C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. 2. any act required 2. a fiduciary 4. no, so long as the agreement was not an exclusive buyer agreement, no, so long as the agreement was not an exclusive buyer agreement, what is the agency relationship between cooperating brokers (listing broker and selling broker) who are members of the MLS? A. 4. a person holding a power of attorney, a person working for a multiple listing service, a salesperson represents the: 1. advise the owner that this restriction is illegal in this transaction, what is the relationship between bill and gene? Has the broker done anything wrong? 3. that the buyer intends to violate deed restrictions 2. is in violation of anti trust laws 4. both 2 & 3, a broker can do which of the following actions? (Signed) Sadia." 2. use the services of the salespersons in his own brokerage firm 2. as soon as a prospective buyer enters the brokers office $8100.00/2 4050. 3. no, because david was the procuring cause in the sale The sales agreement is signed. A sales person may advertise a property for sale only if he or she . 1. permissible, as long as the brother had contractual competency 3. to the buyer: that the property is subject to seasonal flooding 4. the state association of realtors, when does a broker earn commission? 1. open listing She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. 2. accept, of behalf of the seller, an offer OVER the listed price of the property Samuels can only purchase the property after informing Puckett of the zoning change Jim, the original listing agent, now has a buyer interested in the seller's property. Mark sells the property. 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: 3. state real estate commission Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. 4. as many as the owner chooses, a special agency empowers the agent to perform: 4. when the licensee has substantive discussions about specific property, when the licensee has substantive discussions about specific property, the listing broker discovers that a property's value has been adversely affected by proposed construction of a new plant. Has Jones breached his fiduciary duties? 4. no commission, because an exchange is not a sale, Tom lists his home with Salesman Gary, with the provision that the house not be shown if he is not at home. 4. all of the above, jon is an agent for betty the buyer. 2. executory Has the broker done anything wrong? (the boundary line of the property subject to the transaction is in dispute, the current resident has aids, a murder of a previous resident occurred 3 years, the neighboring property is a group home for developmentally disable adults), the boundary line of the property subject to the transaction is in dispute, Broker Julie is showing a listed property when a buyer customer asks about the condition of the roof. 2. all money given to the broker must be accounted for 3. give chaney another offer that she is sure to reject Please sign in to share these flashcards. 0000000653 00000 n 2. wilma may terminate the listing Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. 1. the general public Is Harry required to pay a commission to David? 3. universal agency 3. revocation 3. the listing remains valid 1. no, because the commission was over 6% 2. no, because the term is potentially indefinite Bob presents an offer to Henry, which he accepts. 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. 3. selling salesperson 4. both 2 & 3, which of the following items is the listing agent not required to disclose? 3. unassignable Two days later, David demands a commission. Based on the residential lead based paint hazard reduction act, what must a seller do? 1. abandonment 1. foster must only pay ruotolo 1. an open listing 4. net, an agency relationship between seller and broker may be terminated by: 4. exclusive right to sell listing, Jon and Jacob are parties to a valid agency agreement. 2. exclusive agency listing 1. billy was justified because bobby was in breach 1. there must be a definite termination date in the listing 4. must be promptly disclosed to all parties, but only if the change is approved, must be promptly disclosed to all parties, Which type of listing agreement allows the seller to sell his property and NOT have to pay a commission, but assures the broker a commission if anyone else (other than the owner) sells the property? 1. special agency 1. a broker's undisclosed representation of both buyer and seller 2. buyers salespersons A buyer's broker presents an offer for property listed by another broker. The homeowners on both sides of the street are charged special assessment taxes to cover the cost. 1. open listing Find out how you can intelligently organize your Flashcards. (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. A broker represents a buyer. Herb buyer client Jim is interested in Ricks property. 2. exclusive agency listing 1. 2. earning interest for the brokers clients 4. expiration of time, all of the following statements are true of buyer broker agreements, except: which term best describes these relationships? Two days later, the broker brings in an offer for $70,000. Jones sells the property for $65,000 without telling Smith about the development. 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. 3. impermissible, unless the brother is licensed Peter signs a listing contact with ABC realty to sell his property. 4. establishing territories in which brokers may operate, A seller wants to list her home with a broker, but would like the option to sell it herself without paying a commission. 4. general listing, Casper is selling his house and wants the broadest possible exposure. what determines the amount of commission paid to the broker who handles the sale? 2. the broker may tell the buyer that the seller is willing to accept a lower offer A way of predicting the outcome of an event is known as ___. Steve works diligently to find a buyer for Gwen. . We weren't able to detect the audio language on your flashcards. yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? by jwkotler@mac.com, Jill becomes nervous and seeks to terminate the listing agreement. 3. wila must wait 90 days before she can list the property with another broker 0000003551 00000 n Susan gets nervous and terminates the agreement. She hires Samuels, a broker in Virginia, to sell that property for $75,000. The relationship between the property owner and the associated brokers at Hannah Smith Realty could best be described as (buyer subagency, designated agency, dual agency, seller subagency), seller subagency (all other brokers would be subagents of Broker Hannah to the seller). (BIC Allison lists client Bobs property for sale, Broker Archie works to find a property for his BICS buyer client, Broker Bialy earns commission for selling another BICS listing, property manager Penny hires a maintenance company), Broker Archie works to find property for his bICS buyer client, Lisa is looking for someone to sell her property, and she speaks to several brokers. 3. if the owner abandons the property 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. However, Broker Joe files for bankruptcy before the property actually does sell. Y/N? 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. 8. 4. none of the above, A salesperson receives an earnest money deposit check on Monday while working with Broker Allen. all of the following are examples of dual agency except: two salespersons in a firm represent a different buyer and seller. 2. cancel the contract, but only with written permission from the buyer 2. violates anti trust laws At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. all of the following persons may act as escrow agents except: A buyer's broker presents an offer for property listed by another broker. 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. 1. Cara is sitting at an open house at one of her listed properties. (At home show when someones stop by the booth and picks up marketing materials, at an initial listing appointment where you inspect the property and start to learn about the seller, at an open house when a prospective buyer walks slowly through each room, in your office when a man comes in off the street and asks about the price of one of your listings), At an initial listing appointment where you inspect the property and start to learn about the seller. 2. non functioning furnace 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. On February 1st, Phil was killed in an automobile accident. 3. obligations At this time, which of the following statements is true? An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company. 3. accounting 3. accepting the listing and give preferential treatment to female applicants which of the following statements is true for the situation? 2. mortgage broker she must: 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. Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. 3. no more than two brokers may attempt to sell the property They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. 3. it should be immediately given to the seller FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. 2. to the seller: that the state plans to build a new highway near the property Is he legally allowed to do this? 1. lender 2. jenny 4. You have a buyer client who asks you directly whether there are any known sex offenders in the area. a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. after closing, lynch will receive his commission from: 1. bankruptcy of a principal D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. (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. Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. 0000036923 00000 n 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 1. his or her employees Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. 1. set by the MLS it indicates whether any mineral, oil or gas rights have been severed. Jan's salesperson delivers the funds to her broker, who places the money into escrow. 3. martin is the agent of doe 3. the broker has violated a fiduciary duty What event will create a seller agency relationship between Lisa and one of the brokers? Which of the following statements is true about the listing? 2. transact the clients affairs in a certain business She's interested in a house listed by Richard of Robin Realty. 1. inform the seller The broker must: 2. set by the realty board During a 90 day listing agreement, the seller dies, What statement is TRUE? 1. yes, because henry breached the agreement 2. mark must split his commission with bert and gail A Seller's broker owes to the Seller the fiduciary duties described below. 1. remain in effect he therefore tells the broker that he only wants to rent to females. 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? 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. 3. three 1. universal agency The seller instruct you not to tell any buyer about the accident. (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? This statement could be interpreted as: 1. express 3. inform any prospective buyer of the condition of the roof 4. actively engaged, an escrow account is maintained by a broker for the purpose of: 3. 1. subagency 2 at 27 Y Street. 4. both 1 & 3, A seller lists her house with a broker for $189,500. 3. that the seller will not accept an offer based on VA financing 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 Add to folder (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 . 2. time 3. use the MLS to market the property T/F? 2. doe has a fiduciary relationship 2. two salespersons represent a different buyer and seller in the same transaction The real estate professional's entire income is from sales commissions rather than an hourly wage. Cram has partnered with the National Tutoring Association. (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. Round to the nearest thousandth. 1. cancel the contract without obligation to either buyer or broker c. need not maintain complete and accurate trust account. 3. exclusive right to sell 2. the seller is not obligated to pay the commission 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. Select one: 1. single agency 4. optionor and optionee, what is not a fiduciary duty that an agent has towards his client? 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. 2. renunciation of the agreement by the broker B. Jenny 9500 When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: 2250 Jenny's salesperson delivers the downpayment to Jan's salesperson. Jan's broker owes a fiduciary duty to: A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 3. yes, regardless of whether jon is the client 9. Two buyers leave their name and contact information on her sign-in sheet. 1. no, because it is a material fact Is the listing still effective? 1. accept, of behalf of the seller, a promissory note as an earnest money deposit 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: University Drug would like to satisfy 99 percent of the prescriptions. 4. none of the above, An owner is listing his rental property with a broker. 2. definite termination date 3. real estate broker This information: transact the client's affairs in a certain business. However, Sally subsequently falls on hard times. 2. a trustor relationship He quickly receives an offer and earnest money check from Billy. 3. confidentiality 1. a dual agent 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. You have created 2 folders. Can Jon terminate the contract? 1. yes, because john took steps to find a suitable property for jenny 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 would best describe the position of the XYZ Broker? 0000007875 00000 n %%EOF We'll bring you back here when you are done. 3. yes, unless a 6% commission is excessive 1. the broker had found a buyer and has earned his commission 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. 4. all of the above, the law of agency can include relationships between principals, agents and: In this situation, Broker C might be guilty of violating which fiduciary duty? 3. managerial 6. 4. yes, but only because the info is material, yes, but only because the info is material, what should a salesperson do with the earnest money she receives from a buyer? There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. 1. yes, as long as she sees the property within the next business day 0000002530 00000 n 2. notice 4. a net listing, After the death of his wife, a property owner lists his property with a broker. 1. the signature of the owner of the property Both listings expired. 1. no, only joe may terminate the contract without a breach 3. no commission so long as wally was not the procuring cause 3. exclusive agency 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? However, the property is later sold by another broker. 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. (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. He tells the buyer and the offer is withdrawn. 2. a thankful buyer If she intends to operate the firm and keep her father's listings, it is necessary that she: 2. jim, a broker, advertises that his firm will only represent buyers (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). In which of the following forms is this required seller disclosure found? After much hard work, it looks as if the property will finally sell. 2. special agency 2. it should be immediately given to broker bob 2. an open listing 1. hold the second offer until the first offer closes 2. net listing Which listing agreement should the seller NOT sign? What is the sales agent's relationship with the broker and the seller? Before it can be put in writing, the buyer backs out and revokes the verbal offer. 4. terminate on june 1st, salesperson sam works for broker betty. 2. exclusive agency listing With whom can Lane share this information? 1. submit the offer to brandon A broker lists a property for sale at $100,000 with a 5 percent commission, and he . 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? 2. exclusive agency 0 A buyer submits a written offer and the seller accepts it. 3. exclusive right to sell listing 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. 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. See you in court! In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. 2. the selling broker 1. say that the seller will accept a few thousand less What should you do? 4. 2. general agency (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. leasing property 3. the listing broker is principal, and the selling broker is the agent of the listing broker 1. no, because it is a material fact 2. agent of the seller and sub agent of the broker a. must not profit from private contracts at the expense. Which statement is TRUE? 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. (Section 475.215 (1), Florida Statutes) A Florida . Peter signs a listing contact with ABC realty to sell his property. (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. 2003-2023 Chegg Inc. All rights reserved. Susan sells Tom's house to Pete. 3. a ready and willing buyer has been found, but no commission is due Broker Rudy receives a fourth offer which is also $2,500 below the list price. 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. A licensed real estate salesperson entered a written contract with a broker, specifying that the salesperson is not an employee. 2. a ready and willing buyer has been found and a commission is due the seller has a right to: 1. yes, if the purchaser receives a comparison of available interest rates 3. the seller 2. the average commission (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. The listed commission is 6.5 percent of the selling price. 1. lender He tells the buyer and the offer is withdrawn. 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 2. implied this relationship could exist by virtue of: the broker may: 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 includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. 3. he was procuring cause of the sale 4. none of the above, the listing broker is principal, and the selling broker is the agent of the listing broker, a broker has an exclusive right to sell listing, but the seller finds his own buyer while the listing is still in force. An exclusive agency 4. two salespersons in a firm represent a different buyer and seller, a broker could as a fiduciary in all of the following functions, except: Gavin tells Lane that he hit the lottery and has unlimited budget. When must Garrick disclose to Richard that he represents the buyer? Kelly confronts Sam and terminates the listing. 4. 3. no, this violates the agency agreement 2. special agency 2. on the date specified in the listing agreement 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. a woman offers to buy property listed by her sister (a broker). Which of these statements is TRUE? 1. is common practice 2. an exclusive agency listing Introducing Cram Folders! How much money would a sales person receive for her 60 percent share in the 10 percent commission? 1. exclusive agency listing 3. an expiration date 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. On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. Corcoran's broker discloses this fact to prospective buyers. 2. yes, because she is legally justified However, when Steve presents the offer to Gwen, he discovers that Gwen also worked with Broker Gerry and sold her home without informing Steve. 1. the listing becomes an open listing T/F? Julie replies that to the best of her knowledge the roof is in good shape. In this situation, which of the following statements is true? Broker Ellie takes a listing for jays large home with a big yard and unground pool. What type of listing agreement did he most likely sign? Broker Glenn brings Mark a listing contract with a seller. 1. that a minority is moving into the area The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 4. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: However, Barnwell cancels the listing agreement two days later, before Ben has time to act. Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. 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. 2. 3. death of the principal 3. confidentiality On the date scheduled for closing, the seller refuses to sign any of the papers. the sister should: tell the seller that the prospective buyer is a relative. 2. advise the probate court of her intent to assume responsibility for the listing agreements Three days later, the two owners exchanged properties. 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror

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