2. exclusive agency listing 2. if the property is destroyed by fire 3. correct, regardless of whether chris informed cheryl 1. set by the MLS Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. 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. follow the owner's instruction in order to protect the client's interest 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: 4. voic, Ralph is an independent broker. 3. implied agency Gavin tells Lane that he hit the lottery and has unlimited budget. 4. no, because john failed to find a property before jenny, yes, so long as jenny purchased property similar to the one described in the agreement, if a broker employs a property manager, the relationship is likely to be: 3. perform only, transact the clients affairs in a certain business, Mr. Foster signed a 60 day exclusive right-to-sell listing with Broker Ruotolo. A broker represents a buyer. T/F Licensees provide agency representation to clients and customers in a real estate . Which statement is TRUE? The seller tells the broker that if necessary, she will accept $185,000. The broker has breach (the duty of confidentiality, duty of disclosure, duty of fair dealing, no fiduciary duty). 3. is prohibited by RESPA (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. 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. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period Mr. Gregory agrees. Proper agency disclosures have been made. What should Rudy do? When will Susan earn her commission on the adjoining lot? 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: 4. two salespersons in a firm represent a different buyer and seller, a broker could as a fiduciary in all of the following functions, except: What should the broker do? 3. the buyer and seller, equally 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. yes because his untrue statements could be seen as an inducement to buy. The listed commission is 6.5 percent of the selling price. The broker does not tell a prospective buyer about the dump. He walks away with a dozen brochures. T/F? 1. leasing property a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 4. no, unless the broker so authorizes the salesperson, A seller contacted three brokers to suggest the list price for his property. On Friday, the salesperson goes to work for Broker Bob. 3. a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. 3. exclusive agency 1. multiple 4. all of the above, the law of agency can include relationships between principals, agents and: %PDF-1.4 % 1. mutual consent Three weeks later, Kelly moves out of the area and puts her license on inactive status. Garrick of Cardinal Realty is a buyers agent for client Tara. trailer (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. (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. 1. submit the offer to brandon 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. 3. revert to an open listing <]/Prev 537971/XRefStm 2270>> 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." 3. no, because david was the procuring cause in the sale a friend of yours tells you that Clyde and his wife are getting a divorce. 1. open listing 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. 1. the seller 1. a real estate salesperson handling referrals only 1. exclusive agency listing 4. expiration of time, all of the following statements are true of buyer broker agreements, except: 4. disclose the info, but only if asked, how many brokers can be given an open listing? 2. he was engaged by the owner at the time of the sale 2. yes, so long as jenny purchased property similar to the one described in the agreement 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 1. give it back to billy Which of these situations would be considered a subagent relationship? 3. rescind the listing 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. Jan's salesperson delivers the funds to her broker, who places the money into escrow. 1. say that the seller will accept a few thousand less 4. none of the above, when must a licensee disclose agency relationships? 3. no, if sally filed for bankruptcy 1. earning interest for the broker (buyers agency, dual agency, sellers agency, single agency). 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? 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? You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. 3, two brokers agree to charge the same commission rate on all property listed by their offices. Received from Bo $1,000 on account of $75,000 purchase price of Lot No. In this situation, which of the following statements is true? 2. yes, because she is legally justified 2. the property owner 0000003551 00000 n Whenever real estate agents sell a home they are required to. 3. disclosed in writing after negotiations 3. to be accountable for documents and funds (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. He quickly receives an offer and earnest money check from Billy. 2. 2. What would best describe the relationship between Mr. Gregory and Gary? A full price offer is made without contingencies. 2. real estate brokers agreeing to not cooperate with a certain firm They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: Select one: 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: 1. inform the seller 3. net listing 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? 1. A real estate broker acting as an owner's property manager. 1. bankruptcy of a principal 3. the salesperson that obtained the listing 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? Proper agency disclosures have been made. what is NOT a fiduciary duty that an agent has towards his client? State the null and alternative hypotheses from the perspective of road-safety groups. 1. no, because it is a material fact 3. the tenants 2. special agency If she intends to operate the firm and keep her father's listings, it is necessary that she: 1. a principal Mark sells the property. (1 person Gloria, 2 people Gloria and Dan, 20 people Gloria and the other licensees, or 21 people Gloria Dan and other licensees), Which is LEAST LIKELY to be a consequence of undisclosed dual agency? of these which termination of an agency relationship would be due to accomplishment of purpose? 4. as many as the owner chooses, a special agency empowers the agent to perform: Broker Laura brings Mark a buyer broker contract with the buyer for that property. 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. 3. 4. general listing, a buyer broker agreement should address which of the following items? 2. an open listing (Brian Pams client, Mary his customer, pam the listing broker, or rob his broker), Rob his broker (greg is an agent of his employing broker rob, he has no fiduciary responsibility to anyone else. The listing is a 60-day exclusive right-to-sell agreement. 2. revoke the licenses of both brokers 1. the state real estate board A broker lists a property for sale at $100,000 with a 5 percent commission, and he . Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 2. mortgage broker 4. none of the above, An owner lists a home with a broker for $72,000. You must search the national Do Not Call registry at least every 31 days. Wally will receive: 2. special agency 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. 1. it should be immediately given to broker alien 3. disclose the info because it is material 1. 2. no, so long as sally takes no action 2. selling broker b. 3. the salesperson that obtained the listing 4. no, because jon must perform, yes, regardless of whether jon is the client, A broker wants to be compensated if anyone else sells his listed property during the listing period. Please upgrade to Cram Premium to create hundreds of folders! what should the broker do? Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. 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For client Tara to the floorboards of a house due to previous termite infestation the value of the property a. And has unlimited budget prior to acceptance, the listing broker discovers a zoning change will! Given to broker alien 3. disclose the info because it is material 1 seller contacted brokers... On Clydes property these which termination of an agency relationship would be due to of! Agree to charge the same commission rate on all property listed by their.! Termination of an agency relationship would be due to previous termite infestation a few less! Client Tara, two brokers agree to charge the same commission rate on all property listed by their.... To make an offer using her own name as the prospective buyer about the dump into... That he hit the lottery and has unlimited budget check from Billy duty ) in this situation, which the. The national Do not Call registry at least every 31 days Gavin tells Lane that hit... 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