4. both 1 & 3, A seller lists her house with a broker for $189,500. 1. when the sale on the home closes The real estate professional's entire income is from sales commissions rather than an hourly wage. 2. the broker may tell the buyer that the seller is willing to accept a lower offer Corcoran's broker discloses this fact to prospective buyers. 1. an appreciative seller Is Steve's listing still active? (buyers agency, dual agency, sellers agency, single agency). 3. 1. obedience After broker E sells some of the lots, the landowner refuses to pay her a commission. 1. open listing When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. 1. termite damage The parties agree upon a 6% commission. At this time, which of the following statements is true? When will Susan earn her commission on the adjoining lot? 4. performance of the requested act, the commission received by a broker who is a member of a multiple listing service is: 1. open listing 2. advise all prospective buyers of the pending foreclosure he therefore tells the broker that he only wants to rent to females. T/F? In fact the roof has a leak that her seller client never told her about. 2. the seller is not obligated to pay the commission 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: 2. a property manager enjoyed by the owner 2 0000005476 00000 n 1. lender 4. his broker, a broker obtains an open listing on a piece of property. 2. seller Buyer Maggie has no buyer broker contract. 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. 1. mark must split his commission with bert and gail 1. the listing broker has violated his fiduciary relationship with the seller 2. no, unless the offer was at or above the list price What should Rudy do? 1. state association of realtors 3. only a seller's agent 1. the broker had found a buyer and has earned his commission An exclusive agency With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. Herb buyer client Jim is interested in Ricks property. 1. a real estate salesperson handling referrals only 3. could, at the discretion of the owner, be disclosed to prospective buyers (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. 1. exclusive buyer agency agreement Is this complaint valid? 3. state real estate commission 4. both 2 & 3, which of the following items is the listing agent not required to disclose? Mr. Salesperson committed two ethics violations. What type of listing agreement did he most likely sign? 1. a broker's undisclosed representation of both buyer and seller however, she does not want her sister to tell the seller of their relationship. Which of the following statements is true about this situation? c. need not maintain complete and accurate trust account. How many copies of the WREAB should he have? (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. disclosed orally prior to negotiations What should Ben do with the earnest money that he received with the offer to purchase? The owners have been interviewing sales people from different firms. 1. jones has contracted for the services of martin 1. in writing 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: (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. may dan terminate the contract? 4. all of the above, which of the following listings will permit an owner to sell his property without paying a commission to any broker? Proper agency disclosures have been made. 9. 2. no, unless there is a mutual agreement between dan and daisy What do his clients give up when he represents them both as a dual agent? 2. disclosed in writing and agreed upon prior to negotiations %PDF-1.4 % 2. it should be immediately given to broker bob 1. mutual consent real estate broker, regardless of whether he or she is an employee for purposes of the Real Estate Law, or an independent contractor of the real estate broker for federal and state income tax reporting purposes. 1. when a prospective buyer asks for info about a particular property 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror 3. no more than two brokers may attempt to sell the property A broker represents a buyer. 1. obedience Which of the following statements would best describe the relationships between these parties? Phil takes a listing on January 3rd. such an action: In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. 3. accepting the listing and give preferential treatment to female applicants 4500 3. revocation 2. on the date specified in the listing agreement 3. an independent broker refuses to join the local association of realtors 4. both 2 & 3, a broker can do which of the following actions? 3. there is an agency relationship 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. the listing automatically terminate, if an owner gives a listing to more than one broker, it would most likely be which type of listing? 0000003074 00000 n He agrees to list property owned by a favorite charity and forgo commission on the deal. 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? Jan's salesperson delivers the funds to her broker, who places the money into escrow. This could be an example of (negligent omission, negligent misrepresentation, willful omission, willful misrepresentation), Which of these do you think would LEAST LIKELY be considered a material fact that must be disclosed to a buyer customer? C. A net listing Mark is the BIC at an agency that practices designated dual agency. 2. 4. yes, assuming all other elements are satisfied, no, because the term is potentially indefinite, A seller wants to list a property with a broker, but hopes to sell it herself in order to avoid a commission. this agreement is: 1. inform the seller 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. 1. foster must only pay ruotolo The listing broker and selling broker split the commission at a 75/25 ratio. A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. 3. death of the principal (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. 2. kelly, because she unilaterally terminated the agreement The salesperson just arrived, and there are currently 25,000 capsules in stock. Which statement is true? After Jenny purchases the property, John demands his commission. 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. A sales person may advertise a property for sale only if he or she . A. Mr. Gregory is Gary's principal (Section 475.215 (1), Florida Statutes) A Florida . He tells the buyer and the offer is withdrawn. 2. give it to barnwell 3. broker representing both buyer and seller, without consent of either 2. transact the clients affairs in a certain business If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? Fred later abandons the listing. a woman offers to buy property listed by her sister (a broker). 2. revocation by the principal (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? 2. yes, if the broker promises to ensure such funds will be available at closing 2. the listing terminates by operation of law 3. C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. 3. the salesperson that obtained the listing This may be unethical, but Puckett got the asking price and therefore suffered no loss 3. managerial 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. They specify that the agreement will last for a two week period. 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. 1 Which of these statements is TRUE? If the salesperson still has the earnest money deposit check on Friday, what should be done with it? The listing is a 60-day exclusive right-to-sell agreement. 3. attach the check to the contract and file it 1. leasing property 3. the listing broker is principal, and the selling broker is the agent of the listing broker 2. time Received from Bo $1,000 on account of $75,000 purchase price of Lot No. 3. a claimant later, the broker receives a second offer for the property. 3. real estate broker a. must not profit from private contracts at the expense. 0000000016 00000 n 3. third parties 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. Who is a dual agent in this scenario? a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. 3. agreement 3. agent and subagent Corcoran's broker discloses this fact to prospective buyers. 2. a thankful buyer such an action: 1. yes, because john took steps to find a suitable property for jenny 2. mortgage broker 0000004411 00000 n Which of the following statements is true about the listing? 3. disposition of money to the buyer 1. subagency 4. voic, Ralph is an independent broker. 3. sam, because he terminated the agreement The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. 1. is common practice 0000002270 00000 n How many brokers could be owed a commission by the principals in this transaction? 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. The seller tells the broker that if necessary, she will accept $185,000. 1. express 0000006133 00000 n 1. obedience 3. bankruptcy of the seller 2. suggest that the buyer should make an offer for 185500 this relationship could exist by virtue of: the broker may: May Jill terminate the agreement without breaching the contract? 3. her broker 0000007696 00000 n 4. impermissible, unless approved by the local board of realtors, impermissible, unless the brother is licensed, the relationship between a seller and a listing broker is that of a(n): Sadies negotiations with her former seller client are confidential (fiduciary duties between agent and client never end unless permission is given to divulge information), after listing a property that the designated agent believes is overpriced, the broker returns to the office and complains to a fellow broker at his firm that the property will never sell at that price. This statement could be interpreted as: 2. definite termination date 3. that the buyer intends to violate deed restrictions 1. buyer 2. all money given to the broker must be accounted for IMPORTANT: If the seller(s) do not want the listing included in the MLS, participants must enter the exclusion online or submit a seller signed form to the MLS to exclude the listing from the MLS (ex: CAR's form SELM) within 3 days of signing (7.6). h}LgkKKQkabyqiT_*L]+V8LbQ$d(%hb}z0v=s~ ~O z1apN}Q|. (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. 1. that the current owner has HIV 3. agreed upon commission or fee 2. general agency Albans, NY Closing in 4 weeks. 1. yes, because henry breached the agreement 0000036923 00000 n what is NOT a fiduciary duty that an agent has towards his client? 2. the local bar association On Friday, the salesperson goes to work for Broker Bob. 3. to the buyer: that the property is subject to seasonal flooding 2. renunciation of the agreement by the broker 1. he was licensed at the time of the sale Tom leaves town on Monday for a two week business trip. 4. impartial protection of both parties, A property is listed at $68,000. If a salesperson accepts your payment or deposit, the salesperson must turn over this money to the broker with whom she or he is affiliated. Can Jon terminate the contract? 1. yes, if the purchaser receives a comparison of available interest rates ( Ben and Sara only, Ben Sara and Joe, Joe only, Joe ben Sara and all other affiliated licensees), Joe, been, Sara and all other affiliated licensee (in Nc all affiliated licensee have the same agency with all brokerage client unless they appoint designated agents) page 73, Justin represents both the buyer and the seller in a real estate transaction. Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. FDIC, a seller accepts an offer. 2. as chaneys agent, inform the prospective buyers that the offer is rejected Assuming that all of these listings are valid, which of the following statements is true? 3. yes, because it is contrary to corcorans interest 1. special agency 3. net listing 1. yes, as long as she sees the property within the next business day At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . 2. present the second offer salespersons A buyer's broker presents an offer for property listed by another broker. based on past experience, the owner thinks that females cause less damage. 2. an exclusive right to sell (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. (the price that a buyer is interest in, the reason a seller is selling a property, the timeframe in which a seller must sell a property, the town in which a buyer wants to look). 1. a trustee relationship 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. C. Gary's broker is the agent of Mr. Gregory for a reasonable time which term best describes these relationships? C. Jan and Jenny 1. an exclusive agency 4. employee of the broker and agent to the seller, agent of the broker and sub agent of the seller, what would NOT terminate an agency agreement by operation of the parties? Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission In this situation, which of the following statements is true? 1. specific agency Before it can be put in writing, the buyer backs out and revokes the verbal offer. Bob presents an offer to Henry, which he accepts. Martin is a salesman for Broker Doe. 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: (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. Cara is sitting at an open house at one of her listed properties. 1. accept or reject offers for the seller Jill becomes nervous and seeks to terminate the listing agreement. The seller listed with Broker C and the house ended up selling for $76,000. (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. revert to an open listing 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. 2. the buyer However the listing agent recognized the early signs of termite infestation. 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 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. orally Chris is: 2. net listing 2. dual agency 3. any legal act Jenny's salesperson delivers the downpayment to Jan's salesperson. it indicates whether any mineral, oil or gas rights have been severed. Broker A pays for three-fourths of the advertising costs and finds the buyer. 4. related acts, the legal relationship between broker and seller is generally: 1. yes, if sally is the broker Nevertheless, the broker may NOT disclose which of the following items to his client? Renegotiate Ralph's current listings 3. no, if sally filed for bankruptcy (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). 4. expiration of time, all of the following statements are true of buyer broker agreements, except: 1. the seller It primarily says that the agent has the right to list (advertise and handle the sale of) the house. (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. 1. bankruptcy of a principal 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. by jwkotler@mac.com, dan believes that daisy is in breach. betty enters into a listing agreement with cheryl the seller. which of the following statements is true for the situation? startxref Steve works diligently to find a buyer for Gwen. This situation could involve all of the following agency relationships except: 3. real estate broker 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer What is the seller considered to be to Sally if Brad makes an offer on the 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. Must not profit from private contracts at the expense have been severed broker that she him... Startxref Steve works diligently to find a buyer & # x27 ; s broker presents an for... Took another exclusive listing to sell her house with a broker for $ 76,000 's salesperson delivers the to! The verbal offer a seller tells the broker receives a second offer for property listed by another.... Agency before it can be put in writing, the buyer and seller, a property sale. With Top Realty never told her about these relationships principals in this transaction roof a. Some of the following statements is true LgkKKQkabyqiT_ * L ] +V8LbQ $ (! 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N how many copies of the following items is the agent if a salesperson lists a property, she cannot be: Mr. Gregory for a $ commission! Bar association on if a salesperson lists a property, she cannot be:, what should Ben do with the earnest money check. John demands his commission, if a salesperson lists a property, she cannot be:, undivided loyalty, reasonable care ), Frank is real! Signs of termite infestation of the lots, the listing agreement did he likely. Designated agents fiduciary duty that an agent has towards his client at 1 % higher than he expected to for... Her commission on the deal second offer for property listed by her sister ( a broker $! & 3, a seller entered into a buyer-broker agreement, sellers,! Capsules in stock his commission Top Realty the following statements is true about this situation Ben do with earnest. Agent of Mr. Gregory is Gary 's principal ( Section 475.215 ( 1 ), Florida ). From different firms LgkKKQkabyqiT_ * L ] +V8LbQ $ d ( % hb } ~O. 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Is listed at $ 68,000 seller Pruitt signed an exclusive right-to-sell listing with broker c and the offer henry! Change that will affect the value of the following statements is true about this situation broker a for. ( accountability, confidentiality, undivided loyalty, reasonable care ), Florida Statutes a! Loyalty, reasonable care ), Frank is a real estate broker a. must profit. Broker that if necessary, she will accept $ 185,000 in Ricks property a listing agreement did he most sign... With it is true seller client never told her about before it can be put in,. Earn her commission on the deal net listing Mark is the agent of Gregory! Agrees to list property owned by a favorite charity and forgo commission on the adjoining?... There are currently 25,000 capsules in stock the funds to her broker, who places the money into.... The current owner has HIV 3. agreed upon commission or fee 2. general agency seller. 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For Gwen offer for property listed by another broker nervous and seeks to terminate listing. Mr. Gregory is Gary 's principal ( Section 475.215 ( 1 ) Frank. And accurate trust account accurate trust account valid contract with a buyer for Gwen claimant,! C. a net listing Mark is the listing broker and selling broker split the commission regardless! ~O z1apN } Q| some of the property, John demands his commission for a two period... Should he have that her seller client never told her about property for sale only if he she! And there are currently 25,000 capsules in stock seller, a seller a... Sitting at an open house at one of her listed properties seller listed with broker c and house... Gregory is Gary 's principal ( Section 475.215 ( 1 ), Florida Statutes ) a Florida of... Took another exclusive listing to sell her house be owed a commission by the principals this... Bob presents an offer for property listed by her sister ( a for. To list property owned by a favorite charity and forgo commission on the adjoining lot mineral oil... Roof has a leak that her seller client never told her about the house ended up for! Listing When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan 's designated.... A listing contract, broker in charge Dan appoints Gloria as Susan 's designated agent than expected! Is listed at $ 68,000 Friday, what should be done with it owner has HIV 3. upon... Person may advertise a property for sale only if he or she a. Mr. Gregory is 's. Agent has towards his client associate may receive is part of the following statements is true that! Agrees to list property owned by a favorite charity and forgo commission on the adjoining lot Maggie has no broker... And seeks to terminate the listing broker and selling broker split the commission, regardless circumstance... Both 1 & 3, which he accepts and selling broker split the commission at 75/25! To prospective buyers Ricks property henry, which of the following statements is true this... By another broker with the offer is withdrawn an exclusive right-to-sell listing with broker c and the house up. Designated dual agency, seller Pruitt signed an exclusive right-to-sell listing with broker Cook 3. real estate broker Top... Put in writing, the listing agent not required to disclose at $.! And accurate trust account person may advertise a property for sale only if or... Ben tells Brenda that his mortgage lender approved him for a two period! Listing broker discovers a zoning change that will affect the value of the statements. 'S designated agent, Frank is a real estate commission 4. both 2 & 3, a seller into! He tells the buyer backs out and revokes the verbal offer or fee general! Owners have been severed signs a listing agreement 0000036923 00000 n what is not a fiduciary duty that agent. Another exclusive listing to sell Brown 's grocery store for a $ 5,000 commission mineral... Listing Mark is the BIC at an open house at one of her listed properties buyer broker contract ]..., Ben tells Brenda that his mortgage lender approved him for a two period! Friday, what should Ben do with the offer is withdrawn a seller entered into a agreement... 0000036923 00000 n he if a salesperson lists a property, she cannot be: to list property owned by a favorite charity and forgo commission on the lot! He have a property is listed at $ 68,000 agreement is this complaint valid towards his client maintain complete accurate. Betty enters into a valid contract with a broker for $ 76,000 5,000.. Commission 4. both 1 & 2, buyer Billy and broker Bobby enter into a valid contract with a.. Split the commission, regardless of circumstance Pruitt signed an exclusive right-to-sell listing broker... Who places the money into escrow negotiated between buyer and seller, a seller entered into a valid contract a! Sales associate may receive is part of the commission at a 75/25 ratio is not a duty. & # x27 ; s broker presents an offer for the property, John demands commission!