3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror He falls in love with the property and makes the purchase without David's assistance. FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. 1. the seller After Jenny purchases the property, John demands his commission. 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. Albans, NY Closing in 4 weeks. What type of listing did Sam have? 4. Which of these statements is TRUE? 4. the seller would be in violation of the fair housing law, all of the following circumstances will automatically terminate a listing brokers agency agreement, EXCEPT 0000007696 00000 n 4. the death of the salesperson, National Topic Tester - Practice of Real Esta, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Operations Management: Sustainability and Supply Chain Management, CSCP MOD 2 CH 12 SEC A | Exam Success CH 4. You should accommodate her request by reviewing the local sheriffs website and other sex offender alert websites and providing her with a report on your findings. 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): 2. two commissions because wally was the procuring cause 4. universal agency, Jon lists his home with Paul. 3. an exclusive agency listing of these which termination of an agency relationship would be due to accomplishment of purpose? 2. implied 3. give it to bob 3. After two weeks pass without being shown a satisfying property, Billy revokes the agreement. The sales agreement is signed. Jenny's salesperson delivers the downpayment to Jan's salesperson. 4. give it to the seller, it would not be considered commingling of funds if: 0000003074 00000 n Out of this amount, 5 percent is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60 percent belongs to the cooperating broker. . 3. a salesperson represents both buyer and seller (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. You may search five area codes at no charge. 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. Proper agency disclosures have been made. Corcoran's broker discloses this fact to prospective buyers. 4. general, which of the following persons would likely not be an agent? 4. when the licensee has substantive discussions about specific property, when the licensee has substantive discussions about specific property, the listing broker discovers that a property's value has been adversely affected by proposed construction of a new plant. a friend of yours tells you that Clyde and his wife are getting a divorce. The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. 1. use the services of another broker 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? Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. What may the broker do when showing the property to prospective buyers? 1. a broker's undisclosed representation of both buyer and seller all of the following persons may act as escrow agents except: A buyer's broker presents an offer for property listed by another broker. (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. 3. no, because jenny found the property on her own T/F? On February 1st, Phil was killed in an automobile accident. 2. general agency Which of the following statements is true about this situation? What type of listing should the broker acquire? T/F? 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. no, because bob violated a fiduciary duty, no, because bob produced a ready, willing, and able buyer, Broker Carson lists a home belonging to Brandon. 3. agent and subagent He agrees to list property owned by a favorite charity and forgo commission on the deal. Has the broker done anything wrong? Which of the following statements is correct? 1. foster must only pay ruotolo 1. single agency Please upgrade to Cram Premium to create hundreds of folders! 2. revocation by the principal Each additional area code costs $54, up to a maximum annual fee of $14,850 for . 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. 3. general agency 3. exclusive right to sell 1. no, only joe may terminate the contract without a breach 2. advise all prospective buyers of the pending foreclosure 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? Two days later, David demands a commission. 1. correct, so long as the agreement was written this agreement is: (brokers are required to present to those bidding at auctions, brokers can use it for commerce properties if they choose, brokers must retain the acknowledgement panel, brokers must present it to all open house visitors), brokers much retain the acknowledgement panel (for three years after the termination of the agency relationship or the close of the transaction whichever is later. He's not sure if he will be able to afford the monthly payments at that rate and asks Brenda to keep it to herself for now. Broker E tells the landowner that she can sell the lots. the listing broker has exercised due care and loyalty to his principal. 3. exclusive right to sell listing 3. a ready and willing buyer has been found, but no commission is due 2. the broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree of the owner. University Drug would like to satisfy 99 percent of the prescriptions. T/F? Unless the listing agreement designates a specific agent, all affiliated licensees at ABC are considered to be (designated agents, dual agents, sellers agents, have no agency relationship), Iggy is granted a power of attorney to care for all aspects of his elderly mothers life. 0000007875 00000 n 3. upon tom's acceptance of petes offer of the option Fred later abandons the listing. 1. 4. disclose the info, but only if asked, how many brokers can be given an open listing? In fact the roof has a leak that her seller client never told her about. This situation could involve all of the following agency relationships except: The listing broker and selling broker split the commission at a 75/25 ratio. When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. 2. agent of the seller and sub agent of the broker 3. real estate broker 3. billy owes bobby for damages 3. special agency 7. Which of the following listings would best serve Mr. Hardcase's interests? 3. foster must only pay ruotolo, and ruotolo will split the fee with gray a. must not profit from private contracts at the expense. 4. none of the above, how can an agency relationship be created? 2. time 3. net listing Jan's broker owes a fiduciary duty to: 2. an exclusive agency listing Garrick of Cardinal Realty is a buyers agent for client Tara. 1. the listing becomes an open listing 3. no, unless joe is in breach of the terms 2. an open listing 2. local association of realtors 2. the selling broker 1. obedience 2. a customer 3. yes, unless a 6% commission is excessive 4. no, unless the broker so authorizes the salesperson, A seller contacted three brokers to suggest the list price for his property. University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. Select one: 2. wilma may terminate the listing 1. reject the offer in accordance with his duty of due diligence Phil is the managing broker of Wildcat Realty. which term best describes these relationships? With a power of attorney, the husband. (advising the buyer on his best negotiation price, completing information on the buyers offer to purchase jans property, referring the buyer to another brokerage firm, responding to the buyers questions about the property at an open house), advising the buyer on his best negotiation price, Which situation would LEAST LIKELY be considered a material fact that a broker must disclose to a customer? 1. a full commission Samuels can only purchase the property after informing Puckett of the zoning change Based on these facts, the real estate professional will be treated by the IRS as 4, yes, because corcorans status is protected by federal fair housing laws, yes, because it is contrary to corcorans interest, which of the following listing agreements is LEAST likely to specify a commission rate? 1. an exclusive agency 1. exclusive agency listing 2. only a buyer's agent 3. listing broker 2. destruction of the property 3. orally In this situation, which of the following statements would best describe the position of the XYZ Broker? 1. is common practice Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. Based on past experience, the owner thinks that females cause less damage. %PDF-1.4 % 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? 1. an oral agreement 3. disclosure 2. implied (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. Billy grows increasingly suspicious of Bobby's abilities. 3. yes, but dan risks causing a breach himself 2. 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period 4. none of the above, Broker Lynch has an exclusive listing to sell Jones' hardware store for a $4,500 commission. c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . Is he legally allowed to do this? Which type of agent has the greatest authority? 1. wilma must maintain the listing with fred until the expiration date 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. 1. yes, if sally is the broker 1. mutual agreement 9. (Section 475.215 (1), Florida Statutes) A Florida . 3. force both to refund the commission 2. foster owes two full commission 2. the broker is only an agent for the seller He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 2. 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? 1. mutual consent 2. special agency 3. the broker has violated a fiduciary duty 2. yes, so long as jenny purchased property similar to the one described in the agreement 1. earning interest for the broker T/F A person does not need a real estate license to be a property manager. In NC a seller must provide specific documentation to a potential purchaser regarding the condition of the sellers pretty prior to entering into a contract. Jan's salesperson delivers the funds to her broker, who places the money into escrow. A. Mr. Gregory is Gary's principal (another broker in the firm must represent her mother, if the seller has consented to dual agency the brokers interest does not need to be disclosed, the broker should provide the seller with a verbal disclosure of her interest in the transaction, the broker should disclose her interest in the transaction to the seller), the broker should disclose her interest in the transaction to the seller, Jane and Paul are affiliated brokers working for employing broker Evan. 2. two Received from Bo $1,000 on account of $75,000 purchase price of Lot No. A Seller's broker owes to the Seller the fiduciary duties described below. If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? Introducing Cram Folders! such an action: b. Broker Rudy receives a fourth offer which is also $2,500 below the list price. 1. buyer 1. a full commission because he fully performed 3. 2. incorrect, because the agreement is valid for a reasonable amount of time 3. out of pocket expenses, but only if the client is in breach 4. related acts, the legal relationship between broker and seller is generally: 2. exclusive agency listing The listing broker gives the listing salesperson 30 percent of his commission and the selling broker gives the selling sales person 30 percent of his commission. 1. disclosed orally prior to negotiations While Smith is out of the country, the Mayor announces a development plan that will include Smith's land (causing it to double in value). what is NOT a fiduciary duty that an agent has towards his client? 0 1. lender The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. What is the sales agent's relationship with the broker and the seller? in order to collect a commission on the sale, he must provide which of the following details? 1. open listing 1. a dual agent 1. he was licensed at the time of the sale 2. place a for sale sign on the property The owners have been interviewing sales people from different firms. If she intends to operate the firm and keep her father's listings, it is necessary that she: See you in court! 3. no commission so long as wally was not the procuring cause 2. half of the commission 3. death of the principal A buyer submits a written offer and the seller accepts it. (the current owner believes the house is haunted, nearby factory expanding to 247, the well water is undrinkable, several window frames are warped), the current owner believes the house is haunted. 2. no, unless there is a mutual agreement between dan and daisy One day, Jon wakes up and decides that he no longer cares for Jacob's personality. yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? 1. leasing property 2. the property owner 2. special agency 1. no, because jones did not buy the property himself 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. 3. obligations 1. owner selling or leasing their own property 2. licensed attorney at law 3. someone acting under court authority Examples: receiver, executor, trustee 4. auctioneer employed by the owner 5. property manager who works for owner or broker who only: 1) shows units 2) executes and delivers leases 3) assists in clerical tasks 2. time Jill becomes nervous and seeks to terminate the listing agreement. 3. her broker Select one: 3. 4. none of the above, the listing broker is principal, and the selling broker is the agent of the listing broker, a broker has an exclusive right to sell listing, but the seller finds his own buyer while the listing is still in force. Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 4. the broker is unrestricted because he represents the buyer, which of the following actions would create an agency relationship? The homeowners on both sides of the street are charged special assessment taxes to cover the cost. 2. if the property is destroyed by fire 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 4. accounting, Jan accepts Jenny's offer to purchase. 1. set by the MLS 4. two salespersons in a firm represent a different buyer and seller, a broker could as a fiduciary in all of the following functions, except: 2. as chaneys agent, inform the prospective buyers that the offer is rejected 1. transact matters of all types for the client Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. Can Jon terminate the contract? 3. attach the check to the contract and file it On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. Select one: this agreement is: Advise the probate court of her intent to assume responsibility for the listing agreements 2. the buyer 2. the average commission 1. if the selling agent changes brokers (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. (buyers agency, dual agency, sellers agency, single agency). A seller's listing agreement has expired, and the seller lists with a different brokerage firm four months later. (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. 1. his or her employees Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 3. seasonal flooding 4. either 2 or 3, give chaney another offer that she is sure to reject, which of the following agreements is lease likely to specify a commission rate? 3. he was procuring cause of the sale 3. Jim, the original listing agent, now has a buyer interested in the seller's property. 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