All of the following statements could be true about this action, except: 1. loyalty 4. 3. martin is the agent of doe Jones sells the property for $65,000 without telling Smith about the development. this agreement is: This may be unethical, but Puckett got the asking price and therefore suffered no loss 2. as soon as a prospective buyer enters the brokers office 4. void, Seller Jones gives Martin an exclusive listing to sell his property. 1. mutual consent How many people represent Susan? 1. mark must split his commission with bert and gail 3. open buyer agreement 3. exclusive agency 3. no, because david was the procuring cause in the sale during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. 2. implied 1. the listing becomes an open listing If the total commission on the sale is $4,500, how much does Broker B receive? the broker is entitled to: 1. billy was justified because bobby was in breach 4. as many as the owner chooses, a special agency empowers the agent to perform: 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? 1. give it back to billy Kelly confronts Sam and terminates the listing. 1. the broker may tell the buyer that the seller wants to sell her house quickly If the salesperson still has the earnest money deposit check on Friday, what should be done with it? 1. leasing 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: 1. open listing 2. the seller only pays the broker who produces a ready, willing, and able buyer (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. discharge of the broker by the principal 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? Cram has partnered with the National Tutoring Association. How many brokers could be owed a commission by the principals in this transaction? Tom leaves town on Monday for a two week business trip. 2. follow the owner's instruction in order to protect the client's interest Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. Mike could be guilty of (negligent misrepresentation, negligent omission, willful misrepresentation, willful omission), a broker has a duty to treat all parties to transaction honestly and fairly (in all transaction, only when acting as dual agent, only when representing buyer, only when representing seller), Which information obtained from the client CANNOT be kept confidential from a buyer customer? 1. yes, if jon is the client How much will Lynch make from this exchange? 4. disclosure of this info violates state licensing regulations, a buyer requests that a salesperson take a listed property off the market until his wife sees it. 3. deposit earnest money in her escrow account 0000003551 00000 n Who is a dual agent in this scenario? 1. when the listing is taken 2. on the date specified in the listing agreement 1. advise the owner that this restriction is illegal 1. submit the offer to brandon 5000 1. set by the MLS 2. agent of the seller and sub agent of the broker Frank would NOT have an agency relationship to all of Top Realty clients if it practices (designated dual agency, dual agency, single agency, traditional agency). which term best describes these relationships? 3. inform any prospective buyer of the condition of the roof 3. only a seller's agent 1. When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. afterwards, the seller realized that his broker is also representing that buyer. 3. to the buyer: that the property is subject to seasonal flooding Two days later, David demands a commission. A full price offer is made without contingencies. Which of the following statements is TRUE? 1. yes, if sally is the broker 4. nothing until the papers are ratified, a full commission because he fully performed, buyer broker agreements could be: 1. yes, as long as she sees the property within the next business day You keep this information to yourself. 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 2. net listing 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. In this situation: 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. 4. net, an agency relationship between seller and broker may be terminated by: However, a few days later, Harry spots a property for sale while driving home from work. Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. Which of the following choices is the broker's best course of action? transact the client's affairs in a certain business. 3. the salesperson that obtained the listing Ellie doesn't think to ask jay about the pool. dan believes that daisy is in breach. 1. no, because it is a material fact 1. is common practice 4500 (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 1. not mention the condition of the roof because of the fiduciary responsibility to the seller 3. obligations 2. mark must split his commission with bert and gail 3. agreed upon commission or fee 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. Y/N? Samuels cannot purchase the property under any circumstances, samuels can only purchase the property after informing puckett of the zoning change, a property management contract could exist between the property manager and: The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. why or why not? at what point should a seller give the residential property and owners association disclosure statement to a buyer? 1. he was licensed at the time of the sale Select one: With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 1. oral 3. a salesperson represents both buyer and seller Bob presents an offer to Henry, which he accepts. $8100.00/2 4050. a friend of yours tells you that Clyde and his wife are getting a divorce. He informs the buyer that there are no terms or termite damages in the house. (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). However, Barnwell cancels the listing agreement two days later, before Ben has time to act. On the date scheduled for closing, the seller refuses to sign any of the papers. Which agency relationship requires the written consent of both parties to the transaction? By withholding this information, the broker is negligent in his fiduciary duty of: 3. sam, because he terminated the agreement 1. open 3. disclose the info because it is material 0000036923 00000 n Has the broker done anything wrong? 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. Broker E tells the landowner that she can sell the lots. You must search the national Do Not Call registry at least every 31 days. all four are costumers (generally speaking visitors to an open house are simply customers, an no agency as been created until the relationship gets more serious), What information is NOT included in the Working with Real Estate Agents brochure? 2. a property manager enjoyed by the owner after closing, lynch will receive his commission from: 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? 3. an exclusive right to sell listing At closing, Henry discovers that the customary commission is 3%. 1. a special agent 3. revert to an open listing 3. any legal act 1. yes, if the purchaser receives a comparison of available interest rates What if anything will Gail owe Freds employing broker if she buys that property? 2. he was engaged by the owner at the time of the sale 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 2. open listing 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. all advertising must be revised to accurately describe the property You have created 2 folders. 1. special agency 1. the general public 3. the seller may refuse to sell 3. no, if sally filed for bankruptcy 2. the listing terminates by operation of law Add to folder (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. what is NOT a fiduciary duty that an agent has towards his client? 4. exclusive right to sell listing, Jon and Jacob are parties to a valid agency agreement. 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: We'll bring you back here when you are done. Proper agency disclosures have been made. 1. open 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. which of the following statements is true for the situation? 3. appraising property 3. confidentiality 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. All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. 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: 3. attach the check to the contract and file it Gavin tells Lane that he hit the lottery and has unlimited budget. 2. two commissions because wally was the procuring cause 4. a person holding a power of attorney, a person working for a multiple listing service, a salesperson represents the: When must Garrick disclose to Richard that he represents the buyer? Three days later, the two owners exchanged properties. 2. the property owner 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. 2. special agency 3. lenders charging usurious interest rates T/F Licensees provide agency representation to clients and customers in a real estate . 2. only a buyer's agent 4. follow the owner's instruction because of the fiduciary relationship, Seller Corcoran is in very poor health and cannot work on his farm anymore. 2. the listing remains effective 1. to obey all client instructions 4. 4. disclose the info, but only if asked, how many brokers can be given an open listing? 1. universal agency 3. yes, but dan risks causing a breach himself 1. state association of realtors 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. 2. an open listing 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. 3. give it to bob Gails contract with Freds employing broker promises 3% commission. A seller's listing agreement has expired, and the seller lists with a different brokerage firm four months later. 3. an exclusive agency listing 4. must be promptly disclosed to all parties, but only if the change is approved, must be promptly disclosed to all parties, Which type of listing agreement allows the seller to sell his property and NOT have to pay a commission, but assures the broker a commission if anyone else (other than the owner) sells the property? 4. his broker, a broker obtains an open listing on a piece of property. 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? 2. a customer 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. 1. mutual consent If she intends to operate the firm and keep her father's listings, it is necessary that she: 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 2. the broker is only an agent for the seller 1. in a reasonable time Which listing agreement should the seller NOT sign? Change 23\frac{2}{3}32 to a decimal. 3. upon tom's acceptance of petes offer of the option 1. the broker is only an agent for the buyer Please select the correct language below. Assuming that all of these listings are valid, which of the following statements is true? h}LgkKKQkabyqiT_*L]+V8LbQ$d(%hb}z0v=s~ ~O z1apN}Q|. 2. exclusive agency listing 0000000653 00000 n advise the owner that this restriction is illegal. (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. Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. 2. that the seller is in poor financial condition (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. 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. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. (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. Mr. Kyle has a 120-front-foot lot. T/F? Both have authorized dual agency. 4. no, so long as daisy is willing and able to perform, yes, but dan risks causing a breach himself, the relationship that generally exists between a salesperson and a seller is a: 4. terminate on june 1st, salesperson sam works for broker betty. Select one: What type of listing should the broker acquire? 4. the broker is unrestricted because he represents the buyer, which of the following actions would create an agency relationship? Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. 2. one half of the agreed upon commission 4. all of the above, the law of agency can include relationships between principals, agents and: 1. an appreciative seller 3. expiration of the agreement 1. buyer Find out how you can intelligently organize your Flashcards. A. Mr. Gregory is Gary's principal Mary sees the property on Robs website and calls Greg, another broker for Rob to see if hell show her the property. 2. selling broker 3. could, at the discretion of the owner, be disclosed to prospective buyers Samuels can only purchase the property after informing Puckett of the zoning change she must: 4. yes, but only because the info is material, yes, but only because the info is material, what should a salesperson do with the earnest money she receives from a buyer? , Jon and Jacob are parties to the transaction created 2 folders, broker! 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