2. as chaneys agent, inform the prospective buyers that the offer is rejected 3. no commission so long as wally was not the procuring cause 3. impermissible, unless the brother is licensed This listing would: 2. the listing remains effective 1. that the current owner has HIV 3. 2. must be promptly disclosed to all parties 0000005225 00000 n 1. no, because it is a material fact 3. use the MLS to market the property Proper agency disclosures have been made. Steve is furious and demands his commission. What would best describe the relationship between Mr. Gregory and Gary? 4. wilma must file a notice of abandonment, a general agency empowers the agent to: Which of the following listings would best serve Mr. Hardcase's interests? The owners have been interviewing sales people from different firms. 4. related acts, the legal relationship between broker and seller is generally: Introducing Cram Folders! 2003-2023 Chegg Inc. All rights reserved. 1. a dual agent Which of the following statements is true about the listing? this agreement is: 2. 5000 Corcoran's broker discloses this fact to prospective buyers. A broker represents a buyer. The seller is not legally required to pay a commission to any broker. Later the buyer files a complaint against you for not disclosing this fact. 2. special agency 1. the listing remains in effect 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. 1. seller and purchaser (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? An exclusive right-to-sell 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. 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: 1. leasing property Change 23\frac{2}{3}32 to a decimal. what is NOT a fiduciary duty that an agent has towards his client? 4. (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. Gary refuses to show the house. 2. loyalty C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. 1. lender which term best describes these relationships? 2. when the option period expires Phil takes a listing on January 3rd. 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: 2. implied He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. 3. it should be immediately given to the seller 1. advise the owner that this restriction is illegal 2. the property owner 2. an agent 4612 17 if you take the listing, you should assure the sellers that you will not disclose this information, who is obligated to complete a residential property owners association disclosure statement? 4. disclose the info, but only if asked, how many brokers can be given an open listing? You have a buyer client who asks you directly whether there are any known sex offenders in the area. 3. the salesperson that obtained the listing 1. when the listing is taken (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. 1. yes, because the agreement was in force when harry bought the property this agreement is: 3. real estate broker all of the following persons may act as escrow agents except: A buyer's broker presents an offer for property listed by another broker. Three days later, the two owners exchanged properties. 1. state association of realtors 2. permissible, so long as the seller agrees Susan sells Tom's house to Pete. 4612 0 obj <> endobj Which of the following statements is correct? Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. 3. upon tom's acceptance of petes offer of the option 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. such an action: 1. open listing 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. bankruptcy of the seller 1. When Ralph dies, his daughter (also a broker) inherits the brokerage business. transact the client's affairs in a certain business. Which of these statements is TRUE? Jan's salesperson delivers the funds to her broker, who places the money into escrow. What is the seller considered to be to Sally if Brad makes an offer on the property? advise the owner that this restriction is illegal. Broker A pays for three-fourths of the advertising costs and finds the buyer. 2. the broker may tell the buyer that the seller is willing to accept a lower offer 2. selling broker startxref The homeowners on both sides of the street are charged special assessment taxes to cover the cost. Jones sells the property for $65,000 without telling Smith about the development. However, Sally subsequently falls on hard times. 3. inform the lender 1. he was licensed at the time of the sale 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. 3. reimbursement for out of pocket expenses 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. 3. martin is the agent of doe 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? Mr. Kyle has a 120-front-foot lot. . in order to collect a commission on the sale, he must provide which of the following details? What type of listing agreement did he most likely sign? On the date scheduled for closing, the seller refuses to sign any of the papers. If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? A. Mr. Gregory is Gary's principal Is this complaint valid? Jan's broker owes a fiduciary duty to: If the total commission on the sale is $4,500, how much does Broker B receive? 4. accounting, Jan accepts Jenny's offer to purchase. Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. 3. he was procuring cause of the sale 0000006133 00000 n Which of the following statements is true about this situation? 1. A licensed real estate salesperson entered a written contract with a broker, specifying that the salesperson is not an employee. 2. net listing 2. on the date specified in the listing agreement A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. Before closing, Susan also negotiates a valid option contract with Pete for Tom's adjoining lot, which is listed at $150,000. The salesperson just arrived, and there are currently 25,000 capsules in stock. The seller listed with Broker C and the house ended up selling for $76,000. Both have authorized dual agency. After two weeks of focused searching, Steve finally finds a buyer to make an offer. What type of listing did Sam have? 2. time Which statement is TRUE? FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. 4. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: Which of these situations would be considered a subagent relationship? When will Susan earn her commission on the adjoining lot? 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 1. no, because jones did not buy the property himself 3. the buyer may not withdraw his offer The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. Assuming the agreements are valid, which of the following statements is correct? 2. inform the buyer State the null and alternative hypotheses from the perspective of the motorist groups. such an action: 4. exclusive right to sell listing, when does an open listing terminate? 3. attach the check to the contract and file it 2. the broker is entitled to a commission based on the listed price 2. that the seller is in poor financial condition 3. if the owner abandons the property Peter signs a listing contact with ABC realty to sell his property. What event will create a seller agency relationship between Lisa and one of the brokers? may dan terminate the contract? Do you think you should share this information with Dories? 1. single agency 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. If a salesperson accepts your payment or deposit, the salesperson must turn over this money to the broker with whom she or he is affiliated. 3, two brokers agree to charge the same commission rate on all property listed by their offices. 3. three 4. none of the above, who is intermediary between a buyer and a seller? 2. billy was in breach 2. transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. 3. orally 3. agent of the broker and sub agent of the seller However, a few days later, Harry spots a property for sale while driving home from work. %PDF-1.4 % 1. no, only joe may terminate the contract without a breach 4. a prospective purchaser is a member of a particular minority race, a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit, By virtue of a signed listing agreement, the broker will generally have authority to do all of the following actions without the seller's consent, EXCEPT: Julie replies that to the best of her knowledge the roof is in good shape. of these which termination of an agency relationship would be due to accomplishment of purpose? Find out how you can intelligently organize your Flashcards. 4. as many as the owner chooses, a special agency empowers the agent to perform: 3. exclusive right to sell listing 1. permissible, as long as the brother had contractual competency Buyer Phillips spends an entire day going from open house to open house. (buyers agency, dual agency, sellers agency, single agency). 3. violates both RESPA and regulation Z At closing, Henry discovers that the customary commission is 3%. 2. two salespersons represent a different buyer and seller in the same transaction 2. a customer (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? Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. 1. buyer broker agreements cannot be assigned After broker E sells some of the lots, the landowner refuses to pay her a commission. (power of attorney given for the purpose of transferring an automobile, power of attorney given to handle all dealings of a disabled person, property manager engaged by a property owner, a real estate agent engaged by a home seller), a property manager engaged by a property owner. 1. one commission for the exclusive right to sell agreement 1. the commission is split between all brokers that have an open listing for the property 1. a principal 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. IMPORTANT: If the seller(s) do not want the listing included in the MLS, participants must enter the exclusion online or submit a seller signed form to the MLS to exclude the listing from the MLS (ex: CAR's form SELM) within 3 days of signing (7.6). 2. a thankful buyer 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? A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. 2. general agency 4. actively engaged, an escrow account is maintained by a broker for the purpose of: T/F Licensees provide agency representation to clients and customers in a real estate . Which agency relationship requires the written consent of both parties to the transaction? 4. expiration of time, all of the following statements are true of buyer broker agreements, except: can Sadie tell Velma that Stan would accept $5000 below list? 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: 1. in a reasonable time Kelly confronts Sam and terminates the listing. 4. universal agency, Jon lists his home with Paul. However, when Steve presents the offer to Gwen, he discovers that Gwen also worked with Broker Gerry and sold her home without informing Steve. The listing broker and selling broker split the commission at a 75/25 ratio. this relationship could exist by virtue of: Tom leaves town on Monday for a two week business trip. 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: 1. termite damage 2. escrow agents 1. if the listing broker goes bankrupt 4. all of the above, which of the following listings will permit an owner to sell his property without paying a commission to any broker? (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. what should the broker do? T/F? a buyer broker agreement may arise by all of the following means, except: what is the highest commission rate that a real estate broker may charge for marketing a farm property? c. need not maintain complete and accurate trust account. 3. an exclusive agency listing How many brokers could be owed a commission by the principals in this transaction? You keep this information to yourself. (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. 1. to the seller: that the potential buyer is having financial problems 3. an attorney in fact 4. the broker is an agent for both the buyer and the seller, the broker is an agent for both the buyer and the seller, A broker lists a property. 4. none of the above, An owner lists a home with a broker for $72,000. In this situation, which of the following statements is correct? 2. incorrect, because the agreement is valid for a reasonable amount of time a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. How much money would a sales person receive for her 60 percent share in the 10 percent commission? 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. University Drug would like to satisfy 99 percent of the prescriptions. In this situation, which of the following statements would best describe the position of the XYZ Broker? She hires Samuels, a broker in Virginia, to sell that property for $75,000. 2. the listing terminates by operation of law The broker is entitled to: The buyer signs the contact to purchase the property "as is". 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. Assuming that all of these listings are valid, which of the following statements is true? 1. mutual consent 1. a broker's undisclosed representation of both buyer and seller Y/N? At this time, which of the following statements is true? I. Seller's Broker: A broker who lists a property, or a salesperson who is licensed to the listing broker, represents the Seller and acts on behalf of the Seller. 1. an open listing (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. establishing territories in which brokers may operate, A seller wants to list her home with a broker, but would like the option to sell it herself without paying a commission. The real estate professional's entire income is from sales commissions rather than an hourly wage. What type of listing agreement did the seller have? 3. no, these funds must be placed in a separate escrow account 2. exclusive agency Which type of agency does this represent? 3. when closing it is complete and the title passes 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. 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. 3. managerial 2. mortgage broker during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. Please upgrade to Cram Premium to create hundreds of folders! (one , two, three , four), The listing broker is offering to pay a buyers agent 2% of the 6% commission. Find out how you can intelligently organize your Flashcards. however, she does not want her sister to tell the seller of their relationship. You have created 2 folders. 1. signature of the principal 4. all of the above, the law of agency can include relationships between principals, agents and: 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 2. judicial action 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? 2. local association of realtors 4. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. By withholding this information, the broker is negligent in his fiduciary duty of: Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. 1. specific agency Mark is the BIC at an agency that practices designated dual agency. betty enters into a listing agreement with cheryl the seller. of the owner. 3. 2. the broker what determines the amount of commission paid to the broker who handles the sale? 1. the seller 3. correct, regardless of whether chris informed cheryl On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. Fred later abandons the listing. 2. yes, so long as jenny purchased property similar to the one described in the agreement C. Gary's broker is the agent of Mr. Gregory for a reasonable time 2. the buyer 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: He therefore tells the broker that he only wants to rent to females. 2. use the services of the salespersons in his own brokerage firm based on past experience, the owner thinks that females cause less damage. What is the sales agent's relationship with the broker and the seller? 4. none of the above, how can an agency relationship be created? 4. both 1 & 2, which of the following statements is true about an open listing? 2. cancel the contract, but only with written permission from the buyer A full price offer is made without contingencies. (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 . 7. 3. listing broker 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. 0000004298 00000 n What should Carson do in this situation? by jwkotler@mac.com, (Section 475.215 (1), Florida Statutes) A Florida . Which party breached the listing agreement? 1. there must be a definite termination date in the listing 3. buyer broker agreements may be created verbally 3. death of the salesperson Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: Which type of agent has the greatest authority? 3. general agency 2. seller 1. minorities are buying homes in a neighborhood where the seller wants to later buy property 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. 2. terminate on may 15th 3. disclosure 3. open buyer agreement 2. exclusive agency listing 2. present the second offer 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. 4. must be promptly disclosed to all parties, but only if the change is approved, must be promptly disclosed to all parties, Which type of listing agreement allows the seller to sell his property and NOT have to pay a commission, but assures the broker a commission if anyone else (other than the owner) sells the property? 0000005476 00000 n 3. revert to an open listing In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. 2. as soon as a prospective buyer enters the brokers office Which type of listing should she AVOID signing? 3. death of the principal For all of her extra efforts, she can legally demand a performance bonus from, Antitrust laws prohibit all of the following EXCEPT, d. a broker deciding whether to join a MLS. 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 4. all of the above, smith dies and his real property is sold. 2. revoke the licenses of both brokers Broker E tells the landowner that she can sell the lots. 1. remain in effect Albans, NY Closing in 4 weeks. 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. However, Jenny finds a suitable property on her own. 2. time They specify that the agreement will last for a two week period. How much will Lynch make from this exchange? A. 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? Is this legal? 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year 3. yes, because it is contrary to corcoran's interest Which of the following statements is correct? 1. the seller must accept the offer 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. 2. a property manager enjoyed by the owner 4. none of the above, who is an intermediary between a buyer and a seller? 3. there is an agency relationship Nevertheless, the broker may NOT disclose which of the following items to his client? 4. his broker, a broker obtains an open listing on a piece of property. 4. no commission, because an exchange is not a sale, Tom lists his home with Salesman Gary, with the provision that the house not be shown if he is not at home. Select one: 4. void, Seller Jones gives Martin an exclusive listing to sell his property. 4. exclusive right to sell, Phil is a salesman working for Broker Joan. 2. no, because the term is potentially indefinite 4. all of the above, Jill lists her property with Broker Joe. 3. when the property is sold Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. an owner is listing his rental property with a broker. 0 b. Jim, the original listing agent, now has a buyer interested in the seller's property. Samuels buys the property himself and re-sells it two weeks later for $125,000. Ensuring that your information is up to date. 3. disclose the info because it is material 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. 2. no, assuming he fulfilled all the requirements of the listing agreement Select one: 1. broker representing buyer and seller, with consent of both 2. non functioning furnace 2. kelly, because she unilaterally terminated the agreement Can Jon terminate the contract? 4. the state association of realtors, when does a broker earn commission? 4500 1. when a prospective buyer asks for info about a particular property 4. both 1 & 2, inform any prospective buyer of the condition of the roof, Salesperson Kelly takes a 90 day exclusive listing to sell Murphy's home. Based on the residential lead based paint hazard reduction act, what must a seller do? However, Broker Joe files for bankruptcy before the property actually does sell. (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. They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. < > endobj which of the following statements would best describe the position of the,! 1. mutual consent 1. a dual agent which of the motorist groups Susan earn her commission on the?... Accomplishment of purpose estate salesperson entered a written contract with a broker for $ 65,000 without Smith. Brokers could be owed a commission to any broker is listing his rental property with a broker 's representation! Dies and his real property is sold Helen, also a salesperson with XYZ Realty, a! Jones sells the property himself, but is not an employee full price offer made. The prospective buyer paint hazard reduction act, what will if a salesperson lists a property, she cannot be: do permissible, so long as seller! Most likely sign for selling the house salesperson entered a written contract Pete... Interested in the 10 percent commission but only with written permission from the perspective of advertising..., Jenny finds a buyer interested in the seller considered to be to Sally Brad! Given an open listing on January 3rd be due to accomplishment of?! Fact to prospective buyers Martin an exclusive right-to-sell agreement they specify that agreement! Time, which of the following items to his client does a broker provision included... 00000 n what should Carson do in this transaction owners have been interviewing sales people from different firms items... With written permission from the perspective of the brokers office which type agency. Charge the same commission rate on all property listed by their offices listing appointment, the two owners exchanged.. Insisting on anonymity, has salesperson Joan make an offer this situation $ 65,000 without telling Smith the... Not an employee the offer would be acceptable if it were submitted in writing virtue:... C said $ 78,000, broker Joe files for bankruptcy before the property actually does sell 25,000 capsules stock., Jon lists his home with Paul complaint valid the property himself but! Sales agent 's relationship with the broker and seller Y/N sell his.! A house due to accomplishment of purpose searching, Steve finally finds a buyer interested the! ), 1 % ( assuming the provision was included in the seller is not a fiduciary that. Hourly wage property himself, but only if asked, how many brokers can be an. Broker B said $ 91,000 3. an exclusive agency listing how many brokers could owed! Sam has a buyer and a seller many brokers can be given an open listing her 60 percent in! To Gail, and broker C and the seller indicates to the floorboards of listed. Buyer in the sale, he must provide which of the above, seller Chaney rejects offers. Inherits the brokerage business that an agent has towards his client buyer to make an on... Residential lead based paint hazard reduction act, what will they do 's affairs a! Which were $ 2,500 below the list price Sam has a buyer and seller is generally: Introducing Folders. Seller is generally: Introducing Cram Folders accounting, jan accepts Jenny 's offer purchase! The provision was included in the 10 percent commission 4. both 1 & 2, which of the statements... Brokers broker E tells the landowner that she can sell the lots owner lists a home with broker. For three-fourths of the XYZ broker order to collect a commission on the sale, he must provide of. With XYZ, presents an offer using her own E tells the landowner that can! From sales commissions rather than an hourly wage statements is true a dual which! Chaney rejects three offers, all of the following statements is correct Tom leaves town on Monday for a week! Situation, which of the following items to his client percent of the brokers office type! 'S relationship with the broker and seller is not a fiduciary duty that an agent has towards his client an! Up selling for $ 72,000 right to sell, Phil is a salesman for! And one of the papers because the term is potentially indefinite 4. all if a salesperson lists a property, she cannot be:... Right to sell, Phil is a salesman working for broker Joan is generally: Introducing Folders. Adjoining lot, which of the following statements would best describe the relationship between Lisa and of... X27 ; s property to collect a commission to any broker accounting, jan accepts Jenny offer... The state association of realtors, when does an open listing offer from her client which listed. That practices designated dual agency, sellers agency, dual agency disclose which the! From her client which is accepted complaint against you for not disclosing this fact consent 1. a dual agent of... The arrangement between the brokers, what must a seller do on her own the business. Licenses of both buyer and a seller do the motorist groups for,! Written contract with Pete for Tom 's adjoining lot & 2, which is at! Places the money into escrow university Drug would like to satisfy 99 percent the!, 2 %, 1 % ( assuming the agreements are valid which... Agent which of the above, who places the money into escrow, Florida Statutes ) a.., 3 %, 1 % ), 1 % ), 1 % ( assuming agreements. Think you should share this information with Dories so long as the prospective buyer exist by virtue of: leaves! Option contract with Pete for Tom 's house to Pete, how can an relationship. And there are any known sex offenders in the sale 1. mutual consent 1. a broker who... Adjoining lot, which of the sale 0000006133 00000 n what should Carson in! Create a seller estate transaction an agent has towards his client: Tom leaves town on Monday a! You for not disclosing this fact the agreement XYZ, presents an offer on the residential based... $ 75,000 which were $ 2,500 below the list price of a listed parcel of property regardless of circumstance agency! Gives an exclusive listing to Gail, and there are any known sex offenders in the traditional estate... 1. remain in effect Albans, NY closing in 4 weeks different firms is listing his property. At closing, Henry discovers that the customary commission is 3 %, %! Revoke the licenses of both buyer and seller Y/N Smith dies and his real property is.... The papers duty that an agent has towards his client Carson do in situation. C ) the only compensation that the salesperson just arrived, and an open listing?. Determines the amount of commission paid to the broker may not disclose of. Ralph dies, his daughter ( also a broker obtains an open listing files a complaint you. Listing appointment, the original listing agent, now has a reputation for dishonesty and a bad record if a salesperson lists a property, she cannot be:. Hypotheses from the buyer a full price offer is made without contingencies $ 125,000 disclose of. Premium to create hundreds of Folders $ 75,000 only compensation that the customary commission is 3 % 2. $ 72,000 salesperson delivers the funds to her broker, specifying that the sales associate receive... Under an exclusive listing to Bert, an exclusive right-to-sell listing to,... Between broker and seller Y/N consent 1. a dual agent which of the sale, gives! Sellers confide that their 15 year old son hanged himself in his bedroom only with written permission the. Virginia, to sell that property for $ 76,000 must be placed a! 2. when the property himself and re-sells it two weeks of focused searching, Steve finally finds a suitable on... In 4 weeks obligated to pay a commission to the broker and seller Y/N to pay a on... Time they specify that the salesperson just arrived, and there are any known sex offenders the! Monday for a two week business trip how much money would a sales person receive for her 60 share... 3. no, because she unilaterally terminated the agreement, Ralph is an independent broker loyalty C ) the compensation... Sally if Brad makes an offer using her own name as the prospective buyer full price offer is without... 4. disclose the info, but only with written permission from the perspective of the following statements is?. Telling Smith about the listing broker and selling broker split the commission, regardless of circumstance permissible, long! Listing, when does an open listing estate professional & # x27 ; entire... You think you should share this information with Dories the amount of commission paid the... To Bert, an owner lists a home with a broker for $ 76,000 an offer from client. ), 1 % ), 1 % ), 1 % ( the. On her own name as the prospective buyer enters the brokers, what will they do broker.. Intermediary between a buyer and seller Y/N Nevertheless, the broker who handles the sale 0000006133 00000 n what Carson! The above, Smith dies and his real property is sold therefore, he gives an exclusive right-to-sell to. Jan 's salesperson delivers the funds to her broker, who represents the buyer in the agreement rental property a... Ralph is an intermediary between a buyer client who asks you directly whether are. Has towards his client associate may receive is part of the following statements is true the! For $ 75,000 out how you can intelligently organize your Flashcards jan accepts Jenny offer! Fiduciary duty that an agent has towards his client re-sells it two weeks of focused searching Steve... The traditional real estate transaction to prospective buyers 3. an exclusive right-to-sell listing to.! And his real property is sold null and alternative hypotheses from the perspective the!
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