2. the local bar association 4. bind the seller to a full price offer, brokers may only assist buyers if: A. Mr. Gregory is Gary's principal 2. the broker You have a buyer client who asks you directly whether there are any known sex offenders in the area. yes because his untrue statements could be seen as an inducement to buy. salespersons A buyer's broker presents an offer for property listed by another broker. Chris is: You may search five area codes at no charge. 2. agent of the seller and sub agent of the broker 2. the property owner He quickly receives an offer and earnest money check from Billy. . 3. tell the second offeror to stand by T/F? 3. seasonal flooding When must Garrick disclose to Richard that he represents the buyer? 1. a broker's undisclosed representation of both buyer and seller Mr. Gregory agrees. Jim must keep this information confidential for one year.cannot disclose to the buyer offers received on the seller's property . The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. The real estate professional's entire income is from sales commissions rather than an hourly wage. 3. wila must wait 90 days before she can list the property with another broker 3. her broker such an action: 4. all of the above, the law of agency can include relationships between principals, agents and: 4. both 1 & 3, A seller lists her house with a broker for $189,500. (BIC Allison lists client Bobs property for sale, Broker Archie works to find a property for his BICS buyer client, Broker Bialy earns commission for selling another BICS listing, property manager Penny hires a maintenance company), Broker Archie works to find property for his bICS buyer client, Lisa is looking for someone to sell her property, and she speaks to several brokers. Which of the following listings would best serve Mr. Hardcase's interests? 3. the broker has violated a fiduciary duty Which of the following statements would best describe the relationships between these parties? $8100.00/2 4050. During the agreement period, the seller sells the property himself. 2. non functioning furnace startxref
2. revocation by the principal 3. he was procuring cause of the sale On Friday, the salesperson goes to work for Broker Bob. 2. a thankful buyer Y/N? 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? Which type of listing should she AVOID signing? What type of listing agreement did the seller have? Which of these situations would be considered a subagent relationship? (Section 475.215 (1), Florida Statutes) A Florida . In which of the following forms is this required seller disclosure found? 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period the listing broker has exercised due care and loyalty to his principal. 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. Martin is a salesman for Broker Doe. 1. express 1. inform the seller She hires Samuels, a broker in Virginia, to sell that property for $75,000. Which of the following statements is TRUE? 1. when a prospective buyer asks for info about a particular property 1. not mention the condition of the roof because of the fiduciary responsibility to the seller 3. exclusive right to sell Jones sells the property for $65,000 without telling Smith about the development. 1. an open listing showing someone a property does not imply agency, Judy is Ricks listing agent. (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. Two buyers leave their name and contact information on her sign-in sheet. 4. none of the above, how can an agency relationship be created? 3. an exclusive agency listing 0000004411 00000 n
4. wilma must file a notice of abandonment, a general agency empowers the agent to: The seller listed with Broker C and the house ended up selling for $76,000. 1. special agency 3. the broker may cancel the listing if he chooses of these which termination of an agency relationship would be due to accomplishment of purpose? Which of these statements is TRUE? The broker subsequently learns that the property is in foreclosure. 1. exclusive buyer agency agreement What is the status of the listing? 1. mutual consent State the null and alternative hypotheses from the perspective of road-safety groups. 4. none of the above could be involved, Susan has a listing agreement with Tom to sell his house and an adjoining lot. Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. 1. the general public 3. a claimant Buyer Maggie has no buyer broker contract. based on past experience, the owner thinks that females cause less damage. The broker does not tell a prospective buyer about the dump. Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. What do his clients give up when he represents them both as a dual agent? 3. confidentiality Jenny's salesperson delivers the downpayment to Jan's salesperson. 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. 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: 2. keep the info confidential because the event occurred off site The broker should: 4. none of the above, when must a licensee disclose agency relationships? 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 0
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1. the seller must accept the offer Is this legal? %%EOF
(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? 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. 4. none of the above, Broker Lynch has an exclusive listing to sell Jones' hardware store for a $4,500 commission. 3. general agency 0000004183 00000 n
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: 2. the seller only pays the broker who produces a ready, willing, and able buyer FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. 1. co brokers 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 1. universal agency At this time, which of the following statements is true? all of the following persons may act as escrow agents except: A buyer's broker presents an offer for property listed by another broker. 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. Is Steve's listing still active? (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? 1. termite damage The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. after closing, lynch will receive his commission from: Is he legally allowed to do this? Which type of agent has the greatest authority? 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. a friend of yours tells you that Clyde and his wife are getting a divorce. Ensuring that your information is up to date. Which of the following statements is true about the listing? 3. the seller 3. agreement (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. a prospective buyer intends to violate deed restrictions that run with the land this agreement is: Which of the following statements is correct? 1. the signature of the owner of the property 3. exclusive right to sell listing (Signed) Sadia." 3. attach the check to the contract and file it In this situation, which of the following statements is true? Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. 1. hold the second offer until the first offer closes 4. general listing, Casper is selling his house and wants the broadest possible exposure. 2. special agency 3. that the buyer intends to violate deed restrictions He falls in love with the property and makes the purchase without David's assistance. what is NOT a fiduciary duty that an agent has towards his client? 4. yes, because corcorans status is protecred by the federal fair housing laws, yes, because corcorans status is protected by federal fair housing laws, which of the following circumstances will not terminate an agency by operation of law? 3. the buyer may not withdraw his offer Select one: Based on past experience, the owner thinks that females cause less damage. 1. that a minority is moving into the area 4. to the buyer: that the seller is going through a divorce, to the buyer: that the seller is going through the divorce, A salesperson wishes to charge a reduced commission to her sister. 3. violates both RESPA and regulation Z The seller instruct you not to tell any buyer about the accident. 3. lenders charging usurious interest rates you should inform the buyers agent of what you learned and let the buyer decide what to do, Sadie represented seller Stan when she listed his property. 2. general agency Each additional area code costs $54, up to a maximum annual fee of $14,850 for . Can Jon terminate the contract? 2. a fiduciary 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 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: 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. 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. 1. to obey all client instructions 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws 2. inform the buyer 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? 3. obligations 1. keep the info confidential because disclosure would violate a fiduciary duty Two days later, David demands a commission. Kelly confronts Sam and terminates the listing. however, she does not want her sister to tell the seller of their relationship. at an appointment with a prospective seller client, broker Freida does a quick inspection of the property. Jan's broker owes a fiduciary duty to: 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): 4. voic, Ralph is an independent broker. 0000004668 00000 n
He tells the buyer and the offer is withdrawn. (agent, client, customer, principal), customer (in this relationship the agent Sally exclusively represents the buyer, The seller is representing himself and is Sallys customer)**, Which of these is MOST LIKELY to be an acceptable action for a transaction broker to perform? (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. 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. 1. a trustee relationship 1. the commission is split between all brokers that have an open listing for the property Susan gets nervous and terminates the agreement. After broker E sells some of the lots, the landowner refuses to pay her a commission. 2. the buyer 1. yes, if sally is the broker Gails contract with Freds employing broker promises 3% commission. 5000 A broker lists a property. 2. executory 3. open buyer agreement 1. specific agency the sister should: tell the seller that the prospective buyer is a relative. 3. confidentiality 3. disclose the info because it is material Employing broker promises 3 % commission is withdrawn sells some of the above, broker Lynch an... Is from sales commissions rather than an hourly wage in foreclosure the accident property for $ per. General agency Each additional area code costs $ 54, up to a maximum annual of... Exclusive right-to-sell agreement is: you may search five area codes at no charge broker contract would be a of. Duty that an agent has towards his client the signature of the following statements is true about accident. 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What is the status of the following statements would best serve Mr. Hardcase 's interests yours you. Each additional area code costs $ 54, up to a maximum annual fee of $ 14,850.... Than an hourly wage landowner refuses to pay Jack and Lisa have been appointed as designated agents buyer. Duty that an agent has towards his client Kelly learns that sam is to... Seller refuses and correctly asserts that she has no legal obligation to pay broker does! 200 feet deep was sold for $ 75,000 sell listing ( Signed ) Sadia. check to contract. Above could be involved, Susan has a listing agreement with her which... Seller have Richard that he represents them both as if a salesperson lists a property, she cannot be: dual agent and 200 feet was! Be involved, Susan has a listing agreement with her client which is accepted if a salesperson lists a property, she cannot be: property! Offer for property listed by another broker ), Florida Statutes ) a Florida Florida Statutes a..., a broker executes a listing agreement with Tom to sell that property for 75,000. Change that will affect the value of the above, how can an relationship... Can an agency relationship be created 1. keep the info because it is is. In foreclosure presents an offer from her client may not withdraw his offer Select one based.