Its January and the pool is empty. 4. actively engaged, an escrow account is maintained by a broker for the purpose of: Tammy must disclose that she is a sellers agent when she responds to Veras email. a. 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: 3. a ready and willing buyer has been found, but no commission is due 1. suspend the licenses of both brokers C. Gary's broker is the agent of Mr. Gregory for a reasonable time C. Jan and Jenny We'll bring you back here when you are done. 3. death of the salesperson 3. agreement 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 (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. However, the property is later sold by another broker. 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 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? Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the 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. Assuming the agreements are valid, which of the following statements is correct? 1. express 3. cancel the contract, but with liability to the broker for any expenses 1. open listing A way of predicting the outcome of an event is known as ___. 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. 2. transact the clients affairs in a certain business 2. revocation by the principal 0000036923 00000 n 1. one 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. 3. third parties However, some road-safety groups say speed can be a factor in accidents and believe it would be dangerous to increase the existing speed limit. 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year 2. if the property is destroyed by fire This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. (the acceptable range of commissions that a seller may pay, an acknowledgement panel for the consumer to sign, the duties of a sellers agent and a buyers agent, descriptions of the types of agency relationships), the acceptable range of commissions that a seller may pay, Which statement is true about the Working with Real Estate Agents Brochure? This situation could involve all of the following agency relationships except: 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror A real estate professional is a licensed real estate salesperson who has a written contract with his broker that specifies that he will not be treated as an employee. 1. permissible, as long as the brother had contractual competency A buyer submits a written offer and the seller accepts it. 2. mortgage broker 3. any legal act 2. net listing How many brokers could be owed a commission by the principals in this transaction? 2. destruction of the property 2. earning interest for the brokers clients 0000004298 00000 n 2. give it to barnwell 3. the buyer and seller, equally Buyer Phillips spends an entire day going from open house to open house. 2. non functioning furnace Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. 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. 2. buyers 2. Mark is the BIC at an agency that practices designated dual agency. 4. wilma must file a notice of abandonment, a general agency empowers the agent to: 2. special agency Which of the following statements is correct? h}LgkKKQkabyqiT_*L]+V8LbQ$d(%hb}z0v=s~ ~O z1apN}Q|. (indicated the value of mineral/oil/gas rights, it indicates whether any mineral/oil/gas rights have been severed, indicates whether there are any mineral/oil/gas on the property, indicates whether the property owner earns money from mineral/oil/gas). 2. special agency Mark sells the property. She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. What is Caras relationship to her visitors? The broker is entitled to: Jenny's salesperson delivers the downpayment to Jan's salesperson. 1. foster must only pay ruotolo 2 1. the general public 1. yes, because henry breached the agreement 4. his broker, a broker obtains an open listing on a piece of property. he therefore tells the broker that he only wants to rent to females. T/F? 2. an agent 2. an open listing 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 3. the tenants Later the buyer files a complaint against you for not disclosing this fact. A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. Is the broker susceptible to claims of fraud? 1. yes, if the purchaser receives a comparison of available interest rates 1. 2. wilma may terminate the listing All of the following statements could be true about this action, except: (Section 475.215 (1), Florida Statutes) A Florida . Which of the following listings would best serve Mr. Hardcase's interests? 2. yes, so long as there is an exclusive agency buyer agreement 3. casper owes 3 commissions 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: Received from Bo $1,000 on account of $75,000 purchase price of Lot No. 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. 3. disclose the info because it is material 4. cracked foundation, A real estate broker wishes to deposit an earnest money check in his business operating account in order to receive a higher interest rate on the purchaser's funds. Both have authorized dual agency. 3. no, this violates the agency agreement 3. exclusive right to sell 1. inform the seller 1. seller and purchaser You have created 2 folders. He therefore tells the broker that he only wants to rent to females. (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 . The listing agent has a duty to, not follow the instruction of the principal in this matter, which is NOT a fiduciary duty that a broker owes a client? 2. executory an owner is listing his rental property with a broker. 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 1. the listing remains in effect 3. the seller may refuse to sell 1. deposit it in her escrow account Which of these statements is TRUE? later, the broker receives a second offer for the property. Gails contract with Freds employing broker promises 3% commission. (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 . 1. the broker may tell the buyer that the seller wants to sell her house quickly 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission 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. 2. set by the realty board 4. an agent for the buyer and seller, a listing agreement will automatically terminate: Peter signs a listing contact with ABC realty to sell his property. 3. out of pocket expenses, but only if the client is in breach 2. exclusive agency buyer agency agreement 4. 2. the broker 4. none of the above, An owner lists a home with a broker for $72,000. 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? 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. violates fair housing law, the relationship between a broker and client is most accurately described as: 2. the selling broker 1. open 2. yes, because she is legally justified 2. reasonable care 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? (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. 2. the seller is not obligated to pay the commission Broker Glenn brings Mark a listing contract with a seller. 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: 3. no commission so long as wally was not the procuring cause If she intends to operate the firm and keep her father's listings, it is necessary that she: Ellie doesn't think to ask jay about the pool. 3. yes, if it is a multiple listing this agreement is: 2. incorrect, because the agreement is valid for a reasonable amount of time In this situation: With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. $8100.00/2 4050. a woman offers to buy property listed by her sister (a broker). Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. 2. inform the buyer 4. none of the above, who is intermediary between a buyer and a seller? 2. all money given to the broker must be accounted for 1. the broker had found a buyer and has earned his commission Select one: Is this complaint valid? See Page 1. Please select the correct language below. transact the client's affairs in a certain business. While Smith is out of the country, the Mayor announces a development plan that will include Smith's land (causing it to double in value). 4. impartial protection of both parties, A property is listed at $68,000. Which type of agent has the greatest authority? 2. there is a formal representation 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. 1. advise the owner that this restriction is illegal 2. loyalty 1. yes, because the agreement was in force when harry bought the property 4. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. 3. open buyer agreement 2. the property owner 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. After two weeks of focused searching, Steve finally finds a buyer to make an offer. 3. confidentiality 3. that the buyer intends to violate deed restrictions Jones sells the property for $65,000 without telling Smith about the development. (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). 2. general agency The buyer signs the contact to purchase the property "as is". A real estate broker acting as an owner's property manager. How many people represent Susan? Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 2. yes, so long as jenny purchased property similar to the one described in the agreement Which of the following statements is correct? 1. specific agency Which of the following statements is true? 2. no, so long as the farm sells at or above the list price Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . However, Jenny finds a suitable property on her own. 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? How many copies of the WREAB should he have? The seller is not legally required to pay a commission to any broker. Ensuring that your information is up to date. 3. sam, because he terminated the agreement 4. as many as the owner chooses, a special agency empowers the agent to perform: 2. discharge of the broker by the principal 4. none of the above, A salesperson receives an earnest money deposit check on Monday while working with Broker Allen. 4. none of the above, when must a licensee disclose agency relationships? Find out how you can intelligently organize your Flashcards. 3. an expiration date 4. net, an agency relationship between seller and broker may be terminated by: 0000004411 00000 n 2. judicial action 4. none of the above, who is an intermediary between a buyer and a seller? Y/N? He agrees to list property owned by a favorite charity and forgo commission on the deal. After two weeks pass without being shown a satisfying property, Billy revokes the agreement. 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: of the owner. 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: 1. the couple should file a discrimination suit against tom, the owner of the property A broker lists a property for sale at $100,000 with a 5 percent commission, and he . 3. tell the second offeror to stand by 3. when closing it is complete and the title passes 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. 2. suggest that the buyer should make an offer for 185500 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. Proper agency disclosures have been made. 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? 1. not mention the condition of the roof because of the fiduciary responsibility to the seller If you have consumers in more than five area codes, you must buy annual access to those area codes. 4. all of the above, jon is an agent for betty the buyer. Kelly confronts Sam and terminates the listing. 4. none of the above, Broker Lynch has an exclusive listing to sell Jones' hardware store for a $4,500 commission. 2. escrow agents the broker may: 2. no, assuming he fulfilled all the requirements of the listing agreement 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. wilma must maintain the listing with fred until the expiration date 1. when the sale on the home closes 4. both 2 & 3, which of the following items is the listing agent not required to disclose? 1. express 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. Which of the following statements is true about the listing? 2. he was engaged by the owner at the time of the sale During a 90 day listing agreement, the seller dies, What statement is TRUE? Steve is furious and demands his commission. 7. 3. state real estate commission On the date scheduled for closing, the seller refuses to sign any of the papers. 3. universal agency 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. both 1 & 3, Gwen lists her home with Broker Steve under a valid exclusive right-to-sell listing. 2. selling property 2. the couple should complain to garys broker and demand to be shown the property (brokers are required to present to those bidding at auctions, brokers can use it for commerce properties if they choose, brokers must retain the acknowledgement panel, brokers must present it to all open house visitors), brokers much retain the acknowledgement panel (for three years after the termination of the agency relationship or the close of the transaction whichever is later. 2. follow the owner's instruction in order to protect the client's interest B. Gary is Mr. Gregory's agent 1. no, because it is a material fact 1. his or her employees 1. a full commission because he fully performed In which of the following forms is this required seller disclosure found? (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. 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. With whom can Lane share this information? What event will create a seller agency relationship between Lisa and one of the brokers? 3. rescind the listing As long as broker Bridget includes a link to the WREAB on her website and in every email to a prospective client, she has met the requirements for proper agency disclosure. 3. the salesperson that obtained the listing He falls in love with the property and makes the purchase without David's assistance. A full price offer is made without contingencies. 3. the listing agreement Corcoran's broker discloses this fact to prospective buyers. 4. the death of the salesperson, National Topic Tester - Practice of Real Esta, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Operations Management: Sustainability and Supply Chain Management, CSCP MOD 2 CH 12 SEC A | Exam Success CH 4. Before showing the buyer Jacks property, Sophie should (amend the agreement to authorize dual agency and get Jacks signature, ask her broker in charge for an exemption, ask Jack to execute a new listing agreement, get Jacks verbal agreement), amend the listing agreement to authorize dual agency and get Jacks signature, Broker Hannah obtains an exclusive listing for Hannah Smith Realty. 0000005476 00000 n 4500 1. obedience 3. if the owner abandons the property What type of listing agreement did the seller have? 4. all of the above, Jill lists her property with Broker Joe. Add to folder 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. 0000002700 00000 n 3. renegotiate ralphs current listings 2. use the services of the salespersons in his own brokerage firm 2. a property manager enjoyed by the owner 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? Which statement is TRUE? She hires Samuels, a broker in Virginia, to sell that property for $75,000. In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. 9. The homeowners on both sides of the street are charged special assessment taxes to cover the cost. When must Garrick disclose to Richard that he represents the buyer? 3. the listing remains valid 4. all of the above, the law of agency can include relationships between principals, agents and: T/F A firm cannot limit a salesperson's practice to only buyer agency. 2. present the second offer 3. billy owes bobby for damages What type of listing should the broker acquire? 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: 1. signature of the principal 3. all advertising must be revised to accurately describe the property 1. 2. general agency 1. obedience 2. exclusive agency listing 3. broker representing both buyer and seller, without consent of either (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. 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. c. need not maintain complete and accurate trust account. 4612 17 You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. 1. universal agency He listed with a different brokerage firm. 3. no, unless joe is in breach of the terms 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: Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? 1. open listing 2. definite termination date 3. agreed upon commission or fee 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. The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. 1. the exclusive listing becomes an open listing 1. to the seller: that the potential buyer is having financial problems The owners have been interviewing sales people from different firms. 2. advise all prospective buyers of the pending foreclosure 3. any time prior to preparing an offer to purchase (Lisa signs agency disclosure form, Lisa tells a broker that she thinks she would like to work with them, Lisa signs a listing contract, Lisa signs a broker buyer contract), Lisa signs a listing contract (created when the principal signs a listing contract). a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. 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