4. accounting, Sam Slick lists his home with Clueless Kelly, a broker. 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. 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. 3. buy and sell property in his own name If you have consumers in more than five area codes, you must buy annual access to those area codes. 3. real estate broker 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? (criminal prosecution, liability for damages due to a rescinded transaction, loss or suspension of license, loss of a commission associated with the transaction), Pam a broker at Rob Realty is the designated agent for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. The listing broker and selling broker split the commission at a 75/25 ratio. (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. The broker has breach (the duty of confidentiality, duty of disclosure, duty of fair dealing, no fiduciary duty). By withholding this information, the broker is negligent in his fiduciary duty of: (buyers agency, dual agency, sellers agency, single agency). The seller listed with Broker C and the house ended up selling for $76,000. However, Broker Joe files for bankruptcy before the property actually does sell. 1. an oral agreement 3. unassignable One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. 1. broker representing buyer and seller, with consent of both All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? Find out how you can intelligently organize your Flashcards. Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 2. mark must split his commission with bert and gail 1. agent of both the seller 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? 3. the seller 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. 3. designated agency (Signed) Sadia." Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. 3. death of the principal 2. notice 3. give chaney another offer that she is sure to reject 3. an exclusive right to sell listing Select one: How much does the selling salesperson earn from the sale after deducting expenses of $35, {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Chapter 15","payreferer_url":"\/flashcards\/copy\/chapter-15-308298","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. 2. the seller only pays the broker who produces a ready, willing, and able buyer Is the listing still effective? 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. 1. a full commission because he fully performed 2. implied 2. selling broker c. need not maintain complete and accurate trust account. 4. an agent for the buyer and seller, a listing agreement will automatically terminate: What should Ben do with the earnest money that he received with the offer to purchase? can Sadie tell Velma that Stan would accept $5000 below list? 4. when the offer to purchase has been signed and accepted by the seller, when the offer to purchase has been signed and accepted by the seller, in order for a dual agency to be legal, it must be: 3. managerial 1. open listing 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 3. out of pocket expenses, but only if the client is in breach The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Broker Glenn brings Mark a listing contract with a seller. 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. Which of the following statements is TRUE? 2. revoke the licenses of both brokers How much will the cost be to Mr. Kyle in special assessment taxation? 4. exclusive right to sell listing, when does an open listing terminate? 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. 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: 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. 3. violates both RESPA and regulation Z 2. jim, a broker, advertises that his firm will only represent buyers 2. open listing Mr. Salesperson committed two ethics violations. 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. 1. co brokers 4. as many as the owner chooses, a special agency empowers the agent to perform: After two weeks of focused searching, Steve finally finds a buyer to make an offer. 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror <]/Prev 537971/XRefStm 2270>> You keep this information to yourself. 3. an attorney in fact Herb buyer client Jim is interested in Ricks property. 1. suspend the licenses of both brokers 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. (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. What is Caras relationship to her visitors? 1. mutual consent Buyer Phillips spends an entire day going from open house to open house. 3. orally 2. no, so long as the farm sells at or above the list price 2. notice 3. three There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). 4. yes, if both parties agreed, Wally Wells, a licensed salesperson, listed Parcel A under an open listing agreement and Parcel B under an exclusive right-to-sell listing agreement. advise the owner that this restriction is illegal. 1. yes, because henry breached the agreement 0000002700 00000 n Select one: 3. deposit earnest money in her escrow account Cram has partnered with the National Tutoring Association. 4. the salesperson is not a party to the agreement, buyer broker agreement terms may be disclosed to customers, all of the following are examples of dual agency except: Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 1. is common practice 1. the broker is only an agent for the buyer Proper agency disclosures have been made. 2. no, unless the offer was at or above the list price 1. the seller 3. selling salesperson 2. jenny 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). 3. not valid unless its in writing Please upgrade to Cram Premium to create hundreds of folders! 1. no, because jones did not buy the property himself 1. 3. expiration of the agreement 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. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? this agreement is: Has Jones breached his fiduciary duties? What is the sales agent's relationship with the broker and the seller? 4. all of the above, which of the following listings will permit an owner to sell his property without paying a commission to any broker? 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. (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? However the listing agent recognized the early signs of termite infestation. 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. which of the following statements is true for the situation? 2. exclusive agency 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: Based on past experience, the owner thinks that females cause less damage. 3. open buyer agreement (becky who is selling newly built home, bob who is selling his home to his son, Cathy who is selling her condo through a broker, Evan who is selling his 10 unit home), Cathy who is selling her condo through a broker (exceptions for this are transfers to spouse or child, sales to or from gov agencies, transfers of newly constructed homes), a seller instructs a listing agent NOT to disclose a defect hidden behind a paneled wall. 2. as soon as a prospective buyer enters the brokers office 3. real estate broker 1. no, only joe may terminate the contract without a breach (a)Would Bo be ent On the other hand, if I hired one of the new real estate firms, I would cut my agent commission down to 1 percent, saving me $12,000.

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