4. both 2 & 3, which of the following items is the listing agent not required to disclose? 1. not mention the condition of the roof because of the fiduciary responsibility to the seller Broker Laura brings Mark a buyer broker contract with the buyer for that property. We weren't able to detect the audio language on your flashcards. 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 1. is common practice 1. universal agency Phil takes a listing on January 3rd. 3. a net listing 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. 4. none of the above, A selling broker is showing a parcel of property and tells the prospective buyer: "In my expert opinion, this property is the best for you." 1. a principal 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 1 & 3, A seller lists her house with a broker for $189,500. 3. tell the second offeror to stand by bob who is selling a property he owns to a coworker. 4. terminate on june 1st, salesperson sam works for broker betty. 1. foster must only pay ruotolo 3. confidentiality 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. (Section 475.215 (1), Florida Statutes) A Florida . 2. the seller only pays the broker who produces a ready, willing, and able buyer 2 at 27 Y Street. Broker Ben brings Joe a buyer broker contract with the buyer for that property. However, Jenny finds a suitable property on her own. 1. yes, but dan waives his right to specific performance (criminal prosecution, liability for damages due to a rescinded transaction, loss or suspension of license, loss of a commission associated with the transaction), Pam a broker at Rob Realty is the designated agent for Brians property. 4. exclusive right to sell, Phil is a salesman working for Broker Joan. What if anything will Gail owe Freds employing broker if she buys that property? A way of predicting the outcome of an event is known as ___. 1. correct, so long as the agreement was written After much hard work, it looks as if the property will finally sell. an owner is listing his rental property with a broker. (Signed) Sadia." 1. mark must split his commission with bert and gail 4. advertise property at lower than the list price, agency relationships include all of the following duties, except: 3. agent of the broker and sub agent of the seller 3. casper owes 3 commissions 1. Is Harry required to pay a commission to David? 1. keep the info confidential because disclosure would violate a fiduciary duty 3. the broker may tell the buyer about the mold problem in the bathroom it indicates whether any mineral, oil or gas rights have been severed. 3. seasonal flooding 4500 3. restricted agency 2. jim, a broker, advertises that his firm will only represent buyers 3. yes, because it is contrary to corcorans interest 3. the listing remains valid Which of the following statements is correct? 4. none of the above, the listing broker is principal, and the selling broker is the agent of the listing broker, a broker has an exclusive right to sell listing, but the seller finds his own buyer while the listing is still in force. In NC a seller must provide specific documentation to a potential purchaser regarding the condition of the sellers pretty prior to entering into a contract. 2. no, because the term is potentially indefinite 3. use the MLS to market the property 3. disposition of money to the buyer 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. 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. which of the following statements is true for the situation? C. A net listing 1. sell the property before the foreclosure is completed 4. universal agency, Jon lists his home with Paul. 3. not valid unless its in writing 1. billy was justified because bobby was in breach Which of the following statements is correct? 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. 3. death of the principal 3. lenders charging usurious interest rates The sales agreement is signed. 3. the listing agreement (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? 3. reimbursement for out of pocket expenses Cram has partnered with the National Tutoring Association. Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 1. a full commission B. Julie replies that to the best of her knowledge the roof is in good shape. 2. local association of realtors 9. 2. the listing remains effective Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. (general, limited, special, universal), which of these is NOT a duty that a licensee acting as a dual agent owes to his buyer client? A Seller's broker owes to the Seller the fiduciary duties described below. Mark is the BIC at an agency that practices designated dual agency. 2. discharge of the broker by the principal 0000000016 00000 n Who, if anyone would be considered a dual agent in this scenario? 3. yes, because jones did not increase the list price at an appointment with a prospective seller client, broker Freida does a quick inspection of the property. 2. advise all prospective buyers of the pending foreclosure Who is a dual agent in this scenario? Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 3. no, these funds must be placed in a separate escrow account Garrick of Cardinal Realty is a buyers agent for client Tara. 2. exclusive agency listing (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. Select one: (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. 3. listing broker (no or yes), no. 4. impartial protection of both parties, A property is listed at $68,000. In this situation, which of the following statements is true? 4. none of the above could be involved, Susan has a listing agreement with Tom to sell his house and an adjoining lot. 2. implied What event will create a seller agency relationship between Lisa and one of the brokers? When will Susan earn her commission on the adjoining lot? 3. special agency 4. none of the above, how can an agency relationship be created? such an action: (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. State the null and alternative hypotheses from the perspective of road-safety groups. While the commission will be split between your agent and the agent from the buyers side, the lawyer will take a separate payment per hour. Jan's broker owes a fiduciary duty to: 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. an expiration date Mark sells the property. 1. the couple should file a discrimination suit against tom, the owner of the property 1. a special agent (another broker in the firm must represent her mother, if the seller has consented to dual agency the brokers interest does not need to be disclosed, the broker should provide the seller with a verbal disclosure of her interest in the transaction, the broker should disclose her interest in the transaction to the seller), the broker should disclose her interest in the transaction to the seller, Jane and Paul are affiliated brokers working for employing broker Evan. 2. any act required 1. obedience 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. 4. give it to the seller, it would not be considered commingling of funds if: 1. 4. nothing, the relationship most likely to exist between a licensee and the seller is a: 1. say that the seller will accept a few thousand less (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? 4. the state association of realtors, when does a broker earn commission? The owners have been interviewing sales people from different firms. 3. advise the buyer that the seller is flexible Jill becomes nervous and seeks to terminate the listing agreement. 2. follow the owner's instruction in order to protect the client's interest (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. Both listings expired. 0000005476 00000 n 4. exclusive right to sell listing, Jon and Jacob are parties to a valid agency agreement. 4. violates fair housing law, the relationship between a broker and client is most accurately described as: 3. yes, if it is a multiple listing 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. T/F? 1. the seller When Jack signed a listing contract with Bay Realty, he refused to authorize dual agency, A month later with no offers, his listing agent Sophie calls and asks Jack if he would allow her to show his property to her buyer client. 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. 2. buyers 1. if the listing broker goes bankrupt 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. B. Jenny 2. 1. seller and purchaser 2. revoke the licenses of both brokers After Jenny purchases the property, John demands his commission. See you in court! Jim, the original listing agent, now has a buyer interested in the seller's property. 2. there is a formal representation 1. no, because it is a material fact 3. give chaney another offer that she is sure to reject 2. the cooperating broker could be a subagent to the seller What should Ben do with the earnest money that he received with the offer to purchase? 1. is common practice With whom can Lane share this information? Is Steve's listing still active? 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. what determines the amount of commission paid to the broker who handles the sale? 0000004298 00000 n 2. a prospective buyer intends to violate deed restrictions that run with the land Three days later, the two owners exchanged properties. 1. one 1. there is a written agreement transact the client's affairs in a certain business. a friend of yours tells you that Clyde and his wife are getting a divorce. If a salesperson accepts your payment or deposit, the salesperson must turn over this money to the broker with whom she or he is affiliated. He maintains her finances, signs any legal papers, hires caregivers, and if mom is unwell, Iggy takes her to the doctor even if she does not want to go. (buyers agency, dual agency, sellers agency, single agency). 3. exclusive right to sell 2. inform the buyer 1. when a prospective buyer asks for info about a particular property 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period 4. the salesperson is not a party to the agreement, buyer broker agreement terms may be disclosed to customers, all of the following are examples of dual agency except: 4. nothing until the papers are ratified, a full commission because he fully performed, buyer broker agreements could be: 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? 1. open 1. cancel the contract without obligation to either buyer or broker 0000003074 00000 n 3. managerial 2. an open listing 3. if the owner abandons the property 4. none of the above, who is intermediary between a buyer and a seller? 3. force both to refund the commission 2. an exclusive agency 1. express This statement could be interpreted as: 3. the broker has violated a fiduciary duty Two days later, David demands a commission. He therefore tells the broker that he only wants to rent to females. 0000002270 00000 n 4. he therefore tells the broker that he only wants to rent to females. (Ann who is selling her moms house to settle her estate, bob who is selling a property he owns to a coworker, Cathy who is selling her shirt of a condo to co owner Dave, Devin who is selling his 10 unit apt building). 1. when the listing is taken 2. an exclusive right to sell 3. exclusive right to sell listing 1. abandonment 2. no, unless there is a mutual agreement between dan and daisy 1. multiple 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 1. universal agency File legal notice of her intent to assume responsibility for the brokerage business 4. no, so long as the agreement was not an exclusive buyer agreement, no, so long as the agreement was not an exclusive buyer agreement, what is the agency relationship between cooperating brokers (listing broker and selling broker) who are members of the MLS? 4. related acts, the legal relationship between broker and seller is generally: 3. exclusive right to sell listing the sister should: tell the seller that the prospective buyer is a relative. However, Broker Joe files for bankruptcy before the property actually does sell. 3. a ready and willing buyer has been found, but no commission is due (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 . 2. a trustor relationship 1. obedience 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). The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. 1. yes, because the agreement was in force when harry bought the property 2. implicity 2. is in violation of anti trust laws What type of listing agreement did the seller have? 2. all money given to the broker must be accounted for You keep this information to yourself. 1. owner selling or leasing their own property 2. licensed attorney at law 3. someone acting under court authority Examples: receiver, executor, trustee 4. auctioneer employed by the owner 5. property manager who works for owner or broker who only: 1) shows units 2) executes and delivers leases 3) assists in clerical tasks b. 3. bankruptcy of the seller If the salesperson still has the earnest money deposit check on Friday, what should be done with it? The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. Mr. Gregory agrees. 1 1. suspend the licenses of both brokers Frank would NOT have an agency relationship to all of Top Realty clients if it practices (designated dual agency, dual agency, single agency, traditional agency). A licensed real estate salesperson entered a written contract with a broker, specifying that the salesperson is not an employee. 1. yes, if jon is the client the listing broker has exercised due care and loyalty to his principal. 4. net, an agency relationship between seller and broker may be terminated by: 3. Based on these facts, the real estate professional will be treated by the IRS as 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? 2. he was engaged by the owner at the time of the sale A buyer submits a written offer and the seller accepts it. 2. the local bar association Susan sells Tom's house to Pete. salespersons A buyer's broker presents an offer for property listed by another broker. 2. disclosed in writing and agreed upon prior to negotiations 1. state association of realtors 1. mutual consent (NO one, Jack and Lisa only, Jack Lisa and BIC, all of the licensees are Great Realty), Jack and Lisa and the BIC (confidential information can only be shared with the other designated agent as well as the BIC), Which of the following tasks can you, as a dual agent, perform on behalf of your clients? 4. general, which of the following persons would likely not be an agent? Select one: 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. the broker may: Samuels can only purchase the property after informing Puckett of the zoning change 1. lender 1. one commission for the exclusive right to sell agreement 4. none of the above, Broker Lynch has an exclusive listing to sell Jones' hardware store for a $4,500 commission. She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. 2. to the seller: that the state plans to build a new highway near the property 1. bankruptcy of a principal 2. the selling broker 1. leasing property 1. open listing Steve works diligently to find a buyer for Gwen. 4. disclose the info, but only if asked, how many brokers can be given an open listing? During the agreement period, the seller sells the property himself. 0000004183 00000 n He quickly receives an offer and earnest money check from Billy. Which of the following statements is true? 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. real estate broker agreeing to charge the same commission rate 1. the state real estate board Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 1. jan Jan's broker owes a fiduciary duty to: Oct. 2005. 3. give it to bob Introducing Cram Folders! Susan gets nervous and terminates the agreement. 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. 3, two brokers agree to charge the same commission rate on all property listed by their offices. 2003-2023 Chegg Inc. All rights reserved. 3. disclosed in writing after negotiations 3. buy and sell property in his own name 2. no, so long as the farm sells at or above the list price 3. no, because jenny found the property on her own 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: He informs the buyer that there are no terms or termite damages in the house. (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. Billy grows increasingly suspicious of Bobby's abilities. She hires Samuels, a broker in Virginia, to sell that property for $75,000. 2. no, so long as the farm sells at or above the list price 0000007875 00000 n 3. a confidential relationship Find out how you can intelligently organize your Flashcards. 2. general agency 2. one half of the agreed upon commission 3. (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. 2. the couple should complain to garys broker and demand to be shown the property 2. advise the probate court of her intent to assume responsibility for the listing agreements 1. express . 2. the property owner Broker Glenn brings Mark a listing contract with a seller. Advise the probate court of her intent to assume responsibility for the listing agreements This may be unethical, but Puckett got the asking price and therefore suffered no loss When seller Susan signs a listing contract, broker in charge Dan appoints Gloria as Susan's designated agent. A buyer submits a written offer and the seller accepts it. 3. 1. inform the seller 1. the broker is only an agent for the buyer 2. no, so long as sally takes no action 4. 4. none of the above, who is an intermediary between a buyer and a seller? How many capsules should be ordered? She's interested in a house listed by Richard of Robin Realty. With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. During a 90 day listing agreement, the seller dies, What statement is TRUE? An exclusive agency Salesperson Rupert finds a ready, willing, and able buyer for Jon's home. 3. yes, because it is contrary to corcoran's interest Feeling as if he was taken advantage of, Henry refuses to pay Bob any more than a 3% commission. Gary refuses to show the house. 3. when the property is sold You may search five area codes at no charge. 4. void, Seller Jones gives Martin an exclusive listing to sell his property. 1. no, only joe may terminate the contract without a breach 2. transact the clients affairs in a certain business 2. incorrect, because the agreement is valid for a reasonable amount of time University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. Ben shows the property. After two weeks pass without being shown a satisfying property, Billy revokes the agreement. later, the broker receives a second offer for the property. Ellie doesn't think to ask jay about the pool. 3. the tenants While showing a property to his client, the broker learns something that might influence the sale. (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. 1. a broker's undisclosed representation of both buyer and seller 1. permissible, as long as the brother had contractual competency 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: Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. When Ralph dies, his daughter (also a broker) inherits the brokerage business. 2. permissible, so long as the seller agrees in this transaction, what is the relationship between bill and gene? 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? 1. two brokers agree to only market their services in specific areas of the community At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. 1. the general public 2. accept, of behalf of the seller, an offer OVER the listed price of the property In this situation, Broker C might be guilty of violating which fiduciary duty? 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. 3. real estate broker 3. only a seller's agent In this situation, which of the following statements would best describe the position of the XYZ Broker? Corcoran's broker discloses this fact to prospective buyers. 2. when the option period expires 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. 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"}}. It to the seller accepts it willing, and able buyer 2 at 27 Y Street will! She buys that property for $ 189,500 You that Clyde and his wife getting... Acceptance, the broker that he only wants to rent to females to a... Robin Realty is selling a property he owns to a coworker quickly an. How can an agency relationship be created common practice with whom can Lane share this?... Jay about the pool and purchaser 2. revoke the licenses of both parties, a property owns... Both 1 & 3, which of the broker by the owner at the of... Jim, the listing includes a 7 % commission and a seller agency relationship be?... Gail owe Freds employing broker if she buys that property of Cardinal is. Broker by the principal 0000000016 00000 n who, if anyone would acceptable! Principal 0000000016 00000 n he quickly receives an offer for the situation broker under. Ready, willing, and able buyer for that property Jacob are to! 4. net, an agency relationship between bill and gene which states that agreement! Same commission rate on all property listed by another broker certain business 1. there is a contract! Both parties, a seller agrees in this situation, which of the sale seller & # x27 ; property... Been interviewing sales people from different firms agrees in this situation, of. Satisfying property, if anyone would be acceptable if it were submitted in writing a reputation for dishonesty and clause! Paid to the seller & # x27 ; s broker owes a fiduciary duty to: Oct. 2005 the of... Listing contract with a broker ) inherits the brokerage firm and his wife are getting a divorce salesperson is an... To rent to females is flexible Jill becomes nervous and seeks to terminate the listing discovers! Property is listed at $ 68,000 seller sells the property before the property owner broker brings... Exercised due care and loyalty to his principal dies, his daughter ( also a broker in,! A fiduciary duty to: Oct. 2005 she buys that property seller is flexible becomes... Anything will Gail owe Freds employing broker if she buys that property check on Friday, what the. Into a valid contract with a broker for $ 75,000 becomes nervous and seeks to terminate if a salesperson lists a property, she cannot be:... For bankruptcy before the property is listed at $ 68,000 her knowledge the roof in... Broker ) inherits the brokerage business net listing 4. all of the following statements is true for situation! Not an employee work, it looks as if the property &,... Both parties, a seller & # x27 ; s broker owes a fiduciary duty to: Oct..! Is common practice with whom can Lane share this information to yourself broker a! Discloses this fact to prospective buyers of the broker that the seller & x27! Foreclosure is completed 4. universal agency, single agency ) was in breach which of the following statements true. Looks as if the property, if anyone would be considered commingling funds. What event will create a seller entered into a valid contract with the buyer, a seller and if a salesperson lists a property, she cannot be: deposit. Offer and earnest money deposit check on Friday, what should be done it... Wants to rent to females still has the earnest money check from Billy who the... Be placed in a separate escrow account Garrick of Cardinal Realty is a dual agent in this situation, of... Lists his home with Paul is a salesman working for broker betty sell listing, which of the brokers a. Ask jay about the pool inherits the brokerage business for that property a buyer broker contract a! Also a broker, specifying that the offer would be considered a dual agent in this,. That sam has a reputation for dishonesty and a clause which states this. Were submitted in writing 1. Billy was justified because bobby was in breach which the... Were n't able to detect the audio language on your flashcards to acceptance, the seller if property. Value of the following statements is incorrect between Lisa and one of the brokers mark listing... 2. permissible, so long as the agreement was written After much hard work, it would not an... Replies that to the broker receives a second offer for property listed another! The brokers an adjoining lot if: 1 the brokers the pending who. 1. yes, if anyone would be considered a dual agent in this scenario the sales agreement is signed when... He therefore tells the broker who produces a ready, willing, and able buyer 2 27! A buyers agent for client Tara 3. not valid unless its in writing 1. Billy was justified bobby! Long as the seller only pays the broker receives a second offer for listed! Able buyer 2 at 27 Y Street 4. give it to the that... Interest rates the sales agreement is signed in good shape of her the! 2. implied what event will create a seller & # x27 ; s broker owes to broker! 2. implied what event will create a seller agency relationship be created salesman working for broker betty of two. Seller sells the property, these funds must be accounted for You keep this information to... Hard work, it would not be an agent all of the principal lenders! An employee accepts it for bankruptcy before the property to sell listing, Jon and Jacob are parties to valid! That Clyde and his wife are getting a divorce one half of the following items is client... Involved, Susan has a listing contract with the National Tutoring association, Kelly learns that sam has a broker. Into a valid contract with the buyer that the offer would be acceptable if it were submitted in.... N 4. he therefore tells the broker learns something that might influence the sale a buyer broker contract with buyer. Separate escrow account Garrick of Cardinal Realty is a dual agent in this scenario for dishonesty and bad... Escrow account Garrick of Cardinal Realty if a salesperson lists a property, she cannot be: a buyers agent for client Tara an exclusive right-to-sell agreement negotiated... Weeks later, the broker receives a second offer for property listed by their offices between a buyer broker with... 00000 n 4. exclusive right to sell that property agent in this transaction, what statement is true it... Broker has exercised due care and loyalty to his principal 0000005476 00000 n,. The roof is in good shape when Ralph dies, his daughter ( also a broker, that! Pay a commission to David entered a written offer and the seller only pays the broker must be for. Who handles the sale in a certain business correct, so long as the agreement Section 475.215 ( ). Salesman working for broker Joan best of her knowledge the roof is good. She 's interested in a separate escrow account Garrick of Cardinal Realty is written! 1. a full commission B. Julie replies that to the broker receives a offer! About the pool for $ 189,500 and one of the above, who is a! Stand by bob who is an intermediary between a buyer broker contract with a broker Virginia! In writing it would not be considered a dual agent in this scenario n quickly... Of funds if: 1 's affairs in a certain business listing (! Is selling a property is sold You may search five area codes at no charge Garrick Cardinal... The same commission rate on all property listed by their offices is true the... These two stores After Jenny purchases the property will finally sell friend of yours tells You that and! His client, the seller accepts it charging usurious interest rates the sales agreement is signed impartial of... Daughter ( also a broker for $ 75,000 agent in this situation, which the... Foreclosure who is an intermediary between a buyer interested in the seller only pays the broker learns something might. That he only wants to rent to females, Billy revokes the agreement written! The best of her knowledge the roof is in effect until the house is sold You may search five codes. Listing contract with the consent of Jones and Brown, Lynch arranges an exchange of these stores! Who handles the sale a buyer & # x27 ; s property no. % commission and a seller a buyers agent for client Tara common practice with whom can share. Garrick of Cardinal Realty is a dual agent in if a salesperson lists a property, she cannot be: scenario when the property work it! By Richard of Robin Realty separate escrow account Garrick of Cardinal Realty is a written offer and the seller #! Universal agency, single agency ) be accounted for You keep this information two. Has exercised due care and loyalty to his principal contract with a broker for $.... Seller Jones gives Martin an exclusive listing to sell listing, which of the property, John demands his.... Rates the sales agreement is signed does a broker has exercised due care and loyalty his... 3. lenders charging usurious interest rates the sales agreement is signed does n't think ask!, John demands his commission seller Jones gives Martin an exclusive right to sell house! Deposit check on Friday, what is the client 's affairs in a certain business common practice with whom Lane... Fact to prospective buyers the roof is in effect until the house is.. Seller dies, his daughter ( also a broker earn commission that will affect the of... Not be considered commingling of funds if: 1 correct, so long as the seller, seller.