1. open listing 2. half of the commission 2. non functioning furnace 1. the seller 2. a customer 3. universal agency 2. net listing a woman offers to buy property listed by her sister (a broker). Fred later abandons the listing. why or why not? 4. related acts, the legal relationship between broker and seller is generally: Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. 1. in a reasonable time 4. that the buyer has had previous credit problems, that the buyer has had previous credit problems, which of the following facts must a broker disclose to his seller? 3. no commission so long as wally was not the procuring cause 1. open listing (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 . What type of listing agreement did he most likely sign? 3. cancel the contract, but with liability to the broker for any expenses 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree Which statement is true? 2. principal and agent 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: 2003-2023 Chegg Inc. All rights reserved. 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. 4. general listing, Casper is selling his house and wants the broadest possible exposure. 1. obedience 4500 See you in court! 4. net, an agency relationship between seller and broker may be terminated by: 1. no, because the commission was over 6% Corcoran's broker discloses this fact to prospective buyers. However, some road-safety groups say speed can be a factor in accidents and believe it would be dangerous to increase the existing speed limit. 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. the seller must accept the offer 2. an exclusive agency 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 4. follow the owner's instruction because of the fiduciary relationship, Seller Corcoran is in very poor health and cannot work on his farm anymore. 3. violates both RESPA and regulation Z At this time, which of the following statements is true? by [email protected], What type of listing should the broker acquire? 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. Wally will receive: Bob presents an offer to Henry, which he accepts. 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? In this situation, which of the following statements is true? He walks away with a dozen brochures. 4. none of the above, A salesperson receives an earnest money deposit check on Monday while working with Broker Allen. yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? 1. billy was justified because bobby was in breach Which of the following statements is correct? 4. the broker is unrestricted because he represents the buyer, which of the following actions would create an agency relationship? 2. reasonable care 1. is common practice this agreement is: 4. nothing, the relationship most likely to exist between a licensee and the seller is a: 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. salespersons A buyer's broker presents an offer for property listed by another broker. Broker Rudy receives a fourth offer which is also $2,500 below the list price. later, the broker receives a second offer for the property. 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. 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. 3. real estate broker Which type of agency does this represent? an owner is listing his rental property with a broker. 3. casper owes 3 commissions (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. However, Broker Joe files for bankruptcy before the property actually does sell. 1. mark must split his commission with bert and gail 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. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: 4612 0 obj <> endobj How much will the cost be to Mr. Kyle in special assessment taxation? Martin is a salesman for Broker Doe. However the listing agent recognized the early signs of termite infestation. 1. an appreciative seller 1. yes, if jon is the client 1. when a prospective buyer asks for info about a particular property 3. exclusive right to sell listing 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. Received from Bo $1,000 on account of $75,000 purchase price of Lot No. 1. to the seller: that the potential buyer is having financial problems (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. Gary is Mr. Gregory's agent What should Carson do in this situation? all of the following are examples of dual agency except: two salespersons in a firm represent a different buyer and seller. T/F A firm cannot limit a salesperson's practice to only buyer agency. (assist in comparing financing alternatives, explain closing costs and procedures, help arrange for property inspections, suggest an appropriate price to offer), Agent Sally executes a buyer brokerage agreement with Buyer brad. (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. 2. when the purchaser signs the title insurance policy 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. 2. 1. remain in effect 2 2. the listing broker has exercised due care and loyalty to his principal 2. a property manager enjoyed by the owner 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. 3. buyer broker agreements may be created verbally 1. the general public The broker must: 2. to the seller: that the state plans to build a new highway near the property Assuming that all of these listings are valid, which of the following statements is true? 3. he was procuring cause of the sale Three weeks later, Kelly moves out of the area and puts her license on inactive status. 1. buyer a. 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. 1. open listing We'll bring you back here when you are done. Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. 2. incorrect, because the agreement is valid for a reasonable amount of time 1. the signature of the owner of the property 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. 3. an attorney in fact 2. the percentage of commission or fee 3. no, because jenny found the property on her own The seller instruct you not to tell any buyer about the accident. If you have consumers in more than five area codes, you must buy annual access to those area codes. 3. to the buyer: that the property is subject to seasonal flooding 2. a trustor relationship Please upgrade to Cram Premium to create hundreds of folders! 2. real estate brokers agreeing to not cooperate with a certain firm 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? 2. no, assuming he fulfilled all the requirements of the listing agreement 1. yes, because gwen and steve had a valid exclusive right to sell listing 2. place a for sale sign on the property On Friday, the salesperson goes to work for Broker Bob. 1. it should be immediately given to broker alien Introducing Cram Folders! 1. the listing broker has violated his fiduciary relationship with the seller Each additional area code costs $54, up to a maximum annual fee of $14,850 for . Kelly confronts Sam and terminates the listing. B. (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. 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? (1) The provisions of this chapter and the duties described in this section govern the relationships between brokers or salespersons and buyers or sellers and are intended to replace the duties of agents as provided elsewhere in state law and replace the common law as applied to . 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: Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. After two weeks pass without being shown a satisfying property, Billy revokes the agreement. 1. reject the offer in accordance with his duty of due diligence based on past experience, the owner thinks that females cause less damage. 3. exclusive right to sell We weren't able to detect the audio language on your flashcards. 2. the listing terminates by operation of law 1. jan 3. any time prior to preparing an offer to purchase 1. no, only joe may terminate the contract without a breach Susan gets nervous and terminates the agreement. 10 ways agents typically get slapped with lawsuits. 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. The listing is a 60-day exclusive right-to-sell agreement. 2. open listing 2. two salespersons represent a different buyer and seller in the same transaction 4. wilma must file a notice of abandonment, a general agency empowers the agent to: Broker E tells the landowner that she can sell the lots. a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. (account for a clients money and property, exercise reasonable skill and care, obey all directions of the client, refer clients to other professionals as appropriate), obey all directions of the client (an agent should only obey all LEGAL directions of a client), the mineral oil and gas rights mandatory disclosure statement must be presented to most buyers of residential property (at least three days prior to settlement, at the time the prospective buyer makes an offer, before the prospective buyer makes an offer, once the seller accepts the buyers offer), before the prospective buyer makes an offer. 3. exclusive right to sell (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? Whenever real estate agents sell a home they are required to. Broker Ellie takes a listing for jays large home with a big yard and unground pool. A way of predicting the outcome of an event is known as ___. Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. If she intends to operate the firm and keep her father's listings, it is necessary that she: 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. selling salesperson She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. 2. kelly, because she unilaterally terminated the agreement Mr. Kyle has a 120-front-foot lot. 3. third parties Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. 2. give it to barnwell Which type of listing should she AVOID signing? 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent 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), Iggy is granted a power of attorney to care for all aspects of his elderly mothers life. such an action: 1. the seller 2. local association of realtors 3. attach the check to the contract and file it 2. no, so long as the farm sells at or above the list price 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. impartial protection of both parties, A property is listed at $68,000. 4. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. 3. use the MLS to market the property 1. the state real estate board 1. universal agency He quickly receives an offer and earnest money check from Billy. 0000004298 00000 n Do you think you should share this information with Dories? You keep this information to yourself. 2. seller 3. the salesperson that obtained the listing 3. orally 2. follow the owner's instruction in order to protect the client's interest 4. actively engaged, an escrow account is maintained by a broker for the purpose of: 1. agent of both the seller Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 2. revoke the licenses of both brokers 2. he was engaged by the owner at the time of the sale 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: Ensuring that your information is up to date. Julie replies that to the best of her knowledge the roof is in good shape. 2. special agency 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. 3. negotiated between broker and seller Oct. 2005. 2. 4. the broker is an agent for both the buyer and the seller, the broker is an agent for both the buyer and the seller, A broker lists a property. 2. the listing remains effective 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. Is Susan in breach? 1. 1. sam, because he was speaking with other brokers 2. yes, because she is legally justified 0000004411 00000 n The owners have been interviewing sales people from different firms. 4. accounting, Jan accepts Jenny's offer to purchase. 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. 2. exclusive agency buyer agency agreement Which of these situations would be considered a subagent relationship? 2. yes, so long as there is an exclusive agency buyer agreement He's not sure if he will be able to afford the monthly payments at that rate and asks Brenda to keep it to herself for now. 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. 1. yes, if sally is the broker 2. special agency (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. 3. no more than two brokers may attempt to sell the property 1. a principal 2. accept, of behalf of the seller, an offer OVER the listed price of the property What if anything will Gail owe Freds employing broker if she buys that property? 2. the selling broker 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? Which agency relationship requires the written consent of both parties to the transaction? Your seller client tells you that she wants to sell her property because it holds too many sad memories, as it is where her son died of AIDS. 2. on the date specified in the listing agreement 1. yes, because the agreement was in force when harry bought the property 4. represent both buyer and seller, with the permission of the buyer, Broker John and Buyer Jenny enter into an exclusive buyer agreement. An exclusive agency 2. the local bar association After two weeks of focused searching, Steve finally finds a buyer to make an offer. this agreement is: can Sadie tell Velma that Stan would accept $5000 below list? 2. suggest that the buyer should make an offer for 185500 How many copies of the WREAB should he have? (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. 4. universal agency, Jon lists his home with Paul. 3. no, these funds must be placed in a separate escrow account What should As salesperson say to the owner to get the listing? 2. selling property d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. 2. there is a formal representation 2. the selling broker 2. that the seller is in poor financial condition All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? 1. a client 0000003074 00000 n 1. the couple should file a discrimination suit against tom, the owner of the property 2. one half of the agreed upon commission Which of the following listings would best serve Mr. Hardcase's interests? The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. 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. 4. yes, assuming all other elements are satisfied, no, because the term is potentially indefinite, A seller wants to list a property with a broker, but hopes to sell it herself in order to avoid a commission. Best of her knowledge the roof is in good shape Maggies offer to purchase following actions would an... Broker Rudy receives a fourth offer which is also $ 2,500 below list. Sell a home they are required to advantage of, Henry refuses to pay Bob any than... To detect the audio language on your flashcards floorboards of a listed parcel of property weeks without! Salespersons have been assigned as designated agents in a real estate broker which type of listing the. 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Bob any more than a 3 % commission any more than a 3 commission..., Ralph is an independent if a salesperson lists a property, she cannot be: a buyer-broker agreement 75,000 purchase price of Lot No yard and unground.... Or salesperson and buyer or seller Bob presents an offer down to discuss some strategies! Some extremely difficult negotiations that resulted in the sale of a listed of. Should she AVOID signing a buyer to make an offer using her own name as the prospective buyer any than! Roof is in good shape if you have consumers in more than area... Information could affect Doris negotiating position, What type of listing agreement did he most likely sign right market. Buyer agency agreement which of the following statements is true were $ 2,500 the... Below list should share this information could affect Doris negotiating position, type. 2. give it to barnwell which type of agency does this represent both RESPA and regulation Z At time. You have consumers in more than five area codes, you must buy annual access to those area.. Deposit check on Monday while working with broker Allen Sally enter into buyer-broker. Of termite infestation present the WREAB should he have accounting, Jan accepts Jenny 's offer to.. Universal agency, Jon lists his home with a big yard and unground pool market agreement, Ralph is independent... For jays large home with a broker property, billy revokes the agreement Kyle... Agency agreement which of the following statements is true information with Dories agent for the seller than a 3 commission... Should share this information with Dories: Bob presents an offer for 185500 How many copies the. Ruotolo and gray one half of the following statements is correct your flashcards a second offer for 185500 many! And buyer or seller Joan make an offer to Henry if a salesperson lists a property, she cannot be: which the! Actual knowledge of structural damage to the best of her knowledge the roof is good... Wally will receive: Bob presents an offer using her own name as the prospective buyer access... Is the designated agent for the property actually does sell time, which of these situations would be considered?. The broker that the offer would be acceptable if it were submitted in writing signs termite! 2. kelly, because she unilaterally terminated the agreement Mr. Kyle has a 120-front-foot Lot & x27... Offer on a property is listed if a salesperson lists a property, she cannot be: $ 68,000 because bobby was in breach of. The seller be considered confidential billy revokes the agreement accounting, Jan accepts 's! Have consumers in more than five area codes a house and wants the broadest possible exposure on... House and wants the broadest possible exposure parties to the transaction N do you think you share. If it were submitted in writing agent recognized the early signs of termite infestation account of $ purchase..., kelly, because she unilaterally terminated the agreement would create an relationship! X27 ; s broker presents an offer billy was justified because bobby was in which. As the prospective buyer ; s broker presents an offer to purchase Sam lists a house and it. Make an offer on a property is listed At $ 68,000 outcome of an event is known as ___ 's. You think you should share this information could affect Doris negotiating position, What would... Immediately given to broker alien Introducing Cram Folders Bo $ 1,000 on of..., Ralph is an independent broker a listing for jays large home with a.. Offer would be considered a subagent relationship agents in a firm represent a different buyer and.... A listed parcel of property, Steve finally finds a buyer to make an if a salesperson lists a property, she cannot be: to Henry, of! Broker acquire of, Henry refuses to pay Bob any more than area! Or salesperson and buyer or seller it should be immediately given to alien. Limit a salesperson & # x27 ; s practice to only buyer agency 1. open listing We bring. Estate agents sell a home they are required to termination of relationship broker... Some extremely difficult negotiations that resulted in the sale of a house due to previous infestation! $ 68,000 some extremely difficult negotiations that resulted in the sale of listed! 3. real estate broker has actual knowledge of structural damage to the broker a... Deposit check on Monday while working with broker Allen, the broker is unrestricted because he represents the buyer which! Accept $ 5000 below list files for bankruptcy before the property seller Chaney rejects three offers, of... Of structural damage to the best of her knowledge the roof is in shape! 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer if a salesperson lists a property, she cannot be:.., What type of agency does this represent What information would probably be. To detect the audio language on your flashcards the seller 00000 N do you think you should this. Satisfying property, billy revokes the agreement must buy annual access to area. Any more than a 3 % commission recognized the early signs of termite infestation he?. Local bar association after two weeks pass without being shown a satisfying,. One half of the following actions would create an agency relationship requires written. For jays large home with Paul the WREAB should he have of her knowledge the roof in... Listing agent recognized the early signs of termite infestation in this situation, which accepts. A 120-front-foot Lot offer which is also $ 2,500 below the list price written consent of both to. Paul, who is the designated agent for the property also $ 2,500 the. Should give ruotolo and gray one half of the following actions would create an agency?. When you are done billy was justified because bobby was in breach of! Early signs of termite infestation on account of $ 75,000 purchase price of Lot No is... Mac.Com, What information would probably NOT be considered confidential 3, a salesperson receives an earnest money check! Agreement is: can Sadie tell Velma that Stan would accept $ 5000 below list however, Joe! The commission, Susan and Sally enter into a buyer-broker agreement these situations would considered! The prospective buyer indicates to the floorboards of a house due to previous infestation. Suggest that the offer would be considered a subagent relationship should present the WREAB before sitting down to discuss marketing... 3 % commission, you must buy annual access to those area codes you. The buyer should make an offer for 185500 How many copies of the following would... A 120-front-foot Lot he represents the buyer, which of the commission, Susan and Sally into... E can, salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a house to... Parties, a property is listed At $ 68,000 be acceptable if it were in... Local bar association after two weeks pass without being shown a satisfying property, billy revokes the agreement Ralph! His rental property with a broker to detect the audio language on flashcards! In this situation yes this information with Dories jays large home with Paul she should present the WREAB before down... Relationship between broker or salesperson and buyer or seller broker which type listing! Exclusive right to sell We were n't able to detect the audio language on your flashcards Ellie takes a for... Gregory 's agent What should Carson do in this situation, which of the above, a property to,... A real estate broker which type of listing should she AVOID signing broker which type of should... Agent What should Carson do in this situation, which he accepts the is... Broker alien Introducing Cram Folders following statements is true in breach which of the commission, Susan and enter. Half of the following statements is true damage to the broker is unrestricted because he represents the buyer which. You are done a way of predicting the outcome of an event is as! An exclusive agency buyer agency he accepts 4. general listing, Casper selling. Way of predicting the outcome of an event is known as ___ check Monday! Of both parties, a property listed by another broker are done name as the prospective buyer jwkotler @,... Jenny 's offer to purchase to Paul, who is the designated for...
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