2. discharge of the broker by the principal Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. 1. is common practice 2. a ready and willing buyer has been found and a commission is due 3. no, because jenny found the property on her own What if anything will Gail owe Freds employing broker if she buys that property? 3. that the buyer intends to violate deed restrictions b. may manage the client's property to his or her own a. dvantage. FDIC, a seller accepts an offer. 4. none of the above, who is an intermediary between a buyer and a seller? 4. actively engaged, an escrow account is maintained by a broker for the purpose of: 3. only a seller's agent Select one: 1. remain in effect What should As salesperson say to the owner to get the listing? 2. general agency 1. not mention the condition of the roof because of the fiduciary responsibility to the seller bob who is selling a property he owns to a coworker. 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: Oct. 2005. 4. Broker Ellie takes a listing for jays large home with a big yard and unground pool. 2. exclusive agency listing what is NOT a fiduciary duty that an agent has towards his client? 2. doe has a fiduciary relationship this agreement is: Broker A pays for three-fourths of the advertising costs and finds the buyer. 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. 3. attach the check to the contract and file it 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. 2. keep the info confidential because the event occurred off site 1. agent of both the seller 2. give it to her broker (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. (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. B. 2. the seller only pays the broker who produces a ready, willing, and able buyer 3. agreement Proper agency disclosures have been made. Which of the following statements would best describe the relationships between these parties? 3. exclusive right to sell listing How much will the cost be to Mr. Kyle in special assessment taxation? However the listing agent recognized the early signs of termite infestation. 3. open buyer agreement At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. (Ann who is selling her moms house to settle her estate, bob who is selling a property he owns to a coworker, Cathy who is selling her shirt of a condo to co owner Dave, Devin who is selling his 10 unit apt building). (Section 475.215 (1), Florida Statutes) A Florida . Gails contract with Freds employing broker promises 3% commission. of these which termination of an agency relationship would be due to accomplishment of purpose? 1. the state real estate board (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? 1. termite damage 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. (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). Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. 4. a firm has some salespersons working as independent contractors and others working as employees, two brokers agree to only market their services in specific areas of the community, dan and daisy enter into a buyer broker agreement. Which of these situations would be considered a subagent relationship? 3. give it to bob Based on the residential lead based paint hazard reduction act, what must a seller do? What do his clients give up when he represents them both as a dual agent? at what point should a seller give the residential property and owners association disclosure statement to a buyer? 3. a person working for a multiple listing service 4. give it to the seller, it would not be considered commingling of funds if: He quickly receives an offer and earnest money check from Billy. The seller is not legally required to pay a commission to any broker. A buyer submits a written offer and the seller accepts it. 3. no, if sally filed for bankruptcy Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. 1. yes, if sally is the broker 2. non functioning furnace 4. impermissible, unless approved by the local board of realtors, impermissible, unless the brother is licensed, the relationship between a seller and a listing broker is that of a(n): Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. This statement could be interpreted as: 4. both 1 & 3, A seller lists her house with a broker for $189,500. 3. revocation 4. both 2 & 3, which of the following items is the listing agent not required to disclose? University Drug would like to satisfy 99 percent of the prescriptions. ( Ben and Sara only, Ben Sara and Joe, Joe only, Joe ben Sara and all other affiliated licensees), Joe, been, Sara and all other affiliated licensee (in Nc all affiliated licensee have the same agency with all brokerage client unless they appoint designated agents) page 73, Justin represents both the buyer and the seller in a real estate transaction. 9500 1. when the listing is taken 1. buyer broker agreements cannot be assigned Mark sells the property. 3. violates both RESPA and regulation Z Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. Assuming that all of these listings are valid, which of the following statements is true? 1. a dual agent Jan's salesperson delivers the funds to her broker, who places the money into escrow. 1. accept, of behalf of the seller, a promissory note as an earnest money deposit 1. yes, if jon is the client in this transaction, what is the relationship between bill and gene? 4. no one, A broker shows one of her listings to a prospective buyer. 3. restricted agency If the salesperson still has the earnest money deposit check on Friday, what should be done with it? While showing a property to his client, the broker learns something that might influence the sale. 1. subagency 3. orally 2. the broker may tell the buyer that the seller is willing to accept a lower offer 1. seller and purchaser 2. present the second offer 1. no, only joe may terminate the contract without a breach He informs the buyer that there are no terms or termite damages in the house. 1. open listing 1. obedience Which party breached the listing agreement? 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. Steve is furious and demands his commission. 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. 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? What event will create a seller agency relationship between Lisa and one of the brokers? It takes five days for the order to arrive. 4. none of the above could be involved, Susan has a listing agreement with Tom to sell his house and an adjoining lot. 1. express Select one: Has the broker done anything wrong? 2. when the option period expires 3. real estate broker In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. 3. a special listing The broker must: 3. to be accountable for documents and funds When Ralph dies, his daughter (also a broker) inherits the brokerage business. 2. exclusive agency When will Susan earn her commission on the adjoining lot? 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: 2. set by the realty board (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. 3. confidentiality Salesperson Gary calls, identifies himself, and asks for the key to show the property. 2. local association of realtors 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). (no or yes), no. 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. A buyer submits a written offer and the seller accepts it. 4. yes, assuming all other elements are satisfied, no, because the term is potentially indefinite, A seller wants to list a property with a broker, but hopes to sell it herself in order to avoid a commission. Before showing the buyer Jacks property, Sophie should (amend the agreement to authorize dual agency and get Jacks signature, ask her broker in charge for an exemption, ask Jack to execute a new listing agreement, get Jacks verbal agreement), amend the listing agreement to authorize dual agency and get Jacks signature, Broker Hannah obtains an exclusive listing for Hannah Smith Realty. 4. none of the above, An owner lists a home with a broker for $72,000. After two weeks of focused searching, Steve finally finds a buyer to make an offer. 0000003551 00000 n 4. exclusive right to sell listing, when does an open listing terminate? Ben shows the property. Where would the salesperson obtain approval for such an arrangement? 1. use the services of another broker May Jill terminate the agreement without breaching the contract? (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. Who, if anyone would be considered a dual agent in this scenario? 1. universal agency 2. implied (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? 1. a real estate salesperson handling referrals only 3. inform any prospective buyer of the condition of the roof Jones sells the property for $65,000 without telling Smith about the development. 3. it should be immediately given to the seller (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? (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. 3. the salesperson that obtained the listing Y/N? He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. 1. obedience 2. advise the probate court of her intent to assume responsibility for the listing agreements Julie replies that to the best of her knowledge the roof is in good shape. If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? 2. open listing He listed with a different brokerage firm. 1. deposit it in her escrow account Phil takes a listing on January 3rd. 1. no, because it is a material fact . However, Barnwell cancels the listing agreement two days later, before Ben has time to act. 1. a client Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. Which of the following listings would best serve Mr. Hardcase's interests? Over the course of the afternoon, four prospective buyers visit, and Cara allows them to walk through the property on their own. 1. say that the seller will accept a few thousand less This situation could involve all of the following agency relationships except: 3. the broker has violated a fiduciary duty 3. exclusive right to sell listing . 4. a net listing, After the death of his wife, a property owner lists his property with a broker. 3. if the owner abandons the property 1. open betty enters into a listing agreement with cheryl the seller. 2. yes, because she is legally justified 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. 3. the tenants 1. he was licensed at the time of the sale Peter signs a listing contact with ABC realty to sell his property. C. Jan and Jenny 3. yes, because jones did not increase the list price 3. bankruptcy of the seller Both have authorized dual agency. Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 1. jan 3. reimbursement for out of pocket expenses What should the broker do? T/F A personal representative who creates a pattern of sales does not need a real estate license. The broker subsequently learns that the property is in foreclosure. c. need not maintain complete and accurate trust account. (At home show when someones stop by the booth and picks up marketing materials, at an initial listing appointment where you inspect the property and start to learn about the seller, at an open house when a prospective buyer walks slowly through each room, in your office when a man comes in off the street and asks about the price of one of your listings), At an initial listing appointment where you inspect the property and start to learn about the seller. 0000007696 00000 n 3. universal agency 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. 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. Assuming the agreements are valid, which of the following statements is correct? However, Sally subsequently falls on hard times. Which agency relationship requires the written consent of both parties to the transaction? Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. 1. inform the seller D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. Buyer Maggie has no buyer broker contract. 3. Who is a dual agent in this scenario? As long as broker Bridget includes a link to the WREAB on her website and in every email to a prospective client, she has met the requirements for proper agency disclosure. 4. accounting, Jan accepts Jenny's offer to purchase. by jwkotler@mac.com, <]/Prev 537971/XRefStm 2270>> 3. when the property is sold 3. real estate broker the listing broker has exercised due care and loyalty to his principal. 4. general, which of the following persons would likely not be an agent? 2. open listing 2. an exclusive agency listing 2. it should be immediately given to broker bob 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. 2. dual agency 1. universal agency Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. 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 2 & 3, a seller tells a broker that she wants him to sell her house. Buyer Phillips spends an entire day going from open house to open house. 1. it should be immediately given to broker alien 1. open listing 1. 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 1125 You keep this information to yourself. An exclusive right-to-sell 4. voic, Ralph is an independent broker. A. 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