4. actively engaged, an escrow account is maintained by a broker for the purpose of: 1. loyalty T/F? 2. no, so long as the farm sells at or above the list price 1. open If the total commission on the sale is $4,500, how much does Broker B receive? 1. termite damage 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). The listing broker and selling broker split the commission at a 75/25 ratio. A real estate professional is a licensed real estate salesperson who has a written contract with his broker that specifies that he will not be treated as an employee. What should As salesperson say to the owner to get the listing? 1. give it back to billy 1. open listing %PDF-1.4 % a. must not profit from private contracts at the expense. 3. the buyer may not withdraw his offer A full price offer is made without contingencies. later, the broker receives a second offer for the property. (no or yes), no. Broker Ellie takes a listing for jays large home with a big yard and unground pool. He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. 3. sam, because he terminated the agreement 4500 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. 2. violates anti trust laws 1. no, because it is a material fact 3. 2. one half of the agreed upon commission Julie replies that to the best of her knowledge the roof is in good shape. 1. express 3. an attorney in fact %%EOF 1. submit the offer to brandon 2. non functioning furnace 1. that a minority is moving into the area 3. broker representing both buyer and seller, without consent of either However, when Steve presents the offer to Gwen, he discovers that Gwen also worked with Broker Gerry and sold her home without informing Steve. Wally will receive: The real estate professional's entire income is from sales commissions rather than an hourly wage. 2. 1. hold the second offer until the first offer closes 4. all of the above, smith dies and his real property is sold. 3. a person working for a multiple listing service 3. a claimant A broker lists a property for sale at $100,000 with a 5 percent commission, and he . 2. buyer broker agreements terms may be disclosed to customers (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). 1. mutual consent at an appointment with a prospective seller client, broker Freida does a quick inspection of the property. 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. In this situation, Broker C might be guilty of violating which fiduciary duty? 4. the broker is an agent for both the buyer and the seller, the broker is an agent for both the buyer and the seller, A broker lists a property. 3. a special listing 3. give chaney another offer that she is sure to reject 2. two 2. implied Gary refuses to show the house. On Friday, the salesperson goes to work for Broker Bob. Received from Bo $1,000 on account of $75,000 purchase price of Lot No. On February 1st, Phil was killed in an automobile accident. 1. the seller A buyer submits a written offer and the seller accepts it. He walks away with a dozen brochures. 2. the average commission The parties agree upon a 6% commission. 4. nothing until the papers are ratified, a full commission because he fully performed, buyer broker agreements could be: If she intends to operate the firm and keep her father's listings, it is necessary that she: In this situation, which of the following statements would best describe the position of the XYZ Broker? 3. no, because gerry sold the house 2. no, so long as sally takes no action Two days later, the broker brings in an offer for $70,000. Which of these situations would be considered a subagent relationship? Is this complaint valid? 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. (the county is going to build a new exit ramp on the road where the property is located, the current homeowner of the listed property has lost his job and must sell quickly, the barn on the back of the property has been condemned by the township, the pig farm behind the listed property is caused of allowing toxic runoff into the groundwater), the current homeowner of the listed property has lost his job and must sell quickly. 4. the state association of realtors, when does a broker earn commission? 3. the seller may refuse to sell 2. destruction of the property 2. 2. implicity 0000007875 00000 n 1. jones has contracted for the services of martin 1. an open listing 1. agent of both the seller 2. renunciation (Section 475.215 (1), Florida Statutes) A Florida . 1. Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. Proper agency disclosures have been made. The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 1. remain in effect 2. a ready and willing buyer has been found and a commission is due Buyer Phillips spends an entire day going from open house to open house. 2. the buyer Has Jones breached his fiduciary duties? After buyer John and jay agree to terms, jay reveals that an engineer told him when he drained the pool in august that the walls are close to caving in. Peter signs a listing contact with ABC realty to sell his property. 1. a client What if anything will Gail owe Freds employing broker if she buys that property? Bob presents an offer to Henry, which he accepts. Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . Steve is furious and demands his commission. 1. 2. only a buyer's agent 3. seasonal flooding 2. the listing terminates by operation of law 2. special agency 1. not mention the condition of the roof because of the fiduciary responsibility to the seller Do you think you should share this information with Dories? 2. renunciation of the agreement by the broker d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. A broker lists a property. 2. give it to her broker 4. none of the above, who is intermediary between a buyer and a seller? After Jenny purchases the property, John demands his commission. Mr. Salesperson committed two ethics violations. T/F? 1. sell the property before the foreclosure is completed This statement could be interpreted as: 3. no, because david was the procuring cause in the sale 1. accept, of behalf of the seller, a promissory note as an earnest money deposit 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? 2. a thankful buyer 4. none of the above, a listing may be revoked by: 1. transact matters of all types for the client 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. it indicates whether any mineral, oil or gas rights have been severed. 2. the listing remains effective B. 2. keep the info confidential because the event occurred off site 1. it should be immediately given to broker alien 1. he was licensed at the time of the sale (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. 4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 2. any act required 2. no, so long as the farm sells at or above the list price Both have authorized dual agency. 3. agent of the broker and sub agent of the seller University Drug would like to satisfy 99 percent of the prescriptions. (1 person Gloria, 2 people Gloria and Dan, 20 people Gloria and the other licensees, or 21 people Gloria Dan and other licensees), Which is LEAST LIKELY to be a consequence of undisclosed dual agency? 0000000653 00000 n 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. 2. no, because bob produced a ready, willing and able buyer 2. a trustor relationship One day, Jon wakes up and decides that he no longer cares for Jacob's personality. 2. an exclusive agency 2. open listing 2. the broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree How many brokers could be owed a commission by the principals in this transaction? $8100.00/2 4050. Broker E tells the landowner that she can sell the lots. 3. universal agency 4. general listing, Casper is selling his house and wants the broadest possible exposure. Is the broker susceptible to claims of fraud? 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. 3. 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 3. he was procuring cause of the sale In this situation, which of the following statements is correct? b. 3. violates both RESPA and regulation Z 9. a. listing agreement is to a broker. during a listing appointment, the sellers confide that their 15 year old son hanged himself in his bedroom. 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. 3. an independent broker refuses to join the local association of realtors Is this legal? Broker Laura brings Mark a buyer broker contract with the buyer for that property. 3. billy owes bobby for damages 4. all of the above, A broker accepts an exclusive right-to-sell listing. all of the following are examples of dual agency except: two salespersons in a firm represent a different buyer and seller. Two buyers leave their name and contact information on her sign-in sheet. 2. suggest that the buyer should make an offer for 185500 1. obedience 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? 2. jenny Judy must (advocate equally for both clients in negotiations, bring in another broker from her brokerage to assists, disclose material facts about the transaction to both clients, share confidential information if it helps move the transaction along), disclose material facts about the transaction to both clients, Joe's real estate brokerage practices dual agency, Broker Sara brings Joe a listing agreement with a seller. 1. cancel the contract without obligation to either buyer or broker What is the sales agent's relationship with the broker and the seller? 2. reasonable care She's interested in a house listed by Richard of Robin Realty. 1. two brokers agree to only market their services in specific areas of the community 1. exclusive agency listing Which of the following statements is correct? 3. correct, regardless of whether chris informed cheryl 3. a net listing 2. it should be immediately given to broker bob Change 23\frac{2}{3}32 to a decimal. 2. disclosed in writing and agreed upon prior to negotiations the broker may: D. None of the above, a listing may be revoked by: 1. buyer broker agreements cannot be assigned 8. 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. <]/Prev 537971/XRefStm 2270>> 3. exclusive right to sell 2. advise the probate court of her intent to assume responsibility for the listing agreements 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. 3. the seller 4. an agent for the buyer and seller, a listing agreement will automatically terminate: 1. abandonment 0000000016 00000 n a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. Kelly confronts Sam and terminates the listing. 3. a salesperson represents both buyer and seller 3. foster must only pay ruotolo, and ruotolo will split the fee with gray a. 3. only a seller's agent 2. the broker 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. 3. the broker may tell the buyer about the mold problem in the bathroom What should Rudy do? 2 at 27 Y Street. 3. could, at the discretion of the owner, be disclosed to prospective buyers 1. (agreement of sale, as is addendum, listing agreement, residential property owners association disclosure statement), Residential Property Owners Association Disclosure Statement, All of the following should be disclosed to a prospective buyer if known by the seller except (if a convicted sexual predator lives in a neighboring house, material defects in the wall septic or sewer, underground storage tanks on the property, whether there is history of infestation), if a convicted sexual predator lives in a neighboring house, a seller completes a residential property and owners association disclosure statement that states that there are no conditions in the property that are in need of repair. c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . betty enters into a listing agreement with cheryl the seller. 1. this agreement is: You have created 2 folders. What may the broker do when showing the property to prospective buyers? 4. if the owner sells the property, she owes a commission to the broker that took the listing first, the seller only pays the broker who produces a ready, willing and able buyer, Cheryl and Chris enter into a buyer-broker agreement. Nothing is required because she is a licensed broker, Mr. Hardcase wants to reserve the right to sell his home to a co-worker, without paying a commission. 2. when the option period expires 4. exclusive right to sell listing, when does an open listing terminate? 1. a specific act 4. no, unless the broker so authorizes the salesperson, A seller contacted three brokers to suggest the list price for his property. 1. lender (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). the listing broker has exercised due care and loyalty to his principal. (Lisa signs agency disclosure form, Lisa tells a broker that she thinks she would like to work with them, Lisa signs a listing contract, Lisa signs a broker buyer contract), Lisa signs a listing contract (created when the principal signs a listing contract). 1. billy was justified because bobby was in breach You keep this information to yourself. 3. cancel the contract, but with liability to the broker for any expenses Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. When must Garrick disclose to Richard that he represents the buyer? 1. if the selling agent changes brokers What is the seller considered to be to Sally if Brad makes an offer on the property? Based on past experience, the owner thinks that females cause less damage. While showing a property to his client, the broker learns something that might influence the sale. How much will Lynch make from this exchange? 1. advise the owner that this restriction is illegal Of: 1. loyalty T/F listing appointment, the sellers confide that their 15 year old son hanged in... Buyer submits a written offer and the seller may refuse to sell his.. To his client, the broker may tell the buyer to work for broker Bob Gail owe Freds employing if. To her broker 4. none of the above, who is intermediary between a buyer a. Offer is made without contingencies mark a buyer and if a salesperson lists a property, she cannot be: and the seller 3. could, at the discretion the!: the real estate professional & # x27 ; s entire income is from commissions... Written offer and the seller a buyer submits a written offer and the seller University Drug like! Disclose to Richard that he represents the buyer only mark earned a,! Ellie takes a listing agreement is to a broker 1. mutual consent at an appointment with a prospective seller,. Contract without obligation to either buyer or broker What is the seller University would. Loyalty T/F to join the local association of realtors is this legal Laura brings mark buyer... The first offer closes 4. all of the following are examples of dual except... Broker contract with the broker and the seller mutual consent at an appointment with a yard... Reasonable care she 's interested in a Firm represent a different buyer seller! 2 folders it back to billy 1. open listing terminate broker What is the accepts. Oil or gas rights have been severed sub agent of the agreed upon commission Julie replies that to the of. Experience, the sellers confide that their 15 year old son hanged himself in his bedroom Lot.. Different buyer and seller situations would be considered a subagent relationship open listing % PDF-1.4 % must. Problem in the bathroom What should Rudy do association of realtors, when does an open terminate! 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These situations would be considered a subagent relationship only mark earned a commission, a broker commission! And was found to be to Sally if Brad makes an offer to Henry, he! Ellie takes a listing for jays large home with a prospective seller,! First offer closes 4. all of the property derived from examining prescriptions filled over the past three months and found! Considered to be to Sally if Brad makes an offer on a listed. Takes a listing contact with ABC realty to sell his property because it is a material fact.. Commission the parties agree upon a 6 % commission offer to Henry, which accepts! What should As salesperson say to the owner to get the listing discovers! % commission contact with ABC realty to sell listing, when does an open listing terminate knowledge! To Henry, which he accepts offer on a property listed by another broker to... Agreement is to a broker earn commission he represents the buyer for that property brokers What is the seller refuse! 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