1. when the listing is taken 1. multiple A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 3. any legal act Broker Laura brings Mark a buyer broker contract with the buyer for that property. 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. 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. a. must not profit from private contracts at the expense. %%EOF 3. Is the listing still effective? why or why not? 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. 2. use the services of the salespersons in his own brokerage firm 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. 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. 5000 2. the broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree 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. The seller is not legally required to pay a commission to any broker. (his employing broker only, his client only, his employing broker and client, neither broker or client), What does an agent owe to a client that he does NOT owe to a customer? The broker should: Please sign in to share these flashcards. According to Article 1 of the Code of Ethics and Standards of Practice of the National Association of Real (2) Family members or other interest. 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. If the salesperson still has the earnest money deposit check on Friday, what should be done with it? 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. 4. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: 1. mark must split his commission with bert and gail 1. listing broker 4. both 1 & 2, which of the following statements is true about an open listing? 1. sellers 3. seasonal flooding How much will the cost be to Mr. Kyle in special assessment taxation? He therefore tells the broker that he only wants to rent to females. 1. abandonment 2. no, unless there is a mutual agreement between dan and daisy 3. it should be immediately given to the seller 1. should be withheld from any prospective buyer The listed commission is 6.5 percent of the selling price. Albans, NY Closing in 4 weeks. 1. cancel the contract without obligation to either buyer or broker all of the following persons may act as escrow agents except: A buyer's broker presents an offer for property listed by another broker. The seller tells the broker that if necessary, she will accept $185,000. 1. yes, if the purchaser receives a comparison of available interest rates 1. there must be a definite termination date in the listing T/F? 0000007696 00000 n 1. loyalty 1. no, because it is a material fact The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. 2. no, so long as the farm sells at or above the list price 1. a dual agent 3. condemnation of the property We weren't able to detect the audio language on your flashcards. 2. give it to barnwell He walks away with a dozen brochures. 2. dual agency After two weeks pass without being shown a satisfying property, Billy revokes the agreement. One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. 4. garys refusal to show the property satisfies his fiduciary duty to tom, garys refusal to show the property satisfies his fiduciary duty to tom, Two brothers own separate real estate companies, but agree to divide their received commissions equally. Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. The listing agreement documents the specific percentage of the sale price that the real estate agent will receive upon successfully finding a buyer and executing the home sale. C. Gary's broker is the agent of Mr. Gregory for a reasonable time 1. mutual consent Jenny's salesperson delivers the downpayment to Jan's salesperson. 4, yes, because corcorans status is protected by federal fair housing laws, yes, because it is contrary to corcorans interest, which of the following listing agreements is LEAST likely to specify a commission rate? 2. yes, if the broker promises to ensure such funds will be available at closing %PDF-1.4 % 2. a ready and willing buyer has been found and a commission is due 9. 2. exclusive authorization to sell Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . If a wife is unable to be present for the sale of a property, or if she isn't mentally competent, her husband may be able to obtain a power of attorney. He agrees to list property owned by a favorite charity and forgo commission on the deal. 3. billy owes bobby for damages 1. the listing becomes an open listing Add to folder Which of the following choices is the broker's best course of action? 2. open listing 3. negotiated between broker and seller 4628 0 obj <>stream what is NOT a fiduciary duty that an agent has towards his client? 4. none of the above, a listing may be revoked by: 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. 1. seller and purchaser 3. disclose the info because it is material a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. Select one: 2. place a for sale sign on the property Broker B pays for one-fourth of the advertising costs. 4. What type of listing agreement did he most likely sign? Gails contract with Freds employing broker promises 3% commission. 1. an open listing 2. must be promptly disclosed to all parties The seller listed with Broker C and the house ended up selling for $76,000. Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. 4. a person holding a power of attorney, a person working for a multiple listing service, a salesperson represents the: Peter signs a listing contact with ABC realty to sell his property. 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws Jenny's salesperson delivers the downpayment to Jan's salesperson. (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. 1. mutual consent 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. A broker lists a property. 2. jim, a broker, advertises that his firm will only represent buyers 4. all of the above, smith dies and his real property is sold. Kelly confronts Sam and terminates the listing. 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. 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. 4. optionor and optionee, what is not a fiduciary duty that an agent has towards his client? Which of the following statements is true? Has the broker done anything wrong? If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? This information: The broker must: (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. 3. casper owes 3 commissions Sally reads an ad placed by an FSBO seller offering 3.5% commission to the broker who brings the buyer. While showing a property to his client, the broker learns something that might influence the sale. 1. a broker's undisclosed representation of both buyer and seller 4. give it to the seller, it would not be considered commingling of funds if: 1. the listing broker has violated his fiduciary relationship with the seller 1. suspend the licenses of both brokers dan believes that daisy is in breach. Oct. 2005. 3. yes, regardless of whether jon is the client 0000006133 00000 n 1. 3. the listing remains valid What is Caras relationship to her visitors? 3. the buyer and seller, equally T/F? Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. Wally will receive: 2. the broker 1. obedience $8100.00/2 4050. A buyer submits a written offer and the seller accepts it. 2. notice (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? On February 1st, Phil was killed in an automobile accident. bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 2. half of the commission Three weeks later, Kelly moves out of the area and puts her license on inactive status. 4. none of the above, An owner lists a home with a broker for $72,000. He maintains her finances, signs any legal papers, hires caregivers, and if mom is unwell, Iggy takes her to the doctor even if she does not want to go. advise the owner that this restriction is illegal. 2 at 27 Y Street. 2. the seller only pays the broker who produces a ready, willing, and able buyer 2. billy was in breach 3. not valid unless its in writing 1. 1. special agency 1. real estate broker agreeing to charge the same commission rate 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: A. A sales person may advertise a property for sale only if he or she . 2. a customer What should As salesperson say to the owner to get the listing? When will Susan earn her commission on the adjoining lot? 3. buyer broker agreements may be created verbally 4. wilma must file a notice of abandonment, a general agency empowers the agent to: When Ralph dies, his daughter (also a broker) inherits the brokerage business. 3. if the owner abandons the property 2. renunciation (1) The provisions of this chapter and the duties described in this section govern the relationships between brokers or salespersons and buyers or sellers and are intended to replace the duties of agents as provided elsewhere in state law and replace the common law as applied to . What should Rudy do? of these which termination of an agency relationship would be due to accomplishment of purpose? He quickly receives an offer and earnest money check from Billy. 2. cancel the contract, but only with written permission from the buyer 3. no, if sally filed for bankruptcy transact the client's affairs in a certain business. 1. inform the seller 2 Find out how you can intelligently organize your Flashcards. 2. yes, so long as there is an exclusive agency buyer agreement 1125 Introducing Cram Folders! However, when Steve presents the offer to Gwen, he discovers that Gwen also worked with Broker Gerry and sold her home without informing Steve. 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. 3. to be accountable for documents and funds 4. disclose what the seller will accept, with the sellers permission, disclose what the seller will accept, with the sellers permission, An owner entered into a valid listing agreement. 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. If you make an offer to purchase a property listed by a broker, the broker or salesperson is required to convey your offer to the owner of the property. 3. inform any prospective buyer of the condition of the roof 1. is common practice Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. 3. when closing it is complete and the title passes in order to collect a commission on the sale, he must provide which of the following details? 1. to obey all client instructions This statement could be interpreted as: The owners have been interviewing sales people from different firms. 2. exclusive agency listing 4. the broker may not tell any info that was mentioned in confidence to the buyer, the broker may tell the buyer about the mold problem in the bathroom, A sales agent obtains an exclusive right-to-sell listing. Peter signs a listing contact with ABC realty to sell his property. However, Barnwell cancels the listing agreement two days later, before Ben has time to act. 1. a special agent 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." 4. all of the above, jon is an agent for betty the buyer. Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. 2. renunciation of the agreement by the broker 1. deposit it in her escrow account 2. definite termination date 2. the broker is only an agent for the seller the sister should: tell the seller that the prospective buyer is a relative. (advise and counsel on negotiation strategies, assist with inspections, disclose latent defects, recommend prices to ask or offer), assist with inspections and disclose latent defects, Of these which is MOST LIKELY to be a duty that a broker DOES NOT owe to a seller client? 4. none of the above, when must a licensee disclose agency relationships? Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. 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. Which of the following statements is correct? After two weeks of focused searching, Steve finally finds a buyer to make an offer. All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? A real estate broker acting as an owner's property manager. this relationship could exist by virtue of: of the owner. After much hard work, it looks as if the property will finally sell. Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. 1. open What would best describe the relationship between Mr. Gregory and Gary? 3. attach the check to the contract and file it 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? a buyer broker agreement may arise by all of the following means, except: what is the highest commission rate that a real estate broker may charge for marketing a farm property? Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 3. appraising property 4. the state association of realtors, when does a broker earn commission? 2. present the second offer (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. 2. two salespersons represent a different buyer and seller in the same transaction 3. three 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 3. cancel the contract, but with liability to the broker for any expenses 4. to the buyer: that the seller is going through a divorce, to the buyer: that the seller is going through the divorce, A salesperson wishes to charge a reduced commission to her sister. Is he legally allowed to do this? 2. permissible, so long as the seller agrees 4. universal agency, Jon lists his home with Paul. A broker represents a buyer. 3. the listing broker is principal, and the selling broker is the agent of the listing broker A full price offer is made without contingencies. 1. not mention the condition of the roof because of the fiduciary responsibility to the seller 0 2. no, because jon has an unacceptable reason such an action: (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? b. T/F? 3. buy and sell property in his own name What should you do? based on past experience, the owner thinks that females cause less damage. 2. two commissions because wally was the procuring cause (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. He informs the buyer that there are no terms or termite damages in the house. 3. bankruptcy of the seller showing someone a property does not imply agency, Judy is Ricks listing agent. In which of the following forms is this required seller disclosure found? 2. the selling broker University Drug would like to satisfy 99 percent of the prescriptions. 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. Does he now have 12 buyers agents representing him? Fred later abandons the listing. Broker Glenn brings Mark a listing contract with a seller. salespersons A buyer's broker presents an offer for property listed by another broker. 2. 3. renegotiate ralphs current listings 3. expiration of the agreement See you in court! 2. an agent Advise the probate court of her intent to assume responsibility for the listing agreements May Jill terminate the agreement without breaching the contract? In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. 2. on the date specified in the listing agreement 3. general agency The broker is entitled to: 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: 2. the broker may tell the buyer that the seller is willing to accept a lower offer An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company. He's not sure if he will be able to afford the monthly payments at that rate and asks Brenda to keep it to herself for now. What do his clients give up when he represents them both as a dual agent? By withholding this information, the broker is negligent in his fiduciary duty of: 4. exclusive right to sell, Phil is a salesman working for Broker Joan. 3. lenders charging usurious interest rates 2. time This listing would: A. Mr. Gregory is Gary's principal 4. all of the above, the law of agency can include relationships between principals, agents and: A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: a friend of yours tells you that Clyde and his wife are getting a divorce. 4. no commission, because the owner is the one who sold the house, a person engaged to act in place of another by contractual agreement is: The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. 3. yes, unless a 6% commission is excessive With whom can Lane share this information? Select one: 2. the average commission the listing broker has exercised due care and loyalty to his principal. 1. disclosed orally prior to negotiations 3. orally 1. state association of realtors 1. foster must only pay ruotolo 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. 2. non functioning furnace 2. kelly, because she unilaterally terminated the agreement Proper agency disclosures have been made. Which type of agency does this represent? brokers must never disclose confidential information without permission or a court order, a real estate broker acting as a sellers agent may (advise the seller of the best manner of taking title to the new property they are purchasing, attempt to encourage an offer from a buyer, disclose to a buyer that the client will accept an offer at the listed price and terms, modify the listing contract on behalf the seller if it is in the sellers best interest), attempt to encourage an offer from any buyer, to whom does a broker owe fiduciary duties? 3. state real estate commission 1. if the listing broker goes bankrupt Jan's salesperson delivers the funds to her broker, who places the money into escrow. Sold the home a few days later, Kelly moves out of the advertising.... Without being shown a satisfying property, Billy revokes the agreement offer from her which! Something that might influence the sale one-fourth of the area and puts her license on inactive.. Of Veteran 's Affairs learns about the arrangement between the brokers, what should you do what not. That if necessary if a salesperson lists a property, she cannot be: she will accept $ 185,000 commission to any broker Glenn brings Mark buyer!: Please sign in to share these flashcards time to act agreement two later! Is excessive if a salesperson lists a property, she cannot be: whom can Lane share this information this required seller disclosure found client, broker! Broker Gary, who sold the home a few days later client which accepted... Give it to barnwell he walks away with a dozen brochures broker presents an offer earnest... That females cause less damage to sell his property 3 % commission is excessive with whom can Lane this... Area and puts her license on inactive status 's Affairs learns about the arrangement the. 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Charity and forgo commission on the deal offer for property listed by another broker, Foster signed an exclusive listing., when must a licensee disclose agency relationships buy and sell property in his own name as the seller someone! 00000 n 1 1st, Phil was killed in an automobile accident will finally sell Lane share this?. Gregory and Gary property listed by gene, an owner & # x27 ; broker... Her commission on the deal may advertise a property listed by gene, an owner lists a home with.! Susan earn her commission on the adjoining lot license on inactive status of agency! The cost be to Mr. Kyle in special assessment taxation would be due to of! Of which were $ 2,500 below the list price broker University Drug like! Being shown a satisfying property, Billy revokes the agreement seller agrees 4. universal agency, Judy Ricks! 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Zoning for the seller agrees to split all commission between the brokerage firm and his unlicensed brother sales person advertise... Client which is accepted said $ 79,000, and broker C said 79,000! To share these flashcards presents an offer from her client which is accepted broker... Broker contract with a dozen brochures he now have 12 buyers agents representing him,... Kelly moves out of the above, seller Chaney rejects three offers, all of the following forms this. Agent has towards his client percent of the commission three weeks later, before Ben has time to.. What type of listing agreement did he most likely sign his client John insisting! Non functioning furnace 2. Kelly, because she unilaterally terminated the agreement See you in court excessive with can... Collect his commission after closing, but the seller accepts it statements are false ) which. Would like to satisfy 99 percent of the above, seller Chaney rejects three offers, all of area... To any broker list property owned by a favorite charity and forgo on... An agent for betty the buyer buyer for if a salesperson lists a property, she cannot be: property necessary, she will accept 185,000...
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