How many capsules should be ordered? (Signed) Sadia." 4. yes, if both parties agreed, Wally Wells, a licensed salesperson, listed Parcel A under an open listing agreement and Parcel B under an exclusive right-to-sell listing agreement. 3. negotiated between broker and seller How many brokers could be owed a commission by the principals in this transaction? 3. no commission so long as wally was not the procuring cause 3. martin is the agent of doe Wally will receive: Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 4. terminate on june 1st, salesperson sam works for broker betty. 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. What is the status of the listing? B. Jenny 6. This information: 1. the commission is split between all brokers that have an open listing for the property 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? In this situation: Is the listing still effective? 2. a property manager enjoyed by the owner 3. inform any prospective buyer of the condition of the roof 2. selling broker Fred later abandons the listing. Ensuring that your information is up to date. 1. the signature of the owner of the property (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). Gary refuses to show the house. 2. the broker 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. Further, the owner states that she will not repair the roof, even if the house is sold at full price. 2. time 3. is prohibited by RESPA 2. If the total commission on the sale is $4,500, how much does Broker B receive? 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 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. What do his clients give up when he represents them both as a dual agent? 2. keep the info confidential because the event occurred off site 4. exclusive right to sell, Phil is a salesman working for Broker Joan. 2. exclusive agency listing Based on past experience, the owner thinks that females cause less damage. 1. cancel the contract without obligation to either buyer or broker 3. exclusive agency 1. mutual agreement What is the sales agent's relationship with the broker and the seller? Both have authorized dual agency. Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . During a 90 day listing agreement, the seller dies, What statement is TRUE? (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. 3. net listing 1. bankruptcy of a principal (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 . A buyer submits a written offer and the seller accepts it. 1. net listing 1. yes, as long as she sees the property within the next business day 1. specific agency 1. open listing The broker is entitled to: 2. executory 2. disclosed in writing and agreed upon prior to negotiations However, Sally subsequently falls on hard times. 0000007875 00000 n 1. an exclusive agency Jan's broker owes a fiduciary duty to: of these which termination of an agency relationship would be due to accomplishment of purpose? (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. his broker, a broker obtains an open listing on a piece of property. Cram has partnered with the National Tutoring Association. 1. is common practice 2. yes, if the broker promises to ensure such funds will be available at closing Peter signs a listing contact with ABC realty to sell his property. Billy grows increasingly suspicious of Bobby's abilities. 2. net listing Broker Glenn brings Mark a listing contract with a seller. 4. exclusive right to sell listing, when does an open listing terminate? 1. no, because jones did not buy the property himself 3. implied agency 4. yes, but only because the info is material, yes, but only because the info is material, what should a salesperson do with the earnest money she receives from a buyer? This situation could involve all of the following agency relationships except: 1. remain in effect A Seller's broker owes to the Seller the fiduciary duties described below. what should the broker do? 3. rescind the listing 0000006133 00000 n 5000 1. open listing 3. yes, because it is contrary to corcoran's interest (the broker abandons the seller before the listing period ends, the broker does not find a buyer before the listing period ends, the listing broker sells the property, the seller fires his agent before the listing period ends), Of these which of the following is the best example of General Agent? See Page 1. 0000000653 00000 n In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. 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: 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 3. no, because david was the procuring cause in the sale 4. voic, Ralph is an independent broker. 2. the percentage of commission or fee Introducing Cram Folders! 4. 1. a full commission 2. give it to her broker 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. it should be immediately given to broker bob T/F A personal representative who creates a pattern of sales does not need a real estate license. 1. minorities are buying homes in a neighborhood where the seller wants to later buy property 1. sell the property before the foreclosure is completed D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. (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. 2. the local bar association Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. 2. there is a formal representation (before the buyer makes an offer, before the buyer walks through the house, before the sellers accepts the offers, before the transaction closes), which of these do you think would least likely be considered a material fact that must be disclosed to a buyer? 1. destruction of the property A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. 3. any legal act Its January and the pool is empty. 3. violates both RESPA and regulation Z 4. jones is the agent of doe, a person who enters into a brokerage relationship with a licensee is: The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. 3. selling salesperson 2. renunciation 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? 0000005225 00000 n What is Caras relationship to her visitors? 3. broker representing both buyer and seller, without consent of either 3. state real estate commission 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. it indicates whether any mineral, oil or gas rights have been severed. 4. follow the owner's instruction because of the fiduciary relationship, Seller Corcoran is in very poor health and cannot work on his farm anymore. 1. lender 2. implicity 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. Mr. Kyle has a 120-front-foot lot. the broker is entitled to: 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. 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. 3. the listing remains valid 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? 3. a net listing 3. exclusive right to sell listing Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. 1. obedience 2. selling property $8100.00/2 4050. 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 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: 0000002700 00000 n 1. an open listing 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. (the area in which the buyer wants to look, the maximum mortgage amount the buyer can afford, the name of the buyers dog, the style of house the buyer prefers), the maximum mortgage amount the buyer can afford. 1. open listing 4. 2. no, because jon has an unacceptable reason 3. revert to an open listing 9500 T/F? 2. no, assuming he fulfilled all the requirements of the listing agreement 1. when the sale on the home closes bob who is selling a property he owns to a coworker. 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: 3. accepting the listing and give preferential treatment to female applicants 2. yes, so long as jenny purchased property similar to the one described in the agreement 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? 2. on the date specified in the listing agreement Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. 3. renegotiate ralphs current listings 2. implied Joseph wants to tell his property, so he invites agents from four different brokerages firms to interview before selecting the listing agent who suggests the highest listing price. 2. billy was in breach Steve is furious and demands his commission. 4. all of the above, the law of agency can include relationships between principals, agents and: 3. disposition of money to the buyer 4. expiration of time, all of the following statements are true of buyer broker agreements, except: Is Harry required to pay a commission to David? 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