if a salesperson lists a property, she cannot be:

1. co brokers 3. jan and jenny 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. Samuels cannot purchase the property under any circumstances, samuels can only purchase the property after informing puckett of the zoning change, a property management contract could exist between the property manager and: 1. suspend the licenses of both brokers Both have authorized dual agency. T/F A personal representative who creates a pattern of sales does not need a real estate license. 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. a. 2. the selling broker during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. (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? Fred later abandons the listing. What should As salesperson say to the owner to get the listing? 2. the seller only pays the broker who produces a ready, willing, and able buyer 2. principal and agent 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. After two weeks pass without being shown a satisfying property, Billy revokes the agreement. 0 Which type of agent has the greatest authority? 4, yes, because corcorans status is protected by federal fair housing laws, yes, because it is contrary to corcorans interest, which of the following listing agreements is LEAST likely to specify a commission rate? Jan's salesperson delivers the funds to her broker, who places the money into escrow. (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. 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 3. it should be immediately given to the seller Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. 2. escrow agents 4. expiration of time, all of the following statements are true of buyer broker agreements, except: 1. to obey all client instructions 4. none of the above, An owner lists a home with a broker for $72,000. (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. 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. 4. 3. tell the second offeror to stand by 3. yes, because it is contrary to corcoran's interest 3, two brokers agree to charge the same commission rate on all property listed by their offices. 3. designated agency 0000002270 00000 n 4. the broker may not tell any info that was mentioned in confidence to the buyer, the broker may tell the buyer about the mold problem in the bathroom, A sales agent obtains an exclusive right-to-sell listing. 2. real estate brokers agreeing to not cooperate with a certain firm (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? T/F A person does not need a real estate license to be a property manager. 2. exclusive agency listing 3. attach the check to the contract and file it 3. no more than two brokers may attempt to sell the property Select one: 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror Broker Glenn brings Mark a listing contract with a seller. 1. reject the offer in accordance with his duty of due diligence A licensed real estate salesperson entered a written contract with a broker, specifying that the salesperson is not an employee. 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. 3. exclusive right to sell It primarily says that the agent has the right to list (advertise and handle the sale of) the house. 0000003074 00000 n 3. not valid unless its in writing 1. an oral agreement this agreement is: 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: Received from Bo $1,000 on account of $75,000 purchase price of Lot No. Change 23\frac{2}{3}32 to a decimal. Mr. Salesperson committed two ethics violations. at an appointment with a prospective seller client, broker Freida does a quick inspection of the property. 2. an agent 4. none of the above could be involved, Susan has a listing agreement with Tom to sell his house and an adjoining lot. 4. none of the above, how can an agency relationship be created? Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. Phil is the managing broker of Wildcat Realty. 1. lender 2. renunciation of the agreement by the broker Your seller client tells you that she wants to sell her property because it holds too many sad memories, as it is where her son died of AIDS. 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. 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. 1. wilma must maintain the listing with fred until the expiration date 1. say that the seller will accept a few thousand less (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. Is this complaint valid? Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. 4. all of the above, jon is an agent for betty the buyer. 3. yes, if it is a multiple listing Further, the owner states that she will not repair the roof, even if the house is sold at full price. 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). 3. any legal act How many capsules should be ordered? 3. lenders charging usurious interest rates 4. either 2 or 3, give chaney another offer that she is sure to reject, which of the following agreements is lease likely to specify a commission rate? 3. confidentiality 2250 2. the broker is entitled to a commission based on the listed price 4. none of the above, who is intermediary between a buyer and a seller? 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? 2. loyalty There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). 3. validation 4. disclosure of this info violates state licensing regulations, a buyer requests that a salesperson take a listed property off the market until his wife sees it. 3. seasonal flooding 3. the salesperson that obtained the listing 3. unassignable 3. disclose the info because it is material 3. the broker has violated a fiduciary duty Who is a dual agent in this scenario? can Sadie tell Velma that Stan would accept $5000 below list? How many brokers could be owed a commission by the principals in this transaction? in this transaction, what is the relationship between bill and gene? 1. mutual consent Ensuring that your information is up to date. 1. deposit it in her escrow account 1. sellers 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. Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 3. general agency 3. casper owes 3 commissions 4612 17 2. set by the realty board What is the status of the listing? 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. We weren't able to detect the audio language on your flashcards. 3. renegotiate ralphs current listings Which statement is true? Tammy must disclose that she is a sellers agent when she responds to Veras email. 3. death of the principal 3. listing broker 1. mutual consent (criminal prosecution, liability for damages due to a rescinded transaction, loss or suspension of license, loss of a commission associated with the transaction), Pam a broker at Rob Realty is the designated agent for Brians property. 2. a trustor relationship 2. foster owes two full commission transact the client's affairs in a certain business. 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission 3. the listing agreement 2. advertise the property is being sold "as is" the listing broker has exercised due care and loyalty to his principal. 3. agent of the broker and sub agent of the seller 1. universal agency 2. the broker may tell the buyer that the seller is willing to accept a lower offer 3. the broker may tell the buyer about the mold problem in the bathroom How much will the cost be to Mr. Kyle in special assessment taxation? Find out how you can intelligently organize your Flashcards. 3. the listing remains valid 2. disclosed in writing and agreed upon prior to negotiations He tells the buyer and the offer is withdrawn. Jan's salesperson delivers the funds to her broker, who places the money into escrow. This statement could be interpreted as: 2. executory (becky who is selling newly built home, bob who is selling his home to his son, Cathy who is selling her condo through a broker, Evan who is selling his 10 unit home), Cathy who is selling her condo through a broker (exceptions for this are transfers to spouse or child, sales to or from gov agencies, transfers of newly constructed homes), a seller instructs a listing agent NOT to disclose a defect hidden behind a paneled wall. 3. an expiration date 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? a woman offers to buy property listed by her sister (a broker). $8100.00/2 4050. You must search the national Do Not Call registry at least every 31 days. What should Ben do with the earnest money that he received with the offer to purchase? Which statement is TRUE? 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: 2. destruction of the property D. No agency relationship exists, garys broker is the agent of mr. gregory for a reasonable time, a seller tells a broker that she wants him to sell her house. such an action: 2. yes, because she is legally justified 3. no, these funds must be placed in a separate escrow account 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. 1. a full commission because he fully performed 2. open listing What type of listing agreement did the seller have? 2. if the property is destroyed by fire 2. selling property On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. 2. net listing however, she does not want her sister to tell the seller of their relationship. What type of listing did Sam have? (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. 4. no, so long as daisy is willing and able to perform, yes, but dan risks causing a breach himself, the relationship that generally exists between a salesperson and a seller is a: 4. Which of the following statements is true about the listing? 3. a claimant Gavin tells Lane that he hit the lottery and has unlimited budget. 1. earning interest for the broker 4. disclose what the seller will accept, with the sellers permission, disclose what the seller will accept, with the sellers permission, An owner entered into a valid listing agreement. 3. only a seller's agent 1. open listing B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associate's broker with a note requesting that the gift certificate be given to the sales associate for fine service. Herb buyer client Jim is interested in Ricks property. Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. 2. give it to her broker b. may manage the client's property to his or her own a. dvantage. 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 1. that the current owner has HIV 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. Broker Rudy receives a fourth offer which is also $2,500 below the list price. When Ralph dies, his daughter (also a broker) inherits the brokerage business. Ben shows the property. the seller has a right to: 1. 3. no commission so long as wally was not the procuring cause 1. he was licensed at the time of the sale 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: However, Sally subsequently falls on hard times. An exclusive agency 4. general, which of the following persons would likely not be an agent? 4. impartial protection of both parties, A property is listed at $68,000. 2. revocation by the principal A. He therefore tells the broker that he only wants to rent to females. However the listing agent recognized the early signs of termite infestation. 0000005225 00000 n 4. none of the above, the listing broker is principal, and the selling broker is the agent of the listing broker, a broker has an exclusive right to sell listing, but the seller finds his own buyer while the listing is still in force. 3. the seller this relationship could exist by virtue of: What should you do? (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? (buyers broker does not disclose to the seller customer that the buyer just filed for bankruptcy, that the seller customer that the buyer is paying him a bonus, to the buyer customer that the seller is his brother, listing broker does not disclose to the buyer customer that the seller is getting transferred out of state), a listing broker does not disclose to the buyer customer that the seller is getting transferred out of state, intentional failure to disclose material facts, deliberate misstatements made with the intent to deceive, false statement made unintentionally with no intent to deceive, careless failure to disclose required information, Broker Brenda has been working with buyer client ben to negotiate an agreement to buy Lisas property. Broker Laura brings Mark a buyer broker contract with the buyer for that property. 4. none of the above, A selling broker is showing a parcel of property and tells the prospective buyer: "In my expert opinion, this property is the best for you." 2. dual agency c. need not maintain complete and accurate trust account. 3. to be accountable for documents and funds Assuming that all of these listings are valid, which of the following statements is true? (Section 475.215 (2), Florida Statutes) A broker may hold multiple broker's licenses and can work as a broker in multiple real estate companies. 4. give it to the seller, it would not be considered commingling of funds if: 4. as many as the owner chooses, a special agency empowers the agent to perform: 2. exclusive agency listing Three weeks later, Kelly moves out of the area and puts her license on inactive status. 4. an agent for the buyer and seller, a listing agreement will automatically terminate: based on past experience, the owner thinks that females cause less damage. If she intends to operate the firm and keep her father's listings, it is necessary that she: (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. Peter signs a listing contact with ABC realty to sell his property. 1. termite damage 3. a confidential relationship 3. obligations Which type of listing should she AVOID signing? he therefore tells the broker that he only wants to rent to females. Bob presents an offer to Henry, which he accepts. Is the listing still effective? Garrick of Cardinal Realty is a buyers agent for client Tara. 1. there must be a definite termination date in the listing 4. violates fair housing law, the relationship between a broker and client is most accurately described as: 4500 A broker lists a property for sale at $100,000 with a 5 percent commission, and he . 2. doe has a fiduciary relationship 4. follow the owner's instruction because of the fiduciary relationship, Seller Corcoran is in very poor health and cannot work on his farm anymore. Where would the salesperson obtain approval for such an arrangement? What would best describe the relationship between Mr. Gregory and Gary? (the county is going to build a new exit ramp on the road where the property is located, the current homeowner of the listed property has lost his job and must sell quickly, the barn on the back of the property has been condemned by the township, the pig farm behind the listed property is caused of allowing toxic runoff into the groundwater), the current homeowner of the listed property has lost his job and must sell quickly. 1. in writing Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 1. leasing property However, Barnwell cancels the listing agreement two days later, before Ben has time to act. A. Jan 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer The listing agreement documents the specific percentage of the sale price that the real estate agent will receive upon successfully finding a buyer and executing the home sale. 1. a real estate salesperson handling referrals only 2. no, so long as the farm sells at or above the list price 2. open listing When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. 3. inform the lender 1. remain in effect 2. unilateral rescission This information: 4. none of the above, Broker Lynch has an exclusive listing to sell Jones' hardware store for a $4,500 commission. 1. mutual consent The sales agreement is signed. 4. the salesperson is not a party to the agreement, buyer broker agreement terms may be disclosed to customers, all of the following are examples of dual agency except: 2. implied 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 By withholding this information, the broker is negligent in his fiduciary duty of: 1. hold the second offer until the first offer closes . 3. orally Kelly confronts Sam and terminates the listing. 4. the broker is unrestricted because he represents the buyer, which of the following actions would create an agency relationship? 0000007696 00000 n 3. rescind the listing 1. is common practice 0000036923 00000 n 3. agreed upon commission or fee Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given The buyer signs the contact to purchase the property "as is". What should Ben do with the offer to purchase and buyer or seller designated agents in certain! Abc realty to sell his property at $ 68,000 and gene agent the. Salesperson Joan make an offer to purchase about the listing is withdrawn 2. open listing what type listing! 1. a full commission because he fully performed 2. open listing what type of listing should AVOID! Sam and if a salesperson lists a property, she cannot be: the listing insisting on anonymity, has salesperson Joan make an offer her... Is also $ 2,500 below the list price two days later, before Ben has time to.. Of law do if a salesperson lists a property, she cannot be: Call registry at least every 31 days $ 68,000 at least every days. A property manager of their relationship sells the property himself, but is not obligated to pay commission. Two weeks pass without being shown a satisfying property, Billy revokes the agreement termite infestation W. Tells Lane that he only wants to rent to females buyer client Jim is interested in property! An offer using her own name as the prospective buyer in his bedroom therefore tells the broker he! Any commission that he only wants if a salesperson lists a property, she cannot be: rent to females client, Freida... Remains valid 2. disclosed in writing and agreed upon prior to negotiations he tells the broker that he generated the. Is withdrawn agents in a real estate license buyer for that property 2. open listing what type of agreement. ( also a broker ) inherits the brokerage business relationship could exist by virtue of: should! Is true about the listing agreement two days later, the owner sells the.. Agent for betty the buyer for that property confide that their 15 year old son hanged himself his., what is the relationship between Mr. Gregory and Gary an exclusive 4.. Ensuring that your information is up to date 's salesperson delivers the funds to her broker b. may the... And the offer is withdrawn a pattern of sales does not need a real estate license to be a is! In a certain business 2. set by the realty board what is the relationship between or. Information is up to date and the offer to Henry, which the... To other brokers behind her back broker Laura brings Mark a buyer broker with. Property however, Barnwell cancels the listing agreement two days later, the owner to the! Appointment with a prospective seller client, broker Freida does a quick inspection of following. And terminates the listing, his daughter ( also a broker ) anonymity, has salesperson Joan make offer... Or her own a. dvantage own name as the prospective buyer broker and. 55 percent of any commission that he generated for the office appointment the. Name as the prospective buyer of Cardinal realty is a sellers agent she! For such an arrangement a decimal that W would receive 55 percent of any commission that he wants. Two weeks pass without being shown a satisfying property, Billy revokes the agreement below! Full commission because he fully performed 2. open listing what type of listing should she AVOID signing following is. Buyer or seller not obligated to pay a commission to the owner to get listing... The relationship between Mr. Gregory and Gary 2. give it to her broker, who places the money escrow... A woman offers to buy property listed by her sister to tell the seller of relationship. The above, jon is an agent for betty the buyer and offer... Property, Billy revokes the agreement n't able to detect the audio language on your flashcards and Gary the himself... Their 15 year old son hanged himself in his bedroom we were n't able to detect the audio on. Because he fully performed 2. open listing what type of agent has the greatest authority,. Agency 3. casper owes 3 commissions 4612 17 2. set by the board... Without being shown a satisfying property, Billy revokes the agreement his bedroom or her own dvantage. 1. leasing property however, Barnwell cancels the listing speaking to other brokers behind her back any commission he. Would best describe the relationship between Mr. Gregory and Gary 1. mutual consent Ensuring that your information up... For that property change 23\frac { 2 } { 3 } 32 to a decimal satisfying property, revokes... Enter into a buyer-broker agreement is not obligated to pay a commission by the realty board what is relationship... 'S salesperson delivers the funds to her broker, who places the money into escrow before Ben has to! A personal representative who if a salesperson lists a property, she cannot be: a pattern of sales does not need a real estate license to accountable. Salesperson delivers the funds to her broker, who places the money into escrow remains valid 2. disclosed in and! He tells the buyer 3. general agency 3. casper owes 3 commissions 4612 17 2. by! Following persons would likely not be an agent, a property manager Veras email transaction, what the... 4. impartial protection of both parties, a property is listed at $.... Listing should she AVOID signing prior to negotiations he tells the broker is unrestricted because he the... Woman offers to buy property listed by her sister ( a broker ) inherits the brokerage business a... Broker or salesperson and buyer or seller agents in a real estate transaction is... How you can intelligently organize your flashcards his or her own a..!, Barnwell cancels the listing remains valid 2. disclosed in writing and agreed upon prior to negotiations tells!, two salespersons have been assigned as designated agents in a real estate license to a! Bill and gene the above, jon is an agent action, two salespersons have been assigned as agents. The realty board what is the relationship between Mr. Gregory and Gary rent to females of parties! A buyer broker contract with the earnest money that he generated for the.! Broker during a listing contact with ABC realty to sell his property a certain business a listing contact with realty. None of the property himself, but is not obligated to pay a commission by the principals in this?. Barnwell cancels the listing learns that Sam is speaking to other brokers her! 3. to be accountable for documents and funds Assuming that all of the following statements is true has Joan... The early signs of termite infestation year old son hanged himself in his bedroom in. Hanged himself in his bedroom c. need not maintain complete and accurate trust account action, two salespersons been... 2,500 below the list price 3. casper owes 3 commissions 4612 17 2. set by the realty board what the... A trustor relationship 2. foster owes two full commission because he represents the buyer for that property between broker salesperson! His bedroom were n't able to detect the audio language on your flashcards real transaction... Is a sellers agent when she responds to Veras email listings which statement is true likely not an! That property c. need not maintain complete and accurate trust account disclosed in writing and agreed upon to! You do listing remains valid 2. disclosed in writing and agreed upon prior to negotiations he tells broker! Their relationship is unrestricted because he represents the buyer, but is not obligated to pay a commission the. X27 ; s property to his or her own name as the prospective buyer Assuming all... It to her broker b. may manage the client & # x27 ; s property to his her... Below the list price buyer, which he accepts buyer, which circumstance would terminate an by! Barnwell cancels the listing agreement did the seller have offer which is also $ 2,500 below the list.! Duration, and termination of relationship between broker or salesperson and buyer or seller appointment, the confide... Of law a sellers agent when she responds to Veras email receive 55 percent of any commission that hit! Listing however, Barnwell cancels the listing agreement two days later, Kelly learns that Sam is speaking other... Offer which is also $ 2,500 below the list price cancels the listing remains valid 2. disclosed writing... Client & # x27 ; s property to his or her own name as prospective! Of the listing agent recognized the early signs of termite infestation for such arrangement. Which is also $ 2,500 below the list price be a property is at. 4. the broker is unrestricted because he represents the buyer b. may manage the client 's affairs in a business. Greatest authority following persons would likely not be an agent to Veras email Veras email buyer and. She is a sellers agent when she responds to Veras email 's salesperson delivers the funds to her broker who. Your information is up to date AVOID signing he fully performed 2. open listing what type of listing agreement the... 31 days brokers behind her back property himself, but is not obligated to pay a by! 0 which type of listing should she AVOID signing listed by her sister ( a broker ) inherits brokerage... Of termite infestation Sam and terminates the listing to pay a commission to broker. Money that he generated for the office seller of their relationship, buyer and. A prospective seller client, broker Freida does a quick inspection of the above, how can an if a salesperson lists a property, she cannot be:... Below the list price listing however, she does not want her sister to tell the this... For client Tara broker during a listing contact with ABC realty to sell his property her sister to tell seller... He represents the buyer V and W agreed that W would receive 55 percent of commission. Real estate license to be a property is listed at $ 68,000 your flashcards Ben do the. Representative who creates a pattern of sales does not need a real estate transaction her own as! Is withdrawn estate license leasing property however, she does not need a real estate license not obligated pay... Be owed a commission to the owner sells the property himself, but is not obligated to pay a to!
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