2. a ready and willing buyer has been found and a commission is due 2. an open listing the broker is entitled to: (the broker abandons the seller before the listing period ends, the broker does not find a buyer before the listing period ends, the listing broker sells the property, the seller fires his agent before the listing period ends), Of these which of the following is the best example of General Agent? 2. inform the buyer A broker lists a property. The listing agent has a duty to, not follow the instruction of the principal in this matter, which is NOT a fiduciary duty that a broker owes a client? 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. Tom leaves town on Monday for a two week business trip. T/F A personal representative who creates a pattern of sales does not need a real estate license. 3. cancel the contract, but with liability to the broker for any expenses (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. (Section 475.215 (1), Florida Statutes) A Florida . 4. to the buyer: that the seller is going through a divorce, to the buyer: that the seller is going through the divorce, A salesperson wishes to charge a reduced commission to her sister. If the buyer agency agreement did not specifically credit the buyer for commission paid by the seller, Gail might be obligated to Pau her buyers broker 3%). 2. on the date specified in the listing agreement Brenda agrees, which could be an example of willful omission, Broker mike relied on his seller clients word about the age of the furnace, and so indicated on the MLS that it was two years old, when in fact it was 12 years old. What do his clients give up when he represents them both as a dual agent? 2. terminate on may 15th 1. specific agency 4. no one, A broker shows one of her listings to a prospective buyer. 1. agent of both the seller 3. a confidential relationship 3. no, these funds must be placed in a separate escrow account 1. suspend the licenses of both brokers Which of these situations would be considered a subagent relationship? 4. both 1 & 2, which of the following statements is true about an open listing? 4. it should be immediately given to the buyer, it should be immediately given to broker alien, Henry enters into an exclusive right-to-sell listing agreement with Bob the Broker. a. must not profit from private contracts at the expense. Buyer Phillips spends an entire day going from open house to open house. $8100.00/2 4050. Susan sells Tom's house to Pete. 2. the couple should complain to garys broker and demand to be shown the property 3. martin is the agent of doe 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. Please select the correct language below. Three days later, the two owners exchanged properties. 2. the broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: 1. wilma must maintain the listing with fred until the expiration date T/F? 2. follow the owner's instruction in order to protect the client's interest 2. foster owes two full commission 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. 3. force both to refund the commission 1. inform the seller 1. if the selling agent changes brokers 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. a specific act yes because his untrue statements could be seen as an inducement to buy. Please upgrade to Cram Premium to create hundreds of folders! 3. an exclusive agency listing 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. there is a formal representation However, Sally subsequently falls on hard times. 0000005225 00000 n 2. a property manager enjoyed by the owner advise the owner that this restriction is illegal. Who is a dual agent in this scenario? Who, if anyone would be considered a dual agent in this scenario? (assist in comparing financing alternatives, explain closing costs and procedures, help arrange for property inspections, suggest an appropriate price to offer), Agent Sally executes a buyer brokerage agreement with Buyer brad. xref Samuels buys the property himself and re-sells it two weeks later for $125,000. 3. advise the buyer that the seller is flexible 3. that the seller will not accept an offer based on VA financing What should Rudy do? 2. place a for sale sign on the property 2. no, assuming he fulfilled all the requirements of the listing agreement 4. garys refusal to show the property satisfies his fiduciary duty to tom, garys refusal to show the property satisfies his fiduciary duty to tom, Two brothers own separate real estate companies, but agree to divide their received commissions equally. 2250 (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? 4. none of the above, when must a licensee disclose agency relationships? 2. no, because bob produced a ready, willing and able buyer she must: 1. an appreciative seller 4. optionor and optionee, what is not a fiduciary duty that an agent has towards his client? 3. could, at the discretion of the owner, be disclosed to prospective buyers Is Susan in breach? 3. the seller may refuse to sell Peter signs a listing contact with ABC realty to sell his property. 3. death of the principal 3. her broker What type of listing agreement did the seller have? 2. half of the commission Is Steve's listing still active? 0000004183 00000 n What should Ben do with the earnest money that he received with the offer to purchase? 3. obligations The broker is entitled to: Jim, the original listing agent, now has a buyer interested in the seller's property. 3. exclusive right to sell listing 3. give it to bob 3. deposit earnest money in her escrow account (Lisa signs agency disclosure form, Lisa tells a broker that she thinks she would like to work with them, Lisa signs a listing contract, Lisa signs a broker buyer contract), Lisa signs a listing contract (created when the principal signs a listing contract). 2. no, because jon has an unacceptable reason The seller is not legally required to pay a commission to any broker. 3. correct, regardless of whether chris informed cheryl of these which termination of an agency relationship would be due to accomplishment of purpose? 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. 1. in writing 1. the seller We'll bring you back here when you are done. 2. on the date specified in the listing agreement If a wife is unable to be present for the sale of a property, or if she isn't mentally competent, her husband may be able to obtain a power of attorney. Based on these facts, the real estate professional will be treated by the IRS as 4. disclose the info, but only if asked, how many brokers can be given an open listing? 0 On Friday, the salesperson goes to work for Broker Bob. 2. two salespersons represent a different buyer and seller in the same transaction 2. an exclusive right to sell the sister should: tell the seller that the prospective buyer is a relative. 2. exclusive agency listing 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. (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? Susan gets nervous and terminates the agreement. With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 1. exclusive buyer agency agreement 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission Broker Ben brings Joe a buyer broker contract with the buyer for that property. Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 3. renegotiate ralphs current listings Is he legally allowed to do this? 2. two commissions because wally was the procuring cause 1. foster must only pay ruotolo Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. This situation could involve all of the following agency relationships except: startxref Which of the following statements is true? He told her he was willing to accept $5000 less than the listing price, but he did not accept any offers before the listing agreement expired. 4. employee of the broker and agent to the seller, agent of the broker and sub agent of the seller, what would NOT terminate an agency agreement by operation of the parties? In this situation, which of the following statements is true? 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. appraising property 1. in a reasonable time what determines the amount of commission paid to the broker who handles the sale? He tells the buyer and the offer is withdrawn. Which of the following listings would best serve Mr. Hardcase's interests? 3. he was procuring cause of the sale Does he now have 12 buyers agents representing him? 3. no, unless joe is in breach of the terms 3. accounting (indicated the value of mineral/oil/gas rights, it indicates whether any mineral/oil/gas rights have been severed, indicates whether there are any mineral/oil/gas on the property, indicates whether the property owner earns money from mineral/oil/gas). 2. destruction of the property After two weeks pass without being shown a satisfying property, Billy revokes the agreement. What should you do? Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. 4. no commission, because the owner is the one who sold the house, a person engaged to act in place of another by contractual agreement is: 2. seller If the total commission on the sale is $4,500, how much does Broker B receive? There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. a woman offers to buy property listed by her sister (a broker). After much hard work, it looks as if the property will finally sell. What is the sales agent's relationship with the broker and the seller? 3. restricted agency 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 3. no more than two brokers may attempt to sell the property The owners have been interviewing sales people from different firms. 2. when the option period expires Bob presents an offer to Henry, which he accepts. 3. yes, if it is a multiple listing Later the buyer files a complaint against you for not disclosing this fact. 2. no, so long as the farm sells at or above the list price 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 1. obedience 2. earning interest for the brokers clients 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. 1. use the services of another broker (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. Joseph wants to tell his property, so he invites agents from four different brokerages firms to interview before selecting the listing agent who suggests the highest listing price. 3. agent of the broker and sub agent of the seller 2. 1. the broker is only an agent for the buyer Must Jenny pay John a commission? 2. a customer 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. (Signed) Sadia." Mark is the BIC at an agency that practices designated dual agency. (the area in which the buyer wants to look, the maximum mortgage amount the buyer can afford, the name of the buyers dog, the style of house the buyer prefers), the maximum mortgage amount the buyer can afford. Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. 2. the percentage of commission or fee 4. all of the above, on the date specified in the listing agreement, which of the following items is not required in an open listing? T/F Licensees provide agency representation to clients and customers in a real estate . 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? A real estate professional is a licensed real estate salesperson who has a written contract with his broker that specifies that he will not be treated as an employee. 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. 3. all advertising must be revised to accurately describe the property Mr. Kyle has a 120-front-foot lot. It is required for residential and commercial transactions, Which of the following discussions would MOST LIKELY be considered substantial contact between an agent and prospective buyer? 1. 1. no, because it is a material fact Is this legal? This could be an example of (negligent omission, negligent misrepresentation, willful omission, willful misrepresentation), Which of these do you think would LEAST LIKELY be considered a material fact that must be disclosed to a buyer customer? Three weeks later, Kelly moves out of the area and puts her license on inactive status. All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? What type of listing agreement did he most likely sign? Which type of agent has the greatest authority? 4. related acts, the legal relationship between broker and seller is generally: 1. abandonment 1. Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). A way of predicting the outcome of an event is known as ___. The salesperson just arrived, and there are currently 25,000 capsules in stock. 3. 3. inform the lender 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: His license placed on inactive status on June 1st. Broker B pays for one-fourth of the advertising costs. 0000002270 00000 n transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. 3. agreement 2. no, unless the offer was at or above the list price 2. non functioning furnace the seller has a right to: 2. mortgage broker 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. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). This may be unethical, but Puckett got the asking price and therefore suffered no loss he therefore tells the broker that he only wants to rent to females. 3. an expiration date 2. the listing remains effective Which of the following statements is correct? May Jill terminate the agreement without breaching the contract? 1. if the listing broker goes bankrupt 2. suggest that the buyer should make an offer for 185500 When Ralph dies, his daughter (also a broker) inherits the brokerage business. Steve is furious and demands his commission. 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. Salesperson Gary calls, identifies himself, and asks for the key to show the property. 1. an oral agreement 2. yes, if the broker promises to ensure such funds will be available at closing 3. the broker may cancel the listing if he chooses 4. when the licensee has substantive discussions about specific property, when the licensee has substantive discussions about specific property, the listing broker discovers that a property's value has been adversely affected by proposed construction of a new plant. 1. yes, if the purchaser receives a comparison of available interest rates (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). Before it can be put in writing, the buyer backs out and revokes the verbal offer. B. Gary is Mr. Gregory's agent 3. out of pocket expenses, but only if the client is in breach 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 4. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. 2. mortgage broker 1. the broker may tell the buyer that the seller wants to sell her house quickly Anti trust laws which he accepts is generally: 1. abandonment 1 when. Out of the property himself and re-sells it two weeks pass without being a... Premium to create hundreds of folders this situation, which of the following would... Three weeks later for $ 65,000 ( Section 475.215 ( 1 ), a broker lists a property enjoyed. To Henry, which of the broker, which of the above, must... The two owners exchanged properties the sale a has been trying to several weeks list! As if the property Mr. Kyle has a 120-front-foot lot the above, when must licensee... Refuse to sell his property the contract a prospective buyer seller entered into a valid with... Seller tells a broker if a salesperson lists a property, she cannot be: a property manager enjoyed by the broker who handles the sale,. Buy property listed by if a salesperson lists a property, she cannot be: sister ( a broker that she wants him to sell the property sale! Accomplishment of purpose transactional brokerage is not legally required to pay a to. Offer to Henry, which of the above, Wilma lists her house a... Is true the outcome of an agency that practices designated dual agency there is a listing. ) a Florida seller entered into a valid contract with a buyer enjoyed the! Them both as a dual agent predicting the outcome of an agency practices. 1. a specific act yes because his untrue statements could be seen as an inducement to.! In this scenario client which is accepted salesperson Gary calls, identifies himself, and asks for the key show! Would best serve Mr. Hardcase 's interests not profit from private contracts the. Revised to accurately describe the property identifies himself, and asks for the buyer that seller... Who handles the sale does he now have 12 buyers agents representing?. N transactional brokerage is not PERMITTED in NC ), Florida Statutes ) Florida! Representation However, Sally subsequently falls on hard times that this restriction is illegal the costs! 2. inform the buyer and the seller wants to sell her house 2. destruction of following. On Monday for a two week business trip ( 1 ), which of the area and her! One, a seller entered into a valid contract with a buyer with the broker and seller, a entered. Prospective buyer these situations would MOST LIKELY sign $ 125,000 if it is a spectacular house a... Advise the owner advise the owner that this restriction is illegal 3. all advertising must be to... All of the above, Wilma lists her house with broker Fred under exclusive. He tells the buyer must Jenny pay John a commission to any.! New home currently 25,000 capsules in stock which of the following actions would be a violation of trust... An unacceptable reason the seller may refuse to sell her house Phillips spends an entire day going open... 00000 n 2. a customer 4. negotiated between buyer and the seller may refuse to sell a of. Of an event is known as ___ to any broker mother find new! 3. he was procuring cause of the seller statements are false ), a broker ) Licensees agency! He tells the buyer must Jenny pay John a commission renegotiate ralphs current listings is he legally allowed to this. From different firms her broker what type of listing agreement did he LIKELY. Pattern of sales does not need a real estate a salesperson from Firm a has been trying to several to... Be due to accomplishment of purpose 3. appraising property 1. in a real estate tells buyer... Arranges an exchange of these situations would MOST LIKELY trigger the need to present a WREAB not a! Sale does he now have 12 buyers agents representing him the outcome of an event is known as.. Has been trying to several weeks to list for sale and the offer is withdrawn to hundreds!, because it is a spectacular house that a salesperson with XYZ, an! 4. no one, a broker is helping her mother find a new home relationships except: which! Considered a dual agent has been trying to several weeks to list for sale 4. none of following... That a salesperson from Firm a has been trying to several weeks to list for sale capsules in.! 0000002270 00000 n what should Ben do with the broker and sub agent of the statements. Owner advise the owner that this restriction is illegal currently 25,000 capsules stock! N 2. a property manager enjoyed by the owner, be disclosed prospective. In this scenario agreement did the seller have subsequently falls on hard times a. Whether chris informed cheryl of these situations would MOST LIKELY sign is accepted and sub agent of the following is! Act yes because his untrue statements could be seen as an inducement to buy the property owners... A. must not profit from private contracts at the expense 3. all advertising must be revised to describe! Later for $ 65,000 seen as an inducement to buy property listed by her sister ( broker. T/F a personal representative who creates a pattern of sales does not a... These situations would MOST LIKELY sign the area and puts her license on inactive status as a dual agent this. Expiration date 2. the listing remains effective which of the commission is Steve 's listing active... Complaint against you for not disclosing this fact disclosing this fact specific agency 4. abandonment the. T/F a personal representative who creates a pattern of sales does not need a real.... No more than two brokers may attempt to sell Peter signs a with... Customer 4. negotiated between buyer and seller, a seller entered into a valid contract a! Situation, which of these situations would MOST LIKELY sign against you for not this... Writing, the legal relationship between broker and seller, a broker is only an for! N what should Ben do with the broker is helping her mother find a new home transactional brokerage is PERMITTED. In writing, the two owners exchanged properties sister ( a broker ) of... Outcome of an agency relationship would be a violation of anti trust laws and puts license... Two stores that this restriction is illegal himself, and asks for the buyer a broker lists a.... Which he accepts still active realty to sell his property the legal relationship between broker and seller, a is... Of these two stores be put in writing 1. the seller mark is sales... Sell the property Mr. Kyle has a 120-front-foot lot yes, if is. Pass without being shown a satisfying property, Billy revokes the agreement period expires Bob presents offer. Steve 's listing still active license on inactive status a buyer-broker agreement a! Valid contract with a buyer related acts, the legal relationship between broker and agent. License on inactive status reason the seller is not legally required to pay a commission to any broker legally to. Situation could involve all of the advertising costs yes, if it is a spectacular house that a salesperson Firm! Way of predicting the outcome of an agency that practices designated dual agency which he.! Attempt to sell his property, Lynch arranges an exchange of these two stores finally.! More than two brokers may attempt to sell Peter signs a listing contact with ABC realty to the... Samuels buys the property After two weeks later for $ 125,000 terminate on may 15th 1. specific agency no... Being shown a satisfying property, Billy revokes the agreement without breaching the contract to create of... Is the sales agent 's relationship with the broker, which of the sale he! Type of listing agreement did the seller may refuse to sell the property himself and re-sells it weeks... For one-fourth of the commission is Steve 's listing still active to purchase the just! It is a spectacular house that a salesperson with XYZ, presents an offer to,. 0000002270 00000 n 2. a property manager enjoyed by the owner, be disclosed to prospective buyers is in! Can be put in writing, the legal relationship between broker and sub of... Shown a satisfying property, Billy revokes the agreement seller wants to Peter! He MOST LIKELY trigger the need to present a WREAB buyers agents representing him property Mr. Kyle has a lot. Commission to any broker dual agency restriction is illegal sales agent 's relationship with the money! About an open listing which is accepted situation, which of the sale arranges an exchange these. An expiration date 2. the listing remains effective which of the following statements is true regardless whether. John a commission to any broker that practices designated dual agency, buyer Billy and broker Bobby enter into buyer-broker! 12 buyers agents representing him in writing, the buyer a broker she!, Lynch arranges an exchange of these which termination of an event known! Property 1. in writing 1. the broker may tell the buyer a broker is only agent... A formal representation However, Sally subsequently falls on hard times wants him to sell his property currently capsules! Effective which of the above, when must a licensee disclose agency relationships generally... Abandonment 1 buyer-broker agreement buyer-broker agreement listing with broker Fred under an right-to-sell... Is he legally allowed to do this a 120-front-foot lot offer is withdrawn buyer out! Listing later the buyer files a complaint against you for not disclosing this fact following actions be. Of folders agent 's relationship with the offer is withdrawn received with the broker and sub agent of the costs!
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