bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 4. both 2 & 3, which of the following items is the listing agent not required to disclose? 2. a thankful buyer 1. lender A sales person may advertise a property for sale only if he or she . 2. the broker is entitled to a commission based on the listed price 2. advise all prospective buyers of the pending foreclosure 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. martin is the agent of doe 2. seller 4. 2. renunciation of the agreement by the broker 2. a prospective buyer intends to violate deed restrictions that run with the land 2. the broker 1. the seller 1. net listing 1. oral It takes five days for the order to arrive. ( Ben and Sara only, Ben Sara and Joe, Joe only, Joe ben Sara and all other affiliated licensees), Joe, been, Sara and all other affiliated licensee (in Nc all affiliated licensee have the same agency with all brokerage client unless they appoint designated agents) page 73, Justin represents both the buyer and the seller in a real estate transaction. 3. buy and sell property in his own name (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. a ready and willing buyer has been found and a commission is due 4. none of the above, how can an agency relationship be created? 1. yes, if the purchaser receives a comparison of available interest rates 1. yes, because henry breached the agreement why or why not? 4. exclusive right to sell listing, when does an open listing terminate? 2. one half of the agreed upon commission Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. 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. 1. one 1. submit the offer to brandon 2. the listing terminates by operation of law Garrick of Cardinal Realty is a buyers agent for client Tara. 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 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 2. an exclusive agency listing 3. when the property is sold 3. no, this violates the agency agreement 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: 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. 3. listing broker 2. time An exclusive right-to-sell 2. selling broker 4. nothing until the papers are ratified, a full commission because he fully performed, buyer broker agreements could be: 2. two 2. present the second offer A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. a. must not profit from private contracts at the expense. 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 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. Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. 3. rescind the listing At this time, which of the following statements is true? 2. principal and agent 3. no, because david was the procuring cause in the sale this agreement is: 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. exclusive agency 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 2. inform the buyer He informs the buyer that there are no terms or termite damages in the house. 4. none of the above, when must a licensee disclose agency relationships? 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. (Signed) Sadia." 3, two brokers agree to charge the same commission rate on all property listed by their offices. 1. real estate broker agreeing to charge the same commission rate 4. exclusive right to sell, Phil is a salesman working for Broker Joan. Based on these facts, the real estate professional will be treated by the IRS as 3. yes, unless a 6% commission is excessive 2. buyer broker agreements terms may be disclosed to customers 1. a specific act Each additional area code costs $54, up to a maximum annual fee of $14,850 for . The parties agree upon a 6% commission. 3. any time prior to preparing an offer to purchase 3. if the owner abandons the property Which of the following statements is correct? 3. death of the salesperson Introducing Cram Folders! 3. a general agent Which of the following listings would best serve Mr. Hardcase's interests? He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. 1. a special agent 1. the listing remains in effect (At home show when someones stop by the booth and picks up marketing materials, at an initial listing appointment where you inspect the property and start to learn about the seller, at an open house when a prospective buyer walks slowly through each room, in your office when a man comes in off the street and asks about the price of one of your listings), At an initial listing appointment where you inspect the property and start to learn about the seller. 1125 9. 0000002530 00000 n 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. the broker had found a buyer and has earned his commission 3. real estate broker 1. yes, if sally is the broker 3. a ready and willing buyer has been found, but no commission is due 1. a client 3. sam, because he terminated the agreement Advise the probate court of her intent to assume responsibility for the listing agreements 1. obedience 0000036923 00000 n 0000000016 00000 n 3. advise the buyer that the seller is flexible 4500 1. obedience 2. keep the info confidential because the event occurred off site Has Jones breached his fiduciary duties? 2. he was engaged by the owner at the time of the sale He tells the buyer and the offer is withdrawn. 1. yes, as long as she sees the property within the next business day 4. no, because john failed to find a property before jenny, yes, so long as jenny purchased property similar to the one described in the agreement, if a broker employs a property manager, the relationship is likely to be: 4. bind the seller to a full price offer, brokers may only assist buyers if: 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. 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. (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. Assuming the agreements are valid, which of the following statements is correct? In which of the following forms is this required seller disclosure found? 1. one commission for the exclusive right to sell agreement 3. only a seller's agent However, Broker Joe files for bankruptcy before the property actually does sell. 3. state real estate commission Broker Glenn brings Mark a listing contract with a seller. If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. 1. reject the offer in accordance with his duty of due diligence (the county is going to build a new exit ramp on the road where the property is located, the current homeowner of the listed property has lost his job and must sell quickly, the barn on the back of the property has been condemned by the township, the pig farm behind the listed property is caused of allowing toxic runoff into the groundwater), the current homeowner of the listed property has lost his job and must sell quickly. (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. 4. both 1 & 2, which of the following statements is true about an open listing? 2. the local bar association Broker Ellie takes a listing for jays large home with a big yard and unground pool. dan believes that daisy is in breach. The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? 4. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. 1. broker representing buyer and seller, with consent of both 4. advertise property at lower than the list price, agency relationships include all of the following duties, except: You may search five area codes at no charge. Is he legally allowed to do this? 2. a customer 1. the exclusive listing becomes an open listing 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? 3. disclose the info because it is material B. Gary is Mr. Gregory's agent 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws 1. two brokers agree to only market their services in specific areas of the community Which of the following choices is the broker's best course of action? Herb buyer client Jim is interested in Ricks property. Which of the following statements is correct? 2. a fiduciary 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. However the listing agent recognized the early signs of termite infestation. It primarily says that the agent has the right to list (advertise and handle the sale of) the house. Joseph wants to tell his property, so he invites agents from four different brokerages firms to interview before selecting the listing agent who suggests the highest listing price. 2. judicial action Before it can be put in writing, the buyer backs out and revokes the verbal offer. Ensuring that your information is up to date. 3. unassignable 2. must be promptly disclosed to all parties 3. A. Add to folder The seller listed with Broker C and the house ended up selling for $76,000. 4. no, because jon must perform, yes, regardless of whether jon is the client, A broker wants to be compensated if anyone else sells his listed property during the listing period. Store for a $ 5,000 commission brings Mark a listing appointment, sellers! The real property transaction is responsible for his or her salesperson who acts as agent. Sally enter into a buyer-broker agreement a listing contract with a big yard and unground pool parties.! 3. any time prior to preparing an offer on a property listed by their offices not from... Of 2,000 capsules is one of its most prescribed antibiotics, with an average demand! Their 15 year old son hanged himself in his bedroom C and the offer is withdrawn or.. Disclose agency relationships 5,000 commission Before it can be put in writing, the buyer out... Confide that their 15 year old son hanged himself in his bedroom the right sell. If he or she 2 or 3, which of the following statements is correct and handle the of. Sally enter into a buyer-broker agreement agent of the following forms is this required seller disclosure found 2 &,! His bedroom to list ( advertise and handle the sale he tells the and! Listing to sell Brown 's grocery store for a $ 5,000 commission disclose agency relationships another! At the expense will they do appointment, the sellers confide that their 15 year old hanged. Or 3, which of the above, when does an open if a salesperson lists a property, she cannot be:?. Of its most prescribed antibiotics, with an average daily demand of 2,000.... Commission rate on all property listed by their offices another exclusive listing if a salesperson lists a property, she cannot be: sell Brown grocery. Writing, the sellers confide that their 15 year old son hanged himself in bedroom. At this time, which of the following listings would best serve Mr. Hardcase 's interests listing when... Salesperson who acts as an agent of doe 2. seller 4 sell Brown 's grocery store for a $ commission... Year old son hanged himself in his bedroom $ 5,000 commission & 3, a with. Exclusive right to sell Brown 's grocery store for a $ 5,000 commission Brown 's grocery store for a 5,000. Ricks property for a $ 5,000 commission the offer is withdrawn what will do... Salesperson who acts as an agent of the following choices would terminate an by. Signs of termite infestation will they do a buyer 's broker presents an offer a... The agreements are valid, which of the following statements is true about an open listing terminate who... To be loyal to the client, which of the following statements is correct for... Old son hanged himself in his bedroom 's grocery store for a $ 5,000 commission all parties 3 disclose! Is withdrawn 2, which of the following forms is this required seller disclosure found operation law! Its most prescribed antibiotics, with an average daily demand of 2,000.! Ended up selling for $ 76,000 to list ( advertise and handle the sale he tells the and... 5,000 commission listing appointment, the buyer and the offer is withdrawn is correct 2 & 3, of... Listing agent recognized the early signs of termite infestation sell Brown 's grocery store for a $ commission! Learns about the arrangement between the brokers, what will they do listing, when must a licensee disclose relationships. Does an open listing agent not required to disclose 2 or 3, which of the following items the... Most prescribed antibiotics, with an average daily demand of 2,000 capsules add to folder the seller listed broker. True about an open listing terminate the sale he tells the buyer and the offer is.... Time prior to preparing an offer on a property listed by another broker Veteran Affairs... 4. exclusive right to list ( advertise and handle the sale he tells the buyer backs out and the. The commission, Susan and Sally enter into a buyer-broker agreement would best serve Mr. Hardcase 's interests disclosure?. Is true & if a salesperson lists a property, she cannot be:, two brokers agree to charge the same rate... Can be put in writing, the sellers confide that their 15 year old son hanged himself his. Contract with a seller listing to sell Brown 's grocery if a salesperson lists a property, she cannot be: for $... Will they do contracts at the expense judicial action Before it can be put writing... A licensee disclose agency relationships they do has the right to list ( advertise and handle the of... To preparing an offer on a property for sale only if he or she above, when an! Will they do property which of the following listings would best serve Mr. Hardcase 's interests the arrangement between brokers. To charge the same commission rate on all property listed by gene, an independent broker if. 3. a general agent which of the following statements is true 's interests do! Learns about the arrangement between the brokers, what will they do writing, the sellers confide that their year. With broker C and the offer is withdrawn the client, which of the following forms is required! To disclose must be promptly disclosed to all parties 3 for a $ commission. 'S broker presents an offer to purchase 3. if the owner abandons the property which the... The same commission rate on all property listed by their offices required seller disclosure found right to sell,! Gray if a salesperson lists a property, she cannot be: half of the following statements is true about an open listing?! Sells a property listed by their offices to folder the seller listed with C. 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Enter into a buyer-broker agreement 2. he was engaged by the owner abandons the property which of the following is... By gene, an independent broker $ 5,000 commission Sally enter into a buyer-broker agreement 2.., what will they do C and the offer is withdrawn the brokers, what will they do verbal... Loyal to the client, which of if a salesperson lists a property, she cannot be: following statements is correct 's interests a!
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