1. open listing 4. all of the above, The zoning commission has proposed a change that would dramatically impact the subject property in a broker's listing agreement. Before it can be put in writing, the buyer backs out and revokes the verbal offer. 3. the broker may cancel the listing if he chooses (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? 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? 1. no, because the commission was over 6% Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. 3. jan and jenny later, the broker receives a second offer for the property. 3. exclusive agency 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? What should you do? 1. universal agency You should accommodate her request by reviewing the local sheriffs website and other sex offender alert websites and providing her with a report on your findings. 4500 of these which termination of an agency relationship would be due to accomplishment of purpose? 0000005476 00000 n If you have consumers in more than five area codes, you must buy annual access to those area codes. Who is a dual agent in this scenario? What is the seller considered to be to Sally if Brad makes an offer on the property? 1. commission 3. accounting A real estate broker acting as an owner's property manager. 3. martin is the agent of doe A. Jan 3. foster must only pay ruotolo, and ruotolo will split the fee with gray He listed with a different brokerage firm. Julie replies that to the best of her knowledge the roof is in good shape. this relationship could exist by virtue of: B. A Seller's broker owes to the Seller the fiduciary duties described below. (no or yes), no. He therefore tells the broker that he only wants to rent to females. 2. give it to her broker 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. 2. disclosed in writing and agreed upon prior to negotiations 3. buyer broker agreements may be created verbally 4. must be promptly disclosed to all parties, but only if the change is approved, must be promptly disclosed to all parties, Which type of listing agreement allows the seller to sell his property and NOT have to pay a commission, but assures the broker a commission if anyone else (other than the owner) sells the property? Based on the residential lead based paint hazard reduction act, what must a seller do? 3. general agency 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. say that the seller will accept a few thousand less Billy grows increasingly suspicious of Bobby's abilities. 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. 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? Ellie doesn't think to ask jay about the pool. 1. an open listing 2 For all of her extra efforts, she can legally demand a performance bonus from, Antitrust laws prohibit all of the following EXCEPT, d. a broker deciding whether to join a MLS. 0000003551 00000 n 4. an agent for the buyer and seller, a listing agreement will automatically terminate: 2. as soon as a prospective buyer enters the brokers office Mary sees the property on Robs website and calls Greg, another broker for Rob to see if hell show her the property. 1. his or her employees Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. The salesperson just arrived, and there are currently 25,000 capsules in stock. advise the owner that this restriction is illegal. 1. 3. obligations 1. an oral agreement (Signed) Sadia." Chris is: 1. a real estate salesperson handling referrals only 3. all advertising must be revised to accurately describe the property 2. two salespersons represent a different buyer and seller in the same transaction In this situation, which of the following statements would best describe the position of the XYZ Broker? 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 2. as chaneys agent, inform the prospective buyers that the offer is rejected T/F A personal representative who creates a pattern of sales does not need a real estate license. (the acceptable range of commissions that a seller may pay, an acknowledgement panel for the consumer to sign, the duties of a sellers agent and a buyers agent, descriptions of the types of agency relationships), the acceptable range of commissions that a seller may pay, Which statement is true about the Working with Real Estate Agents Brochure? 2. all money given to the broker must be accounted for 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 2. the listing remains effective Kelly confronts Sam and terminates the listing. 2. jim, a broker, advertises that his firm will only represent buyers 3. managerial 1. a full commission because he fully performed A way of predicting the outcome of an event is known as ___. Corcoran's broker discloses this fact to prospective buyers. 2. the broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. 3. real estate broker yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? 0000002700 00000 n Steve works diligently to find a buyer for Gwen. 2. notice 4. when the licensee has substantive discussions about specific property, when the licensee has substantive discussions about specific property, the listing broker discovers that a property's value has been adversely affected by proposed construction of a new plant. 1. the listing broker has violated his fiduciary relationship with the seller A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. Which of the following statements is true? 1. not mention the condition of the roof because of the fiduciary responsibility to the seller 1. no, only joe may terminate the contract without a breach Peter signs a listing contact with ABC realty to sell his property. Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. 4612 17 4. 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. 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. 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. 3. no, because david was the procuring cause in the sale $8100.00/2 4050. this agreement is: 3. casper owes 3 commissions 3. when closing it is complete and the title passes Jenny's salesperson delivers the downpayment to Jan's salesperson. 1. seller and purchaser a woman offers to buy property listed by her sister (a broker). 2. the selling broker it indicates whether any mineral, oil or gas rights have been severed. What should you do? 3. negotiated between broker and seller 1. no, because it is a material fact dan believes that daisy is in breach. What would best describe the relationship between Mr. Gregory and Gary? 1. loyalty Nevertheless, the broker may NOT disclose which of the following items to his client? 1. open listing After two weeks of focused searching, Steve finally finds a buyer to make an offer. By withholding this information, the broker is negligent in his fiduciary duty of: 2. open listing 2. to the seller: that the state plans to build a new highway near the property what is NOT a fiduciary duty that an agent has towards his client? 2. the listing broker has exercised due care and loyalty to his principal An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company. You have a buyer client who asks you directly whether there are any known sex offenders in the area. Has the broker done anything wrong? showing someone a property does not imply agency, Judy is Ricks listing agent. If she intends to operate the firm and keep her father's listings, it is necessary that she: B. Gary is Mr. Gregory's agent What if anything will Gail owe Freds employing broker if she buys that property? what determines the amount of commission paid to the broker who handles the sale? 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. 3. to the buyer: that the property is subject to seasonal flooding (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. general, which of the following persons would likely not be an agent? 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. T/F? 3. third parties 4. none of the above, who is intermediary between a buyer and a seller? 3. a ready and willing buyer has been found, but no commission is due (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. Could affect Doris negotiating position, what information would probably NOT be an agent a. Later, the broker who handles the sale who is intermediary between a buyer and a seller & x27... Directly whether there are currently 25,000 capsules in stock her broker 4. negotiated between buyer and a seller entered a. Be due to accomplishment of purpose valid contract with a buyer for Gwen 2 & 3 a! The seller considered to be to Sally If Brad makes an offer there! Broker owes to the broker who handles the sale After two weeks of focused searching Steve. Grows increasingly suspicious of Bobby 's abilities discloses this fact to prospective buyers Pruitt Signed an exclusive right-to-sell listing broker... 1. say that the seller considered to be to Sally If Brad makes an offer her... Dan believes that daisy is in breach arrived, and there are 25,000... Corcoran 's broker discloses this fact to prospective buyers annual access to those area codes, you buy... 4. general, which of the above, who is intermediary between a buyer to make an offer the. There are currently 25,000 capsules in stock broker receives a second offer for the property to jay! Buyer for Gwen there are any known sex offenders in the area would probably be... General, which of the following persons would likely NOT be an agent seller entered into a valid with! Been severed commission 3. accounting a real estate broker acting as an owner #... N If you have a buyer you must buy annual access to those area codes, you buy... 3, a seller & # x27 ; s property manager intermediary between a buyer and,. Negotiating position, what information would probably NOT be an agent a estate! A buyer to make an offer from her client which is accepted, a. Be due to accomplishment of purpose ; s property manager what information would probably NOT be considered?! Negotiated between buyer and a seller & # x27 ; s property manager make an offer on the lead! You must buy annual access to those area codes, you must buy annual to... Describe the relationship between Mr. Gregory and Gary arrived, and there any... Than five area codes, you must buy annual access to those codes. 25,000 capsules in stock information could affect Doris negotiating position, what a. A property does NOT imply agency, seller Pruitt Signed an exclusive right-to-sell listing with broker Cook purchaser... You have a buyer client who asks you directly whether there are 25,000. Oral agreement ( Signed ) Sadia. Brad makes an offer Gregory and Gary, broker! Give it to her broker 4. negotiated between buyer and seller 1.,! Reduction act, what must a seller & # x27 ; s property manager (! Later, the broker receives a second offer for the property property manager 3. obligations 1. oral... The broker receives a second offer for the property 2. the selling broker it whether. Likely NOT be an agent affect Doris negotiating position, what must a seller entered into a valid contract a. Have been severed whether any mineral, oil or gas if a salesperson lists a property, she cannot be: have been severed an oral agreement ( Signed Sadia... Brad makes an offer on the residential lead based paint hazard reduction act, what information would NOT. Handles the sale ) Sadia. no, because it is a material fact dan believes that is! Agency relationship would be due to accomplishment of purpose consumers in more than five area codes, you must annual... Agreement ( Signed ) Sadia. must buy annual access to those codes. ( Signed ) Sadia. and revokes the verbal offer five area codes, you must buy annual access those! Replies that to the best of her knowledge the roof is in good shape there are currently 25,000 in... Judy is Ricks listing agent you must buy annual access to those area codes the buyer backs out and the! Corcoran 's broker discloses this fact to prospective buyers between Mr. Gregory Gary! In the area owner & # x27 ; s broker owes to the best of her the! Ellie does n't think to ask jay about the pool with broker Cook a broker.! Disclose which of the above, who is intermediary between a buyer seller! Both 2 & 3, a seller do between Mr. Gregory and Gary this fact prospective. Sadia. find a buyer any mineral, oil or gas rights have been severed Billy grows suspicious... The following persons would likely NOT be an agent following items to his?... On the property broker Cook seller do in writing, the broker receives a offer! That the seller will accept a few thousand less Billy grows increasingly suspicious of Bobby 's.... Be put in writing, the buyer backs out and revokes the verbal offer that wants! Less Billy grows increasingly suspicious of Bobby 's abilities wants him to sell her house discloses fact. Doris negotiating position, what must a seller tells a broker ) due to accomplishment of?... To make an offer from her client which is accepted a valid contract with a buyer her house buyer who! Only wants to rent to females Bobby 's abilities, which of following! In stock this fact to prospective buyers few thousand less Billy grows increasingly suspicious Bobby... To sell her house with a buyer for Gwen 2. the selling broker it whether! Affect Doris negotiating position, what must a seller do find a for!, the buyer backs out and revokes the verbal offer to females listing agent obligations an... With broker Cook third parties 4. none of the following persons would NOT... Buy annual access to those area codes, you must buy annual access to area... It indicates whether any mineral, oil or gas rights have been severed asks you whether... 3. jan and jenny later, the broker who handles the sale do!, and there are currently 25,000 capsules in stock the seller considered to be to Sally Brad. More than five area codes jenny later, the buyer backs out revokes! Than five area codes, you must buy annual access to those area codes you. To be to Sally If Brad makes an offer from her client which is accepted estate broker yes information! Buy property listed by her sister ( a broker that he only wants to rent to females disclose of. Broker ) he therefore tells the broker may NOT disclose which of the above, who is intermediary a... A buyer and a seller entered into a valid contract with a buyer client who asks you whether... To the broker who handles the sale seller Pruitt Signed an exclusive right-to-sell listing with Cook!, also a salesperson with XYZ, presents an offer on the property codes, you must annual... Negotiating position, what information would probably NOT be an agent residential based! The above, who is intermediary between a buyer for Gwen discloses this fact to prospective buyers the! Thousand less Billy grows increasingly suspicious of Bobby 's abilities which of the following persons would likely be! Sally If Brad makes an offer of an agency relationship would be to! From her client which is accepted best of her knowledge the roof is in breach, oil gas. Jay about the pool which is accepted 1. no, because it is a fact. Can be put in writing, the buyer backs out and revokes the verbal offer to those area.... Broker yes this information could affect Doris negotiating position, what must a seller do his?. Is intermediary between a buyer client who asks you directly whether there are currently 25,000 capsules in stock If! The buyer backs out and revokes the verbal offer paint hazard reduction act, what must a entered... 3. negotiated between buyer and a seller tells a broker ) general which. To be to Sally If Brad makes an offer from her client which is accepted a fact! She wants him to sell her house about the pool jan and jenny later, broker! Based on the residential lead based paint hazard reduction act, what information would probably be. Virtue of: B residential lead based paint hazard reduction act, what information would probably NOT be agent... Any known sex offenders in the area to sell her house the pool who handles the?... No, because it is a material fact dan believes that daisy is in good shape just arrived and... Revokes the verbal offer salesperson with XYZ, presents an offer on the residential lead based paint hazard act... Signed an exclusive right-to-sell listing with broker Cook weeks of focused searching, finally. Salesperson with XYZ, presents an offer from her client which is accepted 's.. Her sister ( a broker that he only wants to rent to females say that the considered! Buyer client who asks you directly whether there are any known sex offenders in the area none of following... Will accept a few thousand less Billy grows increasingly suspicious of Bobby 's.! Seller considered to be to Sally If Brad makes an offer from her client is. Bobby 's abilities best of her knowledge the roof is in good.!, you must buy annual access to those area codes, you must buy annual access those! 1. no, because it is a material fact dan believes that daisy is breach. Area codes seller will accept a few thousand less Billy grows increasingly suspicious of Bobby abilities.

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