3. death of the principal 3. unassignable (NO one, Jack and Lisa only, Jack Lisa and BIC, all of the licensees are Great Realty), Jack and Lisa and the BIC (confidential information can only be shared with the other designated agent as well as the BIC), Which of the following tasks can you, as a dual agent, perform on behalf of your clients? After much hard work, it looks as if the property will finally sell. 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. 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. 3. implied agency 2. principal and agent 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. Broker A pays for three-fourths of the advertising costs and finds the buyer. 1. 3. no, if sally filed for bankruptcy 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. State the null and alternative hypotheses from the perspective of road-safety groups. 1. it should be immediately given to broker alien 1. 3. exclusive right to sell listing 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." 4. his broker, a broker obtains an open listing on a piece of property. In the email, Vera tells Tammy that she can only spend 200000 and wondered if any of the three properties she liked might be in her price range. 3. that the buyer intends to violate deed restrictions State the null and alternative hypotheses from the perspective of the motorist groups. (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? 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. 2. the buyer 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. What event will create a seller agency relationship between Lisa and one of the brokers? 1. an exclusive right to sell listing 2. no, unless there is a mutual agreement between dan and daisy 1. the commission is split between all brokers that have an open listing for the property (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). How many capsules should be ordered? 2. when the purchaser signs the title insurance policy which term best describes these relationships? 2. the broker may tell the buyer that the seller is willing to accept a lower offer 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. 4. a prospective purchaser is a member of a particular minority race, a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit, By virtue of a signed listing agreement, the broker will generally have authority to do all of the following actions without the seller's consent, EXCEPT: One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. 2. buyer broker agreements terms may be disclosed to customers may the broker comply? A. Mr. Gregory is Gary's principal Billy grows increasingly suspicious of Bobby's abilities. 3. all advertising must be revised to accurately describe the property (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. 3. billy owes bobby for damages The broker must: 1. foster must only pay ruotolo may dan terminate the contract? 2. it should be immediately given to broker bob 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 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: 4. general listing, Casper is selling his house and wants the broadest possible exposure. 3. broker representing both buyer and seller, without consent of either 2. no, so long as the farm sells at or above the list price 1. no, only joe may terminate the contract without a breach 1. yes, but dan waives his right to specific performance 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. The owners have been interviewing sales people from different firms. 2. that the seller is in poor financial condition (buyers agency, dual agency, sellers agency, single agency). With a power of attorney, the husband. 3. agent and subagent bob who is selling a property he owns to a coworker. During a 90 day listing agreement, the seller dies, What statement is TRUE? A. On Friday, the salesperson goes to work for Broker Bob. 1. sell the property before the foreclosure is completed 4. violates fair housing law, the relationship between a broker and client is most accurately described as: 2. incorrect, because the agreement is valid for a reasonable amount of time 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? (becky who is selling newly built home, bob who is selling his home to his son, Cathy who is selling her condo through a broker, Evan who is selling his 10 unit home), Cathy who is selling her condo through a broker (exceptions for this are transfers to spouse or child, sales to or from gov agencies, transfers of newly constructed homes), a seller instructs a listing agent NOT to disclose a defect hidden behind a paneled wall. 1. remain in effect a woman offers to buy property listed by her sister (a broker). Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. The broker should: Introducing Cram Folders! 3. the listing is voidable by murphy What type of listing agreement did the seller have? 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. 2. executory 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): transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. 3. deposit earnest money in her escrow account 3. general agency 3. no, because david was the procuring cause in the sale (account for a clients money and property, exercise reasonable skill and care, obey all directions of the client, refer clients to other professionals as appropriate), obey all directions of the client (an agent should only obey all LEGAL directions of a client), the mineral oil and gas rights mandatory disclosure statement must be presented to most buyers of residential property (at least three days prior to settlement, at the time the prospective buyer makes an offer, before the prospective buyer makes an offer, once the seller accepts the buyers offer), before the prospective buyer makes an offer. 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 0000002700 00000 n
(Section 475.215 (1), Florida Statutes) A Florida . She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. %%EOF
Change 23\frac{2}{3}32 to a decimal. Based on these facts, the real estate professional will be treated by the IRS as The listing broker and selling broker split the commission at a 75/25 ratio. 1. billy was justified because bobby was in breach such an action: 2. the broker is entitled to a commission based on the listed price 6. 1. an open listing 1. the seller can Sadie tell Velma that Stan would accept $5000 below list? Select one: 1. when the listing is taken of these which termination of an agency relationship would be due to accomplishment of purpose? Is Susan in breach? A seller's listing agreement has expired, and the seller lists with a different brokerage firm four months later. 1. a special agent 4. none of the above, a listing may be revoked by: On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. 4. void, Seller Jones gives Martin an exclusive listing to sell his property. 2. renunciation 2. cancel the contract, but only with written permission from the buyer 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. 2. exclusive agency 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. Two days later, the broker brings in an offer for $70,000. 3. not valid unless its in writing Its January and the pool is empty. Ellie doesn't think to ask jay about the pool. 3. no, unless joe is in breach of the terms yes because his untrue statements could be seen as an inducement to buy. Can Jon terminate the contract? what determines the amount of commission paid to the broker who handles the sale? 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. 3. disclose the info because it is material T/F? 2. yes, so long as jenny purchased property similar to the one described in the agreement The parties agree upon a 6% commission. the listing broker has exercised due care and loyalty to his principal. Broker Ellie takes a listing for jays large home with a big yard and unground pool. 4. none of the above, how can an agency relationship be created? 3. the listing remains valid 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. T/F? Is the listing still effective? 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. Based on past experience, the owner thinks that females cause less damage. 3. there is an agency relationship 2. reasonable care 1. the general public 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. sellers 2. 4. 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. In the UK, some motorist groups want the current speed limit on motorways increased; they argue this would not be dangerous and would enable motorists to reach their destinations more quickly. 4. exclusive right to sell, Phil is a salesman working for Broker Joan. 1. express Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. He's not sure if he will be able to afford the monthly payments at that rate and asks Brenda to keep it to herself for now. 4. all of the above, The zoning commission has proposed a change that would dramatically impact the subject property in a broker's listing agreement. T/F A person does not need a real estate license to be a property manager. 1. termite damage 3. casper owes 3 commissions a. must not profit from private contracts at the expense. 3. a ready and willing buyer has been found, but no commission is due 3. 3. yes, but dan risks causing a breach himself Which of the following statements is true about the listing? It takes five days for the order to arrive. Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. Jan's broker owes a fiduciary duty to: 2. notice 1. correct, so long as the agreement was written (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? 3. seasonal flooding 1. The sales agreement is signed. 3. reimbursement for out of pocket expenses 3. a general agent 0000007875 00000 n
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2. the listing terminates by operation of law A "listing agreement" is a contract between a real estate agent (the agent who will be listing the property for sale) and the home seller. 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? 3. cancel the contract, but with liability to the broker for any expenses 2. a ready and willing buyer has been found and a commission is due Please sign in to share these flashcards. betty enters into a listing agreement with cheryl the seller. 1. express 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? such an action: 1. open listing 3. only a seller's agent Three weeks later, Kelly moves out of the area and puts her license on inactive status. 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. 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. the listing becomes an open listing 4. it should be immediately given to the buyer, it should be immediately given to broker alien, Henry enters into an exclusive right-to-sell listing agreement with Bob the Broker. 4. none of the above, An owner lists a home with a broker for $72,000. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 2. selling broker 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? What is the timeframe for maintaining confidential information received from a client? How much money would a sales person receive for her 60 percent share in the 10 percent commission? (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. 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. 2. the couple should complain to garys broker and demand to be shown the property 3. no commission so long as wally was not the procuring cause 4. as many as the owner chooses, a special agency empowers the agent to perform: During the agreement period, the seller sells the property himself. 3. 2. jenny ( Ben and Sara only, Ben Sara and Joe, Joe only, Joe ben Sara and all other affiliated licensees), Joe, been, Sara and all other affiliated licensee (in Nc all affiliated licensee have the same agency with all brokerage client unless they appoint designated agents) page 73, Justin represents both the buyer and the seller in a real estate transaction. Which statement is TRUE? At closing, Henry discovers that the customary commission is 3%. 1. minorities are buying homes in a neighborhood where the seller wants to later buy property 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 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? 4. (the acceptable range of commissions that a seller may pay, an acknowledgement panel for the consumer to sign, the duties of a sellers agent and a buyers agent, descriptions of the types of agency relationships), the acceptable range of commissions that a seller may pay, Which statement is true about the Working with Real Estate Agents Brochure? 2. follow the owner's instruction in order to protect the client's interest May Jill terminate the agreement without breaching the contract? Jan's salesperson delivers the funds to her broker, who places the money into escrow. (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. only a buyer's agent 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associate's broker with a note requesting that the gift certificate be given to the sales associate for fine service. 2. mortgage broker 4. no, unless the broker so authorizes the salesperson, A seller contacted three brokers to suggest the list price for his property. salespersons A buyer's broker presents an offer for property listed by another broker. What should Ben do with the earnest money that he received with the offer to purchase? 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. orally 2. wilma may terminate the listing 3. the seller may refuse to sell 1. co brokers Fred later abandons the listing. His license placed on inactive status on June 1st. 2. transact the clients affairs in a certain business 1. the couple should file a discrimination suit against tom, the owner of the property (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. obedience 3. exclusive agency 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. 3. when closing it is complete and the title passes 1. yes, if the purchaser receives a comparison of available interest rates (the agent must assist Peter in completing the form, the agent must sign the form after walking through the property with Peter, Peter must hire a home inspector to ensure he completed the form correctly, Peter should complete the form to the best of his knowledge), Peter should complete the form to the best of his knowledge, What is the purpose of the mineral oil and gas rights mandatory disclosure statement? 2. revoke the licenses of both brokers 3. the broker has violated a fiduciary duty With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 3. the broker may cancel the listing if he chooses of the owner. at what point should a seller give the residential property and owners association disclosure statement to a buyer? What should you do? This situation could involve all of the following agency relationships except: 1. a full commission 1. mutual consent The broker does not tell a prospective buyer about the dump. 3. yes, because it is contrary to corcoran's interest We'll bring you back here when you are done. transact the client's affairs in a certain business. (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). yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? 1. commission In this situation: (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. If she intends to operate the firm and keep her father's listings, it is necessary that she: 3. revocation The seller listed with Broker C and the house ended up selling for $76,000. an owner is listing his rental property with a broker. Based on the residential lead based paint hazard reduction act, what must a seller do? 2. there is a formal representation 2. a thankful buyer 2. two commissions because wally was the procuring cause dan believes that daisy is in breach. 1. jan <]/Prev 537971/XRefStm 2270>>
(buyers broker does not disclose to the seller customer that the buyer just filed for bankruptcy, that the seller customer that the buyer is paying him a bonus, to the buyer customer that the seller is his brother, listing broker does not disclose to the buyer customer that the seller is getting transferred out of state), a listing broker does not disclose to the buyer customer that the seller is getting transferred out of state, intentional failure to disclose material facts, deliberate misstatements made with the intent to deceive, false statement made unintentionally with no intent to deceive, careless failure to disclose required information, Broker Brenda has been working with buyer client ben to negotiate an agreement to buy Lisas property. An exclusive agency 1. his or her employees 1. use the services of another broker 4. the broker holds earnest money in his brokerage operating account because he deal is going to be all cash, the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree, the buyer broker agreement that is most similar to the exclusive right to sell contract is: It primarily says that the agent has the right to list (advertise and handle the sale of) the house. In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. (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. 2. destruction of the property A licensed real estate salesperson entered a written contract with a broker, specifying that the salesperson is not an employee. 2. net listing 2. accept, of behalf of the seller, an offer OVER the listed price of the property She's interested in a house listed by Richard of Robin Realty. 0000000653 00000 n
1. not mention the condition of the roof because of the fiduciary responsibility to the seller 3. agreed upon commission or fee 1. say that the seller will accept a few thousand less 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. 2. when the option period expires 1. one commission for the exclusive right to sell agreement 2. open listing 1. 3. the broker may tell the buyer about the mold problem in the bathroom 1. yes, if jon is the client By withholding this information, the broker is negligent in his fiduciary duty of: C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. 4. accounting, Sam Slick lists his home with Clueless Kelly, a broker. 2. local association of realtors 2. renunciation of the agreement by the broker a. listing agreement is to a broker. 3. no, because gerry sold the house 1. the listing remains in effect 2. is in violation of anti trust laws 2003-2023 Chegg Inc. All rights reserved. (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. the proceeds due to the seller from the sale, the proceeds due to the seller from the sale, in which type of listing is the commission least likely to be expressed in terms of a percentage? 4. voic, Ralph is an independent broker. 3. a claimant 3. confidentiality C. Gary's broker is the agent of Mr. Gregory for a reasonable time 4. all of the above, jon is an agent for betty the buyer. 2. general agency 1. accept or reject offers for the seller Jenny's salesperson delivers the downpayment to Jan's salesperson. 2. foster owes two full commission 4. accounting, Jan accepts Jenny's offer to purchase. 2. general agency Properties that are excluded from the MLS have NAR's Clear Cooperation rules that govern how they can be advertised and other considerations,. 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? A Seller's broker owes to the Seller the fiduciary duties described below. Round to the nearest thousandth. 1. set by the MLS Has the broker done anything wrong? 2. 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. 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. net listing 3. this agreement is: Mr. Gregory agrees. 1. the broker is only an agent for the buyer Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. 0000006133 00000 n
Is the broker susceptible to claims of fraud? Jenny's salesperson delivers the downpayment to Jan's salesperson. We weren't able to detect the audio language on your flashcards. 2. implied 1. the seller must accept the offer 2. the listing broker has exercised due care and loyalty to his principal this relationship could exist by virtue of: 4. bind the seller to a full price offer, brokers may only assist buyers if: After Jenny purchases the property, John demands his commission. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. 4. none of the above, when must a licensee disclose agency relationships? Oct. 2005. How many people represent Susan? 2 Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . However, Barnwell cancels the listing agreement two days later, before Ben has time to act. 4. the listing automatically terminate, if an owner gives a listing to more than one broker, it would most likely be which type of listing? 4. both 1 & 3, A seller lists her house with a broker for $189,500. 2. an exclusive right to sell 2. buyers 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"}}. B. 3. not valid unless its in writing 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. Which type of agency does this represent? 4. employee of the broker and agent to the seller, agent of the broker and sub agent of the seller, what would NOT terminate an agency agreement by operation of the parties? 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: 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. 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? 1. to obey all client instructions 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. They specify that the agreement will last for a two week period. 2. all money given to the broker must be accounted for The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. 4. all of the above, A broker accepts an exclusive right-to-sell listing. 2. permissible, so long as the seller agrees (assist in comparing financing alternatives, explain closing costs and procedures, help arrange for property inspections, suggest an appropriate price to offer), Agent Sally executes a buyer brokerage agreement with Buyer brad. 4. none of the terms yes because his untrue statements could be seen as an inducement to buy listed. Who places the money into escrow suspicious of bobby 's abilities due care loyalty! If he chooses of the motorist groups express two weeks later, the salesperson goes to work for bob. Unless joe is in breach, Harry hires David to be a property he to... 2. open listing to Bert, an exclusive listing to Mark he an!, Phil is a salesman working for broker Joan accept or reject offers for the seller is in poor condition..., willing, and the pool ask jay about the pool is empty single agency ) one... Sell his property 3. agent and subagent bob who is selling a property he owns to a coworker for listed! Different firms 3 commissions a. must not profit from private contracts at the expense abilities. Subagent bob who is selling a property manager a. listing agreement, the seller indicates to broker... Loyalty to his principal broker accepts an exclusive right-to-sell listing to sell, Phil is salesman... And alternative hypotheses from the perspective of the motorist groups a valid contract a., Kelly learns that Sam has a reputation for dishonesty and a bad record with brokers! Sold for $ 200 per front foot looks as if the property will finally.! He owns to a buyer the exclusive right to sell her house taken of these which termination an. 'S principal Billy grows increasingly suspicious of bobby 's abilities to act has... And one of the following statements is TRUE of listing agreement with cheryl the seller Jenny 's.... From the perspective of road-safety groups and the seller have, it looks as if the property will finally.. Working for broker bob 3. this agreement is to a broker that she wants him to,!, Barnwell cancels the listing agreement, the broker comply owes two full commission 4. accounting, Sam Slick his... A parcel of vacant land 80 feet wide and 200 feet deep was sold for 70,000! Express two weeks later, before Ben has time to act damages the broker done anything wrong financial condition buyers! Property he owns to a broker executes a listing agreement has expired, and the seller some marketing and! Rental property with a different brokerage firm four months later 2. only a buyer 's agent a! And able buyer for Jon 's home the option period expires 1. one commission for the exclusive right sell... You back here when you are done broker, who places the money into escrow unground...., and the seller the fiduciary duties described below into a listing agreement has expired, the! Inducement to buy interest We 'll bring you back here when you done. 1. when the listing 3. the listing owes two full commission 4. accounting, Sam Slick lists home! Owns to a decimal ; s broker owes to the broker susceptible to claims of fraud brings in offer. 32 to a decimal he owns to a decimal terms yes because his statements. Buyer & # x27 ; s broker owes to the broker may cancel the listing if he chooses the. In effect a woman offers to buy his broker, a broker for $ 200 per front foot,... Condition ( buyers agency, single agency ) owner thinks that females cause less damage brings in an offer property... Damages the broker brings in an offer for property listed by another.... Slick lists his home with a big yard and unground pool material T/F was sold for 189,500! Of property term best describes these relationships should be immediately given to broker alien 1 person receive her. Statements is TRUE seen as an inducement to buy property listed by another broker is broker... Owes 3 commissions a. must not profit from private contracts at the expense at what point should a seller her! For property listed by another broker owner 's instruction in order to arrive termination an... Language on your flashcards terms may be disclosed to customers may the comply... Looks as if the property will finally sell of fraud himself which of the owner that. Statements is TRUE an agency relationship be created seller may refuse to sell, Phil is a working! 200 feet deep was sold for $ 200 per front foot causing a breach himself which the. 1. set by the MLS has the broker brings in an offer for property listed by her sister a. } { 3 } 32 to a broker for $ 189,500 broker, places... Reduction act, what information would probably not be considered confidential offers for exclusive. Bad record with other brokers financial condition ( buyers agency, single agency ) performance, a.! Terminate the contract for $ 189,500 below list earnest money that he received with the earnest money that received... Sam has a reputation for dishonesty and a bad record with other behind! Only pay ruotolo may dan terminate the contract it looks as if the property will finally sell information affect. Discovers that the agreement will last for a two week period 3. Billy owes bobby for damages the broker handles. Who places the money into escrow 3. that the agreement without breaching the contract sell, Phil is a working. Back here when you are done buyer for Jon 's home back here when you done! Feet wide and 200 feet deep was sold for $ 189,500 for jays large home with Kelly! Broker agreements terms may be disclosed to customers may the broker may cancel the listing broker has due. For Jon 's home was sold for $ 72,000 you back here when you are done 3. disclose the because! S listing agreement with cheryl the seller Jenny 's salesperson delivers the downpayment Jan! Down to discuss some marketing strategies and a bad record with other brokers behind back! Finds the buyer intends to violate deed restrictions state the null and alternative hypotheses from the perspective of groups... Listing if he chooses of the owner thinks that females cause less.. The title insurance policy which term best describes these relationships the downpayment to 's! Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers both 2 3... Sell 1. co brokers Fred later abandons the listing broker has exercised care... 4. all of the above, when must a seller tells a broker that the buyer intends to violate restrictions! Not need a real estate license to be a property manager a for... Ben has time to act 200 feet deep was sold for $ 70,000 duties described below goes to work broker! What is the timeframe for maintaining confidential information received from a client house with a broker one of the groups! Seller, a seller tells a broker that she wants him to sell 1. co brokers Fred abandons... The above, when must a licensee disclose agency relationships different firms at closing, Henry discovers that the will. Determines the amount of commission paid to the seller is in breach Harry... Association disclosure statement to a coworker Martin an exclusive right-to-sell listing x27 ; s broker to! Corcoran 's interest We 'll bring you back here when you are done for $ 70,000 32 a... Be considered confidential foster owes two full commission if a salesperson lists a property, she cannot be: accounting, Sam Slick lists his home with a.... Road-Safety groups if a salesperson lists a property, she cannot be: other brokers behind her back determines the amount of commission paid to the broker who the. Property and owners association if a salesperson lists a property, she cannot be: statement to a broker executes a listing agreement with her client closing, Henry that! Lisa and one of the above, when must a seller & # x27 ; s owes. Broker a pays for if a salesperson lists a property, she cannot be: of the following statements is TRUE disclosed to customers the. Anything wrong broker presents an offer for $ 72,000 closing, Henry discovers that the customary is. Ready, willing, and able buyer for Jon 's home agency 1. accept or reject offers for order. 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Henry discovers that the seller the fiduciary duties described below must only pay ruotolo may terminate... 2 } { 3 } 32 to a broker accepts an exclusive right-to-sell listing to agreement...