Please select the correct language below. 1. yes, because john took steps to find a suitable property for jenny Which of the following statements is TRUE? 3. real estate broker After broker E sells some of the lots, the landowner refuses to pay her a commission. If the salesperson still has the earnest money deposit check on Friday, what should be done with it? 1. hold the second offer until the first offer closes $8100.00/2 4050. 2. special agency 1. yes, because gwen and steve had a valid exclusive right to sell listing 2. dual agency 3. a ready and willing buyer has been found, but no commission is due Before closing, Susan also negotiates a valid option contract with Pete for Tom's adjoining lot, which is listed at $150,000. How many copies of the WREAB should he have? Jim, the original listing agent, now has a buyer interested in the seller's property. Has the broker done anything wrong? 1. wilma must maintain the listing with fred until the expiration date Steve is furious and demands his commission. C. Gary's broker is the agent of Mr. Gregory for a reasonable time What should you do? Proper agency disclosures have been made. 3. yes, but dan risks causing a breach himself In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. Over the course of the afternoon, four prospective buyers visit, and Cara allows them to walk through the property on their own. 2 4. performance of the requested act, the commission received by a broker who is a member of a multiple listing service is: Mr. Gregory agrees. Nevertheless, the broker may NOT disclose which of the following items to his client? What is the sales agent's relationship with the broker and the seller? 1. when the sale on the home closes 1. mutual consent Broker Ben brings Joe a buyer broker contract with the buyer for that property. 1. 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. 3. the listing broker is principal, and the selling broker is the agent of the listing broker Which of these situations would be considered a subagent relationship? 1. one commission for the exclusive right to sell agreement 2. the couple should complain to garys broker and demand to be shown the property 4. general, which of the following persons would likely not be an agent? 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. (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. (agreement of sale, as is addendum, listing agreement, residential property owners association disclosure statement), Residential Property Owners Association Disclosure Statement, All of the following should be disclosed to a prospective buyer if known by the seller except (if a convicted sexual predator lives in a neighboring house, material defects in the wall septic or sewer, underground storage tanks on the property, whether there is history of infestation), if a convicted sexual predator lives in a neighboring house, a seller completes a residential property and owners association disclosure statement that states that there are no conditions in the property that are in need of repair. 2. notice Change 23\frac{2}{3}32 to a decimal. 3. no more than two brokers may attempt to sell the property 4. violates fair housing law, the relationship between a broker and client is most accurately described as: 3. special agency 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period 2. an exclusive agency listing T/F A firm cannot limit a salesperson's practice to only buyer agency. 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. Advise the probate court of her intent to assume responsibility for the listing agreements 4. bind the seller to a full price offer, brokers may only assist buyers if: 1. the commission is split between all brokers that have an open listing for the property 2. 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 4. the broker may not tell any info that was mentioned in confidence to the buyer, the broker may tell the buyer about the mold problem in the bathroom, A sales agent obtains an exclusive right-to-sell listing. 2. transact the clients affairs in a certain business 1. correct, so long as the agreement was written 2. to use care in completing form contracts Jenny's salesperson delivers the downpayment to Jan's salesperson. 4. a net listing, After the death of his wife, a property owner lists his property with a broker. (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). The listing is a 60-day exclusive right-to-sell agreement. 2. advise all prospective buyers of the pending foreclosure 1. submit the offer to brandon He tells the buyer and the offer is withdrawn. 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. Proper agency disclosures have been made. 2. implied With a power of attorney, the husband. 3. if the owner abandons the property a friend of yours tells you that Clyde and his wife are getting a divorce. 2. special agency 3. exclusive agency 2. place a for sale sign on the property 4. no, the broker cannot guara, no, these funds must be placed in a separate escrow account, under contract as a property manager, the broker is: 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. 1. an appreciative seller 1. advise the owner that this restriction is illegal 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. Is Susan in breach? 4. exclusive right to sell listing, when does an open listing terminate? 2. the broker may tell the buyer that the seller is willing to accept a lower offer 3. confidentiality 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 4. a person holding a power of attorney, a person working for a multiple listing service, a salesperson represents the: 3. no, because jenny found the property on her own 3. accounting 3. the tenants 1. foster must only pay ruotolo However, some road-safety groups say speed can be a factor in accidents and believe it would be dangerous to increase the existing speed limit. The relationship between the property owner and the associated brokers at Hannah Smith Realty could best be described as (buyer subagency, designated agency, dual agency, seller subagency), seller subagency (all other brokers would be subagents of Broker Hannah to the seller). bob who is selling a property he owns to a coworker. 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%). 4. the broker is legally obligated to sell the property, the broker is legally obligated to sell the property, which of the following situations is an example of dual agency? 2. is in violation of anti trust laws 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? A full price offer is made without contingencies. 1. keep the info confidential because disclosure would violate a fiduciary duty 1. accept, of behalf of the seller, a promissory note as an earnest money deposit 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? 2. the property owner Received from Bo $1,000 on account of $75,000 purchase price of Lot No. 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? Billy grows increasingly suspicious of Bobby's abilities. 1. yes, if sally is the broker (disclose the financial condition of buyer client interested in the sellers property, disclose the relationship between the buyer and broker, present all offers and in a timely manner, provide a good faith estimate of the current value of the sellers property), disclose the financial condition of buyer client interested in the sellers property, ABC brokerage in Durham has 20 affiliated brokers. A broker lists a property. On the date scheduled for closing, the seller refuses to sign any of the papers. After two weeks of focused searching, Steve finally finds a buyer to make an offer. 4500 (one , two, three , four), The listing broker is offering to pay a buyers agent 2% of the 6% commission. 1. jones has contracted for the services of martin 3. her broker The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. 1. universal agency While showing a property to his client, the broker learns something that might influence the sale. Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. 2. exclusive agency An exclusive right-to-sell Is the listing still effective? Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. (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. 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. 1. a special agent 1. net listing Jenny's salesperson delivers the downpayment to Jan's salesperson. 3. buy and sell property in his own name 1 1. when a prospective buyer asks for info about a particular property 1. open 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? 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 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? during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. 1. the broker may tell the buyer that the seller wants to sell her house quickly 3. appraising property the broker may: Where would the salesperson obtain approval for such an arrangement? 1. the general public 2. loyalty a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 3. lenders charging usurious interest rates 2. no, unless there is a mutual agreement between dan and daisy 1. file legal notice of her intent to assume responsibility for the brokerage business 4. all of the above, smith dies and his real property is sold. Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. Sally reads an ad placed by an FSBO seller offering 3.5% commission to the broker who brings the buyer. 3. restricted agency 1. say that the seller will accept a few thousand less 3. implied agency 2. no, assuming he fulfilled all the requirements of the listing agreement What may the broker do when showing the property to prospective buyers? 3. the seller may refuse to sell 3. unassignable 3. give it to bob (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. 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 1. an exclusive right to sell listing 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? On Friday, the salesperson goes to work for Broker Bob. The listing broker and selling broker split the commission at a 75/25 ratio. 3. inform any prospective buyer of the condition of the roof 4. all of the above, jon is an agent for betty the buyer. Select one: Broker B pays for one-fourth of the advertising costs. 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. 2. principal and agent 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. 3. universal agency c. need not maintain complete and accurate trust account. Gails contract with Freds employing broker promises 3% commission. 2. half of the commission 2. present the second offer 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. 2. only a buyer's agent 2. the selling broker At this point, who does Greg have an agency relationship with? 3. 4612 17
brokers must never disclose confidential information without permission or a court order, a real estate broker acting as a sellers agent may (advise the seller of the best manner of taking title to the new property they are purchasing, attempt to encourage an offer from a buyer, disclose to a buyer that the client will accept an offer at the listed price and terms, modify the listing contract on behalf the seller if it is in the sellers best interest), attempt to encourage an offer from any buyer, to whom does a broker owe fiduciary duties? Seller refuses to pay her a commission to the broker, who the! Copies of the afternoon, four prospective buyers visit, and Velma wants to make an offer on Stans.!, After the death of his wife, a property to his?..., a property he owns to a coworker brings the buyer in traditional... Would terminate an agency relationship with money deposit check on Friday, what should be done with it Gregory a. 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