1. no, because jones did not buy the property himself 3. violates both RESPA and regulation Z Which of the following statements is correct? 1. he was licensed at the time of the sale 2. violates anti trust laws 4. 2. accept, of behalf of the seller, an offer OVER the listed price of the property 3. negotiated between broker and seller 1. open listing A. 2. the broker You may search five area codes at no charge. Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 2. present the second offer Introducing Cram Folders! Jenny's salesperson delivers the downpayment to Jan's salesperson. The listed commission is 6.5 percent of the selling price. With whom can Lane share this information? 1. abandonment What is the timeframe for maintaining confidential information received from a client? 3. agent of the broker and sub agent of the seller 3. disclosure In this situation, which of the following statements would best describe the position of the XYZ Broker? 4. disclosure of this info violates state licensing regulations, a buyer requests that a salesperson take a listed property off the market until his wife sees it. 2. place a for sale sign on the property 1. multiple 2. cancel the contract, but only with written permission from the buyer Properties that are excluded from the MLS have NAR's Clear Cooperation rules that govern how they can be advertised and other considerations,. (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. 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? later, the broker receives a second offer for the property. 4. both 1 & 3, Gwen lists her home with Broker Steve under a valid exclusive right-to-sell listing. 3. expiration of the agreement 0000003551 00000 n 2. net listing 2. exclusive agency listing Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . Corcoran's broker discloses this fact to prospective buyers. 2. two How many copies of the WREAB should he have? 1. one commission for the exclusive right to sell agreement 1. keep the info confidential because disclosure would violate a fiduciary duty 1. a special agent xref the seller has a right to: 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. 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. (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 . 3. give chaney another offer that she is sure to reject 2. no, so long as the farm sells at or above the list price 4. impartial protection of both parties, A property is listed at $68,000. The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. He informs the buyer that there are no terms or termite damages in the house. On the date scheduled for closing, the seller refuses to sign any of the papers. See you in court! D. None of the above, a listing may be revoked by: Samuels can only purchase the property after informing Puckett of the zoning change (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. 1. should be withheld from any prospective buyer 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. (disclose the financial condition of buyer client interested in the sellers property, disclose the relationship between the buyer and broker, present all offers and in a timely manner, provide a good faith estimate of the current value of the sellers property), disclose the financial condition of buyer client interested in the sellers property, ABC brokerage in Durham has 20 affiliated brokers. 3. a person working for a multiple listing service 1. a real estate salesperson handling referrals only 2. general agency 2. real estate brokers agreeing to not cooperate with a certain firm 3. any legal act The broker does not tell a prospective buyer about the dump. 0000004411 00000 n 1. open listing 2. any act required Brenda agrees, which could be an example of willful omission, Broker mike relied on his seller clients word about the age of the furnace, and so indicated on the MLS that it was two years old, when in fact it was 12 years old. 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. 4. related acts, the legal relationship between broker and seller is generally: 2. that the seller is in poor financial condition 2. the cooperating broker could be a subagent to the seller Martin is a salesman for Broker Doe. 3. a special listing Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. With a power of attorney, the husband. You have a buyer client who asks you directly whether there are any known sex offenders in the area. %%EOF 3. to be accountable for documents and funds He walks away with a dozen brochures. 4. void, Seller Jones gives Martin an exclusive listing to sell his property. Which of the following statements is correct? 2. the broker is entitled to a commission based on the listed price 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. 2. if the property is destroyed by fire 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. 4. a person holding a power of attorney, a person working for a multiple listing service, a salesperson represents the: 3. accounting Select one: advise the owner that this restriction is illegal. 3. exclusive agency 1. deposit it in her escrow account a. must not profit from private contracts at the expense. 4. all of the above, The zoning commission has proposed a change that would dramatically impact the subject property in a broker's listing agreement. 3. renegotiate ralphs current listings 2. a trustor relationship Two buyers leave their name and contact information on her sign-in sheet. Chris is: In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. 4. accounting, Sam Slick lists his home with Clueless Kelly, a broker. 7. 3. a ready and willing buyer has been found, but no commission is due How many brokers could be owed a commission by the principals in this transaction? 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. 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. <]/Prev 537971/XRefStm 2270>> 4. the contract is valid and must be as agreed, cancel the contract without obligation to either buyer or broker, two brokers agree that they will charge the same commission rate on all property listed by their offices. 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 broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. 3. disclose the info because it is material 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? In this situation, which of the following statements is true? It is required for residential and commercial transactions, Which of the following discussions would MOST LIKELY be considered substantial contact between an agent and prospective buyer? 2. general agency 3. the listing broker is principal, and the selling broker is the agent of the listing broker 1. oral 2. an exclusive agency While the commission will be split between your agent and the agent from the buyers side, the lawyer will take a separate payment per hour. Proper agency disclosures have been made. Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. B. Gary is Mr. Gregory's agent 2. yes, because she is legally justified 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? (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? Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . 1. mutual consent 1. special agency 3. revocation (Jane can tell Maggie that the seller is desperate to sell, Jane is not obligated to assist Maggie during contract negotiations, Jane must protect the best interest of her client Maggie, sponsoring broker Evan is a dual agent), Jane is not obligated to assist Maggie during contract negotiations. this agreement is: 2 the listing broker has exercised due care and loyalty to his principal. 4. none of the above, when must a licensee disclose agency relationships? Which of these statements is TRUE? You must search the national Do Not Call registry at least every 31 days. If she intends to operate the firm and keep her father's listings, it is necessary that she: What may the broker do when showing the property to prospective buyers? When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. 1. yes, if sally is the broker 3. revert to an open listing 3. yes, if it is a multiple listing What should As salesperson say to the owner to get the listing? startxref 2. disclosed in writing and agreed upon prior to negotiations 3. 1. foster must only pay ruotolo during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. you should inform the buyers agent of what you learned and let the buyer decide what to do, Sadie represented seller Stan when she listed his property. (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. two brokers agree to only market their services in specific areas of the community The listing is a 60-day exclusive right-to-sell agreement. (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. Judy must (advocate equally for both clients in negotiations, bring in another broker from her brokerage to assists, disclose material facts about the transaction to both clients, share confidential information if it helps move the transaction along), disclose material facts about the transaction to both clients, Joe's real estate brokerage practices dual agency, Broker Sara brings Joe a listing agreement with a seller. 4. follow the owner's instruction because of the fiduciary relationship, Seller Corcoran is in very poor health and cannot work on his farm anymore. 3. the buyer may not withdraw his offer They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. Is Susan in breach? 2. special agency Three days later, the two owners exchanged properties. At closing, Henry discovers that the customary commission is 3%. 3. attach the check to the contract and file it 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? 1. owner selling or leasing their own property 2. licensed attorney at law 3. someone acting under court authority Examples: receiver, executor, trustee 4. auctioneer employed by the owner 5. property manager who works for owner or broker who only: 1) shows units 2) executes and delivers leases 3) assists in clerical tasks 2. only a buyer's agent 3. to the buyer: that the property is subject to seasonal flooding 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. 2. use the services of the salespersons in his own brokerage firm 2. the listing terminates by operation of law 3. all advertising must be revised to accurately describe the property Broker Ben brings Joe a buyer broker contract with the buyer for that property. Its January and the pool is empty. Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. Phil takes a listing on January 3rd. See Page 1. Jan's broker owes a fiduciary duty to: (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 1. mark must split his commission with bert and gail 0000007696 00000 n Gavin tells Lane that he hit the lottery and has unlimited budget. 1. no, because the commission was over 6% 2. 2. no, unless the offer was at or above the list price Both have authorized dual agency. What if anything will Gail owe Freds employing broker if she buys that property? 2. executory (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. 3. death of the salesperson 2. billy was in breach 3. what should the broker do? 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: The listing broker and selling broker split the commission at a 75/25 ratio. 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. 2. net listing 4. nothing until the papers are ratified, a full commission because he fully performed, buyer broker agreements could be: Bob presents an offer to Henry, which he accepts. 3. yes, because jones did not increase the list price 3. only a seller's agent 3. the listing remains valid 3. yes, but dan risks causing a breach himself after closing, lynch will receive his commission from: 2. exclusive agency We weren't able to detect the audio language on your flashcards. 4. no, so long as daisy is willing and able to perform, yes, but dan risks causing a breach himself, the relationship that generally exists between a salesperson and a seller is a: 2. loyalty Your seller client tells you that she wants to sell her property because it holds too many sad memories, as it is where her son died of AIDS. 4. none of the above, a listing may be revoked by: However, Barnwell cancels the listing agreement two days later, before Ben has time to act. Cara is sitting at an open house at one of her listed properties. 3. agreement 2. c. need not maintain complete and accurate trust account. 1. the broker had found a buyer and has earned his commission (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? 2. follow the owner's instruction in order to protect the client's interest Must Jenny pay John a commission? all four are costumers (generally speaking visitors to an open house are simply customers, an no agency as been created until the relationship gets more serious), What information is NOT included in the Working with Real Estate Agents brochure? In which of the following forms is this required seller disclosure found? based on past experience, the owner thinks that females cause less damage. (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). This may be unethical, but Puckett got the asking price and therefore suffered no loss It primarily says that the agent has the right to list (advertise and handle the sale of) the house. 3. a salesperson represents both buyer and seller 2. to the seller: that the state plans to build a new highway near the property After broker E sells some of the lots, the landowner refuses to pay her a commission. 1. mutual consent The listing broker gives the listing salesperson 30 percent of his commission and the selling broker gives the selling sales person 30 percent of his commission. In this situation, which of the following statements is correct? 3. reimbursement for out of pocket expenses 2. notice 4. exclusive right to sell, Phil is a salesman working for Broker Joan. 2. an exclusive right to sell 2. implied The seller is not legally required to pay a commission to any broker. 2. there is a formal representation 3. designated agency 1. agent of both the seller (Signed) Sadia." 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. 1. when a prospective buyer asks for info about a particular property 1. co brokers A "listing agreement" is a contract between a real estate agent (the agent who will be listing the property for sale) and the home seller. T/F A person does not need a real estate license to be a property manager. 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. 4. yes, because corcorans status is protecred by the federal fair housing laws, yes, because corcorans status is protected by federal fair housing laws, which of the following circumstances will not terminate an agency by operation of law? What type of listing should the broker acquire? 1. the signature of the owner of the property 4. none of the above, disclosed in writing and agreed upon prior to negotiations, A listing broker is showing property near a toxic waste dump. T/F? 3. her broker 2. suggest that the buyer should make an offer for 185500 One day, Jon wakes up and decides that he no longer cares for Jacob's personality. 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? (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. 1. an open listing 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 3. exclusive agency 1. yes, because john took steps to find a suitable property for jenny the broker is entitled to: Herb buyer client Jim is interested in Ricks property. 2. is in violation of anti trust laws 1. the general public which of the following statements is true for the situation? 2. when the option period expires T/F Licensees provide agency representation to clients and customers in a real estate . 4612 17 4. it should be immediately given to the buyer, it should be immediately given to broker alien, Henry enters into an exclusive right-to-sell listing agreement with Bob the Broker. 3. death of the principal 1. an exclusive agency 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? 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 4. accounting, Jan accepts Jenny's offer to purchase. 2. no, unless there is a mutual agreement between dan and daisy B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associate's broker with a note requesting that the gift certificate be given to the sales associate for fine service. Peter signs a listing contact with ABC realty to sell his property. 4. the broker holds earnest money in his brokerage operating account because he deal is going to be all cash, the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree, the buyer broker agreement that is most similar to the exclusive right to sell contract is: 3. he was procuring cause of the sale 2. no, because jon has an unacceptable reason 1. to the seller: that the potential buyer is having financial problems Samuels cannot purchase the property under any circumstances, samuels can only purchase the property after informing puckett of the zoning change, a property management contract could exist between the property manager and: Which of the following statements is true about the listing? 1. no, because it is a material fact The listing agent should, disclose this condition to the buyer, as this is material fact, the lead based paint disclosure should be shared with buyers for dwellings that were built prior to, once a seller completes a residential property owners association disclosure statement, the (buyers agent is relieved of all duty to disclose material facts, buyers agent must ensure that his buyer client receives it, listing agent is relived of all duty to disclose material facts, seller cannot be held liable to any of the information on it), buyers agent must ensure that his buyer client receives it. 2. inform the buyer 2. doe has a fiduciary relationship 2. an agent 2. on the date specified in the listing agreement 3. restricted agency 4. violates fair housing law, the relationship between a broker and client is most accurately described as: Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. B. 1. a principal 4. disclose the info, but only if asked, how many brokers can be given an open listing? 3. that the buyer intends to violate deed restrictions Where would the salesperson obtain approval for such an arrangement? 4. all of the above, the law of agency can include relationships between principals, agents and: 2. to use care in completing form contracts 2. renunciation of the agreement by the broker %PDF-1.4 % 1. file legal notice of her intent to assume responsibility for the brokerage business In the UK, some motorist groups want the current speed limit on motorways increased; they argue this would not be dangerous and would enable motorists to reach their destinations more quickly. 2. yes, if the broker promises to ensure such funds will be available at closing Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). Find out how you can intelligently organize your Flashcards. 1. buyer broker agreements cannot be assigned Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans 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? He listed with a different brokerage firm. 3. out of pocket expenses, but only if the client is in breach Based on past experience, the owner thinks that females cause less damage. 1. reject the offer in accordance with his duty of due diligence 2. destruction of the property 4. yes, provided that joe cannot perform, A salesperson takes a 90 day exclusive right-to-sell listing on April 1st, but moves out of the area on May 15th. What type of listing agreement did the seller have? 1. 4. the state association of realtors, when does a broker earn commission? Sally reads an ad placed by an FSBO seller offering 3.5% commission to the broker who brings the buyer. 3. the listing is voidable by murphy 8. File legal notice of her intent to assume responsibility for the brokerage business 2. revoke the licenses of both brokers 3. agent and subagent Broker Rudy receives a fourth offer which is also $2,500 below the list price. B. Jenny If she intends to operate the firm and keep her father's listings, it is necessary that she: To sell his property anything will Gail owe Freds employing broker if she intends to the. 2. special agency three days later, the owner thinks that females cause less damage Jones to a! Disclosure found when the option period expires t/f Licensees provide agency representation to and... Trust laws % EOF 3. to be accountable for documents and funds he away... 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