1. the seller must accept the offer 1. an oral agreement 2. wilma may terminate the listing T/F A person does not need a real estate license to be a property manager. 1. mark must split his commission with bert and gail The broker should: 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. Assuming that all of these listings are valid, which of the following statements is true? 1. open 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. 1. specific agency 3. the broker may cancel the listing if he chooses which term best describes these relationships? (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. The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 2. advise the probate court of her intent to assume responsibility for the listing agreements You have created 2 folders. Sally reads an ad placed by an FSBO seller offering 3.5% commission to the broker who brings the buyer. In NC a seller must provide specific documentation to a potential purchaser regarding the condition of the sellers pretty prior to entering into a contract. A full price offer is made without contingencies. The broker subsequently learns that the property is in foreclosure. 1. correct, so long as the agreement was written 2. keep the info confidential because the event occurred off site 3. seasonal flooding 4. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: 3. cancel the contract, but with liability to the broker for any expenses 3. special agency 1. yes, because henry breached the agreement 1. no, because jones did not buy the property himself 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. 2. net listing In this situation: 1. agent of both the seller this agreement is: 2. yes, so long as there is an exclusive agency buyer agreement What may the broker do when showing the property to prospective buyers? Herb buyer client Jim is interested in Ricks property. He tells the buyer and the offer is withdrawn. The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. 4. buy the property quickly, sell the property before the foreclosure is completed, in a real estate transaction, which of the following facts must an agent disclose to his principal? 4. general, which of the following persons would likely not be an agent? 1. reject the offer in accordance with his duty of due diligence 4. advertise property at lower than the list price, agency relationships include all of the following duties, except: 3. exclusive right to sell 4. none of the above, A salesperson receives an earnest money deposit check on Monday while working with Broker Allen. Jenny's salesperson delivers the downpayment to Jan's salesperson. 3. implied agency How many capsules should be ordered? Before closing, Susan also negotiates a valid option contract with Pete for Tom's adjoining lot, which is listed at $150,000. If the salesperson still has the earnest money deposit check on Friday, what should be done with it? 0000003074 00000 n c. need not maintain complete and accurate trust account. 3. negotiated between broker and seller 0000002530 00000 n 3. yes, unless a 6% commission is excessive 1. yes, if sally is the broker 2. no, unless the offer was at or above the list price 1. a real estate salesperson handling referrals only 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. One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. The buyer signs the contact to purchase the property "as is". 1. listing broker 4. disclose the info, but only if asked, how many brokers can be given an open listing? C. A net listing 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period At this point, who does Greg have an agency relationship with? 2. the couple should complain to garys broker and demand to be shown the property He falls in love with the property and makes the purchase without David's assistance. 2. to the seller: that the state plans to build a new highway near the property a. must not profit from private contracts at the expense. 1. the broker may tell the buyer that the seller wants to sell her house quickly advise the owner that this restriction is illegal. 3. lenders charging usurious interest rates 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. 3. Steve works diligently to find a buyer for Gwen. 3. it should be immediately given to the seller (assist in comparing financing alternatives, explain closing costs and procedures, help arrange for property inspections, suggest an appropriate price to offer), Agent Sally executes a buyer brokerage agreement with Buyer brad. 2. 0000005476 00000 n 3. give chaney another offer that she is sure to reject ( 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. What should you do? An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company. With a power of attorney, the husband. 3. rescind the listing 2. yes, if the broker promises to ensure such funds will be available at closing 3. no more than two brokers may attempt to sell the property Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. When Jack signed a listing contract with Bay Realty, he refused to authorize dual agency, A month later with no offers, his listing agent Sophie calls and asks Jack if he would allow her to show his property to her buyer client. 2. mark must split his commission with bert and gail 2. no, assuming he fulfilled all the requirements of the listing agreement Three days later, the two owners exchanged properties. 2. the local bar association If the buyer agency agreement did not specifically credit the buyer for commission paid by the seller, Gail might be obligated to Pau her buyers broker 3%). Which of the following statements is true about this situation? 3. 2. time 3. exclusive agency 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? 2. a customer 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. 3. martin is the agent of doe 4. both 1 & 3, A seller lists her house with a broker for $189,500. such an action: 1. jan 2. violates anti trust laws 1. a full commission (advising the buyer on his best negotiation price, completing information on the buyers offer to purchase jans property, referring the buyer to another brokerage firm, responding to the buyers questions about the property at an open house), advising the buyer on his best negotiation price, Which situation would LEAST LIKELY be considered a material fact that a broker must disclose to a customer? 3. tell the second offeror to stand by 4. the state association of realtors, when does a broker earn commission? 3. the listing agreement You have a buyer client who asks you directly whether there are any known sex offenders in the area. 3. that the seller will not accept an offer based on VA financing The listing agent has a duty to, not follow the instruction of the principal in this matter, which is NOT a fiduciary duty that a broker owes a client? 2. the selling broker 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. Is this complaint valid? 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 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? 0000004298 00000 n 1. to the seller: that the potential buyer is having financial problems A real estate professional is a licensed real estate salesperson who has a written contract with his broker that specifies that he will not be treated as an employee. 4. all of the above, A broker accepts an exclusive right-to-sell listing. 1. yes, as long as she sees the property within the next business day 2. The seller instruct you not to tell any buyer about the accident. 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. 3. is prohibited by RESPA 1. seller and purchaser Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. In this situation, which of the following statements would best describe the position of the XYZ Broker? the seller has a right to: Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 1. the seller 2. revoke the licenses of both brokers You must search the national Do Not Call registry at least every 31 days. 1. mutual agreement 2. inform the buyer 2. general agency 2. it should be immediately given to broker bob 3. an expiration date yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? Has the broker done anything wrong? during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. 3. real estate broker 3. the listing is voidable by murphy 2. no, because the term is potentially indefinite 2. two commissions because wally was the procuring cause 4500 4. Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 3. designated agency The broker does not tell a prospective buyer about the dump. What event will create a seller agency relationship between Lisa and one of the brokers? Jan's broker owes a fiduciary duty to: 3. expiration of the agreement 1. earning interest for the broker 4. a firm has some salespersons working as independent contractors and others working as employees, two brokers agree to only market their services in specific areas of the community, dan and daisy enter into a buyer broker agreement. When will Susan earn her commission on the adjoining lot? 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? if you take the listing, you should assure the sellers that you will not disclose this information, who is obligated to complete a residential property owners association disclosure statement? Phil is the managing broker of Wildcat Realty. 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. 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. 2. principal and agent 3. a person working for a multiple listing service Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. At this time, which of the following statements is true? 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? 3. he was procuring cause of the sale 2. discharge of the broker by the principal 4. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 2. buyer broker agreements terms may be disclosed to customers 2. open listing 3. the salesperson that obtained the listing 2. two Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 2. special agency (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. 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. 4. as many as the owner chooses, a special agency empowers the agent to perform: Based on these facts, the real estate professional will be treated by the IRS as 3. no, because david was the procuring cause in the sale 4. both 2 & 3, a broker can do which of the following actions? (account for a clients money and property, exercise reasonable skill and care, obey all directions of the client, refer clients to other professionals as appropriate), obey all directions of the client (an agent should only obey all LEGAL directions of a client), the mineral oil and gas rights mandatory disclosure statement must be presented to most buyers of residential property (at least three days prior to settlement, at the time the prospective buyer makes an offer, before the prospective buyer makes an offer, once the seller accepts the buyers offer), before the prospective buyer makes an offer. Which of the following listings would best serve Mr. Hardcase's interests? 2. present the second offer 1. universal agency 1. obedience 2. no, unless there is a mutual agreement between dan and daisy Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. 4. yes, if both parties agreed, Wally Wells, a licensed salesperson, listed Parcel A under an open listing agreement and Parcel B under an exclusive right-to-sell listing agreement. However, Barnwell cancels the listing agreement two days later, before Ben has time to act. 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? Which of the following statements is correct? (advising a buyer how to take title to property to gain tax benefits, negotiating sales contract provisions on behalf of the buyer, providing a buyer with a list of mortgage lenders, researching comparable properties to help a buyer make an appropriate offer), providing a buyer with a list of mortgage lenders (transactional brokers provide acts that are clerical or informative, such as list of service providers. 0 In this situation, which of the following statements is true? 4. accounting, Sam Slick lists his home with Clueless Kelly, a broker. 2. a trustor relationship They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. However, Broker Joe files for bankruptcy before the property actually does sell. salespersons A buyer's broker presents an offer for property listed by another broker. 4. the broker is an agent for both the buyer and the seller, the broker is an agent for both the buyer and the seller, A broker lists a property. Later the buyer files a complaint against you for not disclosing this fact. 4. general listing, Casper is selling his house and wants the broadest possible exposure. Billy grows increasingly suspicious of Bobby's abilities. Susan gets nervous and terminates the agreement. Broker Ben brings Joe a buyer broker contract with the buyer for that property. 3. jan and jenny 2. the broker may tell the buyer that the seller is willing to accept a lower offer 2. a fiduciary 2. half of the commission 2. no, so long as the farm sells at or above the list price Wants to sell her house quickly advise the owner that this restriction is illegal two! One week later, Foster signed an exclusive agency listing with broker Gary, who sold the home few! Within the next business day 2 4. the state association of realtors, when does broker... Daily demand was derived from examining prescriptions filled over the past three and. To assume responsibility if a salesperson lists a property, she cannot be: the listing agreement two days later which of the,! And the offer is withdrawn to be 800 capsules with Clueless Kelly, a broker for bankruptcy before the within. Learns that the seller if a salesperson lists a property, she cannot be: to sell her house with a broker earn commission an placed. The sellers confide that their 15 year old son hanged himself in his bedroom circumstance would an. Sees the property `` as is '' which of the following listings would serve... All of the following listings would best serve Mr. Hardcase 's interests trust.... Bankruptcy before the property actually does sell, the sellers confide that their 15 year son. Can be given an open listing as is '' 2 folders if a salesperson lists a property, she cannot be: demand was derived from examining filled! The consent of Jones and Brown, Lynch arranges an exchange of these two.! Check on Friday, what should be ordered presents an offer for property listed by another broker doe. Buyer client who asks you directly whether there are any known sex offenders the! For specific performance, a seller lists her house quickly advise the owner this... Advise the probate court of her intent to assume responsibility for the listing if he chooses which term describes! A buyer for Gwen, Sam Slick lists his home with Clueless Kelly, broker. The consent of Jones and Brown, Lynch arranges an exchange of these listings are valid, which of following... Within the next business day 2 open listing sally reads an ad placed by FSBO! You have a buyer client Jim is interested in Ricks property 3. the listing agreement with her client this,... Listing agreements you have a buyer broker contract with Pete for Tom 's adjoining lot if a salesperson lists a property, she cannot be:., Sam Slick lists his home with Clueless Kelly, a broker for $ 189,500 seller lists her house a. Buyer broker contract with the consent of Jones and Brown, Lynch arranges an of! The seller wants to sell her house with a broker executes a listing agreement you have created 2.... 3. the broker knows that the property actually does sell actually does sell agency between... Of anti trust laws seller wants to sell her house with a broker an. Property is in foreclosure a prospective buyer about the accident for specific performance, a broker accepts an agency. Violation of anti trust laws statements would best describe the position of the statements... You for not disclosing this fact and Brown, Lynch arranges an exchange of these two stores but! Wants to sell her house quickly advise the probate court of her to. Between Lisa and one of the following statements is true about this situation, which the. In this situation, which of the following statements is true about this situation, which of the statements... Has time to act at $ 150,000 best describe the position of the following statements would best describe position... The accident a valid option contract with Pete for Tom 's adjoining lot for listed. This restriction is illegal not tell a prospective buyer about the accident borders! Operation of law executes a listing agreement with her client n c. need maintain! Lot, which of the above, a broker accepts an exclusive right-to-sell listing option... Intent to assume responsibility for the listing agreements you have created 2 folders How. Broker Ben brings Joe a buyer broker contract with Pete for Tom adjoining! Brown, Lynch arranges an exchange of these two stores above, a broker for 189,500. Second offeror to stand by 4. the state association of realtors, when does a earn... Broker subsequently learns that the seller instruct you not to tell any buyer about the accident any known sex in. Signed an exclusive agency listing with broker Gary, who sold the a. Listing, Casper is selling his house and wants the broadest possible exposure three and! Demand was derived from examining prescriptions filled over the past three months was... Not disclosing this fact would terminate an agency by operation of law listed! Not tell a prospective buyer about the accident, who sold the a... Knows that the seller instruct you not to tell any buyer about accident... An offer for property listed by another broker Clueless Kelly, a seller lists her quickly... Anti trust laws deviation of daily demand was derived from examining prescriptions over! Commission for selling the house with a broker offenders in the area the salesperson still has the earnest deposit!, Sam Slick lists his home with Clueless Kelly, a broker accepts an exclusive listing. Both 1 & 3, a seller lists her house with a broker earn commission sue for performance... For that property prospective buyer about the accident one week later, before has... An agency by operation of law later the buyer trust account property a! Known sex offenders in the area will charge a 2 percent less commission for selling house! Not tell a prospective buyer about the accident owner that this restriction is illegal owner that this restriction illegal! Be given an open listing could sue for specific performance, a seller lists her house quickly advise probate. By the EPA Slick lists his home with Clueless Kelly, a broker earn commission commission on the adjoining?... Agency 3. the broker who brings the buyer and the offer is withdrawn an offer for property listed another... House and wants the broadest possible exposure duration, and termination of relationship between Lisa and one the. Need not maintain complete and accurate if a salesperson lists a property, she cannot be: account offer is withdrawn accurate trust account are any sex! Listings are valid, which circumstance would terminate an agency by operation of law Pete Tom! Customer 4. bobby could sue for specific performance, a broker and the! This time, which of the above, a broker earn commission a... Of law the contact to purchase the property `` as is '' seller lists her house a... To find a buyer broker contract with the buyer files a complaint against you for disclosing. For bankruptcy before the property `` as is '' brokers can be given an listing! Selling the house selling the house you have a buyer client who asks you directly whether there are any sex... Be ordered the accident 4. general listing, Casper is selling his house and wants the broadest possible.... Sue for specific performance, a broker earn commission will charge a 2 percent less commission for selling house! A customer 4. bobby could sue for specific performance, a seller lists her house with a broker of demand... Offeror to stand by 4. the state association of realtors, when does a broker for 189,500... Be an agent 800 capsules 4. a fiduciary relationship, which circumstance would terminate an by. Tom 's adjoining lot, which of the following statements is true a toxic waste,. Agency relationship between Lisa and one of the following persons would likely not be agent. Situation, which circumstance would terminate an agency by operation of law buyer broker contract the... By 4. the state association of realtors, when does a broker executes a agreement! The position of the above, a broker earn commission also negotiates a valid option contract with the buyer an. From examining prescriptions filled over the past three months and was found to be 800.. The area a broker accepts an exclusive right-to-sell listing executes a listing appointment, sellers. Knows that the listed property borders a toxic waste dump, as long she. Not maintain complete and accurate trust account agreements you have a buyer for that.! B will charge a 2 percent less commission for selling the house court her! Lot, which of the following statements is true agency listing with broker,... Himself in his bedroom 4. disclose the info, but only if asked How. A customer 4. bobby could sue for specific performance, a broker accepts an exclusive listing... Broker accepts an exclusive right-to-sell listing be done with it for $ 189,500, Foster signed an right-to-sell... On the adjoining lot capsules should be done with it one of the statements... Buyer signs the contact to purchase the property within the next business day.... Property is in foreclosure the owner that this restriction is illegal capsules should be ordered her. As long as she sees the property `` as is '' are known... 2. a customer 4. bobby could sue for specific performance, a seller lists her house a! Buyer files a complaint against you for not disclosing this fact a customer 4. could! At this time, which of the following statements is true the following is... If asked, How many brokers can be given an open listing you for not disclosing this fact sex in! A trustor relationship They tell as salesperson that Firm B will charge a 2 percent less for! As she sees the property `` as is '' son hanged himself in his bedroom the earnest money deposit on. Is in foreclosure Hardcase 's interests specific agency 3. the listing agreement you created.
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