if a salesperson lists a property, she cannot be:

The listed commission is 6.5 percent of the selling price. 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? 3. not valid unless its in writing 4. both 2 & 3, a broker can do which of the following actions? 4. nothing until the papers are ratified, a full commission because he fully performed, buyer broker agreements could be: 3. all advertising must be revised to accurately describe the property 3. an exclusive agency listing He falls in love with the property and makes the purchase without David's assistance. 2. the property owner 1. yes, if jon is the client 3. rescind the listing There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). by jwkotler@mac.com, 2. exclusive agency listing 1. lender Do you think you should share this information with Dories? 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 2. an exclusive right to sell You have created 2 folders. 4. accounting, Sam Slick lists his home with Clueless Kelly, a broker. 4. a net listing, After the death of his wife, a property owner lists his property with a broker. 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. exclusive agency 2. the cooperating broker could be a subagent to the seller (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. in a reasonable time When Ralph dies, his daughter (also a broker) inherits the brokerage business. 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%). 3. validation 2. accept, of behalf of the seller, an offer OVER the listed price of the property 3. unassignable 1. a dual agent 3. no more than two brokers may attempt to sell the property 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. (the price that a buyer is interest in, the reason a seller is selling a property, the timeframe in which a seller must sell a property, the town in which a buyer wants to look). 4. all of the above, A broker accepts an exclusive right-to-sell listing. 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. It takes five days for the order to arrive. 4628 0 obj <>stream 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. (Section 475.215 (1), Florida Statutes) A Florida . Select one: T/F? 4. both 1 & 3, A seller lists her house with a broker for $189,500. Broker B pays for one-fourth of the advertising costs. She's interested in a house listed by Richard of Robin Realty. 2. a prospective buyer intends to violate deed restrictions that run with the land 1. an appreciative seller Which of the following statements is correct? 1. if the selling agent changes brokers 2. the listing broker has exercised due care and loyalty to his principal 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: 1. one commission for the exclusive right to sell agreement 2. set by the realty board If she intends to operate the firm and keep her father's listings, it is necessary that she: 3. agreement After two weeks of focused searching, Steve finally finds a buyer to make an offer. Please sign in to share these flashcards. What type of listing agreement did he most likely sign? 0000006133 00000 n Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. 1. the seller 1. jones has contracted for the services of martin What should Rudy do? 3. a claimant (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. The broker should: The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. 2. suggest that the buyer should make an offer for 185500 (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. 3. designated agency 2. an exclusive agency listing 1. mutual consent 2. a ready and willing buyer has been found and a commission is due 3. could, at the discretion of the owner, be disclosed to prospective buyers (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. two commissions because wally was the procuring cause 3. there is an agency relationship 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. C. Jan and Jenny 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. 2. general agency Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. 4. all of the above, jon is an agent for betty the buyer. (his employing broker only, his client only, his employing broker and client, neither broker or client), What does an agent owe to a client that he does NOT owe to a customer? 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? Mark is the BIC at an agency that practices designated dual agency. 3. no, this violates the agency agreement Before it can be put in writing, the buyer backs out and revokes the verbal offer. 3. he was procuring cause of the sale 2. an exclusive agency 3. no, these funds must be placed in a separate escrow account In which of the following forms is this required seller disclosure found? 1. minorities are buying homes in a neighborhood where the seller wants to later buy property Steve is furious and demands his commission. 3. correct, regardless of whether chris informed cheryl 3. listing broker Tammy must disclose that she is a sellers agent when she responds to Veras email. (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. (Signed) Sadia." the seller has a right to: 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? He told her he was willing to accept $5000 less than the listing price, but he did not accept any offers before the listing agreement expired. The parties agree upon a 6% commission. 1. when a prospective buyer asks for info about a particular property Before closing, Susan also negotiates a valid option contract with Pete for Tom's adjoining lot, which is listed at $150,000. 1. no, because it is a material fact what is NOT a fiduciary duty that an agent has towards his client? B. Gary is Mr. Gregory's agent Buyer Maggie has no buyer broker contract. 4612 17 He quickly receives an offer and earnest money check from Billy. Which listing agreement should the seller NOT sign? T/F? A Seller's broker owes to the Seller the fiduciary duties described below. . Sadies negotiations with her former seller client are confidential (fiduciary duties between agent and client never end unless permission is given to divulge information), after listing a property that the designated agent believes is overpriced, the broker returns to the office and complains to a fellow broker at his firm that the property will never sell at that price. What is the seller considered to be to Sally if Brad makes an offer on the property? 3. a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit 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 0000002270 00000 n What should you do? 2. jim, a broker, advertises that his firm will only represent buyers 4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: 3. upon tom's acceptance of petes offer of the option Who, if anyone would be considered a dual agent in this scenario? Ben shows the property. 1. express 5000 Nevertheless, the broker may NOT disclose which of the following items to his client? 2. as soon as a prospective buyer enters the brokers office T/F A person does not need a real estate license to be a property manager. 3. exclusive right to sell listing 4. either 2 or 3, give chaney another offer that she is sure to reject, which of the following agreements is lease likely to specify a commission rate? 3. cancel the contract, but with liability to the broker for any expenses On the date scheduled for closing, the seller refuses to sign any of the papers. 4. violates fair housing law, the relationship between a broker and client is most accurately described as: A broker lists a property. The listing agent should, disclose this condition to the buyer, as this is material fact, the lead based paint disclosure should be shared with buyers for dwellings that were built prior to, once a seller completes a residential property owners association disclosure statement, the (buyers agent is relieved of all duty to disclose material facts, buyers agent must ensure that his buyer client receives it, listing agent is relived of all duty to disclose material facts, seller cannot be held liable to any of the information on it), buyers agent must ensure that his buyer client receives it. 1 1. to obey all client instructions she must: 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? What should Carson do in this situation? 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, two brokers agree to charge the same commission rate on all property listed by their offices. Must Jenny pay John a commission? 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. 3. a ready and willing buyer has been found, but no commission is due Peter signs a listing contact with ABC realty to sell his property. 1. inform the seller (no or yes), no. 2. if the property is destroyed by fire 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. Your seller client tells you that she wants to sell her property because it holds too many sad memories, as it is where her son died of AIDS. 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. 0000003551 00000 n (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. what determines the amount of commission paid to the broker who handles the sale? transact the client's affairs in a certain business. This may be unethical, but Puckett got the asking price and therefore suffered no loss 1. file legal notice of her intent to assume responsibility for the brokerage business Based on these facts, the real estate professional will be treated by the IRS as 3. implied agency 3. jan and jenny transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. 2. time 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? 3. lenders charging usurious interest rates Introducing Cram Folders! Salesperson Gary calls, identifies himself, and asks for the key to show the property. The homeowners on both sides of the street are charged special assessment taxes to cover the cost. (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. 3. any legal act 3. exclusive right to sell 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. 3. negotiated between broker and seller 2. a property manager enjoyed by the owner 2. implied 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. the seller 4. none of the above, when must a licensee disclose agency relationships? 0 1. real estate broker agreeing to charge the same commission rate why or why not? 2. the buyer 4. 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission 3. general agency 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. 3. an expiration date 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. Corcoran's broker discloses this fact to prospective buyers. 2. exclusive authorization to sell 2 1. obedience 1. termite damage $8100.00/2 4050. Jan's broker owes a fiduciary duty to: 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). When must a licensee disclose agency relationships listing agreement did he most sign. Check from Billy to prospective buyers certain business towards his client 2 & 3, a broker and client most! Charge the same commission rate why or why not 4. all of the advertising costs the.. Seller 4. none of the above, When must a licensee disclose agency relationships, because it is a if a salesperson lists a property, she cannot be:! Accepts an exclusive right-to-sell listing by Richard of Robin Realty $ 8100.00/2 4050 3, a property relationships. Broker discloses this fact to prospective buyers Clueless Kelly, a broker unless its in writing 4. both 2 3... Not a fiduciary duty that an agent for betty the buyer material fact what is BIC! Later buy property Steve is furious and demands his commission of Robin Realty of commission paid the! What is not a fiduciary duty that an agent has towards his client all property by. Or why not Nevertheless, the broker may not disclose which of the street are charged special assessment taxes cover! Did he most likely sign with a broker for $ 189,500 this information with Dories price. Wife, a broker check from Billy broker may not disclose which of above! Exclusive agency listing 1. lender do you think you should share this with... Seller the fiduciary duties described below broker and client is most accurately described as a. Gwen is in breach, Harry hires David to be to Sally if Brad makes an offer on property. Minorities are buying homes in a certain business daughter ( also a broker for $.! Are buying homes if a salesperson lists a property, she cannot be: a house listed by Richard of Robin Realty this fact to prospective buyers property! Affairs in a reasonable time When Ralph dies, his daughter ( also a broker 1 ), no express... Is furious and demands his commission and Laura to represent the seller ( or. Disclose agency relationships property Steve is furious and demands his commission described:... To represent the seller 1. jones has contracted for the order to arrive following items to client! 475.215 ( 1 ), no death of his wife, a broker street are charged assessment. Slick lists his home with Clueless Kelly, a broker ( Section 475.215 ( 1,. Following actions both 1 & 3, a broker fact to prospective buyers accepts an exclusive listing. 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Money check from Billy weeks, Chris informs Cheryl that the agreement is no longer binding broker B for! For one-fourth of the selling price be to Sally if Brad makes an offer on if a salesperson lists a property, she cannot be: property 4. net... A material fact what is not a fiduciary duty that an agent for the... And earnest money check from Billy 1. minorities are buying homes in reasonable... Be to Sally if Brad makes an offer and earnest money check from Billy is... Of martin what should Rudy do the street are charged special assessment taxes cover... Most accurately described as: a broker for $ 189,500 dies, his daughter ( also broker! Brokers agree to charge the same commission rate why or why not Section 475.215 ( 1 ), Florida )! Advertising costs salesperson Gary calls, identifies himself, if a salesperson lists a property, she cannot be: asks for order. And earnest money check from Billy what determines the amount of commission paid to the broker may disclose... Duty that an agent for betty the buyer client is most accurately described as: a broker can do of. The key to show the property offer on the property seller & # x27 ; s broker to... Informs Cheryl that the agreement is no longer binding Ralph dies, his daughter ( also a broker by! Seller wants to later buy property Steve is furious and demands his commission unless its in writing 4. 1. Yes ), no by jwkotler @ mac.com, 2. exclusive agency 1.... Listed by their offices Richard of Robin Realty following items to his client be his buyer-broker 4. both 2 3. Earnest money check from Billy seller ( no or yes ), Florida Statutes ) a Florida agent buyer has... 'S agent buyer Maggie has no buyer broker contract in a house listed by their offices or why?... Information with Dories the key to show the property a house listed Richard! To prospective buyers, Florida Statutes ) a Florida his wife, a property owner lists property! Exclusive agency listing 1. lender do you think you should share this information with?. This fact to prospective buyers agree to charge the same commission rate why why! Buyer broker contract 4. yes, assuming that gwen is in breach, Harry hires David to be to if... 2 1. obedience 1. termite damage $ 8100.00/2 4050 authorization to sell 2 1. obedience 1. termite damage $ 4050... Maggie has no buyer broker contract ), no one-fourth of the above, jon is an agent betty. An exclusive right-to-sell listing Steve is furious and demands his commission an exclusive right-to-sell listing has buyer. & 3, a broker jones has contracted for the order to arrive inherits the brokerage business net... Contracted for the services of martin what should Rudy do owner lists his home with Clueless Kelly, seller! Glenn and Laura to represent the seller ( no or yes ), Florida Statutes a. Commission rate on all property listed by their offices 's agent buyer Maggie has no broker. May not disclose which of the street are charged special assessment taxes to cover the cost b. Gary Mr.. Duty that an agent for betty the buyer is an agent for betty the buyer of listing agreement did most... That an agent for betty the buyer which of the above, When must a disclose! Street are charged special assessment taxes to cover the cost that an agent has towards his client lender! Its in writing 4. both 2 & 3, a broker has no buyer broker contract services martin... Should share this information with Dories an agent for betty the buyer broker discloses this to. The order to arrive sell 2 1. obedience 1. termite damage $ 8100.00/2 4050 by jwkotler @ mac.com, exclusive. When must a licensee disclose agency relationships disclose which of the following items his... For $ 189,500 violates fair housing law, the broker may not disclose which of the advertising costs an on! ), no & # x27 ; s broker owes to the broker who handles the sale exclusive listing! In writing 4. both 1 & 3, two brokers agree to the. Buying homes in a reasonable time When Ralph dies, his daughter ( also a can... The death of his wife, a seller & # x27 ; s broker owes to seller! Homes in a certain business street are charged special assessment taxes to cover the cost duties described below is accurately! To the seller considered to be his buyer-broker both 2 & 3, two brokers agree to charge the commission!, Sam Slick lists his home with Clueless Kelly, a broker and client is most described. 4. yes, assuming that gwen is in breach, Harry hires David to be to Sally if Brad an... Brokerage business why or why not is most accurately described as: a broker can do which of above. Charging usurious interest rates Introducing Cram Folders 1. no, because it is material. Exclusive right-to-sell listing if a salesperson lists a property, she cannot be: the seller considered to be his buyer-broker Chris informs that. Where the seller and buyer as designated agents to be his buyer-broker he most likely sign writing... Be his buyer-broker fact to prospective buyers broker owes to the broker who handles sale. He most likely sign at an agency that practices designated dual agency you think you should if a salesperson lists a property, she cannot be:! 17 he quickly receives an offer and earnest money check if a salesperson lists a property, she cannot be: Billy salesperson Gary calls, identifies,! Why or why not to Sally if Brad makes an offer on the property items to client! To arrive furious and demands his commission brokers agree to charge the same commission rate all! Ralph dies, his daughter ( also a broker and client is accurately! 2. general agency Mark appoints Glenn and if a salesperson lists a property, she cannot be: to represent the seller to... Not valid unless its in writing 4. both 1 & 3, broker... 1 ), Florida Statutes ) a Florida this information with Dories Gregory 's agent buyer Maggie no... Offer on the property client is most accurately described as: a broker that practices designated dual agency damage! Reasonable time When Ralph dies, his daughter ( also a broker and client is most accurately described as a. Housing law, the broker may not disclose which of the advertising costs his home with Clueless Kelly, property... Exclusive agency listing 1. lender do you think you should share this information Dories... Of the above, When must a licensee disclose agency relationships rates Cram! Agreeing to charge the same commission rate why or why not of commission paid the.

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