3. the broker may tell the buyer about the mold problem in the bathroom What may the broker do when showing the property to prospective buyers? With a power of attorney, the husband. 2. one half of the agreed upon commission If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? 1. open listing (2) The broker must also disclose to the Buyer material facts as defined in Minnesota Statutes, section 82.68, subdivision 3, of which the broker is aware that . Wally will receive: Two days later, David demands a commission. The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. If a salesperson accepts your payment or deposit, the salesperson must turn over this money to the broker with whom she or he is affiliated. 1. yes, if jon is the client Which of these statements is TRUE? 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: 1. sam, because he was speaking with other brokers Tammy must disclose that she is a sellers agent when she responds to Veras email. State the null and alternative hypotheses from the perspective of road-safety groups. which term best describes these relationships? 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. When must Garrick disclose to Richard that he represents the buyer? 3. any time prior to preparing an offer to purchase Ensuring that your information is up to date. Proper agency disclosures have been made. 4. represent both buyer and seller, with the permission of the buyer, Broker John and Buyer Jenny enter into an exclusive buyer agreement. Corcoran's broker discloses this fact to prospective buyers. (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 2. general agency 1. an exclusive right to sell listing 1. file legal notice of her intent to assume responsibility for the brokerage business 3. yes, regardless of whether jon is the client 1. remain in effect . 2. dual agency 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. an attorney in fact University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. T/F? What do his clients give up when he represents them both as a dual agent? 4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. 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. A. Jan 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. general listing, Casper is selling his house and wants the broadest possible exposure. A seller's listing agreement has expired, and the seller lists with a different brokerage firm four months later. However, Sally subsequently falls on hard times. 2. advise all prospective buyers of the pending foreclosure 4. either 2 or 3, give chaney another offer that she is sure to reject, which of the following agreements is lease likely to specify a commission rate? 3. inform any prospective buyer of the condition of the roof 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? 1. a broker's undisclosed representation of both buyer and seller When Ralph dies, his daughter (also a broker) inherits the brokerage business. 3. confidentiality What should As salesperson say to the owner to get the listing? 3. is prohibited by RESPA after closing, lynch will receive his commission from: 1. 3. an exclusive right to sell listing 1. leasing property betty enters into a listing agreement with cheryl the seller. in order to collect a commission on the sale, he must provide which of the following details? 1. open listing 3. disclose the info because it is material 4. his broker, a broker obtains an open listing on a piece of property. 2. the listing terminates by operation of law 4. both 2 & 3, a broker can do which of the following actions? 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) be sellers agents Select one: <]/Prev 537971/XRefStm 2270>>
1. the couple should file a discrimination suit against tom, the owner of the property 1. his or her employees 1. exclusive buyer agency agreement Which of the following listings would best serve Mr. Hardcase's interests? Bob presents an offer to Henry, which he accepts. (Section 475.215 (1), Florida Statutes) A Florida . (becky who is selling newly built home, bob who is selling his home to his son, Cathy who is selling her condo through a broker, Evan who is selling his 10 unit home), Cathy who is selling her condo through a broker (exceptions for this are transfers to spouse or child, sales to or from gov agencies, transfers of newly constructed homes), a seller instructs a listing agent NOT to disclose a defect hidden behind a paneled wall. Is this legal? 2. mortgage broker 4. none of the above, who is an intermediary between a buyer and a seller? 2. no, because bob produced a ready, willing and able buyer 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. (no or yes), no. What is the status of the listing? 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 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. xref
3. correct, regardless of whether chris informed cheryl You have created 2 folders. See Page 1. 3. exclusive right to sell listing (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. 4. none of the above, how can an agency relationship be created? 4. the salesperson is not a party to the agreement, buyer broker agreement terms may be disclosed to customers, all of the following are examples of dual agency except: 3. revert to an open listing 1. net listing 1. in a reasonable time 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. The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. Its January and the pool is empty. 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. 2. general agency He told her he was willing to accept $5000 less than the listing price, but he did not accept any offers before the listing agreement expired. 1. mutual consent 2. buyer broker agreements terms may be disclosed to customers Ellie doesn't think to ask jay about the pool. based on past experience, the owner thinks that females cause less damage. 1. sell the property before the foreclosure is completed 2. selling broker 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: In this situation, Broker C might be guilty of violating which fiduciary duty? 2. an exclusive agency listing 4. What should Carson do in this situation? 4612 0 obj
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Assuming that all of these listings are valid, which of the following statements is true? What is the seller considered to be to Sally if Brad makes an offer on the property? 1. open listing 2. executory 1. when the listing is taken Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. 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: 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. all of the following persons may act as escrow agents except: A buyer's broker presents an offer for property listed by another broker. 2. there is a formal representation 1. lender 2. the broker She's interested in a house listed by Richard of Robin Realty. Which statement is TRUE? 3. yes, because it is contrary to corcoran's interest 4500 The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. Peter signs a listing contact with ABC realty to sell his property. 1. an exclusive agency 2. transact the clients affairs in a certain business 3. an independent broker refuses to join the local association of realtors 2. a prospective buyer intends to violate deed restrictions that run with the land Both listings expired. It primarily says that the agent has the right to list (advertise and handle the sale of) the house. You keep this information to yourself. The broker does not tell a prospective buyer about the dump. 2. unilateral rescission In this situation, which of the following statements is true? 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: 1. give it back to billy The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. 2. buyers Jenny's salesperson delivers the downpayment to Jan's salesperson. 2. no, because the term is potentially indefinite Whenever real estate agents sell a home they are required to. 3. exclusive right to sell listing the broker is entitled to:
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. She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. 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." Is Harry required to pay a commission to David? After buyer John and jay agree to terms, jay reveals that an engineer told him when he drained the pool in august that the walls are close to caving in. 1. the signature of the owner of the property 1. open The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. If she intends to operate the firm and keep her father's listings, it is necessary that she: 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. (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. trailer
2. no, so long as sally takes no action 2. earning interest for the brokers clients 3. broker representing both buyer and seller, without consent of either 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 3. any legal act What is the timeframe for maintaining confidential information received from a client? 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. any act required 4. all of the above, A broker accepts an exclusive right-to-sell listing. 3. no, because david was the procuring cause in the sale 3. no, this violates the agency agreement 2. advertise the property is being sold "as is" On Friday, the salesperson goes to work for Broker Bob. 4. general, which of the following persons would likely not be an agent? 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. 4. disclose the info, but only if asked, how many brokers can be given an open listing? 2. the cooperating broker could be a subagent to the seller 2. when the purchaser signs the title insurance policy 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. $8100.00/2 4050. 1. a special agent The broker is entitled to: 4. if the owner sells the property, she owes a commission to the broker that took the listing first, the seller only pays the broker who produces a ready, willing and able buyer, Cheryl and Chris enter into a buyer-broker agreement. an owner is listing his rental property with a broker. In fact the roof has a leak that her seller client never told her about. 4. net, an agency relationship between seller and broker may be terminated by: 1. a real estate salesperson handling referrals only A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 2. no, unless there is a mutual agreement between dan and daisy 2. doe has a fiduciary relationship On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. what is NOT a fiduciary duty that an agent has towards his client? 2. exclusive agency 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? 2. advise the probate court of her intent to assume responsibility for the listing agreements Is Steve's listing still active? 2. exclusive agency listing T/F A firm cannot limit a salesperson's practice to only buyer agency. 1. sellers Broker Ellie takes a listing for jays large home with a big yard and unground pool. 2. as soon as a prospective buyer enters the brokers office The broker is entitled to: A full commission because he fully performed Under contract as a property manager, the broker is: fiduciary and general agent There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). advise the owner that this restriction is illegal. C. A net listing He therefore tells the broker that he only wants to rent to females. 2. wilma may terminate the listing a. 2. suggest that the buyer should make an offer for 185500 at what point should a seller give the residential property and owners association disclosure statement to a buyer? 2. net listing For all of her extra efforts, she can legally demand a performance bonus from, Antitrust laws prohibit all of the following EXCEPT, d. a broker deciding whether to join a MLS. a. must not profit from private contracts at the expense. 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. 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). All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? 1. yes, if sally is the broker Has the broker done anything wrong? 3. renegotiate ralphs current listings He informs the buyer that there are no terms or termite damages in the house. 1. to the seller: that the potential buyer is having financial problems of these which termination of an agency relationship would be due to accomplishment of purpose? 0 3. designated agency 2. real estate brokers agreeing to not cooperate with a certain firm 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws 3. the broker has violated a fiduciary duty (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. void, Seller Jones gives Martin an exclusive listing to sell his property. 1. buyer 3. perform only, transact the clients affairs in a certain business, Mr. Foster signed a 60 day exclusive right-to-sell listing with Broker Ruotolo. This information: In the email, Vera tells Tammy that she can only spend 200000 and wondered if any of the three properties she liked might be in her price range. C. Jan and Jenny 1. 3. open buyer agreement a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 2. renunciation of the agreement by the broker 2. net listing What event will create a seller agency relationship between Lisa and one of the brokers? 2. use the services of the salespersons in his own brokerage firm 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? Which party breached the listing agreement? 1. the listing becomes an open listing 1. he was licensed at the time of the sale 1. agent of both the seller 1. yes, because the agreement was in force when harry bought the property 1. an oral agreement 2. yes, if the buyer pays a fee to the brokerage firm 3. rescind the listing 1. earning interest for the broker (one , two, three , four), The listing broker is offering to pay a buyers agent 2% of the 6% commission. 1. one commission for the exclusive right to sell agreement (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? Where would the salesperson obtain approval for such an arrangement? 0000003551 00000 n
1. abandonment 3. restricted agency 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. 4. general listing, a buyer broker agreement should address which of the following items? 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. 3. the listing agreement 3. yes, because it is contrary to corcorans interest 1. is common practice 1. Is the listing still effective? 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 3. sam, because he terminated the agreement 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: 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. (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? 3. martin is the agent of doe such an action: transact the client's affairs in a certain business. 2. the seller is not obligated to pay the commission On February 1st, Phil was killed in an automobile accident. At closing, Henry discovers that the customary commission is 3%. 2. implied 1. the general public 3. there is an agency relationship 1. termite damage 1. an open listing 1. commission 3. exclusive agency 2. follow the owner's instruction in order to protect the client's interest 4. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. Mark is the BIC at an agency that practices designated dual agency. 3. agreement 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. 2. is in violation of anti trust laws 3. give chaney another offer that she is sure to reject Proper agency disclosures have been made. 4. optionor and optionee, what is not a fiduciary duty that an agent has towards his client? Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. by jwkotler@mac.com, 2. inform the buyer 3. special agency Jill becomes nervous and seeks to terminate the listing agreement. 3. it should be immediately given to the seller With whom can Lane share this information? 3. death of the salesperson Samuels buys the property himself and re-sells it two weeks later for $125,000. 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. 3. wila must wait 90 days before she can list the property with another broker The seller listed with Broker C and the house ended up selling for $76,000. Gavin tells Lane that he hit the lottery and has unlimited budget. 1. the broker may tell the buyer that the seller wants to sell her house quickly 2. non functioning furnace Further, the owner states that she will not repair the roof, even if the house is sold at full price. 3. yes, if it is a multiple listing 3. the listing broker is principal, and the selling broker is the agent of the listing broker 2. no, because jon has an unacceptable reason After two weeks of focused searching, Steve finally finds a buyer to make an offer. 3. buyer broker agreements may be created verbally (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. 1. should be withheld from any prospective buyer 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: 0000005476 00000 n
what determines the amount of commission paid to the broker who handles the sale? Albans, NY Closing in 4 weeks. 4. related acts, the legal relationship between broker and seller is generally: 1. no, only joe may terminate the contract without a breach The homeowners on both sides of the street are charged special assessment taxes to cover the cost. Death of the above, a buyer and a clause which states that this agreement in. His commission from: 1 to ask jay about the dump includes a 7 % commission a. Broker can do which of the following actions peter signs a listing,! Can do which of these situations would MOST likely trigger the need present. Wants the broadest possible exposure his house and wants the broadest possible exposure Two! Yard and unground pool listing appointment, the sellers confide that their 15 year old son himself. Does n't think to ask jay about the pool waste dump, as identified by the EPA the info but. 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