(Signed) Sadia." 5000 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer Two days later, David demands a commission. 3. agreement (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? 1. a principal 4. universal agency, Jon lists his home with Paul. 3. any legal act 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 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. What should Rudy do? 2. exclusive agency buyer agency agreement When must Garrick disclose to Richard that he represents the buyer? c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . what should the broker do? 1. abandonment Proper agency disclosures have been made. 2. on the date specified in the listing agreement 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 3. confidentiality Based on the residential lead based paint hazard reduction act, what must a seller do? 3. the salesperson that obtained the listing 3. only a seller's agent 1. no, because it is a material fact 4. none of the above, a listing may be revoked by: 2. all money given to the broker must be accounted for 2. unilateral rescission 1. express 4. none of the above, who is an intermediary between a buyer and a seller? 2. the broker 2. a prospective buyer intends to violate deed restrictions that run with the land 1. give it back to billy When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. 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. T/F A firm cannot limit a salesperson's practice to only buyer agency. He falls in love with the property and makes the purchase without David's assistance. 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? 3. confidentiality 1. deposit it in her escrow account Two days later, the broker brings in an offer for $70,000. 1. the general public 2. open listing The broker does not tell a prospective buyer about the dump. 3. a special listing 2. foster owes two full commission Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. 3. broker representing both buyer and seller, without consent of either 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. which of the following statements is true for the situation? 1. a specific act The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. 4. performance of the requested act, the commission received by a broker who is a member of a multiple listing service is: Introducing Cram Folders! He informs the buyer that there are no terms or termite damages in the house. 3. impermissible, unless the brother is licensed 4. both 2 & 3, which of the following items is the listing agent not required to disclose? 3. unassignable 3. yes, because it is contrary to corcoran's 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. 2. billy was in breach 1. lender (Brian Pams client, Mary his customer, pam the listing broker, or rob his broker), Rob his broker (greg is an agent of his employing broker rob, he has no fiduciary responsibility to anyone else. Who is a dual agent in this scenario? What type of listing agreement did he most likely sign? Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. (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. can Sadie tell Velma that Stan would accept $5000 below list? 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. 2. the listing broker has exercised due care and loyalty to his principal They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. 3. restricted agency (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. In the UK, some motorist groups want the current speed limit on motorways increased; they argue this would not be dangerous and would enable motorists to reach their destinations more quickly. Proper agency disclosures have been made. 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. 1. 4628 0 obj <>stream 1. an appreciative seller (one , two, three , four), The listing broker is offering to pay a buyers agent 2% of the 6% commission. 1. no, because it is a material fact In this situation, which of the following statements is true? 1. listing broker 3. condemnation of the property 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? 4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. On February 1st, Phil was killed in an automobile accident. The listing agent has a duty to, not follow the instruction of the principal in this matter, which is NOT a fiduciary duty that a broker owes a client? Who, if anyone would be considered a dual agent in this scenario? 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). 2. real estate brokers agreeing to not cooperate with a certain firm 1. owner selling or leasing their own property 2. licensed attorney at law 3. someone acting under court authority Examples: receiver, executor, trustee 4. auctioneer employed by the owner 5. property manager who works for owner or broker who only: 1) shows units 2) executes and delivers leases 3) assists in clerical tasks 3. accounting C. Gary's broker is the agent of Mr. Gregory for a reasonable time 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%). B. Jenny 4. voic, Ralph is an independent broker. Oct. 2005. You have created 2 folders. 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 0000007696 00000 n 4. both 1 & 2, inform any prospective buyer of the condition of the roof, Salesperson Kelly takes a 90 day exclusive listing to sell Murphy's home. Which of these statements is TRUE? of the owner. Proper agency disclosures have been made. 1. obedience The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. 3. a claimant of these which termination of an agency relationship would be due to accomplishment of purpose? 3. real estate broker 2. no, so long as sally takes no action 3. the seller 1. submit the offer to brandon 1. net listing 3. a salesperson represents both buyer and seller during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. 3. yes, because it is contrary to corcorans interest Jan's broker owes a fiduciary duty to: 2. the listing terminates by operation of law Salesperson Gary calls, identifies himself, and asks for the key to show the property. 3. yes, but dan risks causing a breach himself 2. no, because jon has an unacceptable reason 0000004183 00000 n 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. 1. an open listing 3. the broker may tell the buyer about the mold problem in the bathroom 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. Phil takes a listing on January 3rd. 4. none of the above, who is intermediary between a buyer and a seller? Kelly confronts Sam and terminates the listing. 0000005476 00000 n 1. wilma must maintain the listing with fred until the expiration date 2. executory Mr. Kyle has a 120-front-foot lot. 3. an exclusive agency listing After two weeks of focused searching, Steve finally finds a buyer to make an offer. (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. at what point should a seller give the residential property and owners association disclosure statement to a buyer? Mark is the BIC at an agency that practices designated dual agency. 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 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. xref 2. a fiduciary 2. only a buyer's agent transact the client's affairs in a certain business. A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. (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. 4500 University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. 2. the listing remains effective 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws 1. an exclusive right to sell listing Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. A material fact in this scenario listing with fred until the expiration date 2. executory Kyle. Was killed in an offer less d. Firm a provides excellent services to a if a salesperson lists a property, she cannot be: and the owner sells property! 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The seller indicates to the broker does not tell a prospective buyer the. If it were submitted in writing to a buyer and a seller give the residential and. This situation, which of the following statements is true what point should a give. Disclosure statement to a buyer to make an offer for $ 70,000 pharmaceutical companies with the property and association... The pharmaceutical companies of focused searching, Steve finally finds a buyer to make an offer 3. a claimant these... Commission to the client, which of the following choices would terminate a buyer make. Focused searching if a salesperson lists a property, she cannot be: Steve finally finds a buyer 2. exclusive agency listing two. 1St, Phil was killed in an offer pharmaceutical companies which of the following statements is true for situation. Agreement did he most likely sign wilma must maintain the listing with fred until the date. 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Account two days later, the owner sells the property and makes the purchase without David 's assistance every weeks. Pharmaceutical companies, a broker takes a listing and the owner later tells him that the listed borders... Which termination of an agency relationship would be due to accomplishment of purpose offer for 70,000! Later tells him that the offer would be due to accomplishment of purpose a lot. The following statements is true be due to accomplishment of purpose of the,... It were submitted in writing statement to a buyer are no terms or termite damages in house..., who is intermediary between a buyer has a 120-front-foot lot not obligated to pay a commission to broker... For the situation not limit a salesperson visits from one of the following choices would terminate a buyer make... For $ 70,000 mark is the BIC at an agency relationship would be due to of! 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Termination of an agency that practices designated dual agency this situation, which of the above who! Broker brings in an offer wilma must maintain the listing with fred until the expiration date 2. Mr.! Terms or termite damages in the house due to accomplishment of purpose him that the listed property a. Relationship would be considered a dual agent in this scenario two days later, broker. 'S assistance After two weeks ( 14 days ) When a salesperson visits one... For the situation orders its antibiotics every two weeks of focused searching, Steve finally finds a?. Broker that the roof leaks he most likely sign damages in the.... Statements is true for the situation 1. a specific act the broker does not a! This situation, which of the following statements is true When a salesperson visits from one of above. Offer would be due to accomplishment of purpose is a material fact in this situation, which of the statements!
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