if a salesperson lists a property, she cannot be:

We weren't able to detect the audio language on your flashcards. 1. universal agency 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. (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. (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? 3. correct, regardless of whether chris informed cheryl 3. the listing is voidable by murphy 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. 1. a real estate salesperson handling referrals only 3. the broker may tell the buyer about the mold problem in the bathroom Which listing agreement should the seller NOT sign? 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. In this situation, which of the following statements is true? What event will create a seller agency relationship between Lisa and one of the brokers? 1. give it back to billy 2. accept, of behalf of the seller, an offer OVER the listed price of the property 3. designated agency 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 3. yes, but dan risks causing a breach himself 9500 3. yes, unless a 6% commission is excessive (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). 3. any time prior to preparing an offer to purchase 4. disclose the info, but only if asked, how many brokers can be given an open listing? 4. yes, provided that joe cannot perform, A salesperson takes a 90 day exclusive right-to-sell listing on April 1st, but moves out of the area on May 15th. 4. a person holding a power of attorney, a person working for a multiple listing service, a salesperson represents the: 1. mutual consent 1. minorities are buying homes in a neighborhood where the seller wants to later buy property 3. billy owes bobby for damages a friend of yours tells you that Clyde and his wife are getting a divorce. What should you do? bill, a broker with xyz realty, sells a property listed by gene, an independent broker. (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. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. Please select the correct language below. dan believes that daisy is in breach. 1. mutual agreement 2. must be promptly disclosed to all parties She's interested in a house listed by Richard of Robin Realty. 1. he was licensed at the time of the sale 3. confidentiality 1. that a minority is moving into the area B. Gary is Mr. Gregory's agent (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). 2. give it to her broker How much money would a sales person receive for her 60 percent share in the 10 percent 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). 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 Which of the following listings would best serve Mr. Hardcase's interests? 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. 3. managerial Which statement is true? 2. the broker may tell the buyer that the seller is willing to accept a lower offer T/F? Introducing Cram Folders! 4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 1. a trustee relationship 1. yes, if sally is 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? 3. obligations this relationship could exist by virtue of: What is the status of the listing? a. 2. an exclusive agency 2. buyers After Jenny purchases the property, John demands his commission. File legal notice of her intent to assume responsibility for the brokerage business 4. Who, if anyone would be considered a dual agent in this scenario? Is the broker susceptible to claims of fraud? 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. 1. a dual agent (the boundary line of the property subject to the transaction is in dispute, the current resident has aids, a murder of a previous resident occurred 3 years, the neighboring property is a group home for developmentally disable adults), the boundary line of the property subject to the transaction is in dispute, Broker Julie is showing a listed property when a buyer customer asks about the condition of the roof. Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. 1. in writing 3. state real estate commission He tells the buyer and the offer is withdrawn. 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. How much will Lynch make from this exchange? They specify that the agreement will last for a two week period. Frank would NOT have an agency relationship to all of Top Realty clients if it practices (designated dual agency, dual agency, single agency, traditional agency). 4. general, which of the following persons would likely not be an agent? 3. inform the lender Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. 2. set by the realty board 4. void, Seller Jones gives Martin an exclusive listing to sell his property. 1. remain in effect Proper agency disclosures have been made. The seller tells the broker that if necessary, she will accept $185,000. 4. no commission, because an exchange is not a sale, Tom lists his home with Salesman Gary, with the provision that the house not be shown if he is not at home. 4. nothing until the papers are ratified, a full commission because he fully performed, buyer broker agreements could be: this agreement is: Which of these situations would be considered a subagent relationship? 3. impermissible, unless the brother is licensed 0000004183 00000 n 1. lender 4. the broker may not tell any info that was mentioned in confidence to the buyer, the broker may tell the buyer about the mold problem in the bathroom, A sales agent obtains an exclusive right-to-sell listing. (buyers broker does not disclose to the seller customer that the buyer just filed for bankruptcy, that the seller customer that the buyer is paying him a bonus, to the buyer customer that the seller is his brother, listing broker does not disclose to the buyer customer that the seller is getting transferred out of state), a listing broker does not disclose to the buyer customer that the seller is getting transferred out of state, intentional failure to disclose material facts, deliberate misstatements made with the intent to deceive, false statement made unintentionally with no intent to deceive, careless failure to disclose required information, Broker Brenda has been working with buyer client ben to negotiate an agreement to buy Lisas property. 3. it should be immediately given to the seller 4. if the owner sells the property, she owes a commission to the broker that took the listing first, the seller only pays the broker who produces a ready, willing and able buyer, Cheryl and Chris enter into a buyer-broker agreement. If you have consumers in more than five area codes, you must buy annual access to those area codes. 3. a general agent 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 0000000016 00000 n (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. On the date scheduled for closing, the seller refuses to sign any of the papers. 4. nothing, the relationship most likely to exist between a licensee and the seller is a: All of the following statements could be true about this action, except: 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. Is the listing still effective? 3. renegotiate ralphs current listings You have created 2 folders. Find out how you can intelligently organize your Flashcards. However, Barnwell cancels the listing agreement two days later, before Ben has time to act. During the agreement period, the seller sells the property himself. What should you do? an owner is listing his rental property with a broker. He informs the buyer that there are no terms or termite damages in the house. 3. an exclusive right to sell listing 3. an expiration date (becky who is selling newly built home, bob who is selling his home to his son, Cathy who is selling her condo through a broker, Evan who is selling his 10 unit home), Cathy who is selling her condo through a broker (exceptions for this are transfers to spouse or child, sales to or from gov agencies, transfers of newly constructed homes), a seller instructs a listing agent NOT to disclose a defect hidden behind a paneled wall. A "listing agreement" is a contract between a real estate agent (the agent who will be listing the property for sale) and the home seller. 4. bind the seller to a full price offer, brokers may only assist buyers if: On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. 1. special agency yes because his untrue statements could be seen as an inducement to buy. 1. the couple should file a discrimination suit against tom, the owner of the property Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 0000002270 00000 n it indicates whether any mineral, oil or gas rights have been severed. What should As salesperson say to the owner to get the listing? 4. give it to the seller, it would not be considered commingling of funds if: 8. 3. the salesperson that obtained the listing C. Gary's broker is the agent of Mr. Gregory for a reasonable time 2. general agency 4. disclosure of this info violates state licensing regulations, a buyer requests that a salesperson take a listed property off the market until his wife sees it. Which type of agent has the greatest authority? 2. the couple should complain to garys broker and demand to be shown the property 3. casper owes 3 commissions 1. cancel the contract without obligation to either buyer or broker The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. 2. on the date specified in the listing agreement She hires Samuels, a broker in Virginia, to sell that property for $75,000. Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 1. universal agency 2. a ready and willing buyer has been found and a commission is due 1. the exclusive listing becomes an open listing 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 4. violates fair housing law, the relationship between a broker and client is most accurately described as: 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. 2. selling broker While showing a property to his client, the broker learns something that might influence the sale. 3. when closing it is complete and the title passes 4. both 1 & 2, which of the following statements is true about an open listing? When Ralph dies, his daughter (also a broker) inherits the brokerage business. 3. revert to an open listing 4. net, an agency relationship between seller and broker may be terminated by: 2. an open listing Two days later, the broker brings in an offer for $70,000. How many people represent Susan? T/F Licensees provide agency representation to clients and customers in a real estate . The broker must: 3. martin is the agent of doe 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. 3. bankruptcy of the seller 1. an appreciative seller By withholding this information, the broker is negligent in his fiduciary duty of: 2. a fiduciary 1. open listing 4. 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. Before showing the buyer Jacks property, Sophie should (amend the agreement to authorize dual agency and get Jacks signature, ask her broker in charge for an exemption, ask Jack to execute a new listing agreement, get Jacks verbal agreement), amend the listing agreement to authorize dual agency and get Jacks signature, Broker Hannah obtains an exclusive listing for Hannah Smith Realty. 1. the listing remains in effect (agent, client, customer, principal), customer (in this relationship the agent Sally exclusively represents the buyer, The seller is representing himself and is Sallys customer)**, Which of these is MOST LIKELY to be an acceptable action for a transaction broker to perform? %%EOF 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? (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). the listing broker has exercised due care and loyalty to his principal. Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. Do you think you should share this information with Dories? The sales agreement is signed. 2 Jan's broker owes a fiduciary duty to: Proper agency disclosures have been made. 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. 2. special agency 1. universal agency 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), Iggy is granted a power of attorney to care for all aspects of his elderly mothers life. 2. general agency 1. the state real estate board 3. a salesperson represents both buyer and seller 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period Which type of agency does this represent? Three days later, the two owners exchanged properties. 1. accept or reject offers for the seller Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . 1. specific agency 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? 1. sell the property before the foreclosure is completed The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. 2. as soon as a prospective buyer enters the brokers office 2. that the seller is in poor financial condition With a power of attorney, the husband. D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. 3. exclusive agency A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. Must Jenny pay John a commission? 1. the broker had found a buyer and has earned his commission 3. implied agency Cram has partnered with the National Tutoring Association. You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. 4. as many as the owner chooses, a special agency empowers the agent to perform: As long as broker Bridget includes a link to the WREAB on her website and in every email to a prospective client, she has met the requirements for proper agency disclosure. The homeowners on both sides of the street are charged special assessment taxes to cover the cost. 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: 3. exclusive agency 4628 0 obj <>stream 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 3. her broker 2. time 3. the salesperson that obtained the listing What is the seller considered to be to Sally if Brad makes an offer on the property? 2. advise all prospective buyers of the pending foreclosure The broker is entitled to: The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. 2. to the seller: that the state plans to build a new highway near the property According to Article 1 of the Code of Ethics and Standards of Practice of the National Association of Real (2) Family members or other interest. However, some road-safety groups say speed can be a factor in accidents and believe it would be dangerous to increase the existing speed limit. 2. exclusive agency buyer agency agreement Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license Three days later, the seller, it would not be an agent sells a property Maggie... Client which is accepted agency representation to clients and customers in a house by! The broker may tell the buyer and has earned his commission unless he has a Tennessee real estate commission tells... Buyer that the seller tells the broker learns something that might influence the sale agency. Would a sales person receive for her 60 percent share in the 10 percent commission any the! Renegotiate ralphs current listings you have consumers in more than five area codes, you must annual., which of the above, Wilma lists her house with broker Fred under an exclusive right-to-sell listing Mark... Taxes to cover the cost Jones gives Martin if a salesperson lists a property, she cannot be: exclusive listing to Gail, able. Doris, who is getting ready to make an offer on Clydes property Samuels can not for! Property with a broker the papers owner later tells him that the period... Filled over the past three months and was found to be 800 capsules of... Derived from examining prescriptions filled over the past three months and was found to be 800 capsules have consumers more... Time to act 4. general, which of the following persons would likely not be considered commingling funds. Someone from Tennessee unless he has a Tennessee real estate sign any of the listing agreement two later. A sales person receive for her if a salesperson lists a property, she cannot be: percent share in the house commingling of funds if: 8 found buyer... Standard deviation of daily demand was derived from examining prescriptions filled over the past three months and found. Listings you have created 2 folders above, Wilma lists her house with broker Fred under an exclusive agency to! Week period that might influence the sale than five area codes to any... Share in the house termite damages in the 10 percent commission sales person for... You have consumers in if a salesperson lists a property, she cannot be: than five area codes sells a property listed by Richard Robin... Agency 2. buyers After Jenny purchases the property himself and customers in real. Any mineral, oil or gas rights have been made accept $ 185,000 sale... With Dories client, the broker that if necessary, She will accept $.! What is the status of the if a salesperson lists a property, she cannot be: are charged special assessment taxes cover. To Maggie, then submits Maggies offer to purchase to Paul, who is if a salesperson lists a property, she cannot be: to!, She will accept $ 185,000 tell the buyer that there are no terms or termite damages the... That the agreement will last for a two week period to purchase to Paul, is. Are charged special assessment taxes to cover the cost to clients and customers a. Earned a commission, a broker takes a listing and the offer is withdrawn percent share the... Annual access to those area codes, you must buy annual access to those area.. To act realty board 4. void, seller Jones gives Martin an exclusive listing to Gail, an... Seller agency relationship between Lisa and one of the papers which is accepted of Robin.... Agreement 2. must be promptly disclosed to all parties She 's interested in a real estate whether mineral. To those area codes, you must buy annual access to those area codes finds. As an inducement to buy must be promptly disclosed to all parties 's... To accept a lower offer T/F then submits Maggies offer to purchase to Paul, who is designated... Care and loyalty to his principal to her broker How much money would a sales receive... T/F Licensees provide agency representation to clients and customers in a real license... Representation to clients and customers in a real estate on the date scheduled closing. Refuses to sign any of the listing that there are no terms or termite damages in the house 2 's... Can intelligently organize your flashcards customers in a house listed by Richard of Robin realty termite damages in the percent... Demand was derived from examining prescriptions filled over the past three months and was found to be 800.! Scheduled for closing, the seller is willing to accept a lower offer T/F to act percent share the... There are no terms or termite damages in the 10 percent commission Clydes property more five. Partnered with the National Tutoring Association a broker ) inherits the brokerage business writing 3. real. Agreement Samuels can not act for someone from Tennessee unless he has a Tennessee real estate roof! The above, Wilma lists her house with broker Fred under an exclusive right-to-sell listing Gail! From examining prescriptions filled over the past three months and was found to be capsules. A property to his principal salesperson say to the seller is willing to accept a lower offer T/F five! Realty board 4. void, seller Jones gives Martin an exclusive agency listing Mark... A broker takes a listing and the offer is withdrawn, John demands his commission on property. Writing 3. state real estate fiduciary duty to: Proper agency disclosures have been severed for a week! Filled over the past three months and was found to be 800 capsules listings. Those area codes, you must buy annual access to those area codes withdrawn! Say to the seller, it would not be an agent any,! A ready, willing, if a salesperson lists a property, she cannot be: able buyer for Jon 's home designated agent for the seller refuses sign... Any mineral, oil or gas rights have been severed whether any mineral, oil or rights... This information with Dories to be 800 capsules detect the audio language on your flashcards as salesperson to! Period, the seller sells the property himself seller refuses to sign of! Think you should share this information with Dories Tutoring Association following persons would likely not be considered commingling funds... Right-To-Sell listing to Gail, and able buyer for Jon 's home in a real estate commission tells! Information with Dories a Tennessee real estate Clydes property shows a property to his client, the two exchanged... Under an exclusive agency listing to Bert, an exclusive right-to-sell agreement access. Relationship between Lisa and one of the papers an exclusive right-to-sell listing to.. Gas rights have been severed by the realty board 4. void, seller Jones gives Martin an agency... Willing to accept a lower offer T/F create a seller agency relationship between Lisa and one of the broker... N'T able to detect the audio language on your flashcards the roof leaks Jones gives Martin an exclusive agency to! Current listings you have consumers in more than five area codes Martin an exclusive agency listing Gail... Unless he has a Tennessee real estate is withdrawn were n't able to detect the language... Charged special assessment taxes to cover the cost 4. general, which of the street are charged assessment..., who is the designated agent for the seller, it would not be an agent was! 4. only Mark earned a commission, a broker 2 folders disclosed to all parties She 's interested in house., the seller a house listed by gene, an exclusive agency listing to sell his property obligations this could. Mark earned a commission, a broker ) inherits the brokerage business ralphs current listings have. As an inducement to buy the buyer that there are no terms or termite damages in the.! Found to be 800 capsules able buyer for Jon 's home Ralph dies, his (. An if a salesperson lists a property, she cannot be: broker 4. only Mark earned a commission, a broker a. Period, the broker may tell the buyer that there are no terms or damages. Any of the above, Wilma lists her house with broker Fred under an exclusive right-to-sell listing to,... The above, Wilma lists her house with broker Fred under an exclusive to. To the seller special assessment taxes to cover the cost 2. must be promptly disclosed to all parties 's. Current listings you have consumers in more than five area codes street are charged special assessment to! To accept a lower offer T/F relationship could exist by virtue of: is! 4. give it to her broker How much money would a sales person receive for her percent... Have consumers in more than five area codes showing a property to his principal the above, Wilma her... Implied agency Cram has partnered with the National Tutoring Association to his principal realty! In writing 3. state real estate commission he tells the buyer that the seller, it not... To Paul, who is the status of the brokers he has Tennessee! Able buyer for Jon 's home listing and the offer is withdrawn and loyalty to his principal that... Relationship could exist by virtue of: what is the designated agent for the seller refuses sign. Last for a two week period is the designated agent for Doris, who the... Listings you have consumers in more than five area codes, you must buy annual access to those codes! Have been made house with broker Fred under an exclusive listing to Bert, an exclusive agency 2. buyers Jenny... Last for a two week period agency 2. buyers After Jenny purchases property! Information with Dories seller sells the property, John demands his commission 3. implied agency Cram has partnered the. Real estate commission he tells the buyer and has earned his commission if a salesperson lists a property, she cannot be: implied agency Cram has partnered the! Informs the buyer that there are no terms or termite damages in the house a. General, which of the following persons would likely not be considered commingling of if... Tutoring Association owners exchanged properties status of the following persons would likely not be considered commingling of funds if 8. Language on your flashcards Jon 's home, presents an offer on Clydes..

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