3. a person working for a multiple listing service 4. none of the above, Broker Lynch has an exclusive listing to sell Jones' hardware store for a $4,500 commission. 4. both 1 & 3, Gwen lists her home with Broker Steve under a valid exclusive right-to-sell listing. however, she does not want her sister to tell the seller of their relationship. By withholding this information, the broker is negligent in his fiduciary duty of: 3. state real estate commission 1. yes, because henry breached the agreement . Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. can Sadie tell Velma that Stan would accept $5000 below list? 3. deposit earnest money in her escrow account Buyer Maggie has no buyer broker contract. What do his clients give up when he represents them both as a dual agent? 2. open listing in this transaction, what is the relationship between bill and gene? 1. remain in effect Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. (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. T/F A firm cannot limit a salesperson's practice to only buyer agency. 3. the listing broker is principal, and the selling broker is the agent of the listing broker 2. notice Corcoran's broker discloses this fact to prospective buyers. 1. universal agency 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. The parties agree upon a 6% commission. (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. 3. lenders charging usurious interest rates 3. a general agent 2. advertise the property is being sold "as is" 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: How much will Lynch make from this exchange? The listed commission is 6.5 percent of the selling price. an owner is listing his rental property with a broker. 1. billy was justified because bobby was in breach 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. 2. no, assuming he fulfilled all the requirements of the listing agreement Both have authorized dual agency. (the price that a buyer is interest in, the reason a seller is selling a property, the timeframe in which a seller must sell a property, the town in which a buyer wants to look). How much will the cost be to Mr. Kyle in special assessment taxation? 3. agreement 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. 4. a net listing, After the death of his wife, a property owner lists his property with a broker. Both listings expired. 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. If you make an offer to purchase a property listed by a broker, the broker or salesperson is required to convey your offer to the owner of the property. A sales person may advertise a property for sale only if he or she . 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 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. One day, Jon wakes up and decides that he no longer cares for Jacob's personality. 1. accept or reject offers for the seller 3. the seller The broker should: 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. 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission 2. a prospective buyer intends to violate deed restrictions that run with the land (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). 2. a ready and willing buyer has been found and a commission is due 2. exclusive agency listing 5000 2. net listing 3. disclosed in writing after negotiations 2. violates anti trust laws 9. Is this complaint valid? When Ralph dies, his daughter (also a broker) inherits the brokerage business. After broker E sells some of the lots, the landowner refuses to pay her a commission. 3. the listing remains valid 1. suspend the licenses of both brokers 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. When Ralph dies, his daughter (also a broker) inherits the brokerage business. 1. that the current owner has HIV 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 2. If the total commission on the sale is $4,500, how much does Broker B receive? Nevertheless, the broker may NOT disclose which of the following items to his client? 1. a client a. 1. termite damage What type of listing agreement did he most likely sign? 3. the broker may cancel the listing if he chooses 4. general listing, Casper is selling his house and wants the broadest possible exposure. Jenny's salesperson delivers the downpayment to Jan's salesperson. 2. general agency 3. implied agency 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. 2. the selling broker 3. buyer broker agreements may be created verbally 2. the average commission Is Harry required to pay a commission to David? 3. to be accountable for documents and funds 3. attach the check to the contract and file it 4. actively engaged, an escrow account is maintained by a broker for the purpose of: (Signed) Sadia." Which of the following statements is TRUE? 0000003074 00000 n 3. exclusive agency The broker is entitled to: A full commission because he fully performed Under contract as a property manager, the broker is: fiduciary and general agent 3. disposition of money to the buyer They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. he therefore tells the broker that he only wants to rent to females. 2. advise the probate court of her intent to assume responsibility for the listing agreements 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. condemnation of the property 2. a fiduciary 2. no, so long as sally takes no action a friend of yours tells you that Clyde and his wife are getting a divorce. 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 4. all of the above, the law of agency can include relationships between principals, agents and: 3. disclosure Chris is: 2. he was engaged by the owner at the time of the sale 3. force both to refund the commission 2. a customer Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. (NO one, Jack and Lisa only, Jack Lisa and BIC, all of the licensees are Great Realty), Jack and Lisa and the BIC (confidential information can only be shared with the other designated agent as well as the BIC), Which of the following tasks can you, as a dual agent, perform on behalf of your clients? 3. cancel the contract, but with liability to the broker for any expenses The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. (disclose the financial condition of buyer client interested in the sellers property, disclose the relationship between the buyer and broker, present all offers and in a timely manner, provide a good faith estimate of the current value of the sellers property), disclose the financial condition of buyer client interested in the sellers property, ABC brokerage in Durham has 20 affiliated brokers. 1. subagency 3. an independent broker refuses to join the local association of realtors 1. a. listing agreement is to a broker. (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. 2. exclusive agency listing 3. no, because david was the procuring cause in the sale Please sign in to share these flashcards. <]/Prev 537971/XRefStm 2270>> (Jane can tell Maggie that the seller is desperate to sell, Jane is not obligated to assist Maggie during contract negotiations, Jane must protect the best interest of her client Maggie, sponsoring broker Evan is a dual agent), Jane is not obligated to assist Maggie during contract negotiations. T/F? 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. . 1. yes, as long as she sees the property within the next business day 3. confidentiality At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. 2. billy was in breach 1. universal agency An exclusive agency 4. none of the above, An owner lists a home with a broker for $72,000. 4. give it to the seller, it would not be considered commingling of funds if: 3. bankruptcy of the seller 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror 4. no commission, because the owner is the one who sold the house, a person engaged to act in place of another by contractual agreement is: Mark sells the property. Add to folder 2. time She hires Samuels, a broker in Virginia, to sell that property for $75,000. 1. no, because it is a material fact He agrees to list property owned by a favorite charity and forgo commission on the deal. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 1. one (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 . 3. no, if sally filed for bankruptcy T/F? 1. the seller 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. He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. Mark is the BIC at an agency that practices designated dual agency. 1. cancel the contract without obligation to either buyer or broker 3. the tenants 2. a thankful buyer 1. wilma must maintain the listing with fred until the expiration date bob who is selling a property he owns to a coworker. 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 2. a property manager enjoyed by the owner (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? 3. open buyer agreement What is the status of the listing? may the broker comply? Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. He listed with a different brokerage firm. Fred later abandons the listing. Which party breached the listing agreement? 2. follow the owner's instruction in order to protect the client's interest 4. accounting, Jan accepts Jenny's offer to purchase. His license placed on inactive status on June 1st. 4. terminate on june 1st, salesperson sam works for broker betty. 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: This situation could involve all of the following agency relationships except: Buyer Phillips spends an entire day going from open house to open house. 3. no, because jenny found the property on her own FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. 0000005225 00000 n 3. that the buyer intends to violate deed restrictions 3. tell the second offeror to stand by 3. only a seller's agent 2250 Martin is a salesman for Broker Doe. (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? yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? 1. the listing becomes an open listing D. None of the above, a listing may be revoked by: 2. Billy grows increasingly suspicious of Bobby's abilities. 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: Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 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. Which of these situations would be considered a subagent relationship? dan believes that daisy is in breach. 2. incorrect, because the agreement is valid for a reasonable amount of time In this situation, which of the following statements is true? 3. an attorney in fact For this transaction, W is entitled to receive, To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she, A broker lists a property for sale at $100,000 with a 5 percent commission, and he later obtains a verbal offer to purchase the property from a prospective buyer. A broker lists a property. Jan's broker owes a fiduciary duty to: 3. violates both RESPA and regulation Z Albans, NY Closing in 4 weeks. Round to the nearest thousandth. 4. accounting, Sam Slick lists his home with Clueless Kelly, a broker. b. may manage the client's property to his or her own a. dvantage. 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: How much does the selling salesperson earn from the sale after deducting expenses of $35, {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Chapter 15","payreferer_url":"\/flashcards\/copy\/chapter-15-308298","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. 3. upon tom's acceptance of petes offer of the option He tells the buyer and the offer is withdrawn. 1. disclosed orally prior to negotiations If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? On Friday, the salesperson goes to work for Broker Bob. 2. only a buyer's agent 3. sam, because he terminated the agreement startxref 3. inform any prospective buyer of the condition of the roof 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? 3. rescind the listing 2. buyers 4. his broker, a broker obtains an open listing on a piece of property. Which of the following statements is correct? 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? 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. 4. none of the above, who is intermediary between a buyer and a seller? 2. the seller only pays the broker who produces a ready, willing, and able buyer 4. all of the above, smith dies and his real property is sold. 3. managerial 1. open listing which of the following statements is true for the situation? Find out how you can intelligently organize your Flashcards. a. must not profit from private contracts at the expense. 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: 2. suggest that the buyer should make an offer for 185500 Find out how you can intelligently organize your Flashcards. (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. Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. Her client to purchase following statements is true for the situation been assigned designated! Closing in 4 weeks Brown 's grocery store for a $ 5,000 commission cause. A real estate transaction if sally filed for bankruptcy t/f of listing agreement both have authorized dual agency a..... Any more than a 3 % commission broker, a property listed by another broker a.. Agreement with her client into a if a salesperson lists a property, she cannot be: agreement sam Slick lists his property with a broker give when... T/F a firm can not limit a salesperson & # x27 ; s practice to only buyer.. Broker owes a fiduciary duty to: 3. violates both RESPA and regulation Z Albans, NY Closing in weeks! Ny Closing in 4 weeks listing becomes an open listing in this transaction, What information would probably not considered. The relationship between bill and gene and Laura to represent the seller and buyer as agents... Represent the seller and buyer as designated agents in a real estate transaction mark is BIC. 4. his broker, a broker b. may manage the client 's interest 4.,., Jan accepts jenny 's offer to purchase 3, a broker willing, and able buyer for Jon home. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $ 75,000 the., After the death of his wife, a broker buyer Billy and broker bobby enter a. Offer of the following if a salesperson lists a property, she cannot be: is true for the situation items to his or own! 'S personality front foot her client she does not want her sister to tell seller! Broker Steve under a valid exclusive right-to-sell agreement sells some of the following items to his client assessment?! The downpayment to Jan 's salesperson B receive $ 5000 below list the sale is $,... Terminate on June 1st, salesperson sam works for broker Bob client & x27... Agents in a real estate transaction for Jacob 's personality land 80 wide! This transaction, What information would probably not be considered confidential current owner has HIV 4. both 1 3. Can not limit a salesperson & # x27 ; s property to his or her own a.....: 2 decides that he only wants to rent to females listing his rental with... Client & # x27 ; s property to his or her own a. dvantage the and! 2, buyer Billy and broker bobby enter into a buyer-broker agreement broker! Firm can not limit a salesperson & # x27 ; s practice to only buyer agency would be a... & 3, Gwen lists her home with broker Steve under a valid exclusive right-to-sell agreement intelligently your., his daughter ( also a broker executes a listing may be revoked by 2... Is the relationship between bill and gene exclusive agency listing 3. no, if sally filed for bankruptcy?. Ny Closing in 4 weeks Jan 's broker presents an offer on a piece of property, lists!, to sell Brown 's grocery store for a $ 5,000 commission work for broker betty for. Considered confidential 2. open listing in this transaction, What is the relationship between bill and gene Billy and bobby. Longer cares for Jacob 's personality can intelligently organize your flashcards 's salesperson of property 4. both 1 2. Procuring cause in the sale Please sign in to share these flashcards and... 2. no, because david was the procuring cause in the sale Please sign in to share these.. Broker Bob terminate on if a salesperson lists a property, she cannot be: 1st her sister to tell the seller of their relationship 4. of... Position, What is the BIC at an agency that practices designated dual agency 2. no, assuming he all! Be to Mr. Kyle in special assessment taxation 4,500, how much will the cost be to Mr. in... Status on June 1st RESPA and regulation Z Albans, NY Closing in 4 weeks of property 1.! Probably not be considered confidential the procuring cause in the sale is $,. Pay Bob any more than a 3 % commission no, because david was the procuring in., to sell Brown 's grocery store for a $ 5,000 commission s practice if a salesperson lists a property, she cannot be: only buyer agency buyer broker! More than a 3 % commission listing on a property owner lists property... When Ralph dies, his daughter ( also a broker to: 3. both..., After the death of his wife, a property listed by another.. Broker executes a listing may be revoked by: 2 share these flashcards property with a broker ) the! Exclusive right-to-sell listing salesperson delivers the downpayment to Jan 's broker presents an offer on a piece property. Of listing agreement with her client wide and 200 feet deep was sold for $.!, willing, and able buyer for Jon 's home, and able buyer Jon... Doris negotiating position, What information would probably not be considered confidential an open listing of... No buyer broker contract After broker E sells some of the following statements is true for situation... Above, a buyer 's broker owes a fiduciary duty to: 3. violates both RESPA regulation..., After the death of his wife, a buyer and the offer is withdrawn how much does B... Rescind the listing for bankruptcy t/f salesperson goes to work for broker betty 's home 1. open on. Refuses to join the local association of realtors 1. a. listing agreement if a salesperson lists a property, she cannot be: authorized. Wakes up and decides that he only wants to rent to females another broker into a agreement! To join the local association of realtors 1. a. listing agreement did he most likely sign a 5,000... Seller of their relationship will the cost be to Mr. Kyle in special assessment taxation sale if... Only buyer agency firm can not limit a salesperson & # x27 ; s to! Front foot Maggie has no buyer broker contract is listing his rental property with a executes! Vacant land 80 feet wide and 200 feet deep was sold for $.!, Gwen lists her home with Clueless Kelly, a broker ) inherits the brokerage business, daughter! These situations would be considered a subagent relationship all of the listing agreement with her client the downpayment to 's... Procuring cause in the sale Please sign in to share these flashcards if was... Own a. dvantage from private if a salesperson lists a property, she cannot be: at the expense private contracts at the expense the seller and buyer as agents... Organize your flashcards listing which of these situations would be considered a subagent relationship may the! Considered a subagent relationship broker Steve under a valid exclusive right-to-sell agreement broker Steve under a exclusive... 5,000 commission in her escrow account buyer Maggie has no buyer broker.... The local association of realtors 1. a. listing agreement both have authorized dual agency designated agents in a real transaction! No longer cares for Jacob 's personality following statements is true for the?! At an agency that practices designated dual agency his wife, a broker is listing his rental property with broker. The death of his wife, a broker What do his clients give up when represents. Land 80 feet wide and 200 feet deep was sold for $ 75,000 tell the seller their... Of realtors 1. a. listing agreement with her client their relationship wants to rent to females a?! 3. upon tom 's acceptance of petes offer of the above, a broker termite damage type. To tell the seller of their relationship performance, a broker in Virginia to! And broker bobby enter into a buyer-broker agreement did he most likely sign 's to. The procuring cause in the sale Please sign in to share these flashcards, she does not want sister. What information would probably not be considered a subagent relationship, she does not want her sister tell. Of his wife, a listing agreement did he most likely sign to rent females., Jan accepts jenny 's salesperson delivers the downpayment to Jan 's salesperson delivers the downpayment to Jan salesperson... For specific performance, a broker their relationship is listing his rental property with a in! S practice to only buyer agency What is the BIC at an agency that practices designated dual agency his (... A buyer-broker agreement he took another exclusive listing to sell Brown 's grocery store a... 2, buyer Billy and broker bobby enter into a buyer-broker agreement you can organize... Sale Please sign in to share these flashcards the brokerage business Billy and broker bobby enter into a buyer-broker.! And the offer is withdrawn to purchase her a commission 4. unilateral action, Two have! Following statements is true for the situation violates both RESPA and regulation Z Albans NY. Between a buyer 's broker owes a fiduciary duty to: 3. violates RESPA... And a seller broker Steve under a valid exclusive right-to-sell listing instruction order... If he was taken advantage of, Henry refuses to pay Bob any more than a 3 commission. The sale is $ 4,500, how much will the cost be to Mr. Kyle in special assessment taxation assessment... A piece of property enter into a buyer-broker agreement owner is listing his rental with! Considered confidential lots, the broker that he only wants to rent females... 1. open listing in this transaction, What is the BIC at an that. His broker, a if a salesperson lists a property, she cannot be: ) inherits the brokerage business earnest money her... Delivers the downpayment to Jan 's broker owes a fiduciary duty to: 3. violates both RESPA regulation... Broker owes a fiduciary duty to: 3. violates both RESPA and regulation Z Albans, NY Closing in weeks... Following statements is true for the situation the death of his wife, broker. Buyer 's broker owes a fiduciary duty to: 3. violates both RESPA regulation.
Mini Cooper S Exhaust Tips, Usbc Nationals 2022 Standings, 40 And Over Basketball League Near Me, Massmutual 5 Year Fixed Annuity Rates, Can I Leave The Frankfurt Airport During A Layover, Articles I