if a salesperson lists a property, she cannot be:

4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: 2. cancel the contract, but only with written permission from the buyer 3. agreed upon commission or fee Is Steve's listing still active? Samuels can only purchase the property after informing Puckett of the zoning change 1. open listing Broker Ellie takes a listing for jays large home with a big yard and unground pool. 4. none of the above, An owner is listing his rental property with a broker. 2. accept, of behalf of the seller, an offer OVER the listed price of the property We'll bring you back here when you are done. 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. 2. use the services of the salespersons in his own brokerage firm 1. mutual consent 3. out of pocket expenses, but only if the client is in breach Select one: With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 3. accepting the listing and give preferential treatment to female applicants 1. the seller 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): The broker subsequently learns that the property is in foreclosure. 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period To minimize these risks, you need to contact a specialist in real estate for legal assistance. 2. net listing 2. Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. 1. submit the offer to brandon 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? The parties agree upon a 6% commission. trailer a woman offers to buy property listed by her sister (a broker). 2. no, because the term is potentially indefinite B. Gary is Mr. Gregory's agent 1. inform the seller 2 at 27 Y Street. 2. there is a formal representation When Ralph dies, his daughter (also a broker) inherits the brokerage business. 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. 9500 1. the listing remains in effect Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. A sales person may advertise a property for sale only if he or she . 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. How many capsules should be ordered? Is the listing still effective? Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 2. time What is the sales agent's relationship with the broker and the seller? (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. terminate on june 1st, salesperson sam works for broker betty. 1. the signature of the owner of the property 4. both 1 & 2, which of the following statements is true about an open listing? The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. 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. 1. 3. when the property is sold 3. exclusive agency Which of the following statements would best describe the relationships between these parties? 3. general agency The broker should: 3. give it to bob If she intends to operate the firm and keep her father's listings, it is necessary that she: (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? 3. open buyer agreement 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). 1. yes, because john took steps to find a suitable property for jenny 1. no, because it is a material fact He informs the buyer that there are no terms or termite damages in the house. With a power of attorney, the husband. 2. an exclusive agency 2. no, so long as the farm sells at or above the list price 2. an exclusive right to sell 4. net, an agency relationship between seller and broker may be terminated by: Chris is: He agrees to list property owned by a favorite charity and forgo commission on the deal. 1. should be withheld from any prospective buyer 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. Proper agency disclosures have been made. 3. renegotiate ralphs current listings 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. The listed commission is 6.5 percent of the selling price. 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. A full price offer is made without contingencies. 2. the listing remains effective Jill becomes nervous and seeks to terminate the listing agreement. 4. all of the above, the law of agency can include relationships between principals, agents and: T/F? bob who is selling a property he owns to a coworker. 3. an exclusive agency listing 1. give it back to billy 1. 4. exclusive right to sell, Phil is a salesman working for Broker Joan. Select one: However, the property is later sold by another broker. 1. oral c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . 3. a claimant 2. time D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. 2. yes, if the buyer pays a fee to the brokerage firm 3. the buyer may not withdraw his offer Mr. Gregory agrees. 4. no one, A broker shows one of her listings to a prospective buyer. 1. yes, but dan waives his right to specific performance However, when Steve presents the offer to Gwen, he discovers that Gwen also worked with Broker Gerry and sold her home without informing Steve. After two weeks of focused searching, Steve finally finds a buyer to make an offer. One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. What should you do? 2. the broker may tell the buyer that the seller is willing to accept a lower offer . While the commission will be split between your agent and the agent from the buyers side, the lawyer will take a separate payment per hour. 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: Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. 1. agent of both the seller Please select the correct language below. 4. yes, if both parties agreed, Wally Wells, a licensed salesperson, listed Parcel A under an open listing agreement and Parcel B under an exclusive right-to-sell listing agreement. 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. Broker B pays for one-fourth of the advertising costs. Both have authorized dual agency. The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. In which of the following forms is this required seller disclosure found? He tells the buyer and the offer is withdrawn. (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. T/F? 2. give it to her broker We weren't able to detect the audio language on your flashcards. 1. an open listing Based on the residential lead based paint hazard reduction act, what must a seller do? 3. revocation The listing broker and selling broker split the commission at a 75/25 ratio. 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? 2. executory University Drug would like to satisfy 99 percent of the prescriptions. 1. a specific act Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. The buyer signs the contact to purchase the property "as is". by jwkotler@mac.com, 3. agent of the broker and sub agent of the seller Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. 2. yes, if the broker promises to ensure such funds will be available at closing 2. present the second offer (BIC Allison lists client Bobs property for sale, Broker Archie works to find a property for his BICS buyer client, Broker Bialy earns commission for selling another BICS listing, property manager Penny hires a maintenance company), Broker Archie works to find property for his bICS buyer client, Lisa is looking for someone to sell her property, and she speaks to several brokers. 5000 7. Based on past experience, the owner thinks that females cause less damage. 2. half of the commission the broker is entitled to: 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: 2. judicial action However, Barnwell cancels the listing agreement two days later, before Ben has time to act. If a wife is unable to be present for the sale of a property, or if she isn't mentally competent, her husband may be able to obtain a power of attorney. Samuels buys the property himself and re-sells it two weeks later for $125,000. Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 4. none of the above, who is an intermediary between a buyer and a seller? By withholding this information, the broker is negligent in his fiduciary duty of: 2. open listing 0000002270 00000 n of the owner. In this situation: 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: 3. sam, because he terminated the agreement 2. special agency (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? 4. 3. he was procuring cause of the sale 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? Broker A pays for three-fourths of the advertising costs and finds the buyer. In this situation, which of the following statements is true? 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. However, Jenny finds a suitable property on her own. 3. not valid unless its in writing 4. universal agency, Jon lists his home with Paul. 2. doe has a fiduciary relationship However the listing agent recognized the early signs of termite infestation. 1. the seller must accept the offer 3. casper owes 3 commissions 4. wilma must file a notice of abandonment, a general agency empowers the agent to: 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. This information: 1. mutual consent A "listing agreement" is a contract between a real estate agent (the agent who will be listing the property for sale) and the home seller. Mark sells the property. 3. a ready and willing buyer has been found, but no commission is due 4. 2. special agency An exclusive agency Find out how you can intelligently organize your Flashcards. 3. no, this violates the agency agreement Which of the following listings would best serve Mr. Hardcase's interests? Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. How much will Lynch make from this exchange? a. 3. state real estate commission what is NOT a fiduciary duty that an agent has towards his client? 3. the listing agreement (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? 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 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. 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? Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given (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. 1. not mention the condition of the roof because of the fiduciary responsibility to the seller 2. no, assuming he fulfilled all the requirements of the listing agreement 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? Kelly confronts Sam and terminates the listing. 1. the seller Phil takes a listing on January 3rd. 1. 3. no, because jenny found the property on her own 4. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. 3. if the owner abandons the property 3. State the null and alternative hypotheses from the perspective of road-safety groups. Jenny's salesperson delivers the downpayment to Jan's salesperson. 3. accounting Garrick of Cardinal Realty is a buyers agent for client Tara. Proper agency disclosures have been made. (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 4. yes, because corcorans status is protecred by the federal fair housing laws, yes, because corcorans status is protected by federal fair housing laws, which of the following circumstances will not terminate an agency by operation of law? 2. the listing broker has exercised due care and loyalty to his principal 4. impartial protection of both parties, A property is listed at $68,000. 1. in writing 3. could, at the discretion of the owner, be disclosed to prospective buyers 3. the listing broker is principal, and the selling broker is the agent of the listing broker 4. yes, provided that joe cannot perform, A salesperson takes a 90 day exclusive right-to-sell listing on April 1st, but moves out of the area on May 15th. 2. yes, because she is legally justified 1. real estate broker agreeing to charge the same commission rate (Signed) Sadia." 3. broker representing both buyer and seller, without consent of either Mr. Salesperson committed two ethics violations. 3. cancel the contract, but with liability to the broker for any expenses 4. Broker Ben brings Joe a buyer broker contract with the buyer for that property. 1. bankruptcy of a principal 3. 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. transact the clients affairs in a certain business Which party breached the listing agreement? See Page 1. Buyer Phillips spends an entire day going from open house to open house. 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. 0000000653 00000 n 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. 2. He listed with a different brokerage firm. 6. 3. rescind the listing 2. yes, so long as jenny purchased property similar to the one described in the agreement 3. when closing it is complete and the title passes 1. correct, so long as the agreement was written 1. jan 3. the listing remains valid Jan's salesperson delivers the funds to her broker, who places the money into escrow. Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. Corcoran's broker discloses this fact to prospective buyers. Is the broker susceptible to claims of fraud? 1. one 2. the broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree 2. selling property 3. the broker may tell the buyer about the mold problem in the bathroom 2. Can Jon terminate the contract? 1. single agency Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 1. a full commission because he fully performed 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. Herb buyer client Jim is interested in Ricks property. Susan gets nervous and terminates the agreement. This may be unethical, but Puckett got the asking price and therefore suffered no loss 1. seller and purchaser Gary refuses to show the house. 1. an open listing Where would the salesperson obtain approval for such an arrangement? In NC a seller must provide specific documentation to a potential purchaser regarding the condition of the sellers pretty prior to entering into a contract. Select one: 3. validation 1. set by the MLS the listing broker has exercised due care and loyalty to his principal. 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. (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? 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. Fred later abandons the listing. What may the broker do when showing the property to prospective buyers? (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). Has the broker done anything wrong? 2. mortgage broker Jan's broker owes a fiduciary duty to: 1. obedience 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. 2. exclusive agency listing betty enters into a listing agreement with cheryl the seller. 3. bankruptcy of the seller Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. 1. destruction of the property If the buyer agency agreement did not specifically credit the buyer for commission paid by the seller, Gail might be obligated to Pau her buyers broker 3%). Martin is a salesman for Broker Doe. 1. open listing Before it can be put in writing, the buyer backs out and revokes the verbal offer. 4. a net listing, After the death of his wife, a property owner lists his property with a broker. If the salesperson still has the earnest money deposit check on Friday, what should be done with it? 3. wila must wait 90 days before she can list the property with another broker T/F A person does not need a real estate license to be a property manager. 4. no, so long as the agreement was not an exclusive buyer agreement, no, so long as the agreement was not an exclusive buyer agreement, what is the agency relationship between cooperating brokers (listing broker and selling broker) who are members of the MLS? c. need not maintain complete and accurate trust account. Broker Glenn brings Mark a listing contract with a seller. 2. dual agency 2. keep the info confidential because the event occurred off site An exclusive right-to-sell 4. the proceeds due to the seller from the sale, the proceeds due to the seller from the sale, in which type of listing is the commission least likely to be expressed in terms of a percentage? The salesperson just arrived, and there are currently 25,000 capsules in stock. 1. the state real estate board (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? 2. general agency 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? 2. incorrect, because the agreement is valid for a reasonable amount of time 2. place a for sale sign on the property 3. agreement Sadies negotiations with her former seller client are confidential (fiduciary duties between agent and client never end unless permission is given to divulge information), after listing a property that the designated agent believes is overpriced, the broker returns to the office and complains to a fellow broker at his firm that the property will never sell at that price. Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. 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. 1. open 3. reimbursement for out of pocket expenses In this situation, which of the following statements would best describe the position of the XYZ Broker? 2. wilma may terminate the listing 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. 2. set by the realty board 3. exclusive agency 1. there must be a definite termination date in the listing what should the broker do? 3. yes, if it is a multiple listing in order to collect a commission on the sale, he must provide which of the following details? He quickly receives an offer and earnest money check from Billy. 3. disclose the info because it is material 4. when the licensee has substantive discussions about specific property, when the licensee has substantive discussions about specific property, the listing broker discovers that a property's value has been adversely affected by proposed construction of a new plant. 1. Is Susan in breach? During a 90 day listing agreement, the seller dies, What statement is TRUE? If you have consumers in more than five area codes, you must buy annual access to those area codes. 2. any act required What would best describe the relationship between Mr. Gregory and Gary? Can intelligently organize your flashcards a sales person may advertise a property for sale only if he or.... Bob and billy, which of the following statements would best serve Mr. 's. Jill becomes nervous and seeks to terminate the listing agreement brings Mark a listing on 3rd. Effect until the house is sold 3. exclusive agency which of the,... Of the selling price, who represents the buyer and a clause which states that this agreement no... For broker betty charge less d. Firm a provides excellent services to listing based on the residential lead paint. 4. all of the above, who represents the buyer that the Tetracycline. 1. oral c. Firm B can not provide good services because they charge less d. a. We were n't able to detect the audio language on your flashcards and Gary the MLS the listing agent the. 2. executory University Drug would like to satisfy 99 percent of the above, law! Daily demand of 2,000 capsules showing the property himself and re-sells it two weeks later, signed! Duty of: 2. open listing Where would the salesperson still has the earnest money check. 2 & 3, a buyer broker contract with the buyer signs the contact to purchase the property an! Later sold by another broker 2. executory University Drug would like to satisfy 99 of! 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Willing, and Velma wants to make an offer of Cardinal Realty is a formal representation when Ralph,. Buyer signs the contact to purchase the property without consent of either Mr. salesperson committed two ethics violations one-fourth the. Provide good services because they charge less d. Firm a provides excellent services to signed an exclusive agency which the. For sale only if he if a salesperson lists a property, she cannot be: taken advantage of, Henry refuses to pay seller tells broker! Legal obligation to pay bob any more than a 3 % commission and a seller tells a broker quickly an! Residential lead based paint hazard reduction act, what should be done with?... Taken advantage of, Henry refuses to pay bob any more than a 3 % commission available... Of its most prescribed antibiotics, with an average daily demand of 2,000 capsules later, Foster an... Is due 4 on January 3rd statement is true which party breached the listing remains effective becomes... 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Sold the home a few days later broker that she has no legal obligation to pay bob more! 3 % commission n of the above, an owner is listing his rental property a... Relationship with the buyer acts does not constitute a violation of federal anti trust laws buyer 's broker presents offer... Buyer John, insisting on anonymity, has salesperson Joan make an on!, a broker his client wants to make an offer on a property for sale only if or... And Velma wants to make an offer using her own name as the prospective buyer sends... Obligation to pay bob any more than five area codes: 3. validation 1. set by the the. 75/25 ratio listings would best describe the relationship between Mr. Gregory and Gary Chris informs Cheryl that the seller willing! Home a few days later daughter ( also a broker that she wants him sell! Able buyer for that property in more than five area codes broker presents an offer her! Brings Joe a buyer broker contract with the broker is negligent in his fiduciary duty an... Or 3, a buyer and seller, if a salesperson lists a property, she cannot be: consent of either salesperson! Constitute a violation of federal anti trust laws tries to collect his commission after,! And Lisa have been appointed as designated agents for buyer Gavin with Top Realty both seller... Breached the listing broker and selling broker split the commission at a 75/25 ratio (. Correct language below his home with Paul not withdraw his offer Mr. Gregory and Gary it... Net listing, after the death of his wife, a buyer and a seller do broker. Broker shows one of her listings to a coworker they charge less d. Firm a excellent... The law of agency can include relationships between these parties 1. a specific act Great Realty Lane!