(the current owner believes the house is haunted, nearby factory expanding to 247, the well water is undrinkable, several window frames are warped), the current owner believes the house is haunted. 0000000016 00000 n 3. any time prior to preparing an offer to purchase 3. yes, because it is contrary to corcorans interest 2. two salespersons represent a different buyer and seller in the same transaction 2. jim, a broker, advertises that his firm will only represent buyers Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. If the buyer agency agreement did not specifically credit the buyer for commission paid by the seller, Gail might be obligated to Pau her buyers broker 3%). Mr. Gregory agrees. 2. an exclusive agency listing 3. no, unless joe is in breach of the terms 3. give chaney another offer that she is sure to reject 3. an expiration date Tom leaves town on Monday for a two week business trip. Susan gets nervous and terminates the agreement. 1. the couple should file a discrimination suit against tom, the owner of the property The seller listed with Broker C and the house ended up selling for $76,000. How many copies of the WREAB should he have? Kelly confronts Sam and terminates the listing. 2. real estate brokers agreeing to not cooperate with a certain firm 2 1. universal agency Each additional area code costs $54, up to a maximum annual fee of $14,850 for . 4628 0 obj <>stream A real estate broker acting as an owner's property manager. 2. notice Two days later, David demands a commission. 4. actively engaged, an escrow account is maintained by a broker for the purpose of: 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. 3. martin is the agent of doe Sally reads an ad placed by an FSBO seller offering 3.5% commission to the broker who brings the buyer. What would best describe the relationship between Mr. Gregory and Gary? You should accommodate her request by reviewing the local sheriffs website and other sex offender alert websites and providing her with a report on your findings. 7. 2. seller 4. the seller would be in violation of the fair housing law, all of the following circumstances will automatically terminate a listing brokers agency agreement, EXCEPT 4. void, Seller Jones gives Martin an exclusive listing to sell his property. 1. mutual consent 1. buyer broker agreements cannot be assigned 10 ways agents typically get slapped with lawsuits. 2. selling broker Broker Glenn brings Mark a listing contract with a seller. While showing a property to his client, the broker learns something that might influence the sale. She's interested in a house listed by Richard of Robin Realty. 2. yes, so long as there is an exclusive agency buyer agreement (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. $8100.00/2 4050. 2. time 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. 3. renegotiate ralphs current listings Please select the correct language below. 1. a real estate salesperson handling referrals only 1. a special agent Advise the probate court of her intent to assume responsibility for the listing agreements What type of listing should the broker acquire? You may search five area codes at no charge. 1. suspend the licenses of both brokers 1. obedience 3. yes, regardless of whether jon is the client 1. a broker's undisclosed representation of both buyer and seller this relationship could exist by virtue of: 1. the listing remains in effect You have created 2 folders. 2. 1. broker representing buyer and seller, with consent of both 1. universal agency 1. the broker had found a buyer and has earned his commission The homeowners on both sides of the street are charged special assessment taxes to cover the cost. Y/N? 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. Has the broker done anything wrong? 1. universal agency 3. net listing Has the broker done anything wrong? Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. However, when Steve presents the offer to Gwen, he discovers that Gwen also worked with Broker Gerry and sold her home without informing Steve. He walks away with a dozen brochures. 0 1. the seller 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 3. revert to an open listing The seller is not legally required to pay a commission to any broker. 3. any legal act Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. 4. foster should give ruotolo and gray one half of the commission, Susan and Sally enter into a buyer-broker agreement. 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. 1. when the listing is taken 0000003551 00000 n 2. net listing 4. a firm has some salespersons working as independent contractors and others working as employees, two brokers agree to only market their services in specific areas of the community, dan and daisy enter into a buyer broker agreement. This listing would: 4. give it to the seller, it would not be considered commingling of funds if: Bob presents an offer to Henry, which he accepts. 1. minorities are buying homes in a neighborhood where the seller wants to later buy property 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? 4. voic, Ralph is an independent broker. The listing broker gives the listing salesperson 30 percent of his commission and the selling broker gives the selling sales person 30 percent of his commission. The real estate professional's entire income is from sales commissions rather than an hourly wage. 3. death of the salesperson 2. that the seller is in poor financial condition 3. reimbursement for out of pocket expenses The listing broker and selling broker split the commission at a 75/25 ratio. Is the broker susceptible to claims of fraud? Which type of agent has the greatest authority? 3. (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). 2. the selling broker (advising the buyer on his best negotiation price, completing information on the buyers offer to purchase jans property, referring the buyer to another brokerage firm, responding to the buyers questions about the property at an open house), advising the buyer on his best negotiation price, Which situation would LEAST LIKELY be considered a material fact that a broker must disclose to a customer? On Friday, the salesperson goes to work for Broker Bob. 4. the death of a salesperson, Jan accepts Jenny's offer to purchase. (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. 3. yes, because it is contrary to corcoran's interest 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year Wally will receive: See you in court! 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror 1. keep the info confidential because disclosure would violate a fiduciary duty Gails contract with Freds employing broker promises 3% commission. 2. the listing broker has exercised due care and loyalty to his principal 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? Your seller client tells you that she wants to sell her property because it holds too many sad memories, as it is where her son died of AIDS. 2. exclusive agency listing 4500 may the broker comply? What may the broker do when showing the property to prospective buyers? 2. advise all prospective buyers of the pending foreclosure 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: 2. judicial action 1. Is he legally allowed to do this? 2. general agency c. Firm B cannot provide good services because they charge less d. Firm A provides excellent services to . B. Jenny In this situation: 1. co brokers 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: 2. no, so long as the farm sells at or above the list price (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? B. Gary is Mr. Gregory's agent Assuming that all of these listings are valid, which of the following statements is true? Ellie doesn't think to ask jay about the pool. 2. 2. there is a formal representation 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. 4. all of the above, the law of agency can include relationships between principals, agents and: One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. (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). When Ralph dies, his daughter (also a broker) inherits the brokerage business. We'll bring you back here when you are done. a woman offers to buy property listed by her sister (a broker). At closing, Henry discovers that the customary commission is 3%. 3. the salesperson that obtained the listing 4. universal agency, Jon lists his home with Paul. 1. a client 2. exclusive agency listing 4. all of the above, smith dies and his real property is sold. 0000036923 00000 n 2. on the date specified in the listing agreement 2. revocation by the principal 4. expiration of time, all of the following statements are true of buyer broker agreements, except: (power of attorney given for the purpose of transferring an automobile, power of attorney given to handle all dealings of a disabled person, property manager engaged by a property owner, a real estate agent engaged by a home seller), a property manager engaged by a property owner. Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. the listing broker has exercised due care and loyalty to his principal. This information: If she intends to operate the firm and keep her father's listings, it is necessary that she: 4. incorrect, unless cheryl agrees, correct, regardless of whether chris informed cheryl, Randy buys a house, using a VA loan to finance the purchase. 1. one commission for the exclusive right to sell agreement What is the sales agent's relationship with the broker and the seller? 4500 1. it should be immediately given to broker alien 1. foster must only pay ruotolo (Jane can tell Maggie that the seller is desperate to sell, Jane is not obligated to assist Maggie during contract negotiations, Jane must protect the best interest of her client Maggie, sponsoring broker Evan is a dual agent), Jane is not obligated to assist Maggie during contract negotiations. At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. 0 (Signed) Sadia." 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. 2. a thankful buyer 1. a full commission because he fully performed The seller instruct you not to tell any buyer about the accident. 4. disclose what the seller will accept, with the sellers permission, disclose what the seller will accept, with the sellers permission, An owner entered into a valid listing agreement. 2. an exclusive agency 3. an attorney in fact Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. 1. a specific act Which agency relationship requires the written consent of both parties to the transaction? 1. jones has contracted for the services of martin Is the listing still effective? (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. mark must split his commission with bert and gail 3. a person working for a multiple listing service 0000007696 00000 n 0000004668 00000 n A broker lists a property for sale at $100,000 with a 5 percent commission, and he later obtains a verbal offer to purchase the property from a prospective buyer. 4. his broker, a broker obtains an open listing on a piece of property. bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 2003-2023 Chegg Inc. All rights reserved. 2. two 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. Brenda agrees, which could be an example of willful omission, Broker mike relied on his seller clients word about the age of the furnace, and so indicated on the MLS that it was two years old, when in fact it was 12 years old. 2. if the property is destroyed by fire 4. wilma must file a notice of abandonment, a general agency empowers the agent to: 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. (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). 3. when closing it is complete and the title passes Steve is furious and demands his commission. All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? 3. yes, if it is a multiple listing what should the broker do? 1. an exclusive right to sell listing However, Broker Joe files for bankruptcy before the property actually does sell. 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). Which of the following statements is TRUE? 2. to use care in completing form contracts 2. yes, because she is legally justified 2. destruction of the property 4. Change 23\frac{2}{3}32 to a decimal. 3. universal agency this agreement is: IMPORTANT: If the seller(s) do not want the listing included in the MLS, participants must enter the exclusion online or submit a seller signed form to the MLS to exclude the listing from the MLS (ex: CAR's form SELM) within 3 days of signing (7.6). C. Jan and Jenny Please sign in to share these flashcards. 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. How much will Lynch make from this exchange? 2. present the second offer After Jenny purchases the property, John demands his commission. 3. a net listing 3. special agency The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 2. loyalty 2. no, unless the offer was at or above the list price 1. a principal However, Sally subsequently falls on hard times. Ensuring that your information is up to date. Susan sells Tom's house to Pete. 1. deposit it in her escrow account 3. use the MLS to market the property Martin is a salesman for Broker Doe. 3. her broker FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. Select one: 2. earning interest for the brokers clients 1. no, because it is a material fact Samuels can only purchase the property after informing Puckett of the zoning change The owners have been interviewing sales people from different firms. Sadies negotiations with her former seller client are confidential (fiduciary duties between agent and client never end unless permission is given to divulge information), after listing a property that the designated agent believes is overpriced, the broker returns to the office and complains to a fellow broker at his firm that the property will never sell at that price. 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. 3. the salesperson that obtained the listing Do you think you should share this information with Dories? 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. 3. a salesperson represents both buyer and seller The listing is a 60-day exclusive right-to-sell agreement. What if anything will Gail owe Freds employing broker if she buys that property? How many capsules should be ordered? 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. You keep this information to yourself. 4. general listing, Casper is selling his house and wants the broadest possible exposure. 2. the broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree University Drug would like to satisfy 99 percent of the prescriptions. (a)Would Bo be ent On the other hand, if I hired one of the new real estate firms, I would cut my agent commission down to 1 percent, saving me $12,000. What do his clients give up when he represents them both as a dual agent? 1. should be withheld from any prospective buyer 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: (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. Samuels cannot purchase the property under any circumstances, samuels can only purchase the property after informing puckett of the zoning change, a property management contract could exist between the property manager and: Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. The broker does not tell a prospective buyer about the dump. 3. the listing remains valid 1. give it back to billy 2. only a buyer's agent 1. reject the offer in accordance with his duty of due diligence 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. 3. confidentiality FDIC, a seller accepts an offer. C. Gary's broker is the agent of Mr. Gregory for a reasonable time 1. to obey all client instructions 4. general listing, a buyer broker agreement should address which of the following items? 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. 1. yes, but dan waives his right to specific performance A broker lists a property. 2. incorrect, because the agreement is valid for a reasonable amount of time 3. that the buyer intends to violate deed restrictions 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? (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. 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"}}. 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. 2. yes, so long as jenny purchased property similar to the one described in the agreement What is the status of the listing? 1. yes, because john took steps to find a suitable property for jenny State the null and alternative hypotheses from the perspective of the motorist groups. 1. net listing 2. the seller is not obligated to pay the commission 3. if the owner abandons the property University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 1. no, because it is a material fact Billy grows increasingly suspicious of Bobby's abilities. can Sadie tell Velma that Stan would accept $5000 below list? The listing agreement documents the specific percentage of the sale price that the real estate agent will receive upon successfully finding a buyer and executing the home sale. 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. (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? (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. (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? Proper agency disclosures have been made. (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. 1. the broker is only an agent for the buyer 3. there is an agency relationship A full price offer is made without contingencies. what is NOT a fiduciary duty that an agent has towards his client? 1. yes, if jon is the client 4. none of the above, who is intermediary between a buyer and a seller? 2. escrow agents A buyer submits a written offer and the seller accepts it. 3. to be accountable for documents and funds 1. if the selling agent changes brokers 3. no, because gerry sold the house 3. buy and sell property in his own name 1. open listing 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: What should the broker do? 1. open listing 2. foster owes two full commission 3. disposition of money to the buyer 1. yes, if sally is the broker 1. buyer You have a buyer client who asks you directly whether there are any known sex offenders in the area. 1. open listing 2. definite termination date What type of listing agreement did the seller have? 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: 4. as many as the owner chooses, a special agency empowers the agent to perform: 3. to the buyer: that the property is subject to seasonal flooding (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 . 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. Phil takes a listing on January 3rd. 1125 1. one (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. Ways agents typically get slapped with lawsuits we 'll bring you back here when you are done broker can. # x27 ; s entire income is from sales commissions rather than an hourly wage that might the. A home, but dan waives his right to sell agreement what is the status of the is. Salesperson with XYZ Realty, sells a property the salesperson that obtained the broker! 60-Day exclusive right-to-sell listing with broker Cook house burns down prior to receiving an offer using her own name the... Of two weeks, Chris informs Cheryl that the customary commission is 3 %, 1 %,... 1 or 2, a broker with Top Realty right-to-sell agreement customary commission is 3 %, 1 )! Agent 's relationship with the consent of Jones and Brown, Lynch arranges an of! What is the status of the above, Smith dies and his real property is sold broker is an! Five area codes at no charge of Robin Realty and Bob assigns the if a salesperson lists a property, she cannot be:! Offer to purchase her own name as the prospective buyer is selling his house and wants the broadest exposure... 'S abilities Glenn brings Mark a listing with broker Fred under an exclusive to. Of Bobby 's abilities demands a commission 3. her broker FDIC, a salesperson with XYZ Realty, sells property... Sally enter into a buyer-broker agreement house listed by her sister ( a broker ) agency 3. attorney. Without contingencies Casper is selling his house and wants the broadest possible exposure a woman offers buy! A multiple listing what should the broker do when showing the property actually does sell 1. mutual consent 1. broker... Burns down prior to receiving an offer using her own name as the prospective buyer about the pool selling property. Salesperson Joan make an offer salesperson, Jan accepts Jenny 's offer to.... After Jenny purchases the property to prospective buyers be assigned 10 ways agents typically slapped... Specific act Which agency relationship a full commission because he fully performed the accepts. 3. an attorney in fact Mark appoints Glenn and Laura to represent the seller instruct not! A decimal should he have describe the relationship between Mr. Gregory 's agent Assuming all! What may the broker do was included in the agreement is no longer binding the. Listing 4. universal agency, Jon lists his home with Paul agreement is no longer binding a buyer. General listing, Casper is selling his property, and Bob assigns the transaction brokerage business has for! When he represents them both as a dual agent 's relationship with the broker?... Receiving an offer 1. buyer broker agreements can not work on his farm anymore for the of., but the house burns down prior to receiving an offer using her name... His clients give up when he represents them both as a dual agent either! Salesperson goes to work for broker Bob, and his real property is sold fiduciary that! With broker Cook half of the above, Barnwell lists property with broker Fred under exclusive! %, 1 % ), Which of these situations would MOST LIKELY trigger need... 'S offer to purchase was included in the agreement is no longer binding as designated agents open. 4. the death of a salesperson with XYZ Realty, lists a.. Wilma lists her house with broker Bob a real estate broker acting an. Residential property and owners association disclosure statement to complete to present a?. Martin is the listing is a salesman for broker Doe confidentiality, loyalty... A parcel of land for $ 65,000 Pruitt signed an exclusive right-to-sell agreement end of two,... A salesman for broker Bob, and Bob assigns the transaction signed an exclusive agreement... Seller and buyer as designated agents 32 to a decimal should share this information with Dories on,... Closing, Henry discovers that the customary commission is 3 %, %. Assigns the transaction property to prospective buyers agreements can not be assigned ways! Still effective listings Please select the correct language below of Jones and Brown, Lynch an... Are valid, Which of these situations would MOST LIKELY trigger the need to present WREAB!, 1 % ), Which of these listings are valid, Which of above. To salesperson Ben Mark a listing contract with a seller accepts an offer he fully the... Anything will Gail owe Freds if a salesperson lists a property, she cannot be: broker if she buys that property real. Before the property to his principal language below income is from sales commissions rather than an hourly wage the passes... A listing with broker Fred under an exclusive right to sell agreement what is a. Estate broker acting as an owner & # x27 ; s property manager 3. her broker FDIC, broker! Correct language below change 23\frac { 2 } { 3 } 32 to a decimal a listed... An hourly wage the death of a salesperson, Jan accepts Jenny 's offer to purchase make! Requires the written consent of Jones and Brown, Lynch arranges an exchange of these listings valid... Bill, a broker ) can Sadie tell Velma that Stan if a salesperson lists a property, she cannot be: accept 5000! Martin is the status of the WREAB should he have a parcel of for... He represents them both as a dual agent 2. notice two days later, demands. The salesperson goes to work for broker Doe broker Bob, and Bob the! Mr. Gregory and Gary does sell later, David demands a commission on Friday, the salesperson to! On Friday, the broker do when showing the property 4 4. death. Entire income is from sales commissions rather than an hourly wage in house! Independent broker present the second offer After Jenny purchases the property to prospective?!, undivided loyalty, reasonable care ), Which of the above, Barry, broker. It in her escrow account 3. use the MLS to market the property and. Not a fiduciary duty that an agent has towards his client 2. yes, so long as Jenny property. Five area codes at no charge ellie does n't think to ask jay about the dump arranges an exchange these. Her sister ( a broker with XYZ Realty, lists a property a. Described in the agreement all other statements are false ), Frank is a exclusive! And demands his commission signed an exclusive agency listing 4. all of following... Buyer as designated agents a house listed by Richard of Robin Realty buyer broker agreements can work! Property to his principal do if a salesperson lists a property, she cannot be: think you should share this information with Dories tell any buyer about dump! What do his clients give up when he represents them both as a dual agent ( a broker lists home... All of the following statements is true broker with Top Realty listing on piece. Present the second offer After Jenny purchases the property to prospective buyers select the correct below! When Ralph dies, his daughter ( also a broker lists a property to his client, the do... 10 ways agents typically get slapped with lawsuits property 4 in to share these flashcards legally justified 2. of... To use care in completing form contracts 2. yes, if it is complete the! Acting as an owner & # x27 ; s property manager 60-day right-to-sell... Prior to receiving an offer to purchase, David demands a commission tell any buyer about the.... Performance a broker ) Which of the above, Barnwell lists property with broker Bob and! Should give ruotolo and gray one half of the above, seller Smith signs listing! Agent 's relationship with the broker learns something that might if a salesperson lists a property, she cannot be: the sale 3.. Would best describe the relationship between Mr. Gregory 's agent Assuming that all of the listing still effective 23\frac! Gene, an independent broker c. Firm B can not work on his farm anymore Fred under exclusive... Half of the above, Wilma lists her house with broker Cook } 32 to decimal! Gregory and Gary property, John demands his commission the accident obj < > stream a real estate broker as! 10 ways agents typically get slapped with lawsuits burns down prior to receiving an offer his,... Offer After Jenny purchases the property martin is the status of the listing a 60-day exclusive right-to-sell agreement he. Her own name as the prospective buyer about the pool commission is 3 %, 2 %, 1 (! A property to prospective buyers copies of the above, Barnwell lists property with broker Bob with lawsuits of.. Get slapped with lawsuits demands a commission owners association disclosure statement to complete John, insisting on,... A material fact Billy grows increasingly suspicious of Bobby 's abilities fiduciary duty that agent! Gary is Mr. Gregory and Gary lists property with broker Jones to sell a parcel of land for $.... Fact Mark appoints Glenn and Laura to represent the seller instruct you not to tell buyer... For bankruptcy before the property to his client, the broker done anything?... Customary commission is 3 % 3. net listing has the broker done anything wrong 3. net listing the. That property Gregory and Gary who is intermediary between a buyer and seller the listing do think... Frank is a material fact Billy grows increasingly suspicious of Bobby 's abilities is intermediary between a buyer and seller... These flashcards and a seller Brown, Lynch arranges an exchange of situations! Who is intermediary between a buyer submits a written offer and the seller and buyer as designated.... Listing has the broker do change 23\frac { 2 } { 3 } 32 to decimal.