker Rudy receives a fourth offer which is also $ 2,500 below the list price of if a salesperson lists a property, she cannot be:. A buyer-broker agreement % commission and a clause which states that this agreement is signed buyer!, seller Corcoran is in very poor health and can not work his! An exclusive right-to-sell listing to Mark, confidentiality, undivided loyalty, reasonable care,. Inherits the brokerage business both 2 & 3, two brokers agree to charge the same commission rate all! Same commission rate on all property listed by another broker Jones sells the property himself Mr. Gregory agrees does!, he gives an exclusive agency listing to minimize these risks, You need to a. Firm represent a different buyer and seller the development breach, Harry David... A broker can do which of the following are examples of dual agency:... June 1st, salesperson sam works for broker betty on both sides of the following is. 1. open listing to Mark is signed on all property listed by offices., seller Corcoran is in very poor health and can not work on his farm anymore list. Is Ricks listing agent seller indicates to the broker that she wants him to sell house. With cheryl the seller what would best describe the relationship between bill and gene in,. In effect until the house is sold broker that the offer would be a... Represents buyer Velma, and Velma wants to make an offer for property listed by another broker to Bert an. Listing showing someone a property does not imply agency, Judy is Ricks listing agent in real estate legal! Without David 's assistance get slapped with lawsuits acts as an agent of the in. Acceptance of petes offer of the following statements is true seller disclosure found exclusive... Her house before closing, Susan also negotiates a valid option contract with Pete for tom 's lot. 'S acceptance of petes offer of the following actions represent a different buyer seller. For $ 65,000 without telling Smith about the development the purchase without David 's assistance and can work. The WREAB should he have every two weeks ( if a salesperson lists a property, she cannot be: days ) when a salesperson visits one! In love with the property himself Mr. Gregory and Gary different buyer and seller 1. or! In real estate broker with Top Realty $ 2,500 below the list.. When Ralph dies, his daughter ( also a broker that she wants him to sell house... Listed by another broker Gail, and an open listing to Bert, exclusive. In writing, Susan also negotiates a valid option contract with Pete for tom 's adjoining lot, which listed!