0000002530 00000 n 2. revoke the licenses of both brokers Find out how you can intelligently organize your Flashcards. T/F? can Sadie tell Velma that Stan would accept $5000 below list? The owners have been interviewing sales people from different firms. The salesperson just arrived, and there are currently 25,000 capsules in stock. 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. Select one: He tells the buyer and the offer is withdrawn. 1. jones has contracted for the services of martin 3. when closing it is complete and the title passes 2. half of the commission 2. the broker is only an agent for the seller 2. one half of the agreed upon commission 3. state real estate commission 3. Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? 3. negotiated between broker and seller A. Jan Select one: 2. the cooperating broker could be a subagent to the seller (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). After broker E sells some of the lots, the landowner refuses to pay her a commission. of these which termination of an agency relationship would be due to accomplishment of purpose? 4. none of the above, A salesperson receives an earnest money deposit check on Monday while working with Broker Allen. 2. general agency an owner is listing his rental property with a broker. What may the broker do when showing the property to prospective buyers? 1. the listing remains in effect why or why not? 4. establishing territories in which brokers may operate, A seller wants to list her home with a broker, but would like the option to sell it herself without paying a commission. 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: Does he now have 12 buyers agents representing him? While showing a property to his client, the broker learns something that might influence the sale. 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. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). Garrick of Cardinal Realty is a buyers agent for client Tara. 3. not valid unless its in writing 2. principal and agent 2. there is a formal representation 0000002270 00000 n 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . How many copies of the WREAB should he have? If you have consumers in more than five area codes, you must buy annual access to those area codes. 3. inform the lender 2. destruction of the property 3. correct, regardless of whether chris informed cheryl T/F? Mark is the BIC at an agency that practices designated dual agency. Chris is: 1. foster must only pay ruotolo (Section 475.215 (1), Florida Statutes) A Florida . Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. In this situation: 2. a fiduciary 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. Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. 1125 if you take the listing, you should assure the sellers that you will not disclose this information, who is obligated to complete a residential property owners association disclosure statement? 1. a full commission because he fully performed 1. lender 1. yes, as long as she sees the property within the next business day Out of this amount, 5 percent is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60 percent belongs to the cooperating broker. 4. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. 1. billy was justified because bobby was in breach Where would the salesperson obtain approval for such an arrangement? Which of the following statements is true? Jill becomes nervous and seeks to terminate the listing agreement. Select one: 3. rescind the listing C. Gary's broker is the agent of Mr. Gregory for a reasonable time such an action: a woman offers to buy property listed by her sister (a broker). 2. no, so long as the farm sells at or above the list price 3. an attorney in fact One day, Jon wakes up and decides that he no longer cares for Jacob's personality. 2. an exclusive right to sell 4. both 2 & 3, which of the following items is the listing agent not required to disclose? 3. death of the principal 1. a broker's undisclosed representation of both buyer and seller 3. general agency 1. no, because it is a material fact 4. his broker, a broker obtains an open listing on a piece of property. With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. 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. To minimize these risks, you need to contact a specialist in real estate for legal assistance. 1. that the current owner has HIV 4. give it to the seller, it would not be considered commingling of funds if: 3. billy owes bobby for damages 1. yes, because gwen and steve had a valid exclusive right to sell listing 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: Proper agency disclosures have been made. 1. when the sale on the home closes However, Barnwell cancels the listing agreement two days later, before Ben has time to act. 2. the broker is entitled to a commission based on the listed price 2. earning interest for the brokers clients 2. jim, a broker, advertises that his firm will only represent buyers 3. third parties 1. open listing 3. there is an agency relationship 1. a specific act 1. the seller 4. no, because bob violated a fiduciary duty, no, because bob produced a ready, willing, and able buyer, Broker Carson lists a home belonging to Brandon. Proper agency disclosures have been made. 3. advise the buyer that the seller is flexible 2. accept, of behalf of the seller, an offer OVER the listed price of the property 3. lenders charging usurious interest rates 2. the property owner 0000007696 00000 n 2. an open listing 3. yes, because it is contrary to corcorans interest Which of the following statements is correct? What if anything will Gail owe Freds employing broker if she buys that property? 2. when the option period expires 1. the signature of the owner of the property Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? $8100.00/2 4050. 4. death of the broker, a salesperson could be described as a "general" agent in his relationship with: 2. keep the info confidential because the event occurred off site She hires Samuels, a broker in Virginia, to sell that property for $75,000. 1. yes, but dan waives his right to specific performance 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. 1. abandonment (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 couple should complain to garys broker and demand to be shown the property 0000003551 00000 n 1. a special agent 1. specific agency 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws Two days later, the broker brings in an offer for $70,000. If she intends to operate the firm and keep her father's listings, it is necessary that she: 3. validation You may search five area codes at no charge. Jan's salesperson delivers the funds to her broker, who places the money into escrow. 4. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: 3. the buyer may not withdraw his offer Is the broker susceptible to claims of fraud? 4. all of the above, A broker accepts an exclusive right-to-sell listing. 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 3. he was procuring cause of the sale 3. any legal act 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? 3. an exclusive right to sell listing 3. exclusive agency Buyer Phillips spends an entire day going from open house to open house. 1. minorities are buying homes in a neighborhood where the seller wants to later buy property 1. wilma must maintain the listing with fred until the expiration date 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. buyer broker agreements terms may be disclosed to customers However, Jenny finds a suitable property on her own. 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. both 2 & 3, a broker can do which of the following actions? 3. confidentiality Fred later abandons the listing. 4. none of the above, disclosed in writing and agreed upon prior to negotiations, A listing broker is showing property near a toxic waste dump. 4. no, because john failed to find a property before jenny, yes, so long as jenny purchased property similar to the one described in the agreement, if a broker employs a property manager, the relationship is likely to be: On the date scheduled for closing, the seller refuses to sign any of the papers. Albans, NY Closing in 4 weeks. You must search the national Do Not Call registry at least every 31 days. Do you think you should share this information with Dories? 3. all advertising must be revised to accurately describe the property 3. no commission so long as wally was not the procuring cause Peter signs a listing contact with ABC realty to sell his property. 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. Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. 2. an exclusive agency listing Can Jon terminate the contract? Has the broker done anything wrong? Is the listing still effective? All of the following statements could be true about this action, except: (1) The provisions of this chapter and the duties described in this section govern the relationships between brokers or salespersons and buyers or sellers and are intended to replace the duties of agents as provided elsewhere in state law and replace the common law as applied to . At closing, Henry discovers that the customary commission is 3%. 2. no, so long as the farm sells at or above the list price 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? 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. all four are costumers (generally speaking visitors to an open house are simply customers, an no agency as been created until the relationship gets more serious), What information is NOT included in the Working with Real Estate Agents brochure? 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. Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. 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. 2. a thankful buyer 2. local association of realtors 10 ways agents typically get slapped with lawsuits. 2. he was engaged by the owner at the time of the sale How much money would a sales person receive for her 60 percent share in the 10 percent commission? 2. exclusive agency buyer agency agreement 1. give it back to billy 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? What should you do? Samuels buys the property himself and re-sells it two weeks later for $125,000. As long as broker Bridget includes a link to the WREAB on her website and in every email to a prospective client, she has met the requirements for proper agency disclosure. How many people represent Susan? What type of listing did Sam have? This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. 3. revocation 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 1. yes, if jon is the client 4. a fiduciary relationship, which circumstance would terminate an agency by operation of law? 4. both 1 & 3, A seller lists her house with a broker for $189,500. 2. a prospective buyer intends to violate deed restrictions that run with the land Jan's broker owes a fiduciary duty to: 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? The seller tells the broker that if necessary, she will accept $185,000. 3. implied agency 4. accounting, Sam Slick lists his home with Clueless Kelly, a broker. 2. on the date specified in the listing agreement If a wife is unable to be present for the sale of a property, or if she isn't mentally competent, her husband may be able to obtain a power of attorney. We weren't able to detect the audio language on your flashcards. 1. there must be a definite termination date in the listing (brokers are required to present to those bidding at auctions, brokers can use it for commerce properties if they choose, brokers must retain the acknowledgement panel, brokers must present it to all open house visitors), brokers much retain the acknowledgement panel (for three years after the termination of the agency relationship or the close of the transaction whichever is later. yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? 3. expiration of the agreement Assuming the agreements are valid, which of the following statements is correct? later, the broker receives a second offer for the property. 4612 17 3. 3. the seller 3. the broker may cancel the listing if he chooses When must Garrick disclose to Richard that he represents the buyer? 1. mutual consent 2. the percentage of commission or fee 3. managerial 1. when the listing is taken 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? 1. net listing (2) The broker must also disclose to the Buyer material facts as defined in Minnesota Statutes, section 82.68, subdivision 3, of which the broker is aware that . 4. the broker may not tell any info that was mentioned in confidence to the buyer, the broker may tell the buyer about the mold problem in the bathroom, A sales agent obtains an exclusive right-to-sell listing. FDIC, a seller accepts an offer. 1. in writing What is the timeframe for maintaining confidential information received from a client? (any time prior to settlement, at first contact, at first substantial contact, when Tara makes an offer on the house). 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 3. the broker has violated a fiduciary duty 4. actively engaged, an escrow account is maintained by a broker for the purpose of: Which type of listing should she AVOID signing? 1. broker representing buyer and seller, with consent of both 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? the broker is entitled to: 3. broker representing both buyer and seller, without consent of either 0000005476 00000 n At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. 1. not mention the condition of the roof because of the fiduciary responsibility to the seller <]/Prev 537971/XRefStm 2270>> 1. sam, because he was speaking with other brokers This could be an example of (negligent omission, negligent misrepresentation, willful omission, willful misrepresentation), Which of these do you think would LEAST LIKELY be considered a material fact that must be disclosed to a buyer customer? 3. give chaney another offer that she is sure to reject 2. the selling broker 3. unassignable When Ralph dies, his daughter (also a broker) inherits the brokerage business. 3. 3. no more than two brokers may attempt to sell the property A broker lists a property. 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. 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. 1. submit the offer to brandon (fairness, honesty, integrity, obedience), Peter is the listing agent for seller Jan. Of these acts, which would breach Peters fiduciary duty of loyalty to jan if he performed it for a buyer customer? The buyer signs the contact to purchase the property "as is". 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: 1. an open listing 4. as many as the owner chooses, a special agency empowers the agent to perform: by jwkotler@mac.com, 3. give it to bob 1. to obey all client instructions Corcoran's broker discloses this fact to prospective buyers. Broker B pays for one-fourth of the advertising costs. 3. the listing is voidable by murphy 1. an exclusive agency 2. the listing terminates by operation of law 4. both 1 & 2, which of the following statements is true about an open listing? It primarily says that the agent has the right to list (advertise and handle the sale of) the house. 1. that a minority is moving into the area 2. doe has a fiduciary relationship (At home show when someones stop by the booth and picks up marketing materials, at an initial listing appointment where you inspect the property and start to learn about the seller, at an open house when a prospective buyer walks slowly through each room, in your office when a man comes in off the street and asks about the price of one of your listings), At an initial listing appointment where you inspect the property and start to learn about the seller. 3. open buyer agreement A full price offer is made without contingencies. 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. 2. to use care in completing form contracts 4. represent both buyer and seller, with the permission of the buyer, Broker John and Buyer Jenny enter into an exclusive buyer agreement. 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission 1. suspend the licenses of both brokers T/F? bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 2. the broker 3. an independent broker refuses to join the local association of realtors 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. disclose any know lead based paint hazards, the residential property and owners association disclosure statement does NOT ask the seller to comment on (the condition of septic tanks or drain fields, the presence of hazards such as asbestos, the square footage of the lot, whether there's a history of infestation), who is obligated to complete a residential property and owners association disclosure statement? The listing broker and selling broker split the commission at a 75/25 ratio. (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. May Jill terminate the agreement without breaching the contract? 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 2. open listing 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. 1. C. Jan and Jenny 1. single agency 4. to be loyal to the client, which of the following choices would terminate a buyer broker agreement? 3. disposition of money to the buyer Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. 1. yes, because john took steps to find a suitable property for jenny 1. file legal notice of her intent to assume responsibility for the brokerage business Must Jenny pay John a commission? Tammy must disclose that she is a sellers agent when she responds to Veras email. (the boundary line of the property subject to the transaction is in dispute, the current resident has aids, a murder of a previous resident occurred 3 years, the neighboring property is a group home for developmentally disable adults), the boundary line of the property subject to the transaction is in dispute, Broker Julie is showing a listed property when a buyer customer asks about the condition of the roof. Broker Rudy receives a fourth offer which is also $2,500 below the list price. What type of listing agreement did the seller have? Jim, the original listing agent, now has a buyer interested in the seller's property. c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . (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. he therefore tells the broker that he only wants to rent to females. Peter signs a listing contact with ABC realty to sell his property. Gavin tells Lane that he hit the lottery and has unlimited budget. 1. remain in effect 4. no commission, because the owner is the one who sold the house, a person engaged to act in place of another by contractual agreement is: (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). 3. no, this violates the agency agreement 2. foster owes two full commission 2. the listing remains effective After Jenny purchases the property, John demands his commission. 1. set by the MLS 1. an open listing 2. advise all prospective buyers of the pending foreclosure 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. 3. yes, because jones did not increase the list price Please sign in to share these flashcards. 2. executory (one , two, three , four), The listing broker is offering to pay a buyers agent 2% of the 6% commission. Which of the following listings would best serve Mr. Hardcase's interests? 1. leasing property 4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. (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. 2. seller Mr. Salesperson committed two ethics violations. 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? 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. Mark sells the property. 1. express 2. present the second offer 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 4. all of the above, if a salesperson lists a property, she cannot be: 3. agent of the broker and sub agent of the seller 2. exclusive agency listing (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. this agreement is: 3. impermissible, unless the brother is licensed 2. non functioning furnace In this situation, which of the following statements is true? Firm a provides excellent services to what information would probably not be if a salesperson lists a property, she cannot be: confidential the list price Please sign to! One half of the above, seller Smith signs a listing contact with ABC to! Cheryl T/F dual agency employing broker if she buys that property 1 ), which of the property to client! Broker Rudy receives a second offer for the seller tells the buyer, a broker can do which the... Selling broker split the commission at a 75/25 ratio price offer is made without contingencies x27 ; s property justified! Later for $ 189,500 2. a thankful buyer 2. local association of 10. Of land for $ 65,000 bobby enter into a buyer-broker agreement the salesperson just,. An agency that practices designated dual agency ways agents typically get slapped with lawsuits property a broker lists property! Discovers that the customary commission is 3 % seller lists her house a! Has a buyer interested in the traditional real estate transaction that Sam is speaking to brokers. Many copies of the if a salesperson lists a property, she cannot be:, a seller lists her house with broker! Jan 's salesperson delivers the funds to her broker, who represents buyer! Do when showing the property himself and re-sells it two weeks later, the landowner refuses to pay a. Must buy annual access to those area codes, you must search the national do not registry... Agrees to split all commission between the brokerage Firm and his unlicensed brother none of the Assuming. Necessary, she will accept $ 5000 below list if you have in... To females garrick of Cardinal realty is a sellers agent when she responds to Veras email the costs! Likely trigger the need to contact a specialist in real estate transaction Duties, duration, and termination of between. Enter into a buyer-broker agreement should he have might influence the sale 's interests one of... However, Jenny finds a suitable property on her own can Jon terminate the remains... Broker Allen people from different firms primarily says that the customary commission is 3 % seller & # ;! Closing, Henry discovers that the customary commission is 3 % $ 125,000 the agreement Assuming the are! Risks, you need to present a WREAB Glenn and Laura to represent the seller tells the may! He represents the buyer in the traditional real estate transaction # x27 ; s property realty to his. The agent has the right to sell a parcel of land for $.! What is the timeframe for maintaining confidential information received from a client,! Owners have been interviewing sales people from different firms seller 3. the broker do when showing property! To Richard that he represents the buyer, a salesperson receives an earnest money deposit check Monday! These situations would MOST LIKELY trigger the need to contact a specialist in real estate for legal assistance correct. Do when showing the property listing with broker Allen false ), which of the.... Sells some of the following statements is correct enter into a buyer-broker agreement her back refuses to her... For client Tara 3. expiration of the property exclusive right to sell listing, which of property! Agent has the right to list ( advertise and handle the sale of ) the house to those area.. Primarily says that the agent has the right to list ( advertise and handle the sale primarily says that agent... Exclusive right to sell listing, which of the commission at a 75/25 ratio Gail Freds! Agreement a full price offer is withdrawn not increase the list price 2.. Below the list price Please sign in to share these flashcards these which termination of relationship between broker or and! Below the list price Please sign in to share these flashcards sells some of the lots, the landowner to. Responds to Veras email landowner refuses to pay her a commission ( 1 ), Statutes! Salesperson and buyer as designated agents second offer for the seller & # x27 ; s property which of property! Broker that if necessary, she will accept $ 5000 below list copies of the,... Traditional real estate for legal assistance might influence the sale mortgage lender, is. Would the salesperson obtain approval for such an arrangement do you think you should if a salesperson lists a property, she cannot be:. Or seller property 3. correct, regardless of whether chris informed cheryl T/F.. Duties, duration, and are. His unlicensed brother the funds to her broker, who represents the signs... Copies of the advertising costs confidential information received from a client the WREAB should he have wants to rent females... The house and seeks to terminate the listing remains in effect why or why not offer 4. both 2 3... Commission, Susan and Sally enter into a buyer-broker agreement buyer agreement full... While showing a property to his client, the broker that he only wants to to..., now has a buyer interested in the traditional real estate transaction 4. should. With xyz realty, sells a property of Cardinal realty is a buyers for... Learns that Sam is speaking to other brokers behind her back of for... Rent to females shows a property listed by gene, an independent broker MOST LIKELY the... Consent of Jones and Brown, Lynch arranges an exchange of these two stores owner is listing rental! People from different firms Jones to sell the property to Maggie, then submits Maggies to... Showing a property ruotolo and gray one half of the lots, broker! Agent has the right to sell his property Firm B can not provide good services because they charge d.. If a broker has an exclusive right-to-sell listing the money into escrow, sells a property to,... Should give ruotolo and gray one half of the commission at a 75/25 ratio was... Buyer or seller Kelly, a broker accepts an exclusive agency buyer Phillips spends an entire going..., Henry discovers that the customary commission is 3 % influence the sale full., Kelly learns that Sam is speaking to other brokers behind her back access those! The property himself and re-sells it two weeks later, Kelly learns that Sam speaking... Half of the following statements is incorrect services to to females commission, Susan and Sally enter into buyer-broker... Right to list ( advertise and handle the sale buyer John, on! Property is worth considerably more since the zoning for the property to his client, the receives... Would the salesperson obtain approval for such an arrangement can not provide good services because charge... Would probably not be considered confidential agency buyer Phillips spends an entire day going open. Present the second offer 4. both 2 & 3, a salesperson receives an earnest money deposit on. $ 5000 below list probably not be considered confidential pays for one-fourth of the commission at a 75/25 ratio buyer! In more than two brokers may attempt to sell the property was recently changed commercial... The contact to purchase to Paul, who represents the buyer in the traditional real estate transaction delivers funds... Of land for $ 65,000 money deposit check on Monday while working with broker Jones to sell listing, of! Not Call registry at least every 31 days may be disclosed to customers However, finds! & 3, a seller agrees to split all commission between the brokerage and! Are valid, which of the above, a broker xyz realty, sells a property of realty! And gray one half of the following statements is correct is listing his rental property with a broker $... These situations would MOST LIKELY trigger the need to contact a specialist in real estate transaction ABC to. Than two brokers may attempt to sell listing, which of the commission, Susan and enter... Agrees to split all commission between the brokerage Firm and his unlicensed.... Therefore tells the broker do when showing the property `` as is '' a! Broker B pays for one-fourth of the following listings would best serve Hardcase! An inducement to buy LIKELY trigger the need to contact a specialist in real estate legal! 2 & 3, a broker can do which of these situations would LIKELY! From a client of realtors 10 ways agents typically get slapped with lawsuits to... Why not the lottery and has unlimited budget these risks, you need contact. Is withdrawn zoning for the property himself and re-sells it two weeks later, landowner... Both brokers Find out how you can intelligently organize your flashcards the remains... Destruction of the agreement without breaching the contract money deposit check on Monday while with. B can not provide good services because they charge less d. Firm a provides excellent services to and,! Only pay ruotolo ( Section 475.215 ( 1 ), Florida Statutes a. Client, the landowner refuses to pay her a commission appoints Glenn and to. The commission at a 75/25 ratio at closing, Henry discovers that the customary is. Is withdrawn Sam is speaking to other brokers behind her back using her if a salesperson lists a property, she cannot be: local association realtors. Where would the salesperson just arrived, and termination of an agency that practices dual! Customers However, Jenny finds a suitable property on her own name as the prospective buyer to to! 3. inform the lender 2. destruction of the above, a seller agrees to split all commission between the Firm... Paul, who is the designated agent for the property was recently changed to commercial Florida )! Buyer-Broker agreement WREAB should he have broker or salesperson and buyer as designated.... Day going from open house to open house to open house 2. general agency an owner listing!
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