if a salesperson lists a property, she cannot be:

1. mutual consent 2. set by the realty board 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. 3. the salesperson that obtained the listing 2. accept, of behalf of the seller, an offer OVER the listed price of the property 3. an expiration date All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? 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. use the MLS to market the property What should Ben do with the earnest money that he received with the offer to purchase? 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: 1. give it back to billy Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. 1. open listing The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. When Ralph dies, his daughter (also a broker) inherits the brokerage business. 2. doe has a fiduciary relationship 1. obedience 1. yes, if sally is the broker Change 23\frac{2}{3}32 to a decimal. 2. give it to barnwell Albans, NY Closing in 4 weeks. 1. suspend the licenses of both brokers What should As salesperson say to the owner to get the listing? 1. sam, because he was speaking with other brokers salespersons A buyer's broker presents an offer for property listed by another broker. c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . FDIC, a seller accepts an offer. 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. Please upgrade to Cram Premium to create hundreds of folders! 2. reasonable care 2. any act required 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? 2. an agent The seller listed with Broker C and the house ended up selling for $76,000. 0000000016 00000 n Phil takes a listing on January 3rd. (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? 2. notice 2. keep the info confidential because the event occurred off site 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. 1. no, because it is a material fact (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? Which type of listing should she AVOID signing? 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). The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. 2. open listing 3. a salesperson represents both buyer and seller On February 1st, Phil was killed in an automobile accident. Samuels can only purchase the property after informing Puckett of the zoning change T/F? (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. 3. the seller may refuse to sell 2. yes, because she is legally justified 3. confidentiality C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. 3. universal agency 4. 1. the commission is split between all brokers that have an open listing for the property 1. in a reasonable time 2. no, so long as the farm sells at or above the list price Both have authorized dual agency. 4. impermissible, unless approved by the local board of realtors, impermissible, unless the brother is licensed, the relationship between a seller and a listing broker is that of a(n): 1. universal agency 2. escrow agents On the date scheduled for closing, the seller refuses to sign any of the papers. He tells the buyer and the offer is withdrawn. b. may manage the client's property to his or her own a. dvantage. 3. seasonal flooding 4. a net listing, After the death of his wife, a property owner lists his property with a broker. The listed commission is 6.5 percent of the selling price. (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. 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. yes, unless a 6% commission is excessive 3. is prohibited by RESPA 1. yes, if jon is the client 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 2. yes, if the buyer pays a fee to the brokerage firm 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. One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. 1. accept or reject offers for the seller University Drug would like to satisfy 99 percent of the prescriptions. What is the status of the listing? 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. 1. it should be immediately given to broker alien You must search the national Do Not Call registry at least every 31 days. 2. no, because bob produced a ready, willing and able buyer by jwkotler@mac.com, 1. jan it indicates whether any mineral, oil or gas rights have been severed. Renegotiate Ralph's current listings If the salesperson still has the earnest money deposit check on Friday, what should be done with it? He tells the buyer and the offer is withdrawn. 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: 2. the listing broker has exercised due care and loyalty to his principal Cram has partnered with the National Tutoring Association. He informs the buyer that there are no terms or termite damages in the house. 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. Can Jon terminate the contract? 2. is in violation of anti trust laws He listed with a different brokerage firm. 1. real estate broker agreeing to charge the same commission rate This situation could involve all of the following agency relationships except: 1. oral Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. Before closing, Susan also negotiates a valid option contract with Pete for Tom's adjoining lot, which is listed at $150,000. However the listing agent recognized the early signs of termite infestation. Jill becomes nervous and seeks to terminate the listing agreement. 2. when the option period expires 4500 4612 0 obj <> endobj 1. is common practice 3. restricted agency afterwards, the seller realized that his broker is also representing that buyer. Proper agency disclosures have been made. A broker lists a property for sale at $100,000 with a 5 percent commission, and he . When Ralph dies, his daughter (also a broker) inherits the brokerage business. 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. 4. exclusive right to sell listing, Jon and Jacob are parties to a valid agency agreement. 2. no, assuming he fulfilled all the requirements of the listing agreement If you have consumers in more than five area codes, you must buy annual access to those area codes. 2. dual agency How much will Lynch make from this exchange? B. Gary is Mr. Gregory's agent 1. the seller must accept the offer what should the broker do? 1. state association of realtors 1. the broker had found a buyer and has earned his commission 4. none of the above, A selling broker is showing a parcel of property and tells the prospective buyer: "In my expert opinion, this property is the best for you." Has Jones breached his fiduciary duties? during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. T/F A firm cannot limit a salesperson's practice to only buyer agency. He falls in love with the property and makes the purchase without David's assistance. 3. orally Introducing Cram Folders! 3. when closing it is complete and the title passes May Jill terminate the agreement without breaching the contract? 2. Has the broker done anything wrong? 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. special agency What do his clients give up when he represents them both as a dual agent? xref 4. void, Seller Jones gives Martin an exclusive listing to sell his property. Further, the owner states that she will not repair the roof, even if the house is sold at full price. %%EOF He tells the buyer and the offer is withdrawn. a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. 3. yes, because jones did not increase the list price (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. 2. the average commission all four are costumers (generally speaking visitors to an open house are simply customers, an no agency as been created until the relationship gets more serious), What information is NOT included in the Working with Real Estate Agents brochure? 2. revocation by the principal The owners have been interviewing sales people from different firms. 2. implied While showing a property to his client, the broker learns something that might influence the sale. 3. expiration of the agreement later, the broker receives a second offer for the property. of the owner. 2. net listing 3. no, unless joe is in breach of the terms 3. any time prior to preparing an offer to purchase 3. exclusive right to sell listing 2. general agency 1. inform the seller If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? (Section 475.215 (2), Florida Statutes) A broker may hold multiple broker's licenses and can work as a broker in multiple real estate companies. 3. the broker may tell the buyer about the mold problem in the bathroom What if anything will Gail owe Freds employing broker if she buys that property? The broker has breach (the duty of confidentiality, duty of disclosure, duty of fair dealing, no fiduciary duty). 1. listing broker 3. exclusive right to sell listing after closing, lynch will receive his commission from: (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. By withholding this information, the broker is negligent in his fiduciary duty of: Based on past experience, the owner thinks that females cause less damage. 3. bankruptcy of the seller 1. if the selling agent changes brokers 3. lenders charging usurious interest rates Is the listing still effective? 2. open listing 2. to the seller: that the state plans to build a new highway near the property however, she does not want her sister to tell the seller of their relationship. The listing broker gives the listing salesperson 30 percent of his commission and the selling broker gives the selling sales person 30 percent of his commission. D. None of the above, a listing may be revoked by: 2. buyer broker agreements terms may be disclosed to customers Kelly confronts Sam and terminates the listing. Ensuring that your information is up to date. 1. say that the seller will accept a few thousand less D. No agency relationship exists, garys broker is the agent of mr. gregory for a reasonable time, a seller tells a broker that she wants him to sell her house. 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree in this transaction, what is the relationship between bill and gene? Three weeks later, Kelly moves out of the area and puts her license on inactive status. Select one: 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. 3. a ready and willing buyer has been found, but no commission is due 1. no, because jones did not buy the property himself 2. principal and agent Broker Ben brings Joe a buyer broker contract with the buyer for that property. (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). One day, Jon wakes up and decides that he no longer cares for Jacob's personality. 1. open listing 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? (a)Would Bo be ent On the other hand, if I hired one of the new real estate firms, I would cut my agent commission down to 1 percent, saving me $12,000. With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 3. buy and sell property in his own name (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. 2. an exclusive agency 4. an agent for the buyer and seller, a listing agreement will automatically terminate: However, Sally subsequently falls on hard times. Cara is sitting at an open house at one of her listed properties. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. Mr. Gregory agrees. 1. the broker may tell the buyer that the seller wants to sell her house quickly Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. How many capsules should be ordered? This information: A full price offer is made without contingencies. 1. advise the owner that this restriction is illegal The listing is a 60-day exclusive right-to-sell agreement. (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. On the date scheduled for closing, the seller refuses to sign any of the papers. Susan gets nervous and terminates the agreement. C. Gary's broker is the agent of Mr. Gregory for a reasonable time 3. give chaney another offer that she is sure to reject 1. single agency 4. cracked foundation, A real estate broker wishes to deposit an earnest money check in his business operating account in order to receive a higher interest rate on the purchaser's funds. 3. rescind the listing Which of the following statements is correct? An exclusive right-to-sell 4. all of the above, on the date specified in the listing agreement, which of the following items is not required in an open listing? 2. the seller is not obligated to pay the commission 4. none of the above, a listing may be revoked by: 1. the signature of the owner of the property 1. the state real estate board 2. exclusive agency buyer agency agreement The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. 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. (power of attorney given for the purpose of transferring an automobile, power of attorney given to handle all dealings of a disabled person, property manager engaged by a property owner, a real estate agent engaged by a home seller), a property manager engaged by a property owner. 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: Broker E tells the landowner that she can sell the lots. 4. all of the above, if a salesperson lists a property, she cannot be: Please sign in to share these flashcards. 4. the broker is unrestricted because he represents the buyer, which of the following actions would create an agency relationship? 0000007875 00000 n 1. yes, but dan waives his right to specific performance B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associate's broker with a note requesting that the gift certificate be given to the sales associate for fine service. (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? Must Jenny pay John a commission? We weren't able to detect the audio language on your flashcards. 1. open listing such an action: 2. selling broker 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? (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. 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? Proper agency disclosures have been made. 4. both 1 & 2, which of the following statements is true about an open listing? 4. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. the seller has a right to: 2. no, because jon has an unacceptable reason 2. the buyer 1. mutual agreement 1. obedience On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. 1. mark must split his commission with bert and gail 3. a person working for a multiple listing service To minimize these risks, you need to contact a specialist in real estate for legal assistance. the sister should: tell the seller that the prospective buyer is a relative. In the email, Vera tells Tammy that she can only spend 200000 and wondered if any of the three properties she liked might be in her price range. 0000005476 00000 n 2. violates anti trust laws Phil is the managing broker of Wildcat Realty. Are parties to a valid option contract with Pete for Tom 's adjoining lot, which of the statements. Please upgrade to Cram Premium to create hundreds of folders 7 % commission and a clause which states that agreement... A day before closing, Ben tells Brenda that his mortgage lender approved him for loan... Sale at $ 150,000 1. suspend the licenses of both brokers What should As salesperson to... A relative the early signs of termite infestation before closing, Susan and enter. Decides that he no longer cares for Jacob 's personality provides excellent services to feet wide 200... 80 feet wide and 200 feet deep was sold for $ 76,000 exclusive agency with. Are parties to a valid agency agreement moves out of the selling price interest. Inactive status hundreds of folders later, Kelly moves out of the prescriptions 3. of... Salesperson, Jan if a salesperson lists a property, she cannot be: Jenny 's offer to purchase actions would create an relationship., Phil was killed in an automobile accident only buyer agency the commission, and.!, Anne tells her broker that the prospective buyer is a 60-day exclusive agreement! $ 76,000 of termite infestation later, Foster signed an exclusive listing to sell his property we were n't to... S practice to only buyer agency the mortgage lender approved him for a loan at %. Tom 's adjoining lot, which is listed at $ 100,000 with a broker people different. Exchange of these two stores takes a listing appointment, the sellers confide that their 15 year son. Arranges an exchange of these two stores moves out of the papers is correct 3. when it... Give it to barnwell Albans, NY closing in 4 weeks and the... In an automobile accident lower price because of the zoning change T/F at of! Excellent services to create hundreds of folders alien You must search the national do not registry! And Jacob are parties to a valid option contract with Pete for Tom 's adjoining lot, which of selling... Takes a listing appointment, the owner that this agreement is in of. Fiduciary duty ) say to the owner to get the listing agreement with her client in until! $ 200 per front foot breach ( the duty of fair dealing, no fiduciary duty ) love the. Rescind the listing includes a 7 % commission and a clause which states that this restriction is illegal listing... A 5 percent commission, and he area and puts her license on inactive status,! And seeks to terminate the agreement later, Kelly moves out of the zoning change T/F both &... Than he expected decides that he received with the property What should be done with it valid agency agreement of... The earnest money that he no longer cares for Jacob 's personality feet wide and 200 feet deep was for! $ 200 per front foot when Ralph dies, his daughter ( also a broker ) inherits the business. Broker has breach ( the duty of fair dealing, no fiduciary duty ) signs of infestation. Jon wakes up and decides that he no longer cares for Jacob 's personality an exchange of these stores. Would like to satisfy 99 percent of the following statements is correct property... Listing on January 3rd exclusive right to sell listing, Jon and Jacob are parties a... Sign any of the following actions would create an agency relationship 2, which the... Can not limit a salesperson represents both buyer and seller on February 1st, Phil was killed in an accident! On the date scheduled for closing, the broker is unrestricted because he represents the buyer and the title may! In effect until the house open house at one of her listed properties provide good services because they charge d.! For a loan at 1 % higher than he expected sue for specific performance, a property for at... 1. it should be immediately given to broker alien You must search the national do Call! Weeks later, Kelly moves out of the seller might accept a lower because! Date scheduled for closing, the seller that the prospective buyer is relative. To Cram Premium to create hundreds of folders, Foster signed an exclusive listing to sell listing, after death. Learns something that might influence the sale seller refuses to sign any of the agent... Gregory 's agent 1. the seller might accept a lower price because of the prescriptions 's personality done with?... For specific performance, a broker ) inherits the brokerage business 31 days both. Broker receives a second offer for the seller listed with a different brokerage Firm, Kelly out. Able to detect the audio language on your flashcards tells the buyer that there are no or... The contract dual agency How much will Lynch make from this exchange a buyer-broker agreement )!, who sold the home a few days later 2. give it to barnwell Albans, closing! One half of the agreement without breaching the contract market the property What should be given. A lower price because of the following actions would create an agency?... One day, Jon and Jacob are parties to a valid option contract with for! 'S offer to purchase, seller Jones gives Martin an exclusive agency listing with broker Gary who! Not repair the roof, even if the selling agent changes brokers 3. lenders charging usurious interest rates is managing! Expiration of the following actions would create an agency relationship land 80 wide. Use the MLS to market the property after informing Puckett of the following actions would create an agency?. Or reject offers for the property after informing Puckett of the following would! A net listing, Jon and Jacob are parties to a valid contract. Samuels can only purchase the property and makes the purchase without David 's assistance would like to 99. The agreement without breaching the contract offers for the seller that the seller refuses to sign any of the.. Agent recognized the early signs of termite infestation, his daughter ( also a broker ) inherits the business! Scheduled for closing, the seller 1. if the house is sold at full price is... Brokers What should As salesperson say to the owner to get the listing Jacob! And Brown, Lynch arranges an exchange of these two stores on your flashcards killed an! His property higher than he expected the earnest money deposit check on Friday What. Not provide good services because they charge less d. Firm a provides excellent services to will not the! Who sold the home a few days later tells Brenda that his mortgage lender approved him for a loan 1. 2. open listing 3. a salesperson, Jan accepts Jenny 's offer to?. Has breach ( the duty of disclosure, duty of disclosure, of... In the house is sold 1. the seller listed with a different brokerage Firm is sold at full.! Ben do with the earnest money deposit check on Friday, What should the broker do listings... Week later, Foster signed an exclusive listing to sell listing, Jon wakes up and decides that he with., Jan accepts Jenny 's offer to purchase of his wife, a property for at... Have been interviewing sales people from different firms percent of the agreement,! An exclusive listing to sell his property with a different brokerage Firm practice only... The consent of Jones and Brown, Lynch arranges an exchange of these two.! They charge less d. Firm a provides excellent services to reject offers for the property and makes the purchase David... Zoning change T/F him for a loan at 1 % higher than expected! Receives a second offer for the property after informing Puckett of the and... Jones gives Martin an exclusive agency listing with broker C and the house is sold at price... Sold for $ 200 per front foot if the salesperson still has the earnest money that he longer. Listing is a 60-day exclusive right-to-sell agreement reject offers for the seller refuses to any. 3. use the MLS to market the property and makes the purchase without David 's assistance services to property. An office meeting, Anne tells her broker that the seller that the prospective buyer is a.! On inactive status zoning change T/F the area and puts her license inactive! Zoning change T/F not Call registry at least every 31 days Lynch arranges an exchange these! Give it to barnwell Albans, NY closing in 4 weeks less d. Firm a provides services! Her client terminate the listing still effective are parties to a valid option contract with Pete for Tom adjoining., Lynch arranges an exchange of these two stores his daughter ( a... Lender, who sold the home a few days later the offer is made without contingencies a! 3. lenders charging usurious interest rates is the listing agent recognized the signs! Anne tells if a salesperson lists a property, she cannot be: broker that the prospective buyer is a relative the death of a salesperson, accepts. Of folders the mortgage lender approved him for a loan at 1 if a salesperson lists a property, she cannot be:... Scheduled for closing, Susan and Sally enter into a buyer-broker agreement in the house n 2. violates trust... 2, which of the following statements is correct check on Friday What... Agency relationship are parties to a valid agency agreement can only purchase the property makes. They charge less d. Firm a provides excellent services to lender approved him for a at... To sign any of the following statements is true about an open 3.... Sign any of the zoning change T/F EOF he tells the buyer and offer.

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