4. as many as the owner chooses, a special agency empowers the agent to perform: 0 2. the broker is entitled to a commission based on the listed price What should Rudy do? The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 2. earning interest for the brokers clients The listing is a 60-day exclusive right-to-sell agreement. If you make an offer to purchase a property listed by a broker, the broker or salesperson is required to convey your offer to the owner of the property. Change 23\frac{2}{3}32 to a decimal. However, the property is later sold by another broker. 0000005225 00000 n (before the buyer makes an offer, before the buyer walks through the house, before the sellers accepts the offers, before the transaction closes), which of these do you think would least likely be considered a material fact that must be disclosed to a buyer? 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. 1. the listing becomes an open listing 4. If she intends to operate the firm and keep her father's listings, it is necessary that she: 4. none of the above, An owner is listing his rental property with a broker. 4. no, because jon must perform, yes, regardless of whether jon is the client, A broker wants to be compensated if anyone else sells his listed property during the listing period. 3. exclusive right to sell listing 3. death of the salesperson 0000004668 00000 n 1. specific agency Which of the following statements is correct? 1. open listing Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 3. death of the principal 1. a dual agent 3. any time prior to preparing an offer to purchase 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? A seller's listing agreement has expired, and the seller lists with a different brokerage firm four months later. Select one: Please select the correct language below. trailer 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. 3. the broker has violated a fiduciary duty 2. to use care in completing form contracts 3. exclusive right to sell listing 2. loyalty 2. two salespersons represent a different buyer and seller in the same transaction 1. when a prospective buyer asks for info about a particular property Two days later, David demands a commission. At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. 3, two brokers agree to charge the same commission rate on all property listed by their offices. 2. there is a formal representation of these which termination of an agency relationship would be due to accomplishment of purpose? betty enters into a listing agreement with cheryl the seller. 4. general listing, a buyer broker agreement should address which of the following items? Before it can be put in writing, the buyer backs out and revokes the verbal offer. (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? 2. an exclusive agency listing 3. seasonal flooding 3. the seller may refuse to sell 2. revocation by the principal she must: Three days later, the two owners exchanged properties. Tom leaves town on Monday for a two week business trip. Which of the following statements is correct? 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. 2. two 1. an appreciative seller 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. bob who is selling a property he owns to a coworker. 4. all of the above, which of the following listings will permit an owner to sell his property without paying a commission to any broker? On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. 2. real estate brokers agreeing to not cooperate with a certain firm 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period 1. subagency 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 Steve is furious and demands his commission. yes because his untrue statements could be seen as an inducement to buy. transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. Phil is the managing broker of Wildcat Realty. 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. (the agent must assist Peter in completing the form, the agent must sign the form after walking through the property with Peter, Peter must hire a home inspector to ensure he completed the form correctly, Peter should complete the form to the best of his knowledge), Peter should complete the form to the best of his knowledge, What is the purpose of the mineral oil and gas rights mandatory disclosure statement? (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. (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. 1. minorities are buying homes in a neighborhood where the seller wants to later buy property The broker does not tell a prospective buyer about the dump. however, she does not want her sister to tell the seller of their relationship. 3. no commission so long as wally was not the procuring cause 3. a ready and willing buyer has been found, but no commission is due 3. no, these funds must be placed in a separate escrow account Such an expert should have special knowledge and have a higher Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, The real estate brokers responsibility to keep the principal[al of all the facts that could affect a transaction is the duty of, The amount of commission due to a salesperson is determined by, A real estate broker was responsible for a chain of events that resulted in the sale of one of his clients properties. A broker represents a buyer. (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 . 0000000653 00000 n 3. the listing is voidable by murphy 1. when the listing is taken T/F A firm cannot limit a salesperson's practice to only buyer 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? A broker lists a property. 3. only a seller's agent 1. the broker had found a buyer and has earned his commission Jones sells the property for $65,000 without telling Smith about the development. (account for a clients money and property, exercise reasonable skill and care, obey all directions of the client, refer clients to other professionals as appropriate), obey all directions of the client (an agent should only obey all LEGAL directions of a client), the mineral oil and gas rights mandatory disclosure statement must be presented to most buyers of residential property (at least three days prior to settlement, at the time the prospective buyer makes an offer, before the prospective buyer makes an offer, once the seller accepts the buyers offer), before the prospective buyer makes an offer. 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. Has the broker done anything wrong? 3. accepting the listing and give preferential treatment to female applicants 1. mark must split his commission with bert and gail 1. buyer 1. one 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? <]/Prev 537971/XRefStm 2270>> 2. advise the probate court of her intent to assume responsibility for the listing agreements With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 3. a confidential relationship Which of the following statements is TRUE? University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. 3. accounting 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? 6. (fairness, honesty, integrity, obedience), Peter is the listing agent for seller Jan. Of these acts, which would breach Peters fiduciary duty of loyalty to jan if he performed it for a buyer customer? 3. no more than two brokers may attempt to sell the property 0000003551 00000 n 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. 3. confidentiality 0000002270 00000 n 1. listing broker 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. a property manager enjoyed by the owner a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. This situation could involve all of the following agency relationships except: A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. 2. principal and agent 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. 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. (buyers agency, dual agency, sellers agency, single agency). 1. cancel the contract without obligation to either buyer or broker 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. (the current owner believes the house is haunted, nearby factory expanding to 247, the well water is undrinkable, several window frames are warped), the current owner believes the house is haunted. 3. the salesperson that obtained the listing Both have authorized dual agency. 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. This may be unethical, but Puckett got the asking price and therefore suffered no loss the broker may: 2. the percentage of commission or fee 2. no, because the term is potentially indefinite How many people represent Susan? 1. the state real estate board 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 1. yes, but dan waives his right to specific performance C. Gary's broker is the agent of Mr. Gregory for a reasonable time (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. 1. 2. definite termination date However, Broker Joe files for bankruptcy before the property actually does sell. In which of the following forms is this required seller disclosure found? Broker Laura brings Mark a buyer broker contract with the buyer for that property. Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 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