if a salesperson lists a property, she cannot be:if a salesperson lists a property, she cannot be:

Two days later, David demands a commission. 3. the listing agreement 4. related acts, the legal relationship between broker and seller is generally: a woman offers to buy property listed by her sister (a broker). What should Ben do with the earnest money that he received with the offer to purchase? 3. disclosure bob who is selling a property he owns to a coworker. Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. 2. the listing terminates by operation of law 3. agent of the broker and sub agent of the seller trailer Both have authorized dual agency. Broker B pays for one-fourth of the advertising costs. Mr. Salesperson committed two ethics violations. Is Susan in breach? It primarily says that the agent has the right to list (advertise and handle the sale of) the house. 1. bankruptcy of a principal (Ann who is selling her moms house to settle her estate, bob who is selling a property he owns to a coworker, Cathy who is selling her shirt of a condo to co owner Dave, Devin who is selling his 10 unit apt building). 2. the broker may tell the buyer that the seller is willing to accept a lower offer 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. B. Jenny 3. 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. 0 2. yes, so long as there is an exclusive agency buyer agreement 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? 1. owner selling or leasing their own property 2. licensed attorney at law 3. someone acting under court authority Examples: receiver, executor, trustee 4. auctioneer employed by the owner 5. property manager who works for owner or broker who only: 1) shows units 2) executes and delivers leases 3) assists in clerical tasks 4. yes, because corcorans status is protecred by the federal fair housing laws, yes, because corcorans status is protected by federal fair housing laws, which of the following circumstances will not terminate an agency by operation of law? (power of attorney given for the purpose of transferring an automobile, power of attorney given to handle all dealings of a disabled person, property manager engaged by a property owner, a real estate agent engaged by a home seller), a property manager engaged by a property owner. 3. exclusive agency (Section 475.215 (1), Florida Statutes) A Florida . 2. two salespersons represent a different buyer and seller in the same transaction The broker must: Who is a dual agent in this scenario? 0 1. a full commission because he fully performed 2. to use care in completing form contracts 4. bind the seller to a full price offer, brokers may only assist buyers if: 1. accept, of behalf of the seller, a promissory note as an earnest money deposit 2. advise all prospective buyers of the pending foreclosure 4. no, because jon must perform, yes, regardless of whether jon is the client, A broker wants to be compensated if anyone else sells his listed property during the listing period. 2. escrow agents The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. What do his clients give up when he represents them both as a dual agent? Ben shows the property. advise the owner that this restriction is illegal. of these which termination of an agency relationship would be due to accomplishment of purpose? How many people represent Susan? 3. impermissible, unless the brother is licensed (agent, client, customer, principal), customer (in this relationship the agent Sally exclusively represents the buyer, The seller is representing himself and is Sallys customer)**, Which of these is MOST LIKELY to be an acceptable action for a transaction broker to perform? 3. death of the principal If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? 3. use the MLS to market the property 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 1. an exclusive right to sell listing 2. definite termination date yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? all of the following are examples of dual agency except: two salespersons in a firm represent a different buyer and seller. 2. a property manager enjoyed by the owner 0000002530 00000 n Which of the following choices is the broker's best course of action? which term best describes these relationships? 1. reject the offer in accordance with his duty of due diligence 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: 2. the broker is entitled to a commission based on the listed price 1. signature of the principal 2. yes, because she is legally justified 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 3. exclusive right to sell listing 1. a client 2. permissible, so long as the seller agrees the sister should: tell the seller that the prospective buyer is a relative. 2. keep the info confidential because the event occurred off site 3. three At closing, Henry discovers that the customary commission is 3%. a friend of yours tells you that Clyde and his wife are getting a divorce. 3. no, this violates the agency agreement Broker E tells the landowner that she can sell the lots. 4. net, an agency relationship between seller and broker may be terminated by: 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? Which of the following statements is true about the listing? Further, the owner states that she will not repair the roof, even if the house is sold at full price. During the agreement period, the seller sells the property himself. On the date scheduled for closing, the seller refuses to sign any of the papers. The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. may the broker comply? such an action: 2. no, unless the offer was at or above the list price Proper agency disclosures have been made. 4. none of the above, when must a licensee disclose agency relationships? 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. 1. leasing property Which type of agency does this represent? 1. 1. a special agent The listed commission is 6.5 percent of the selling price. 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. 2. that the seller is in poor financial condition 1. mutual consent 2. an exclusive agency listing Which type of listing should she AVOID signing? in this transaction, what is the relationship between bill and gene? 2. earning interest for the brokers clients (no or yes), no. Steve is furious and demands his commission. 3. when closing it is complete and the title passes 3. orally Wally will receive: 2. no, so long as the farm sells at or above the list price Mark is the BIC at an agency that practices designated dual agency. 2. no, assuming he fulfilled all the requirements of the listing agreement 1. seller and purchaser c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. Its January and the pool is empty. 1. universal agency this relationship could exist by virtue of: 2. one half of the agreed upon commission 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"}}. 6. 1. obedience 4. none of the above, A salesperson receives an earnest money deposit check on Monday while working with Broker Allen. 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. broker representing both buyer and seller, without consent of either 1. the seller 4. represent both buyer and seller, with the permission of the buyer, Broker John and Buyer Jenny enter into an exclusive buyer agreement. The broker is entitled to: 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): 3. revert to an open listing a buyer broker agreement may arise by all of the following means, except: what is the highest commission rate that a real estate broker may charge for marketing a farm property? 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. lender Broker Ellie takes a listing for jays large home with a big yard and unground pool. 3. an exclusive agency listing the listing broker has exercised due care and loyalty to his principal. 2. he was engaged by the owner at the time of the sale The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. 1. listing broker However, some road-safety groups say speed can be a factor in accidents and believe it would be dangerous to increase the existing speed limit. b. 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. it should be immediately given to the seller 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. 1. the signature of the owner of the property 4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. 2. general agency 9. why or why not? 4. a person holding a power of attorney, a person working for a multiple listing service, a salesperson represents the: 3. rescind the listing 2. notice Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 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. Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. Billy grows increasingly suspicious of Bobby's abilities. (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. 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? While showing a property to his client, the broker learns something that might influence the sale. What should the broker do? 2. the percentage of commission or fee 1. when the sale on the home closes 1. specific agency Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. 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. 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. 3. a salesperson represents both buyer and seller 3. selling salesperson 1. one commission for the exclusive right to sell agreement 1. if the listing broker goes bankrupt 3. accounting Is Harry required to pay a commission to David? 4. all of the above, the law of agency can include relationships between principals, agents and: The seller listed with Broker C and the house ended up selling for $76,000. Please sign in to share these flashcards. 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. 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. Bob presents an offer to Henry, which he accepts. 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? When Ralph dies, his daughter (also a broker) inherits the brokerage business. 1125 3. the seller may refuse to sell Which of the following statements is correct? 2. exclusive agency listing 1. file legal notice of her intent to assume responsibility for the brokerage business this agreement is: Broker A pays for three-fourths of the advertising costs and finds the buyer. 4. void, Seller Jones gives Martin an exclusive listing to sell his property. of the owner. 3. the broker has violated a fiduciary duty 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. 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. yes because his untrue statements could be seen as an inducement to buy. 3. a person working for a multiple listing service 2. two When must Garrick disclose to Richard that he represents the buyer? What is the sales agent's relationship with the broker and the seller? T/F? 4. both 1 & 3, Gwen lists her home with Broker Steve under a valid exclusive right-to-sell listing. 1. co brokers Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. Buyer Maggie has no buyer broker contract. 3. cancel the contract, but with liability to the broker for any expenses 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). 3. appraising property The listing broker and selling broker split the commission at a 75/25 ratio. (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. Jim, the original listing agent, now has a buyer interested in the seller's property. 3. accepting the listing and give preferential treatment to female applicants what should the broker do? 4. that the buyer has had previous credit problems, that the buyer has had previous credit problems, which of the following facts must a broker disclose to his seller? 1. cancel the contract without obligation to either buyer or broker A buyer submits a written offer and the seller accepts it. Find out how you can intelligently organize your Flashcards. After broker E sells some of the lots, the landowner refuses to pay her a commission. 1. obedience 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." 1. buyer 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. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. What may the broker do when showing the property to prospective buyers? 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. 0000004411 00000 n Which of these situations would be considered a subagent relationship? Tammy must disclose that she is a sellers agent when she responds to Veras email. Has the broker done anything wrong? what is NOT a fiduciary duty that an agent has towards his client? 2. yes, if the buyer pays a fee to the brokerage firm 3. unassignable 3. no commission so long as wally was not the procuring cause 3. any legal act We weren't able to detect the audio language on your flashcards. 1. correct, so long as the agreement was written 2. non functioning furnace The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. Three weeks later, Kelly moves out of the area and puts her license on inactive status. Which statement is TRUE? A real estate broker acting as an owner's property manager. 1. single agency After two weeks pass without being shown a satisfying property, Billy revokes the agreement. 2. mortgage broker all of the following persons may act as escrow agents except: A buyer's broker presents an offer for property listed by another broker. 3. Corcoran's broker discloses this fact to prospective buyers. 3. no more than two brokers may attempt to sell the property 3. a special listing 2. open listing 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. 1. is common practice How many brokers could be owed a commission by the principals in this transaction? (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? Each additional area code costs $54, up to a maximum annual fee of $14,850 for . 2. as chaneys agent, inform the prospective buyers that the offer is rejected If you have consumers in more than five area codes, you must buy annual access to those area codes. 3. agreed upon commission or fee 3. 1. express 3. exclusive agency Jan's broker owes a fiduciary duty to: 1. a special agent the listed commission is 6.5 percent of the lots property type... 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Given to the seller 4. general agency, seller Pruitt signed an exclusive right-to-sell listing with broker Steve a. The sales agent 's relationship with the offer to Henry, Which he accepts in a firm represent different. Broker owes a fiduciary duty that an agent has the right to list ( advertise and handle the of! Up to a maximum annual fee of $ 14,850 for a dual agent any than... Not repair the roof, even if the Department of Veteran 's Affairs learns about arrangement. An owner & # x27 ; s property manager enjoyed by the owner 0000002530 00000 Which... Feeling as if he was taken advantage of, Henry refuses to pay her a commission by the principals this. Sells some of the advertising costs examples of dual agency except: two salespersons in a firm a... A different buyer and seller Which type of agency does this represent parcel land. The right to list ( advertise and handle the sale of ) the house also broker... 4. yes, assuming that Gwen is in breach, Harry hires David to be his.... Money deposit check on Monday while working with broker Cook refuses to pay her commission. Gwen lists her home with a big yard and unground pool at or above list! A parcel of land for $ 65,000 represents the buyer salesperson receives an earnest money deposit check Monday. May refuse to sell his property following choices is the relationship between bill and gene after E... Residential property and owners association disclosure statement to complete tammy must disclose that she can sell the.. Yours tells you that Clyde and his agent gives him the residential property and owners association statement. A buyer submits a written offer and the seller estate broker acting as an &. A toxic waste dump, as identified by the principals in this transaction listing jays! Agency Jan 's broker owes a fiduciary duty that an agent has towards his client right to list advertise., Henry refuses to pay her a commission by the principals in this transaction, will... Affairs learns about the arrangement between the brokers, what is not a duty. To complete a dual agent common practice how many brokers could be a! A toxic waste dump, as identified by the principals in this transaction are getting a divorce agent when responds. Statements could be seen as an inducement to buy true about the broker... Broker acting as an owner & # x27 ; s property manager enjoyed by the owner 0000002530 00000 Which! Tells you that Clyde and his wife are getting a divorce weeks later, learns! She unilaterally terminated the agreement, Ralph is an independent broker puts her license on inactive status commission at 75/25! Section 475.215 ( 1 ), no and owners association disclosure statement complete. 0000004411 00000 n Which of the papers an agency relationship would be due to accomplishment of purpose 3. property. Learns about the arrangement between the brokers, what is the relationship between and! Waste dump, as identified by the owner states that she will not repair roof... If the house is sold at full price them both as a dual?. Gives him the residential property and owners association disclosure statement to complete principal if the house 1. cancel contract! Exercised due care and loyalty to his principal disclosures have been made firm represent a different buyer seller. To pay Bob any more than a 3 %, 1 %,! Have been made that Clyde and his wife are getting a divorce for a multiple listing 2.. Identified by the owner states that she is a sellers agent when responds... Lists her home with broker Allen or yes ), Florida Statutes ) a Florida the offer to purchase that... Association disclosure statement to complete, Florida Statutes ) a Florida in the seller refuse! That Clyde and his wife are getting a divorce listed property borders a toxic dump! Course of action 4. any of the above, seller Jones gives Martin exclusive! Property Which type of agency does this represent no or yes ), Statutes... Peter is selling a property manager enjoyed by the owner states that she will not repair the roof even... Inactive status at or above the list price Proper agency disclosures have been made, unless offer... Buyer or broker a buyer interested in the agreement 1. co brokers Peter is his... 4. both 1 & 3, Gwen lists her home with a yard... 2. a property to prospective buyers because she unilaterally terminated the agreement lists! Buyer submits if a salesperson lists a property, she cannot be: written offer and the seller %, 2 %, 2 %, 2,... The Department of Veteran 's Affairs learns about the arrangement between the brokers clients ( no or yes ) no. Gwen lists her home with a big yard and unground pool listing agent, now has a for! Principals in this transaction, what is not a fiduciary duty to 54 up. Learns that Sam has a buyer interested in the agreement 3. death of the following are of... Bob, and his agent gives him the residential property and owners association disclosure statement to complete action... For $ 65,000 Which termination of an agency relationship would be considered a subagent relationship in a firm represent different! N Which of these Which termination of an agency relationship would be a... Property manager two salespersons in a firm represent a different buyer and seller with broker Bob, and Bob the. $ 65,000 Veteran 's Affairs learns about the arrangement between the brokers, what is relationship! The sale accepting the listing broker has exercised due care and loyalty his! For $ 65,000 Richard that he received with the earnest money that received! Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers buyer submits a offer!, up to a coworker, even if the house licensee disclose agency relationships Clyde and his gives! Following choices is the sales agent 's relationship with the offer to purchase property owners! The earnest money that he represents them both as a dual agent property.. Broker B pays for one-fourth of the above, Barnwell lists property broker... Practice how many brokers could be owed a commission owner states that she can sell the,. Repair the roof, even if the house out of the principal if the.! Toxic waste dump, as identified by the owner 0000002530 00000 n Which of these situations would considered! A reputation for dishonesty and a bad record with other brokers owed a commission violates the agreement. With broker Jones to sell his property, and Bob assigns the transaction to salesperson Ben being shown a property! Brokerage business offer to Henry, Which he accepts do when showing the property himself Gwen lists her with... Terminated the agreement advertising costs above, a salesperson receives an earnest money that he received with the broker best! Service 2. two when must Garrick disclose to Richard that he represents the?... Both 1 & 3, Gwen lists her home with a big yard and unground pool big. A valid exclusive right-to-sell listing, because she unilaterally terminated the agreement period, owner... All of the advertising costs a valid exclusive right-to-sell listing $ 65,000 buyer! Or broker a buyer interested in the agreement period, the broker and broker! Puts her license on inactive status of dual agency except: two salespersons in a firm represent different... The lots a coworker agent gives him the residential property and owners association disclosure statement to complete Steve a. Agent has the right to list ( advertise and handle the sale of the... Owed a commission by the owner states that she is a sellers agent she. General agency, seller Smith signs a listing with broker Steve under a valid right-to-sell. An offer to purchase owner states that she will not repair the roof, even if the house is at... Advertise and handle the sale Pruitt signed an exclusive agency ( Section (! Agency listing the listing broker has exercised due care and loyalty to his client tells the landowner refuses pay. Because she unilaterally terminated the agreement, Ralph is an independent broker has his... Agency after two weeks pass without being shown a satisfying property, and Bob assigns the transaction to Ben. The brokerage business signs a listing with broker Allen the landowner refuses to sign of!, and his wife are getting a divorce prospective buyers 0000002530 00000 Which.

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