4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. D. None of the above, a listing may be revoked by: Which of the following choices is the broker's best course of action? 2. 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? 4. yes, because corcorans status is protecred by the federal fair housing laws, yes, because corcorans status is protected by federal fair housing laws, which of the following circumstances will not terminate an agency by operation of law? a woman offers to buy property listed by her sister (a broker). He listed with a different brokerage firm. This information: 3. three 2. a ready and willing buyer has been found and a commission is due Corcoran's broker discloses this fact to prospective buyers. 2. a thankful buyer 2. the local bar association What type of listing agreement did he most likely sign? A broker lists a property for sale at $100,000 with a 5 percent commission, and he . 3. a ready and willing buyer has been found, but no commission is due T/F? (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. 3. bankruptcy of the seller 3. appraising property 2. no, because jon has an unacceptable reason 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. 4. none of the above, a listing may be revoked by: 2. notice Steve works diligently to find a buyer for Gwen. 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? If she intends to operate the firm and keep her father's listings, it is necessary that she: this agreement is: He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). Broker Ben brings Joe a buyer broker contract with the buyer for that property. With whom can Lane share this information? 4. none of the above, A salesperson receives an earnest money deposit check on Monday while working with Broker Allen. Select one: Introducing Cram Folders! 0000004183 00000 n 2. exclusive agency listing When Jack signed a listing contract with Bay Realty, he refused to authorize dual agency, A month later with no offers, his listing agent Sophie calls and asks Jack if he would allow her to show his property to her buyer client. 1. a broker's undisclosed representation of both buyer and seller 1. state association of realtors 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year She's interested in a house listed by Richard of Robin Realty. (brokers are required to present to those bidding at auctions, brokers can use it for commerce properties if they choose, brokers must retain the acknowledgement panel, brokers must present it to all open house visitors), brokers much retain the acknowledgement panel (for three years after the termination of the agency relationship or the close of the transaction whichever is later. He informs the buyer that there are no terms or termite damages in the house. 3. wila must wait 90 days before she can list the property with another broker 3. no, unless joe is in breach of the terms Brenda agrees, which could be an example of willful omission, Broker mike relied on his seller clients word about the age of the furnace, and so indicated on the MLS that it was two years old, when in fact it was 12 years old. 3. the listing agreement Based on these facts, the real estate professional will be treated by the IRS as 1. the seller The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. 3. tell the second offeror to stand by Which type of agent has the greatest authority? Peter signs a listing contact with ABC realty to sell his property. 1125 2. renunciation of the agreement by the broker (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). 3. no, because gerry sold the house bob who is selling a property he owns to a coworker. 4. exclusive right to sell, Phil is a salesman working for Broker Joan. 1. when a prospective buyer asks for info about a particular property He therefore tells the broker that he only wants to rent to females. How many people represent Susan? (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. Is Susan in breach? b. may manage the client's property to his or her own a. dvantage. Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. What if anything will Gail owe Freds employing broker if she buys that property? 1. obedience What type of listing should the broker acquire? 2. exclusive agency listing 3. the tenants What type of listing did Sam have? 4612 17 2. billy was in breach 2. one half of the agreed upon commission 1. no, because it is a material fact A real estate broker acting as an owner's property manager. Gails contract with Freds employing broker promises 3% commission. 1. in a reasonable time 2. the listing terminates by operation of law 3. net listing Which type of agency does this represent? An exclusive right-to-sell 1. an exclusive agency Garrick of Cardinal Realty is a buyers agent for client Tara. 3. designated agency trailer Jenny's salesperson delivers the downpayment to Jan's salesperson. 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. He walks away with a dozen brochures. Which of these situations would be considered a subagent relationship? Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. 1. buyer broker agreements cannot be assigned Find out how you can intelligently organize your Flashcards. 3. a special listing T/F A personal representative who creates a pattern of sales does not need a real estate license. 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. 0000007875 00000 n Which type of listing should she AVOID signing? 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. The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. Billy grows increasingly suspicious of Bobby's abilities. 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. Two days later, the broker brings in an offer for $70,000. 1. loyalty State the null and alternative hypotheses from the perspective of road-safety groups. 2. general agency 3. billy owes bobby for damages (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. 2. open listing 3. to be accountable for documents and funds Which of these statements is TRUE? 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. showing someone a property does not imply agency, Judy is Ricks listing agent. At closing, Henry discovers that the customary commission is 3%. 1. the listing remains in effect Jan's broker owes a fiduciary duty to: 8. Has the broker done anything wrong? State the null and alternative hypotheses from the perspective of the motorist groups. Who, if anyone would be considered a dual agent in this scenario? 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. 4. no, the broker cannot guara, no, these funds must be placed in a separate escrow account, under contract as a property manager, the broker is: 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. 3. an exclusive right to sell listing dan believes that daisy is in breach. (the current owner believes the house is haunted, nearby factory expanding to 247, the well water is undrinkable, several window frames are warped), the current owner believes the house is haunted. 3. all advertising must be revised to accurately describe the property 2. on the date specified in the listing agreement 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? 2. exclusive agency listing 3. death of the principal Chris is: 3. if the owner abandons the property Introducing Cram Folders! 4. disclose the info, but only if asked, how many brokers can be given an 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 . (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? 1. the listing becomes an open listing The listing broker and selling broker split the commission at a 75/25 ratio. 0000004668 00000 n 4. wilma must file a notice of abandonment, a general agency empowers the agent to: Based on past experience, the owner thinks that females cause less damage. 1. destruction of the property of these which termination of an agency relationship would be due to accomplishment of purpose? by jwkotler@mac.com, An exclusive agency Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 2. use the services of the salespersons in his own brokerage firm 2. only a buyer's agent Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 3. condemnation of 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. Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. 4. nothing, the relationship most likely to exist between a licensee and the seller is a: 2. escrow agents 1. to the seller: that the potential buyer is having financial problems Ben shows the property. 2. revocation by the principal 3. yes, unless a 6% commission is excessive 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: What event will create a seller agency relationship between Lisa and one of the brokers? 3. that the buyer intends to violate deed restrictions 2. general agency 4500 2. incorrect, because the agreement is valid for a reasonable amount of time 3. he was procuring cause of the sale 4. optionor and optionee, what is not a fiduciary duty that an agent has towards his client? 2. present the second offer T/F A person does not need a real estate license to be a property manager. 3. exclusive right to sell listing 2. no, because bob produced a ready, willing and able buyer However, Jenny finds a suitable property on her own. 1. yes, because gwen and steve had a valid exclusive right to sell listing 1. universal agency 3. the listing remains valid 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. 3. Mr. Salesperson committed two ethics violations. 4. either 2 or 3, give chaney another offer that she is sure to reject, which of the following agreements is lease likely to specify a commission rate? 7. 2. all money given to the broker must be accounted for 1. keep the info confidential because disclosure would violate a fiduciary duty 1. if the selling agent changes brokers 2. FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. 1. signature of the principal What may the broker do when showing the property to prospective buyers? 3. exclusive agency 3. inform the lender 1. a dual agent The seller instruct you not to tell any buyer about the accident. He tells the buyer and the offer is withdrawn. The broker should: University Drug would like to satisfy 99 percent of the prescriptions. 2. the broker 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? 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. Which of the following statements is correct? 1. open listing 4. bind the seller to a full price offer, brokers may only assist buyers if: 3. yes, because it is contrary to corcoran's interest 3. agent and subagent 2. seller (fairness, honesty, integrity, obedience), Peter is the listing agent for seller Jan. Of these acts, which would breach Peters fiduciary duty of loyalty to jan if he performed it for a buyer customer? 1. is common practice Please sign in to share these flashcards. B. Gary is Mr. Gregory's agent Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. 2. disclosed in writing and agreed upon prior to negotiations Which of the following statements is true? 4. no one, A broker shows one of her listings to a prospective buyer. 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: Broker B pays for one-fourth of the advertising costs. 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