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? The broker subsequently learns that the property is in foreclosure. 2. half of the commission 3. Find out how you can intelligently organize your Flashcards. 1. yes, if the purchaser receives a comparison of available interest rates Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. 2. exclusive agency 1. a client If she intends to operate the firm and keep her father's listings, it is necessary that she: 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: Mary sees the property on Robs website and calls Greg, another broker for Rob to see if hell show her the property. 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. 2. mortgage broker 10 ways agents typically get slapped with lawsuits. 3. accepting the listing and give preferential treatment to female applicants 1. is common practice 2. definite termination date 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? 1. no, because jones did not buy the property himself 3. only a seller's agent 3. the seller may refuse to sell With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. He tells the buyer and the offer is withdrawn. Chris is: 2. loyalty Peter signs a listing contact with ABC realty to sell his property. based on past experience, the owner thinks that females cause less damage. which of the following statements is true for the situation? How much will Lynch make from this exchange? 3. billy owes bobby for damages 2. when the option period expires 2. He therefore tells the broker that he only wants to rent to females. Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. We weren't able to detect the audio language on your flashcards. C. Gary's broker is the agent of Mr. Gregory for a reasonable time This statement could be interpreted as: 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. Do you think you should share this information with Dories? 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. 2. yes, because she is legally justified 1. when the sale on the home closes Has Jones breached his fiduciary duties? Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. Does he now have 12 buyers agents representing him? Proper agency disclosures have been made. 5000 2. non functioning furnace why or why not? 1. if the listing broker goes bankrupt 2. buyer broker agreements terms may be disclosed to customers 0000002270 00000 n Cram has partnered with the National Tutoring Association. 1. sell the property before the foreclosure is completed 3. death of the salesperson 2. use the services of the salespersons in his own brokerage firm 1. when the listing is taken 3. no, unless joe is in breach of the terms A sales person may advertise a property for sale only if he or she . 1. he was licensed at the time of the sale 3. open buyer agreement 3. unassignable 0000007696 00000 n 3. a special listing 3. revert to an open listing 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? it indicates whether any mineral, oil or gas rights have been severed. 0000000016 00000 n The broker is entitled to: A full commission because he fully performed Under contract as a property manager, the broker is: fiduciary and general agent A. 3. special agency The listing is a 60-day exclusive right-to-sell agreement. 1. there is a written agreement 3. no commission so long as wally was not the procuring cause Oct. 2005. 2. revoke the licenses of both brokers 1. that a minority is moving into the area It takes five days for the order to arrive. 1. an appreciative seller Properties that are excluded from the MLS have NAR's Clear Cooperation rules that govern how they can be advertised and other considerations,. 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, because henry breached the agreement 6. 3. agreed upon commission or fee T/F A personal representative who creates a pattern of sales does not need a real estate license. The broker must: However, a few days later, Harry spots a property for sale while driving home from work. (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? 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. At this time, which of the following statements is true? Steve is furious and demands his commission. Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. However, the property is later sold by another broker. Based on past experience, the owner thinks that females cause less damage. 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. 4. the broker is unrestricted because he represents the buyer, which of the following actions would create an agency relationship? The seller instruct you not to tell any buyer about the accident. (1) The provisions of this chapter and the duties described in this section govern the relationships between brokers or salespersons and buyers or sellers and are intended to replace the duties of agents as provided elsewhere in state law and replace the common law as applied to . 4. expiration of time, all of the following statements are true of buyer broker agreements, except: 3. attach the check to the contract and file it 2. exclusive agency listing 4. impartial protection of both parties, A property is listed at $68,000. 2. special agency T/F A firm cannot limit a salesperson's practice to only buyer agency. 4. as many as the owner chooses, a special agency empowers the agent to perform: He walks away with a dozen brochures. in order to collect a commission on the sale, he must provide which of the following details? Which statement is TRUE? 2250 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. 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? A way of predicting the outcome of an event is known as ___. Based on these facts, the real estate professional will be treated by the IRS as 2. transact the clients affairs in a certain business 1. if the selling agent changes brokers 0000004668 00000 n 2. foster owes two full commission 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? 2. mortgage broker 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? 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. 2. a prospective buyer intends to violate deed restrictions that run with the land What should you do? Has the broker done anything wrong? Whenever real estate agents sell a home they are required to. Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. 2. discharge of the broker by the principal 3. agent and subagent 2 at 27 Y Street. 3. exclusive agency The real estate professional's entire income is from sales commissions rather than an hourly wage. 3. sam, because he terminated the agreement 1. the seller 3. confidentiality 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. 2. implicity 1. state association of realtors 3. to be accountable for documents and funds Which of the following statements is correct? 1. yes, because john took steps to find a suitable property for jenny 3. no, this violates the agency agreement 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. The owners have been interviewing sales people from different firms. (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. However, Barnwell cancels the listing agreement two days later, before Ben has time to act. 2. no, so long as the farm sells at or above the list price a. must not profit from private contracts at the expense. Which of these statements is TRUE? this relationship could exist by virtue of: 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: (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). 3. designated agency 1. correct, so long as the agreement was written 1. yes, because gwen and steve had a valid exclusive right to sell 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. a woman offers to buy property listed by her sister (a broker). If she intends to operate the firm and keep her father's listings, it is necessary that she: a. Select one: The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. Peter signs a listing contact with ABC realty to sell his property. 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? 2. a trustor relationship 3. give chaney another offer that she is sure to reject At this point, who does Greg have an agency relationship with? 1. co brokers Round to the nearest thousandth. Please sign in to share these flashcards. 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?

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