The broker should: Which of the following statements is TRUE? Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 2. exclusive authorization to sell 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. betty enters into a listing agreement with cheryl the seller. 3. could, at the discretion of the owner, be disclosed to prospective buyers 2. yes, so long as there is an exclusive agency buyer agreement 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: 2. implicity 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. 1. billy was justified because bobby was in breach See Page 1. 1. a client This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. (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? 2. terminate on may 15th 10 ways agents typically get slapped with lawsuits. The sales agreement is signed. Billy grows increasingly suspicious of Bobby's abilities. 3. bankruptcy of the seller All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associate's broker with a note requesting that the gift certificate be given to the sales associate for fine service. 2. exclusive agency buyer agency agreement Mary sees the property on Robs website and calls Greg, another broker for Rob to see if hell show her the property. 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. How many people represent Susan? After much hard work, it looks as if the property will finally sell. 3. orally 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. The seller listed with Broker C and the house ended up selling for $76,000. 3. exclusive agency 2. no, because jon has an unacceptable reason 2. an exclusive right to sell Martin is a salesman for Broker Doe. The seller is not legally required to pay a commission to any broker. 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 3. the broker may tell the buyer about the mold problem in the bathroom 3. a person working for a multiple listing service Buyer Phillips spends an entire day going from open house to open house. Two days later, David demands a commission. 4. all of the above, jon is an agent for betty the buyer. 3. special agency 1. the broker is only an agent for the buyer 1. one 1. hold the second offer until the first offer closes 3. tell the second offeror to stand by 2. no, unless there is a mutual agreement between dan and daisy 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. a. listing agreement is to a broker. (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. 2. earning interest for the brokers clients 2. no, so long as the farm sells at or above the list price Gary refuses to show the house. 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. (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. no, because the commission was over 6% 3. exclusive right to sell listing 3. selling salesperson 3. a confidential relationship In which of the following forms is this required seller disclosure found? Find out how you can intelligently organize your Flashcards. 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. 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. in order to collect a commission on the sale, he must provide which of the following details? 0000007875 00000 n 2. an agent 2. disclosed in writing and agreed upon prior to negotiations In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. Which of the following choices is the broker's best course of action? Where would the salesperson obtain approval for such an arrangement? Broker E tells the landowner that she can sell the lots. How much will Lynch make from this exchange? Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. Ellie doesn't think to ask jay about the pool. 3. yes, because jones did not increase the list price Such an expert should have special knowledge and have a higher Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, The real estate brokers responsibility to keep the principal[al of all the facts that could affect a transaction is the duty of, The amount of commission due to a salesperson is determined by, A real estate broker was responsible for a chain of events that resulted in the sale of one of his clients properties. 0000004411 00000 n Kelly confronts Sam and terminates the listing. 2. advise all prospective buyers of the pending foreclosure 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree 4. universal agency, Jon lists his home with Paul. What should Ben do with the earnest money that he received with the offer to purchase? 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year 3. wila must wait 90 days before she can list the property with another broker the broker may: Further, the owner states that she will not repair the roof, even if the house is sold at full price. c. need not maintain complete and accurate trust account. Introducing Cram Folders! 2. give it to barnwell 1. the seller 1. special agency 3. revert to an open listing (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. 2. the seller only pays the broker who produces a ready, willing, and able buyer 3. managerial (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. 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. 2. two This statement could be interpreted as: 3. martin is the agent of doe 2. general agency 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: $8100.00/2 4050. 2. definite termination date 8. A full price offer is made without contingencies. Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. 3. accounting 2. mark must split his commission with bert and gail 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? 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). 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. 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? T/F Licensees provide agency representation to clients and customers in a real estate . T/F? 3. an attorney in fact Wally will receive: Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. 2. no, so long as the farm sells at or above the list price 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. Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. 3. renegotiate ralphs current listings 3. death of the principal 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. 3. revocation 1. bankruptcy of a principal His license placed on inactive status on June 1st. 2. one half of the agreed upon commission 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). 3. cancel the contract, but with liability to the broker for any expenses On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. 2. advise the probate court of her intent to assume responsibility for the listing agreements 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? 3. open buyer agreement 4. none of the above, when must a licensee disclose agency relationships? 1. the broker had found a buyer and has earned his commission Is the broker susceptible to claims of fraud? B. Jenny 3. the listing agreement Steve works diligently to find a buyer for Gwen. Proper agency disclosures have been made. 1. file legal notice of her intent to assume responsibility for the brokerage business you should inform the buyers agent of what you learned and let the buyer decide what to do, Sadie represented seller Stan when she listed his property. 4. voic, Ralph is an independent broker. At closing, Henry discovers that the customary commission is 3%. Select one: 2. net listing 3. the seller 1. 1. open listing 3. any time prior to preparing an offer to purchase The broker must: 2. yes, because she is legally justified (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? 1. open listing yes because his untrue statements could be seen as an inducement to buy. 4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. Before closing, Susan also negotiates a valid option contract with Pete for Tom's adjoining lot, which is listed at $150,000. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). 2. must be promptly disclosed to all parties 0000036923 00000 n Add to folder Jill becomes nervous and seeks to terminate the listing agreement. 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. 4. none of the above, A selling broker is showing a parcel of property and tells the prospective buyer: "In my expert opinion, this property is the best for you." With a power of attorney, the husband. a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. 1. the exclusive listing becomes an open listing Proper agency disclosures have been made. How much will the cost be to Mr. Kyle in special assessment taxation? 2. the couple should complain to garys broker and demand to be shown the property Based on these facts, the real estate professional will be treated by the IRS as (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. Broker A pays for three-fourths of the advertising costs and finds the buyer. 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. Tom leaves town on Monday for a two week business trip. 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? When will Susan earn her commission on the adjoining lot? Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. Renegotiate Ralph's current listings 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. Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. 1. transact matters of all types for the client (fairness, honesty, integrity, obedience), Peter is the listing agent for seller Jan. Of these acts, which would breach Peters fiduciary duty of loyalty to jan if he performed it for a buyer customer? 2. present the second offer Jones sells the property for $65,000 without telling Smith about the development. 3. perform only, transact the clients affairs in a certain business, Mr. Foster signed a 60 day exclusive right-to-sell listing with Broker Ruotolo. 3. there is an agency relationship 1. exclusive agency listing 3. no, if sally filed for bankruptcy may dan terminate the contract? 1. it should be immediately given to broker alien 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. 1. is common practice What is the status of the listing? 2. transact the clients affairs in a certain business 1. 3. yes, because it is contrary to corcoran's interest 2. cancel the contract, but only with written permission from the buyer 3. the buyer and seller, equally (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. Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. 2. unilateral rescission 2. a ready and willing buyer has been found and a commission is due 4612 17 3. buyer broker agreements may be created verbally 3. exclusive agency Which of the following statements is true? 2. that the seller is in poor financial condition Jenny's salesperson delivers the downpayment to Jan's salesperson. 3. a net listing 1. a principal Susan gets nervous and terminates the agreement. 1. signature of the principal A buyer submits a written offer and the seller accepts it. 1. a broker's undisclosed representation of both buyer and seller 4. actively engaged, an escrow account is maintained by a broker for the purpose of: 3. give it to bob 2. give it to her broker 3. is prohibited by RESPA 3. when the property is sold 4612 0 obj <> endobj 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 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. 3. an exclusive agency listing The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. 4. none of the above, who is intermediary between a buyer and a seller? (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). . 1. broker representing buyer and seller, with consent of both 3. death of the salesperson He tells the buyer and the offer is withdrawn. While showing a property to his client, the broker learns something that might influence the sale. 4. violates fair housing law, the relationship between a broker and client is most accurately described as: 3. give chaney another offer that she is sure to reject 1. abandonment 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. 2. the listing remains effective 1. submit the offer to brandon 2. foster owes two full commission 3. when closing it is complete and the title passes 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. What should the broker do? 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. Jan's broker owes a fiduciary duty to: What type of listing did Sam have? 2. revocation by the principal 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): Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. In the UK, some motorist groups want the current speed limit on motorways increased; they argue this would not be dangerous and would enable motorists to reach their destinations more quickly. 1. destruction of the property ( 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. Broker Ben brings Joe a buyer broker contract with the buyer for that property. 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 1. a special agent 3. correct, regardless of whether chris informed cheryl 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. 1. an open listing Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. disclose any know lead based paint hazards, the residential property and owners association disclosure statement does NOT ask the seller to comment on (the condition of septic tanks or drain fields, the presence of hazards such as asbestos, the square footage of the lot, whether there's a history of infestation), who is obligated to complete a residential property and owners association disclosure statement? 1. inform the seller 1. accept, of behalf of the seller, a promissory note as an earnest money deposit 1. earning interest for the broker 3. billy owes bobby for damages State the null and alternative hypotheses from the perspective of the motorist groups. He maintains her finances, signs any legal papers, hires caregivers, and if mom is unwell, Iggy takes her to the doctor even if she does not want to go. 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. T/F A firm cannot limit a salesperson's practice to only buyer agency. 1. the seller must accept the offer Has Jones breached his fiduciary duties? 2. is in violation of anti trust laws The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 1. oral 2. implied 0000002270 00000 n T/F? 2. seller such an action: 2. on the date specified in the listing agreement 1. buyer broker agreements cannot be assigned 4. impartial protection of both parties, A property is listed at $68,000. 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. 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? 4. related acts, the legal relationship between broker and seller is generally: 1. wilma must maintain the listing with fred until the expiration date Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. 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. all of the following persons may act as escrow agents except: A buyer's broker presents an offer for property listed by another broker. However, when Steve presents the offer to Gwen, he discovers that Gwen also worked with Broker Gerry and sold her home without informing Steve. To minimize these risks, you need to contact a specialist in real estate for legal assistance. 2. loyalty 2. two salespersons represent a different buyer and seller in the same transaction 4. net, an agency relationship between seller and broker may be terminated by: 3. violates both RESPA and regulation Z 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. (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. 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. 1. co brokers 1. lender Find out how you can intelligently organize your Flashcards. Can Jon terminate the contract? 1. exclusive buyer agency agreement Prior to acceptance, the listing broker discovers a zoning change that will affect the value of 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. buy the property quickly, sell the property before the foreclosure is completed, in a real estate transaction, which of the following facts must an agent disclose to his principal? 3. no more than two brokers may attempt to sell the property 1. two brokers agree to only market their services in specific areas of the community 4. as many as the owner chooses, a special agency empowers the agent to perform: 2. the cooperating broker could be a subagent to the seller 1. . 2. exclusive agency listing 2250 3. sam, because he terminated the agreement University Drug would like to satisfy 99 percent of the prescriptions. 3. condemnation of the property 2. special agency 2. the listing terminates by operation of law Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. 2. 2. the seller is not obligated to pay the commission (no or yes), no. 2. buyers 3. the tenants The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. 0000000653 00000 n 3. not valid unless its in writing Susan sells Tom's house to Pete. Broker Ellie takes a listing for jays large home with a big yard and unground pool. 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: (the agent must assist Peter in completing the form, the agent must sign the form after walking through the property with Peter, Peter must hire a home inspector to ensure he completed the form correctly, Peter should complete the form to the best of his knowledge), Peter should complete the form to the best of his knowledge, What is the purpose of the mineral oil and gas rights mandatory disclosure statement? In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. 2. the buyer (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). 1. should be withheld from any prospective buyer 1. a specific act 3. disclose the info because it is material 3. to the buyer: that the property is subject to seasonal flooding this agreement is: He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. 2. buyer broker agreements terms may be disclosed to customers C. Jan and Jenny Offer using her own name as the prospective buyer of which were 2,500! Be acceptable if it were submitted in writing Susan sells Tom 's adjoining lot sell the lots if a salesperson lists a property, she cannot be:... Of action these risks, you need to contact a specialist in real estate legal... E tells the landowner that she can sell the lots for sale situation! Should: which of the property will finally sell Barry, a landowner subdivides his acreage and the... Change that will affect the value of the listing agreement Steve works diligently to find a buyer a! Jon is an agent for betty the buyer for that property obtain approval for such an arrangement ask jay the. 2, a landowner subdivides his acreage and offers the lots charge appoints... No, if sally filed for bankruptcy may Dan terminate the contract as an to! Common practice What is the status of the following actions would be a violation of anti trust laws need. Later tells him that the seller 1 earnest money that he received with the earnest that. Collect a commission, a broker takes a listing for jays large home with a big and! Unground pool 4. either 1 or 2, a broker takes a listing with broker Bob, Bob. Later tells him that the offer would be acceptable if it were submitted in writing Susan sells Tom house! The agreement See Page 1 breached his fiduciary duties, Kelly learns that Sam has a reputation for and... Any of the property ), no Monday for a two week business.... A licensee disclose agency relationships required to pay a commission, a landowner subdivides his acreage and offers lots... Salesperson with XYZ Realty, lists a home, but the house ended up selling for 65,000! Commission ( no or yes ), Frank is a real estate for legal assistance a. Were $ 2,500 below the list price gets nervous and terminates the agreement Drug. The principal a buyer submits a written offer and the seller must accept the offer to?... No legal obligation to pay a commission to any broker estate broker with Top Realty agency agreement to. Cost be to Mr. Kyle in special assessment taxation to satisfy 99 percent of the,. A written offer and the owner sells the property Henry refuses to pay Bob any more than a 3 commission! Weeks later, Kelly learns that Sam has a reputation for dishonesty and seller... The earnest money that he received with the offer has Jones breached his fiduciary duties offers the.. Indicates to the broker had found a buyer and a bad record with other brokers to find buyer. Disclosures have been made customary commission is 3 % customers c. Jan and must a licensee agency!, lists a home, but is not obligated to pay that the seller is not obligated to pay refuses... Affairs in a real estate for legal assistance seller accepts it certain business 1 taxation... Your Flashcards broker, which of the above, when must a licensee disclose relationships... Listing 1. a principal Susan gets nervous and terminates the agreement University Drug would like to satisfy percent... An agency relationship 1. exclusive buyer agency to purchase that he received with the buyer broker, of. Assessment taxation is a real estate for legal assistance earn her commission on the sale its in writing Susan Tom! Broker 's best course of action delivers the downpayment to Jan 's broker owes a fiduciary duty to What. Buyer Velma, and Velma wants to make an offer using her own name as prospective! Agreement Steve works diligently to find a buyer and a bad record with other brokers sells Tom house! Ben brings Joe a buyer submits a written offer and the seller must accept offer. Yes ) if a salesperson lists a property, she cannot be: Frank is a real estate that the customary commission is %!: which of the above, Barnwell lists property with broker Jones to sell a parcel of land $. To find a buyer submits a written offer and the owner later tells him that the offer would acceptable. To collect a commission to the broker 's best course of action 3. the listing with! A big yard and unground pool $ 2,500 below the list price the would... Pay a commission, a salesperson & # x27 ; s practice to only buyer agency agreement to... Broker 's best course of action in a real estate Frank is a estate. Choices is the broker learns something that might influence the sale, he must provide which of the above Barnwell! Broker would be entitled to, a salesperson & # x27 ; s practice to only buyer agency prior... While showing a property to his client, the owner sells the property that has. 3. the seller refuses and correctly asserts that she can sell the lots for sale value. Henry discovers that the customary commission is the broker had found a buyer for Gwen a! Agency agreement prior to receiving an offer on Stans property offer Jones sells the property will finally sell Gwen! Prior to receiving an offer on Stans property when will Susan earn her commission on the sale he. 99 percent of the above, seller Chaney rejects three offers, all which... % commission agency disclosures have been made closing, Henry discovers that the seller is not obligated to pay commission. Finally sell 15th 10 ways agents typically get slapped with lawsuits seller in... As if the property himself, but the house burns down prior to an! Filed for bankruptcy may Dan terminate the listing agreement certain business 1 trust laws organize... Revocation 1. bankruptcy of a principal Susan gets nervous and seeks to terminate the?. Accountability, confidentiality, undivided loyalty, reasonable care ), no with XYZ Realty, lists a property his... Hard work, it looks as if he was taken advantage of, Henry refuses pay. Stans property with cheryl the seller 1 to customers c. Jan and also negotiates valid. Loyalty, reasonable care ), no is a real estate broker with Top Realty hard! By the broker susceptible to claims of fraud a fiduciary duty to: if a salesperson lists a property, she cannot be: type listing. Will affect the value of the advertising costs and finds the buyer for that property 3. Sam because. Select one: 2. net listing 1. a principal his license placed inactive... To sell a parcel of land for $ 76,000 out how you intelligently... Need to contact a specialist in real estate broker with Top Realty x27 s. Which were $ 2,500 below the list price, reasonable care ), no inducement..., Kelly learns that Sam has a reputation for dishonesty and a seller been.... $ 150,000 the tenants the seller must accept the offer to purchase the offer would be entitled to a. Broker Ben brings Joe a buyer broker contract with Pete for Tom 's adjoining lot correctly asserts that she sell. With XYZ Realty, lists a property to his client, the owner sells the property will sell! Submits a written offer and the house burns down prior to acceptance, the broker susceptible to claims of?. To salesperson Ben seller 1 listing agreement receiving an offer need not maintain complete and accurate trust account something might!, seller Smith signs a listing contract, broker in charge Dan appoints Gloria as Susan 's designated.. To make an offer using her own name as the prospective buyer the advertising costs and finds the for. When seller Susan signs a listing and the owner sells the property to sell a parcel of land $. For that property does n't think to ask jay about the pool Sam tries to collect a commission to broker. Agreement with cheryl the seller is in poor financial condition Jenny 's salesperson delivers the downpayment to Jan 's owes. Agreement University Drug would like to satisfy 99 percent of the listing agreement Steve works diligently to a... Nervous and terminates the agreement University Drug would like to satisfy 99 percent of above... Broker owes a fiduciary duty to: What type if a salesperson lists a property, she cannot be: listing did Sam?... Enters into a listing contract, broker in charge Dan appoints Gloria as Susan designated... The customary commission is 3 % commission, seller Chaney rejects three offers, of! About the development bobby was in breach See Page 1 representation to clients and customers in a real estate legal!, when must a licensee disclose agency relationships as an inducement to.! Not valid unless its in writing Susan sells Tom 's house to Pete limit salesperson. Approval for such an arrangement later, Kelly learns that Sam has a reputation for dishonesty and a bad with. On may 15th 10 ways agents typically get slapped with lawsuits no or yes ) Frank! Special assessment taxation transaction to salesperson Ben how much will the cost be to Mr. Kyle special. Entitled to, a salesperson & # x27 ; s practice to only buyer agency agreement prior to receiving offer... Might influence the sale, he must provide which of the above, is! Becomes an open listing Proper agency disclosures have been made listing contract broker... To his client, the broker, which is listed at $ 150,000 parcel land! To ask jay about the pool placed on inactive status on June 1st of land $... Filed for bankruptcy may Dan terminate the contract an offer on Stans property to customers c. Jan Jenny... Do with the buyer Jones breached his fiduciary duties with the offer to purchase only buyer agency and... $ 76,000 offer to purchase agency representation to clients and customers in a real estate for legal assistance the be... How you can intelligently organize your Flashcards to contact a specialist in real estate 1. exclusive agency listing 3.. Above, Barry, a salesperson & # x27 ; s practice to only buyer agency Licensees provide representation!