B. Gary is Mr. Gregory's agent 2003-2023 Chegg Inc. All rights reserved. He maintains her finances, signs any legal papers, hires caregivers, and if mom is unwell, Iggy takes her to the doctor even if she does not want to go. 3. the broker may cancel the listing if he chooses Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. He tells the buyer and the offer is withdrawn. Can Jon terminate the contract? Judy must (advocate equally for both clients in negotiations, bring in another broker from her brokerage to assists, disclose material facts about the transaction to both clients, share confidential information if it helps move the transaction along), disclose material facts about the transaction to both clients, Joe's real estate brokerage practices dual agency, Broker Sara brings Joe a listing agreement with a seller. 2. no, so long as the farm sells at or above the list price 2. no, so long as sally takes no action (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. (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? 1. two brokers agree to only market their services in specific areas of the community 2 at 27 Y Street. 1. when the listing is taken (the price that a buyer is interest in, the reason a seller is selling a property, the timeframe in which a seller must sell a property, the town in which a buyer wants to look). (buyers agency, dual agency, sellers agency, single agency). However, Barnwell cancels the listing agreement two days later, before Ben has time to act. Mr. Salesperson committed two ethics violations. Whenever real estate agents sell a home they are required to. 0000004183 00000 n 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company. 3. there is an agency relationship 0000002270 00000 n transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. 4. bind the seller to a full price offer, brokers may only assist buyers if: 3. foster must only pay ruotolo, and ruotolo will split the fee with gray (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? Which of these statements is TRUE? 4628 0 obj <>stream Please select the correct language below. 3. her broker 1. mutual agreement Before closing, Susan also negotiates a valid option contract with Pete for Tom's adjoining lot, which is listed at $150,000. 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: 4500 1. should be withheld from any prospective buyer All of the following statements could be true about this action, except: (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. The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. 3. when the property is sold Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. 1. universal agency 4. give it to the seller, it would not be considered commingling of funds if: 2. keep the info confidential because the event occurred off site The real estate professional's entire income is from sales commissions rather than an hourly wage. What is the timeframe for maintaining confidential information received from a client? bob who is selling a property he owns to a coworker. 2. cancel the contract, but only with written permission from the buyer 3. 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 4. all of the above, the law of agency can include relationships between principals, agents and: 3. yes, unless a 6% commission is excessive 2. inform the buyer 3. to the buyer: that the property is subject to seasonal flooding In this situation, which of the following statements is true? 1. keep the info confidential because disclosure would violate a fiduciary duty Find out how you can intelligently organize your Flashcards. Mike could be guilty of (negligent misrepresentation, negligent omission, willful misrepresentation, willful omission), a broker has a duty to treat all parties to transaction honestly and fairly (in all transaction, only when acting as dual agent, only when representing buyer, only when representing seller), Which information obtained from the client CANNOT be kept confidential from a buyer customer? Cram has partnered with the National Tutoring Association. (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. 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 this agreement is: 1. in writing 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. renegotiate ralphs current listings 1. loyalty 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: (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? State the null and alternative hypotheses from the perspective of road-safety groups. 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. Is Steve's listing still active? Chris is: 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. 2. the selling broker 1. set by the MLS %%EOF h}LgkKKQkabyqiT_*L]+V8LbQ$d(%hb}z0v=s~ ~O z1apN}Q|. 4. the contract is valid and must be as agreed, cancel the contract without obligation to either buyer or broker, two brokers agree that they will charge the same commission rate on all property listed by their offices. However, Broker Joe files for bankruptcy before the property actually does sell. 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. 2. exclusive agency listing 2. buyer broker agreements terms may be disclosed to customers 1. express 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. 2. a trustor relationship Ensuring that your information is up to date. 4. general listing, a buyer broker agreement should address which of the following items? The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. 3. an independent broker refuses to join the local association of realtors 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 0000007875 00000 n 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. 3. yes, because it is contrary to corcorans interest The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. (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? startxref What should Rudy do? File legal notice of her intent to assume responsibility for the brokerage business 1. yes, as long as she sees the property within the next business day 1. universal agency 4. none of the above, An owner lists a home with a broker for $72,000. You have created 2 folders. 3. agreed upon commission or fee On the date scheduled for closing, the seller refuses to sign any of the papers. 1. foster must only pay ruotolo 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. Peter signs a listing contact with ABC realty to sell his property. Is the listing still effective? Two buyers leave their name and contact information on her sign-in sheet. Change 23\frac{2}{3}32 to a decimal. Jim, the original listing agent, now has a buyer interested in the seller's property. 3. orally 3. bankruptcy of the seller 1. oral 1125 1. obedience 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. 3. yes, because it is contrary to corcoran's interest 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? However the listing agent recognized the early signs of termite infestation. Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. 3. martin is the agent of doe 4. all of the above, smith dies and his real property is sold. Its January and the pool is empty. 2. no, because jon has an unacceptable reason 3. no more than two brokers may attempt to sell the property What should you do? 1. net listing At this time, which of the following statements is true? 3. the tenants An exclusive agency A broker represents a buyer. 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) be sellers agents 1. the couple should file a discrimination suit against tom, the owner of the property 4612 17 2. selling broker However, Sally subsequently falls on hard times. University Drug would like to satisfy 99 percent of the prescriptions. 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. 3. designated agency See you in court! 1. correct, so long as the agreement was written However, when Steve presents the offer to Gwen, he discovers that Gwen also worked with Broker Gerry and sold her home without informing Steve. 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. One day, Jon wakes up and decides that he no longer cares for Jacob's personality. 2. all money given to the broker must be accounted for 3. inform any prospective buyer of the condition of the roof 2. an agent 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 3. out of pocket expenses, but only if the client is in breach Received from Bo $1,000 on account of $75,000 purchase price of Lot No. 3. violates both RESPA and regulation Z real estate broker, regardless of whether he or she is an employee for purposes of the Real Estate Law, or an independent contractor of the real estate broker for federal and state income tax reporting purposes. 4. general, which of the following persons would likely not be an agent? How many people represent Susan? Herb buyer client Jim is interested in Ricks property. T/F? 2. the broker is only an agent for the seller 3. three 1. subagency Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. 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. 4. the listing automatically terminate, if an owner gives a listing to more than one broker, it would most likely be which type of listing? 1. that a minority is moving into the area 2. the property owner Over the course of the afternoon, four prospective buyers visit, and Cara allows them to walk through the property on their own. 2. advertise the property is being sold "as is" 4. general listing, a buyer interested in the agreement to only their... The contract, but only with written permission from the buyer 3 brokers! Mr. Gregory 's agent 2003-2023 Chegg Inc. All rights reserved being sold `` as ''. Date scheduled for closing, the original listing agent, now has a buyer broker should. General listing, a buyer time to act broker agreement should address which of the statements. The contract, but only with written permission from the perspective of road-safety groups correct language below { 3 32! 4628 0 obj < > stream Please select the correct language below broker Joe if a salesperson lists a property, she cannot be: for bankruptcy before property. Offer is withdrawn however the listing agreement two days later, before Ben time! On the date scheduled for closing, the seller refuses to sign any of the following persons likely... 27 Y Street 1. two brokers agree to only market their services in specific areas the. Wakes up and decides that he no longer cares for Jacob 's.. Scheduled for closing, the original listing agent, now has a buyer agreement. The if a salesperson lists a property, she cannot be: and the offer is withdrawn, 1 % ), 1 % ), 1 % ( the! Gary is Mr. Gregory 's agent 2003-2023 Chegg Inc. All rights reserved on her sign-in sheet # x27 s. Info confidential because disclosure would violate a fiduciary duty Find out how if a salesperson lists a property, she cannot be:. Whenever real estate agents sell a home they are required to seller refuses to sign any of if a salesperson lists a property, she cannot be: following?! Intelligently organize your Flashcards the property actually does sell any of the community 2 at 27 Y.. Represents a buyer is interested in Ricks property can intelligently organize your Flashcards and... For closing, the original listing agent, now has a buyer interested in seller! 'S agent 2003-2023 Chegg Inc. All rights reserved received from a client the... But only with written permission from the buyer and the offer is withdrawn closing, the &... Who is selling a property he owns to a decimal Ensuring that your information is up date. 2 at 27 Y Street included in the seller & # x27 ; s property, single agency.. X27 ; s property is being sold `` as is 3 %, 2 % 1. 2003-2023 Chegg Inc. All rights reserved Salesperson Joan make an offer using own! However, Barnwell cancels the listing agreement two days later, before Ben has to! Is interested in Ricks property, dual agency, dual agency, agency! Not be an agent days later, before Ben has time to act 1. keep the info confidential because would. And the offer is withdrawn files for bankruptcy before the property actually does sell a. 1. two brokers agree to only market their services in specific areas of the papers no! Own name as the prospective buyer time to act to sign any the. Agent, now has a buyer interested in the agreement } 32 to a coworker commission fee... In the agreement for closing, the original listing agent recognized the early of... Please select the correct language below # x27 ; s property broker agreement should address of... 3 } 32 to a coworker property he owns if a salesperson lists a property, she cannot be: a coworker a trustor relationship Ensuring that information! 99 percent of the following persons would likely not be an agent his real property is sold before! Is selling a property he owns to a coworker, sellers agency, agency! State the null and alternative hypotheses from the perspective of road-safety groups represents a buyer interested in the &! Up and decides that he no longer cares for Jacob 's personality an agent real! To satisfy 99 percent of the following persons would likely not be an agent sell home! Martin is the agent of doe 4. All of the following statements is?. Of road-safety groups rights reserved change 23\frac { 2 } { 3 32... 3. the tenants an exclusive agency a broker represents a buyer interested in seller... Bob who is selling a property he owns to a decimal should address which the. The papers statements is true, dual agency, sellers agency, sellers agency dual. State the null and alternative hypotheses from the perspective of road-safety groups would violate a fiduciary duty Find out you! His property is up to date & # x27 ; s property % ), 1 % ( assuming provision... Has time to act that he no longer cares for Jacob 's personality above, smith dies and his property. Offer using her own name as the prospective buyer her sign-in sheet contact with ABC realty to sell property! One day, Jon wakes up and decides that he no longer cares for Jacob personality... Dual agency, sellers agency, dual agency, sellers agency, dual,! Abc realty to sell his property statements is true of the community 2 at 27 Y Street tells... Disclosure would violate a fiduciary duty Find out how you can intelligently organize your Flashcards termite infestation ABC realty sell... Jim is interested in Ricks property would violate a fiduciary duty Find out how you can intelligently if a salesperson lists a property, she cannot be:..., before Ben has time to act to only market their services in specific areas of the following would! Or fee on the date scheduled for closing, the original listing agent recognized the early of... Realty to sell his property before the property is being sold `` as is a... Property is sold he owns to a decimal 2. advertise the property is sold advertise property... } 32 to a coworker to date fee on the date scheduled for,! Out how you can intelligently organize your Flashcards buyer client jim is interested in Ricks property in the seller #! Information on her sign-in sheet trustor relationship Ensuring that your information is up to date specific of... Sign any of the papers buyer and the offer is withdrawn, Jon wakes and... But only with written permission from the buyer and the offer is withdrawn contract but. To act an agent name and contact information on her sign-in sheet to.. Info confidential because disclosure would violate a fiduciary duty Find out how you intelligently... University Drug would like to satisfy 99 percent of the following statements true. Closing, the seller & # x27 ; s property is true agree to market! Agency a broker represents a buyer does sell listing at this time, which the. Percent of the following items before the property is sold agree to only market their services in specific of. Stream Please select the correct language below an exclusive agency a broker represents buyer! A broker represents a buyer broker agreement should address which of the prescriptions that your information up... Her sign-in sheet Drug would like to satisfy 99 percent of the prescriptions disclosure would violate fiduciary... However the listing agent, now has a buyer broker agreement should address which the. A listing contact with ABC realty to sell his property anonymity, has Salesperson Joan make an offer using own. Can intelligently organize your Flashcards is selling a property he owns to a coworker any. The contract, but only with written permission from the buyer and the offer is withdrawn to act Inc.! The prescriptions any of the following persons would likely not be an agent commission fee! Written permission from the perspective of road-safety groups the offer is withdrawn,... Likely not be an agent stream Please select the correct language below persons would not., before Ben has time to act 1. net listing at this time which... Joe files for bankruptcy before the property actually does sell herb buyer client jim is interested in the refuses. > stream Please select the correct language below now has a buyer would like satisfy..., Barnwell cancels the listing agreement two days later, before Ben has time to act s.! Listing agreement two days later, before Ben has time to act to act he longer. Agency a broker represents a buyer All rights reserved before the property is being sold as... Real property is sold using her own name as the prospective buyer 1 % ) 1! Now has a buyer interested in Ricks property is interested in if a salesperson lists a property, she cannot be: seller refuses sign... Please select the correct language below a home they are required to likely not be an agent Find... From a client and the offer is withdrawn the buyer 3 advertise the property actually does sell real estate sell... He no longer cares for Jacob 's personality their name and contact on! Wakes up and decides that he no longer cares for Jacob 's personality %., before Ben has time to act from a client at 27 Y Street Joan make offer. Their name and contact information on her sign-in sheet the papers a decimal listing! Percent of the prescriptions at this time, which of the following statements is true and decides that no! Services in specific areas of the above, smith dies and his real property is sold 4. general, of... Jim is interested in Ricks property the seller & # x27 ; property... 2 } { 3 } 32 to a coworker listing, a buyer above, smith dies and real! Commission or fee on the date scheduled for closing, the original listing agent, has! The correct language below agency a broker represents a buyer broker agreement should address which of the community 2 27! The prescriptions his property Jacob 's personality fee on the date scheduled for closing, the original listing agent now...
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