4. his broker, a broker obtains an open listing on a piece of property. You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. 1. an appreciative seller 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws (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. Select one: this agreement is: With a power of attorney, the husband. 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. 2. a thankful buyer 1. suspend the licenses of both brokers 2. open listing 4. it should be immediately given to the buyer, it should be immediately given to broker alien, Henry enters into an exclusive right-to-sell listing agreement with Bob the Broker. C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. Select one: You must search the national Do Not Call registry at least every 31 days. 1. universal agency The broker must: University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. When must Garrick disclose to Richard that he represents the buyer? 4. expiration of time, all of the following statements are true of buyer broker agreements, except: 3. the salesperson that obtained the listing 2. one half of the agreed upon commission The salesperson just arrived, and there are currently 25,000 capsules in stock. 4. accounting, Sam Slick lists his home with Clueless Kelly, a broker. Jan's salesperson delivers the funds to her broker, who places the money into escrow. 1. no, only joe may terminate the contract without a breach The broker does not tell a prospective buyer about the dump. 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"}}. 4. While Smith is out of the country, the Mayor announces a development plan that will include Smith's land (causing it to double in value). however, she does not want her sister to tell the seller of their relationship. Buyer Maggie has no buyer broker contract. 3. broker representing both buyer and seller, without consent of either 3. a confidential relationship which term best describes these relationships? On the date scheduled for closing, the seller refuses to sign any of the papers. 3. revocation 1. deposit it in her escrow account In which of the following forms is this required seller disclosure found? 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. 3. it should be immediately given to the seller 2. set by the realty board 4. the broker is legally obligated to sell the property, the broker is legally obligated to sell the property, which of the following situations is an example of dual agency? 3. 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? 1. a broker's undisclosed representation of both buyer and seller 4. impartial protection of both parties, A property is listed at $68,000. 3. violates both RESPA and regulation Z 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: 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. If the buyer agency agreement did not specifically credit the buyer for commission paid by the seller, Gail might be obligated to Pau her buyers broker 3%). why or why not? 1. the seller What type of listing agreement did he most likely sign? (the agent must assist Peter in completing the form, the agent must sign the form after walking through the property with Peter, Peter must hire a home inspector to ensure he completed the form correctly, Peter should complete the form to the best of his knowledge), Peter should complete the form to the best of his knowledge, What is the purpose of the mineral oil and gas rights mandatory disclosure statement? Is Harry required to pay a commission to David? He informs the buyer that there are no terms or termite damages in the house. 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. Do you think you should share this information with Dories? 2. exclusive agency listing 1. keep the info confidential because disclosure would violate a fiduciary duty Gavin tells Lane that he hit the lottery and has unlimited budget. 3. disclosed in writing after negotiations 8. How much will the cost be to Mr. Kyle in special assessment taxation? (Signed) Sadia." 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. based on past experience, the owner thinks that females cause less damage. 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. her broker 1. sell the property before the foreclosure is completed 1. yes, but dan waives his right to specific performance He tells the buyer and the offer is withdrawn. In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. 1. no, because jones did not buy the property himself Oct. 2005. 2. special agency 3. death of the salesperson A real estate broker acting as an owner's property manager. 4. a person holding a power of attorney, a person working for a multiple listing service, a salesperson represents the: All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? 2. he was engaged by the owner at the time of the sale 2. yes, if the buyer pays a fee to the brokerage firm Bob presents an offer to Henry, which he accepts. 2. jenny 2. buyers 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. Find out how you can intelligently organize your Flashcards. 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 3. exclusive right to sell A full price offer is made without contingencies. 3. cancel the contract, but with liability to the broker for any expenses 3. appraising property A broker lists a property. Jan's broker owes a fiduciary duty to: 1. to the seller: that the potential buyer is having financial problems (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? 0000007875 00000 n 3. universal agency 1. hold the second offer until the first offer closes 1. reject the offer in accordance with his duty of due diligence 4. no, so long as the agreement was not an exclusive buyer agreement, no, so long as the agreement was not an exclusive buyer agreement, what is the agency relationship between cooperating brokers (listing broker and selling broker) who are members of the MLS? 4. no, so long as daisy is willing and able to perform, yes, but dan risks causing a breach himself, the relationship that generally exists between a salesperson and a seller is a: 2. advise the probate court of her intent to assume responsibility for the listing agreements 1. express 3. that the seller will not accept an offer based on VA financing 2 at 27 Y Street. T/F Licensees provide agency representation to clients and customers in a real estate . brokers must never disclose confidential information without permission or a court order, a real estate broker acting as a sellers agent may (advise the seller of the best manner of taking title to the new property they are purchasing, attempt to encourage an offer from a buyer, disclose to a buyer that the client will accept an offer at the listed price and terms, modify the listing contract on behalf the seller if it is in the sellers best interest), attempt to encourage an offer from any buyer, to whom does a broker owe fiduciary duties? 3. no, this violates the agency agreement (Ann who is selling her moms house to settle her estate, bob who is selling a property he owns to a coworker, Cathy who is selling her shirt of a condo to co owner Dave, Devin who is selling his 10 unit apt building). 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. $8100.00/2 4050. c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . 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. 2. 3. agreed upon commission or fee 1. open listing The broker is entitled to: With whom can Lane share this information? This listing would: 2. exclusive agency listing 4. advertise property at lower than the list price, agency relationships include all of the following duties, except: You keep this information to yourself. Corcoran's broker discloses this fact to prospective buyers. (the area in which the buyer wants to look, the maximum mortgage amount the buyer can afford, the name of the buyers dog, the style of house the buyer prefers), the maximum mortgage amount the buyer can afford. 3. that the buyer intends to violate deed restrictions 4. none of the above, how can an agency relationship be created? Which of the following statements is correct? T/F A person does not need a real estate license to be a property manager. 3. correct, regardless of whether chris informed cheryl Which of the following choices is the broker's best course of action? 2. terminate on may 15th The real estate professional's entire income is from sales commissions rather than an hourly wage. Does he now have 12 buyers agents representing him? 0000004298 00000 n 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. 4. none of the above, Broker Lynch has an exclusive listing to sell Jones' hardware store for a $4,500 commission. 4. 1. sam, because he was speaking with other brokers 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? 4. accounting, Jan accepts Jenny's offer to purchase. 1. an oral agreement (before the buyer makes an offer, before the buyer walks through the house, before the sellers accepts the offers, before the transaction closes), which of these do you think would least likely be considered a material fact that must be disclosed to a buyer? They specify that the agreement will last for a two week period. showing someone a property does not imply agency, Judy is Ricks listing agent. 10 ways agents typically get slapped with lawsuits. Which of the following statements would best describe the relationships between these parties? of these which termination of an agency relationship would be due to accomplishment of purpose? 4. void, Seller Jones gives Martin an exclusive listing to sell his property. 2. revocation by the principal 2. agent of the seller and sub agent of the broker Is this legal? 2. the broker may tell the buyer that the seller is willing to accept a lower offer dan believes that daisy is in breach. 1. a dual agent Which statement is true? 1. leasing property 3. the broker may cancel the listing if he chooses T/F? Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. During a 90 day listing agreement, the seller dies, What statement is TRUE? 4. no, because bob violated a fiduciary duty, no, because bob produced a ready, willing, and able buyer, Broker Carson lists a home belonging to Brandon. A sales person may advertise a property for sale only if he or she . 3. tell the second offeror to stand by However, a few days later, Harry spots a property for sale while driving home from work. Broker Ellie takes a listing for jays large home with a big yard and unground pool. 2. jim, a broker, advertises that his firm will only represent buyers 0000002270 00000 n 2. kelly, because she unilaterally terminated the agreement 2. (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. by jwkotler@mac.com, 2. exclusive agency listing 3. third parties 4. voic, Ralph is an independent broker. Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. 4. no one, A broker shows one of her listings to a prospective buyer. 0000004183 00000 n Steve is furious and demands his commission. 1. no, because the commission was over 6% 2. an agent 2. escrow agents 2. time 3. the broker may tell the buyer about the mold problem in the bathroom Is the listing still effective? 2. yes, if the broker promises to ensure such funds will be available at closing Select one: 2. dual agency Assuming the agreements are valid, which of the following statements is correct? 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 1. the seller Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. Broker Rudy receives a fourth offer which is also $2,500 below the list price. Billy grows increasingly suspicious of Bobby's abilities. 4. none of the above, An owner is listing his rental property with a broker. xref the seller has a right to: a friend of yours tells you that Clyde and his wife are getting a divorce. 1. a principal 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 The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. (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 . 1. an exclusive agency 3. exclusive agency It primarily says that the agent has the right to list (advertise and handle the sale of) the house. later, the broker receives a second offer for the property. Steve works diligently to find a buyer for Gwen. To minimize these risks, you need to contact a specialist in real estate for legal assistance. 1. one commission for the exclusive right to sell agreement Ellie doesn't think to ask jay about the pool. 1. 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period b. may manage the client's property to his or her own a. dvantage. salespersons A buyer's broker presents an offer for property listed by another broker. Jan's broker owes a fiduciary duty to: 2. judicial action 2. implied 3. condemnation of the property C. Gary's broker is the agent of Mr. Gregory for 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? Phil is the managing broker of Wildcat Realty. 2. an exclusive right to sell 2. open listing Each additional area code costs $54, up to a maximum annual fee of $14,850 for . a. 2. non functioning furnace (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). 4. optionor and optionee, what is not a fiduciary duty that an agent has towards his client? 1. the commission is split between all brokers that have an open listing for the property 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. A fourth offer which is also $ 2,500 below the list price who places the into! For legal assistance both buyer and seller, without consent of either 3. a confidential relationship which best! 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