0000004298 00000 n 1. a full commission 2. advise all prospective buyers of the pending foreclosure 4. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: You should accommodate her request by reviewing the local sheriffs website and other sex offender alert websites and providing her with a report on your findings. However the listing agent recognized the early signs of termite infestation. Its January and the pool is empty. 4. impermissible, unless approved by the local board of realtors, impermissible, unless the brother is licensed, the relationship between a seller and a listing broker is that of a(n): 1. yes, as long as she sees the property within the next business day the sister should: tell the seller that the prospective buyer is a relative. 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 1. cancel the contract without obligation to either buyer or broker 1. the seller 2. escrow agents 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. 2. the seller only pays the broker who produces a ready, willing, and able buyer 4500 3. negotiated between broker and seller You are buyers agent for Doris, who is getting ready to make an offer on Clydes property. 2. he was engaged by the owner at the time of the sale (Brian Pams client, Mary his customer, pam the listing broker, or rob his broker), Rob his broker (greg is an agent of his employing broker rob, he has no fiduciary responsibility to anyone else. Tom leaves town on Monday for a two week business trip. 1. disclosed orally prior to negotiations 4. no, the broker cannot guara, no, these funds must be placed in a separate escrow account, under contract as a property manager, the broker is: Cram has partnered with the National Tutoring Association. After Jenny purchases the property, John demands his commission. Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 4. all of the above, the law of agency can include relationships between principals, agents and: 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. After much hard work, it looks as if the property will finally sell. 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: 2. no, unless there is a mutual agreement between dan and daisy 3. inform the lender 1. two brokers agree to only market their services in specific areas of the community Bob presents an offer to Henry, which he accepts. Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. 2. selling property 3. bankruptcy of the seller He quickly receives an offer and earnest money check from Billy. Mark sells the property. Nevertheless, the broker may NOT disclose which of the following items to his client? a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 3. yes, regardless of whether jon is the client 3. agent of the broker and sub agent of the seller 1. submit the offer to brandon 1. if the selling agent changes brokers Frank would NOT have an agency relationship to all of Top Realty clients if it practices (designated dual agency, dual agency, single agency, traditional agency). Which of these situations would be considered a subagent relationship? 4500 (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. yes, because gwen and steve had a valid exclusive right to sell listing 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. (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. 3. impermissible, unless the brother is licensed 3. the listing remains valid What type of listing should the broker acquire? 4. the seller would be in violation of the fair housing law, all of the following circumstances will automatically terminate a listing brokers agency agreement, EXCEPT 1. multiple 2. destruction of the property In the UK, some motorist groups want the current speed limit on motorways increased; they argue this would not be dangerous and would enable motorists to reach their destinations more quickly. 2. to use care in completing form contracts 4. wilma must file a notice of abandonment, a general agency empowers the agent to: You keep this information to yourself. 1. yes, but dan waives his right to specific performance (advising the buyer on his best negotiation price, completing information on the buyers offer to purchase jans property, referring the buyer to another brokerage firm, responding to the buyers questions about the property at an open house), advising the buyer on his best negotiation price, Which situation would LEAST LIKELY be considered a material fact that a broker must disclose to a customer? 2. mark must split his commission with bert and gail 1. jones has contracted for the services of martin 1. a client Phil is the managing broker of Wildcat Realty. 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). B. Gary is Mr. Gregory's agent 4. buy the property quickly, sell the property before the foreclosure is completed, in a real estate transaction, which of the following facts must an agent disclose to his principal? The broker must: 1. is common practice 2. an exclusive right to sell 2. the cooperating broker could be a subagent to the seller 2. half of the commission 2. a trustor relationship 1. the exclusive listing becomes an open listing (his employing broker only, his client only, his employing broker and client, neither broker or client), What does an agent owe to a client that he does NOT owe to a customer? 0000002700 00000 n Fred later abandons the listing. 2. all money given to the broker must be accounted for You have created 2 folders. What event will create a seller agency relationship between Lisa and one of the brokers? 1. broker representing buyer and seller, with consent of both FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. Assuming the agreements are valid, which of the following statements is correct? 3. buy and sell property in his own name 1. accept or reject offers for the seller may the broker comply? 2. no, because bob produced a ready, willing and able buyer 3. a person working for a multiple listing service b. 4. voic, Ralph is an independent broker. 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror advise the owner that this restriction is illegal. 2. set by the realty board 1. no, because it is a material fact 2. present the second offer 2. yes, if the broker promises to ensure such funds will be available at closing Samuels can only purchase the property after informing Puckett of the zoning change All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? 2. exclusive agency buyer agency agreement 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. 4. all of the above, jon is an agent for betty the buyer. 3. that the seller will not accept an offer based on VA financing He informs the buyer that there are no terms or termite damages in the house. Broker E tells the landowner that she can sell the lots. 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. He therefore tells the broker that he only wants to rent to females. What should you do? 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: 3. exclusive right to sell listing 2. as soon as a prospective buyer enters the brokers office A full price offer is made without contingencies. Based on these facts, the real estate professional will be treated by the IRS as 1. open listing the seller has a right to: He listed with a different brokerage firm. His license placed on inactive status on June 1st. 3. open buyer agreement 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 3. an expiration date 3. no, if sally filed for bankruptcy 1. a real estate salesperson handling referrals only On Friday, the salesperson goes to work for Broker Bob. Which of the following statements is TRUE? May Jill terminate the agreement without breaching the contract? 0000000016 00000 n Does he now have 12 buyers agents representing him? 3. he was procuring cause of the sale In this situation, Broker C might be guilty of violating which fiduciary duty? 2. that the seller is in poor financial condition 2. it should be immediately given to broker bob In this situation: 1. 3. 2 at 27 Y Street. 3. violates both RESPA and regulation Z 1. keep the info confidential because disclosure would violate a fiduciary duty 3. disclosure 2. notice 4. none of the above, A salesperson receives an earnest money deposit check on Monday while working with Broker Allen. Which of the following listings would best serve Mr. Hardcase's interests? 4. a firm has some salespersons working as independent contractors and others working as employees, two brokers agree to only market their services in specific areas of the community, dan and daisy enter into a buyer broker agreement. 3. the buyer and seller, equally 3. it should be immediately given to the seller 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. 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. leasing property 1. the broker may tell the buyer that the seller wants to sell her house quickly at what point should a seller give the residential property and owners association disclosure statement to a buyer? Where would the salesperson obtain approval for such an arrangement? Has the broker done anything wrong? 4. when the offer to purchase has been signed and accepted by the seller, when the offer to purchase has been signed and accepted by the seller, in order for a dual agency to be legal, it must be: Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. Steve works diligently to find a buyer for Gwen. Introducing Cram Folders! 2. doe has a fiduciary relationship 1. the seller 3. reimbursement for out of pocket expenses A seller's listing agreement has expired, and the seller lists with a different brokerage firm four months later. the listing broker has exercised due care and loyalty to his principal. A buyer submits a written offer and the seller accepts it. 3. accounting 1. to obey all client instructions 4. both 1 & 3, A seller lists her house with a broker for $189,500. It primarily says that the agent has the right to list (advertise and handle the sale of) the house. 4. 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? 2. definite termination date This information: 4. 1. express 1. there must be a definite termination date in the listing 4. all of the above, on the date specified in the listing agreement, which of the following items is not required in an open listing? 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree 4. none of the above could be involved, Susan has a listing agreement with Tom to sell his house and an adjoining lot. 1. exclusive buyer agency agreement Who is a dual agent in this scenario? (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. 6. 3. exclusive right to sell 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. Three weeks later, Kelly moves out of the area and puts her license on inactive status. University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. what determines the amount of commission paid to the broker who handles the sale? 3. not valid unless its in writing At this time, which of the following statements is true? In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. It is required for residential and commercial transactions, Which of the following discussions would MOST LIKELY be considered substantial contact between an agent and prospective buyer? 2. The real estate professional's entire income is from sales commissions rather than an hourly wage. Buyer Maggie has no buyer broker contract. Susan gets nervous and terminates the agreement. 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? How many brokers could be owed a commission by the principals in this transaction? 0000004411 00000 n Julie replies that to the best of her knowledge the roof is in good shape. A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. 1. this agreement is: 2. foster owes two full commission This situation could involve all of the following agency relationships except: he therefore tells the broker that he only wants to rent to females. Advise the probate court of her intent to assume responsibility for the listing agreements 2. no, unless the offer was at or above the list price 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. 3. use the MLS to market the property Is the broker susceptible to claims of fraud? 3. an attorney in fact 2. earning interest for the brokers clients 1. real estate broker agreeing to charge the same commission rate c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . 3. the salesperson that obtained the listing In fact the roof has a leak that her seller client never told her about. 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. Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. Jenny's salesperson delivers the downpayment to Jan's salesperson. 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 3. general agency The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. File legal notice of her intent to assume responsibility for the brokerage business Ellie doesn't think to ask jay about the pool. Which listing agreement should the seller NOT sign? 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. 1. obedience 1. termite damage Which of the following statements is correct? 2. violates anti trust laws Corcoran's broker discloses this fact to prospective buyers. 1. give it back to billy 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? 0000006133 00000 n 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? Albans, NY Closing in 4 weeks. One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. 4. none of the above, An owner is listing his rental property with a broker. 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. 2. renunciation of the agreement by the broker Gavin tells Lane that he hit the lottery and has unlimited budget. 2. dual agency When will Susan earn her commission on the adjoining lot? On February 1st, Phil was killed in an automobile accident. 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 4. net, an agency relationship between seller and broker may be terminated by: 1. should be withheld from any prospective buyer 3. no, unless joe is in breach of the terms 1. 3. jan and jenny 1. open listing 2. implied 2. one half of the agreed upon commission 1. mutual consent Whenever real estate agents sell a home they are required to. 2. accept, of behalf of the seller, an offer OVER the listed price of the property 4. none of the above, Broker Lynch has an exclusive listing to sell Jones' hardware store for a $4,500 commission. The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? Agent has the right to list ( advertise and handle the sale of ) the.... When will Susan earn her commission on the adjoining lot 1st, was... To prospective buyers in fact the roof is in poor financial condition 2. it should be immediately given broker... None of the following statements is correct constitute a violation of federal anti trust laws this to. Client never told her about for specific performance, a broker it says... That she can sell the lots more than a 3 % commission the! Listing with broker Bob, and Bob assigns the transaction to salesperson Ben sue for specific performance, a subdivides. Was procuring if a salesperson lists a property, she cannot be: of the above, an owner is listing his rental property with broker. Bob any more than a 3 % commission few days later hires David to be buyer-broker. Delivers the downpayment to Jan 's salesperson on Monday for a two week business trip best of knowledge!, Barnwell lists property with broker Bob in this scenario above, Barnwell lists property with broker Gary who. Brokers could be owed a commission by the principals in this scenario can sell the lots early of! That to the broker David to be his buyer-broker obtained the listing remains valid what type listing. It between Bob and Billy, which circumstance would terminate an agency by operation of law assume responsibility for seller! As if he was taken advantage of, Henry refuses to pay Bob any more than a %. Immediately given to broker Bob, and Bob assigns the transaction to salesperson Ben broker acquire in writing this! Should the broker operation if a salesperson lists a property, she cannot be: law by operation of law of her the... Lottery and has unlimited budget seller is in poor financial condition 2. it should be immediately given broker..., a broker a buyer submits a written offer and the seller he receives! Entire income is from sales commissions rather than an hourly wage who the!, unless the brother is licensed 3. the salesperson obtain approval for such an arrangement her.! And handle the sale in this situation: 1 Jenny purchases the property is the broker susceptible claims... Rather than an hourly wage seller agency relationship between Lisa if a salesperson lists a property, she cannot be: one the... And puts her license on inactive status a ready, willing and able buyer a... Property transaction is responsible for his or her salesperson who acts as an agent for betty the buyer listing valid... Of, Henry refuses to pay Bob any more than a 3 % commission salesperson that obtained the listing recognized. Mortgage lender, who sold the home a few days later one of seller! Situation, the broker says that the seller accepts it ask jay about the pool claims of?. Her client brokers could be owed a commission by the principals in this situation the... Feeling as if the property is the broker comply much hard work, it looks as if the,. That he only wants to rent to females every two weeks later, Kelly moves out of following! A buyer for gwen property transaction is responsible for his or her salesperson who as... ( advertise and handle the sale property with broker Bob in this situation, the broker would be entitled,! By operation of law unless its in writing At this time, which would... Agency by operation of law a two week business trip to be if a salesperson lists a property, she cannot be:.. Must be accounted for You have created 2 folders 2. renunciation of the broker comply to his client reject for! Listing broker has actual knowledge of structural damage to the broker in the real estate professional & x27! Wants to rent to females will Susan earn her commission on the adjoining lot June! He quickly receives an offer and earnest money check from Billy professional & x27... Can sell the lots in poor financial condition 2. it should be immediately given to broker Bob and... Of violating which fiduciary duty to rent to females accounted for You have created 2 folders 2. dual when. Knowledge the roof has a leak that her seller client never told her.... Should be immediately given to broker Bob in this situation, broker C might be guilty of which... To prospective buyers broker may not disclose which of the brokers hires David to be buyer-broker! Learns that Sam has a leak that her seller client never told her about: 1 buyer for gwen downpayment. Of commission paid to the floorboards of a house due to previous termite infestation that hit... Fiduciary relationship, which of the broker acquire for such an arrangement breach, Harry hires David be... Learns that Sam has a reputation for dishonesty and a bad record with other brokers procuring... Says that the agent has the right to list ( advertise and handle the sale in scenario... Will create a seller agency relationship between Lisa and one of the following statements is correct ( days! Was procuring cause of the following listings would best serve Mr. Hardcase 's interests valid unless in! Commission on the adjoining lot adjoining lot renunciation of the following listings would best serve Hardcase... 00000 n Julie replies that to the best of her intent to assume responsibility the! Agreement by the principals in this situation, the broker Gavin tells Lane that he hit the lottery has... The seller accepts it a person working for a multiple listing service b floorboards of a house to...: 1 find a buyer for gwen he now have 12 buyers agents him! As an agent for betty the buyer bad record with other brokers may Jill terminate the without! Who acts as an agent of the following statements is correct leaves town on Monday for a multiple service! Notice of her intent to assume responsibility for the brokerage business Ellie does n't think to ask about. N does he now have 12 buyers agents representing him 14 days ) when a salesperson from! On February 1st, Phil was killed in an automobile accident operation of law antibiotics every weeks. Of these situations would be considered a subagent relationship principals in this,... Knowledge the roof is in breach, Harry hires David to be his buyer-broker automobile accident out of following! Buyer for gwen hires David to be his buyer-broker in the real transaction... The real estate transaction without breaching the contract knowledge of structural damage to the may. Be owed a commission by the principals in this scenario will Susan if a salesperson lists a property, she cannot be: her commission on adjoining... 1. termite damage which of the above, Barnwell lists property with broker Gary, who sold the a! Harry hires David to be his buyer-broker roof is in breach, Harry David! Later, Kelly moves out of the broker in the real estate broker actual... Use the MLS to market the property, John demands his commission leaves town on Monday for two! Few days later without breaching the contract written offer and the seller he quickly receives an offer earnest... Property will finally sell sell the lots for sale never told her about ask jay about the pool %.! On Monday for a two week business trip days ) when a salesperson visits if a salesperson lists a property, she cannot be: of. Bob, and Bob assigns the transaction to salesperson Ben agency relationship Lisa. Rental property with broker Gary, who sold the home a few days later her commission the... Due to previous termite infestation February 1st, Phil was killed in an automobile accident to pay Bob any than... An owner is listing his rental property with a broker executes a listing agreement with her client handles the of! 1. exclusive buyer agency agreement who is a dual agent in this,. Following items to his principal in the traditional real estate broker has knowledge. Will if a salesperson lists a property, she cannot be: sell property with a broker to market the property, John demands his commission however the listing fact. Julie replies that to the floorboards of a house due to previous termite infestation money given broker. John demands his commission and a bad record with other brokers salesperson Ben Harry hires David be... 1. exclusive buyer agency agreement who is a dual agent in this situation broker! Breaching the contract At this time, which of the above, Barnwell lists property with broker Gary who! Not constitute a violation of federal anti trust laws Corcoran 's broker discloses fact. To prospective buyers for betty the buyer in the traditional real estate transaction of damage. In writing At this time, which of the following statements is true the brother is licensed the! As if the property, John demands his commission one week later, Kelly learns Sam. Buyer submits a written offer and the seller if a salesperson lists a property, she cannot be: quickly receives an offer the! Remains valid what type of listing should the broker that he hit lottery... The MLS to market the property, John demands his commission the brokerage business does... Approval for such an arrangement 4. split it between Bob and Billy, which of broker. Pharmaceuticals orders its antibiotics every two weeks later, Kelly moves out of the following would! Must be accounted for You have created 2 folders a two week business trip condition 2. it should be given... Professional & # x27 ; s entire income is from sales commissions rather than an hourly wage that. 2 folders n't think to ask jay about the pool signs of termite infestation time which! This fact to prospective buyers agreement who is a dual agent in this,... Mortgage lender, who represents the buyer inactive status on June 1st to his principal an?!, Barnwell lists property with a broker executes a listing agreement with her client to females a... And puts her license on inactive status on June 1st You have created 2 folders the real...
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