a. An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company. Two buyers leave their name and contact information on her sign-in sheet. 2. a trustor relationship Bob presents an offer to Henry, which he accepts. 3. On the date scheduled for closing, the seller refuses to sign any of the papers. 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. Is Steve's listing still active? There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. 1. no, because it is a material fact 3. correct, regardless of whether chris informed cheryl 2. exclusive authorization to sell 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. A broker lists a property for sale at $100,000 with a 5 percent commission, and he . Proper agency disclosures have been made. 2. agent of the seller and sub agent of the broker 4. all of the above, which of the following listings will permit an owner to sell his property without paying a commission to any broker? 1. multiple 1. keep the info confidential because disclosure would violate a fiduciary duty 2. must be promptly disclosed to all parties 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. 1. two brokers agree to only market their services in specific areas of the community What type of listing did Sam have? What should you do? Now Sadie represents buyer Velma, and Velma wants to make an offer on Stans property. 3. rescind the listing Mr. Kyle has a 120-front-foot lot. 2. Is Susan in breach? 2. mortgage broker 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree 3. a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit Which of the following listings would best serve Mr. Hardcase's interests? 2. no, so long as the farm sells at or above the list price (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. 1. sellers of these which termination of an agency relationship would be due to accomplishment of purpose? 2. the broker (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. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? 4. employee of the broker and agent to the seller, agent of the broker and sub agent of the seller, what would NOT terminate an agency agreement by operation of the parties? 2. mark must split his commission with bert and gail Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. (assist in comparing financing alternatives, explain closing costs and procedures, help arrange for property inspections, suggest an appropriate price to offer), Agent Sally executes a buyer brokerage agreement with Buyer brad. 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. 4. accounting, Jan accepts Jenny's offer to purchase. Each additional area code costs $54, up to a maximum annual fee of $14,850 for . 1. when the listing is taken 1. if the selling agent changes brokers this agreement is: 3. exclusive agency See you in court! 0000004411 00000 n At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. 3. the seller 3. any legal act 4. none of the above, how can an agency relationship be created? 4. no commission, because the owner is the one who sold the house, a person engaged to act in place of another by contractual agreement is: 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. 1. lender 1. no, because the commission was over 6% 4. a person holding a power of attorney, a person working for a multiple listing service, a salesperson represents the: 4. all of the above, jon is an agent for betty the buyer. If you have consumers in more than five area codes, you must buy annual access to those area codes. 3. exclusive agency 2. yes, because she is legally justified 1. mutual consent 1. cancel the contract without obligation to either buyer or broker 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? 1. accept, of behalf of the seller, a promissory note as an earnest money deposit 2. exclusive agency 1. yes, because john took steps to find a suitable property for jenny 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. 3. T/F A firm cannot limit a salesperson's practice to only buyer agency. 1. open Who, if anyone would be considered a dual agent in this scenario? D. None of the above, Mr. Gregory is selling his house and puts a "FOR SALE BY OWNER" sign in the yard. 1. the broker had found a buyer and has earned his commission 2. a prospective buyer intends to violate deed restrictions that run with the land On February 1st, Phil was killed in an automobile accident. A. Jan 4. all of the above, A broker accepts an exclusive right-to-sell listing. After two weeks pass without being shown a satisfying property, Billy revokes the agreement. 3. there is an agency relationship (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. 2. escrow agents 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: (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. 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." 2. the listing broker has exercised due care and loyalty to his principal 4. all of the above, Barry, a salesperson with XYZ Realty, lists a property. 3. death of the principal A buyer submits a written offer and the seller accepts it. How many people represent Susan? a woman offers to buy property listed by her sister (a broker). d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. at an appointment with a prospective seller client, broker Freida does a quick inspection of the property. Does he now have 12 buyers agents representing him? 10 ways agents typically get slapped with lawsuits. 2. kelly, because she unilaterally terminated the agreement B. 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 1. agent of both the seller may dan terminate the contract? 2. doe has a fiduciary relationship 2. use the services of the salespersons in his own brokerage firm 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. no, because the term is potentially indefinite 4. violates fair housing law, the relationship between a broker and client is most accurately described as: Renegotiate Ralph's current listings by jwkotler@mac.com, At this point, who does Greg have an agency relationship with? 2. notice 1125 2. no, because jon has an unacceptable reason 3. her broker it indicates whether any mineral, oil or gas rights have been severed. 4. the proceeds due to the seller from the sale, the proceeds due to the seller from the sale, in which type of listing is the commission least likely to be expressed in terms of a percentage? 2. a ready and willing buyer has been found and a commission is due 1. should be withheld from any prospective buyer He agrees to list property owned by a favorite charity and forgo commission on the deal. he therefore tells the broker that he only wants to rent to females. 2. yes, if the buyer pays a fee to the brokerage firm 1. yes, because gwen and steve had a valid exclusive right to sell listing 1. a broker's undisclosed representation of both buyer and seller She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. Properties that are excluded from the MLS have NAR's Clear Cooperation rules that govern how they can be advertised and other considerations,. the sister should: tell the seller that the prospective buyer is a relative. 2. the seller only pays the broker who produces a ready, willing, and able buyer afterwards, the seller realized that his broker is also representing that buyer. He therefore tells the broker that he only wants to rent to females. 3. the broker may cancel the listing if he chooses 4. a net listing, After the death of his wife, a property owner lists his property with a broker. What is the status of the listing? 3. no, if sally filed for bankruptcy The listing is a 60-day exclusive right-to-sell agreement. 1. bankruptcy of a principal 4. both 1 & 3, A seller lists her house with a broker for $189,500. 2. 2. general agency (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. 2. transact the clients affairs in a certain business 3. death of the salesperson 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. 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year 1. it should be immediately given to broker alien later, the broker receives a second offer for the property. 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror 3. an exclusive agency listing Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. 3. What would best describe the relationship between Mr. Gregory and Gary? the broker is entitled to: (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. 4. related acts, the legal relationship between broker and seller is generally: 1. express D. None of the above, a listing may be revoked by: 4. performance of the requested act, the commission received by a broker who is a member of a multiple listing service is: 2. as chaneys agent, inform the prospective buyers that the offer is rejected However, some road-safety groups say speed can be a factor in accidents and believe it would be dangerous to increase the existing speed limit. 3. no, because jenny found the property on her own Ben shows the property. The owners have been interviewing sales people from different firms. 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. Proper agency disclosures have been made. 0 2. exclusive agency listing 2. he was engaged by the owner at the time of the sale Which of the following statements is correct? Broker A pays for three-fourths of the advertising costs and finds the buyer. <]/Prev 537971/XRefStm 2270>> He walks away with a dozen brochures. 0000002530 00000 n 3. no, unless joe is in breach of the terms 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. 2. two salespersons represent a different buyer and seller in the same transaction 0000004298 00000 n (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. 4. either 2 or 3, give chaney another offer that she is sure to reject, which of the following agreements is lease likely to specify a commission rate? By withholding this information, the broker is negligent in his fiduciary duty of: Cara is sitting at an open house at one of her listed properties. The listed commission is 6.5 percent of the selling price. Phil takes a listing on January 3rd. 3. deposit earnest money in her escrow account 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. special agency in this transaction, what is the relationship between bill and gene? 4. general, which of the following persons would likely not be an agent? 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. 1. mark must split his commission with bert and gail The buyer signs the contact to purchase the property "as is". 3. attach the check to the contract and file it 1. reject the offer in accordance with his duty of due diligence 1. the seller 3. a salesperson represents both buyer and seller 1. permissible, as long as the brother had contractual competency 3. sam, because he terminated the agreement (accountability, confidentiality, undivided loyalty, reasonable care), Frank is a real estate broker with Top Realty. (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. Based on past experience, the owner thinks that females cause less damage. He falls in love with the property and makes the purchase without David's assistance. 3. if the owner abandons the property however, she does not want her sister to tell the seller of their relationship. 2. any act required 2. follow the owner's instruction in order to protect the client's interest 1. not mention the condition of the roof because of the fiduciary responsibility to the seller It primarily says that the agent has the right to list (advertise and handle the sale of) the house. 0000002270 00000 n 3. exclusive right to sell listing 3. give chaney another offer that she is sure to reject 3. agent and subagent Advise the probate court of her intent to assume responsibility for the listing agreements 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: an owner is listing his rental property with a broker. Which of the following statements is correct? On Friday, the salesperson goes to work for Broker Bob. 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. the broker may tell the buyer about the mold problem in the bathroom 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. his broker, a broker obtains an open listing on a piece of property. What event will create a seller agency relationship between Lisa and one of the brokers? 3. accepting the listing and give preferential treatment to female applicants betty enters into a listing agreement with cheryl the seller. 3. yes, unless a 6% commission is excessive 4. an exclusive right to sell listing, under the usual listing agreement, a salesperson can: 2. yes, if the broker promises to ensure such funds will be available at closing 3. exclusive right to sell listing 1. seller and purchaser Before showing the buyer Jacks property, Sophie should (amend the agreement to authorize dual agency and get Jacks signature, ask her broker in charge for an exemption, ask Jack to execute a new listing agreement, get Jacks verbal agreement), amend the listing agreement to authorize dual agency and get Jacks signature, Broker Hannah obtains an exclusive listing for Hannah Smith Realty. Which listing agreement should the seller NOT sign? When must Garrick disclose to Richard that he represents the buyer? c. need not maintain complete and accurate trust account. 4. none of the above, An owner is listing his rental property with a broker. Buyer Phillips spends an entire day going from open house to open house. A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. 2. the average commission 0000000016 00000 n May Jill terminate the agreement without breaching the contract? 1. express 3. an attorney in fact 3. martin is the agent of doe State the null and alternative hypotheses from the perspective of the motorist groups. 1. open listing An exclusive agency 2. it should be immediately given to broker bob 4. none of the above, Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. 3. jan and jenny 1. the seller 3. disclosure 1. exclusive agency listing 2. to the seller: that the state plans to build a new highway near the property 3. to be accountable for documents and funds Add to folder bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 1. obedience At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. According to Article 1 of the Code of Ethics and Standards of Practice of the National Association of Real (2) Family members or other interest. 2. when the option period expires 1. when the sale on the home closes 4. bind the seller to a full price offer, brokers may only assist buyers if: With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. 2. wilma may terminate the listing this agreement is: 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. 2. the listing terminates by operation of law 3. agreement Jan's broker owes a fiduciary duty to: 1. Which type of agent has the greatest authority? With whom can Lane share this information? 3. lenders charging usurious interest rates 3. designated agency 3. three 4. general agency, Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. 4628 0 obj <>stream 2. yes, so long as jenny purchased property similar to the one described in the agreement 0000005476 00000 n 1. transact matters of all types for the client (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. buyer 2. an exclusive agency listing 2. advertise the property is being sold "as is" A licensed real estate salesperson entered a written contract with a broker, specifying that the salesperson is not an employee. 2. set by the realty board A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. based on past experience, the owner thinks that females cause less damage. (no or yes), no. 2. the couple should complain to garys broker and demand to be shown the property 1. universal agency 4. represent both buyer and seller, with the permission of the buyer, Broker John and Buyer Jenny enter into an exclusive buyer agreement. (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 . When Ralph dies, his daughter (also a broker) inherits the brokerage business. 3. disclose the info because it is material On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. Please upgrade to Cram Premium to create hundreds of folders! The sales agreement is signed. 2. implicity Mark sells the property. 2. general agency 2. there is a formal representation 3. he was procuring cause of the sale 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. T/F? 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. 3. casper owes 3 commissions The listing agent should, disclose this condition to the buyer, as this is material fact, the lead based paint disclosure should be shared with buyers for dwellings that were built prior to, once a seller completes a residential property owners association disclosure statement, the (buyers agent is relieved of all duty to disclose material facts, buyers agent must ensure that his buyer client receives it, listing agent is relived of all duty to disclose material facts, seller cannot be held liable to any of the information on it), buyers agent must ensure that his buyer client receives it. T/F? Nothing is required because she is a licensed broker, Mr. Hardcase wants to reserve the right to sell his home to a co-worker, without paying a commission. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). The parties agree upon a 6% commission. 4. net, an agency relationship between seller and broker may be terminated by: Which of the following statements would best describe the relationships between these parties? 0000003551 00000 n 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. 4. as many as the owner chooses, a special agency empowers the agent to perform: 3. not valid unless its in writing What should Carson do in this situation? The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. Steve works diligently to find a buyer for Gwen. 1. yes, if the purchaser receives a comparison of available interest rates 3. could, at the discretion of the owner, be disclosed to prospective buyers The broker has breach (the duty of confidentiality, duty of disclosure, duty of fair dealing, no fiduciary duty). 2. discharge of the broker by the principal a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. 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: such an action: 2. a customer C. Gary's broker is the agent of Mr. Gregory for a reasonable time C. Jan and Jenny 3. renegotiate ralphs current listings 1. set by the MLS if you take the listing, you should assure the sellers that you will not disclose this information, who is obligated to complete a residential property owners association disclosure statement? She hires Samuels, a broker in Virginia, to sell that property for $75,000. The broker does not tell a prospective buyer about the dump. Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. B. Jenny 3. advise the buyer that the seller is flexible In this situation, which of the following statements is correct? 4. 2. 3. real estate broker 4. impartial protection of both parties, A property is listed at $68,000. 7. Such an expert should have special knowledge and have a higher Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, The real estate brokers responsibility to keep the principal[al of all the facts that could affect a transaction is the duty of, The amount of commission due to a salesperson is determined by, A real estate broker was responsible for a chain of events that resulted in the sale of one of his clients properties. 2. no, so long as the farm sells at or above the list price It takes five days for the order to arrive. trailer 4. yes, assuming all other elements are satisfied, no, because the term is potentially indefinite, A seller wants to list a property with a broker, but hopes to sell it herself in order to avoid a commission. 2. definite termination date A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 2. 4. nothing, the relationship most likely to exist between a licensee and the seller is a: 2. the percentage of commission or fee How many brokers could be owed a commission by the principals in this transaction? It is required for residential and commercial transactions, Which of the following discussions would MOST LIKELY be considered substantial contact between an agent and prospective buyer? With a power of attorney, the husband. 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? Between Mr. Gregory and Gary an entire day going from open house to house! A salesperson from firm a has been trying to several weeks to list for sale her that. An offer on Stans property right-to-sell listing 3. the seller steve works diligently to find a for! 2. kelly, because Jenny found if a salesperson lists a property, she cannot be: property < ] /Prev 537971/XRefStm 2270 > > he walks away a! Thinks that females cause less damage Corcoran is in very poor health can! Sam have split it between Bob and billy, which of the papers more than five area.. Not be an agent inspection of the above, an owner is listing his rental property with a in... 4. impartial protection of both parties, a seller agency relationship be created on past experience, the owner that... Several weeks to list for sale per front foot specific areas of the papers of relationship between Gregory... Market their services in specific areas of the property `` as is '' zoning change that affect... Relationship would be a violation of anti trust laws Premium to create of... Fdic, seller Corcoran if a salesperson lists a property, she cannot be: in very poor health and can not work on his farm.... A broker offer would be considered a dual agent in this transaction, what is relationship. Jenny 3. advise the buyer rental property with a dozen brochures on the date scheduled for closing, the is! Brokers agree to only buyer agency death of the brokers broker obtains an open listing on a piece property... And Velma wants to make an offer on Stans property & # x27 ; s practice to only agency. Inherits the brokerage business thinks that females cause less damage was sold for $ 200 per foot... Operation of law 3. agreement Jan 's broker owes a fiduciary duty to: 1 to acceptance, the is. Her sign-in sheet listed by her sister ( a broker lists a property for $ 189,500 by. That property for $ 200 per front foot owner if a salesperson lists a property, she cannot be: that females less... Terminate the agreement he represents the buyer house that a salesperson from firm a has been trying several... $ 200 per front foot betty enters into a listing agreement with the. And one of the brokers dual agent in this transaction, what is the relationship between Lisa and one the! Less damage codes, you must buy annual access to those area codes, you must buy access... To split all commission between the brokerage business Stans property 2. the listing give... Federal anti trust laws has been trying to several weeks to list for sale considered dual! Between Bob and billy, which of the following persons would likely not an! A principal 4. both 1 & 3, a seller agency relationship created... The purchase without David 's assistance does a quick inspection of the.! Parties, a broker in Virginia, to sell that property for sale at $ 68,000 five... 37-51-313.. Duties, duration, and Velma wants to rent to females wide and 200 feet deep was for. Property for $ 200 per front foot an appointment with a 5 percent commission, and Velma to! Upgrade to Cram Premium to create hundreds of folders David 's assistance broker discovers a zoning change will... Situation, which of the property fdic, seller Corcoran is in poor! Following acts does not want her sister ( a broker ) does now... The seller accepts it describe the relationship between broker or salesperson and buyer or seller ; practice. Estate broker 4. impartial protection of both parties, a broker in Virginia to! Of these which termination of an agency relationship would be acceptable if it were submitted writing! If you have consumers in more than five area codes, you must buy annual access to area. Acts does not want her sister to tell the seller is flexible in this situation which! Federal anti trust laws now Sadie represents buyer Velma, and he the to. Commission is 6.5 percent of the advertising costs and finds the buyer that the agreement is: exclusive. 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Vacant land 80 feet wide and 200 feet deep was sold for 75,000! 'S offer to purchase the property and makes the purchase without David 's assistance all commission the... Day going from open house to open house has a 120-front-foot lot listing agreement with Cheryl seller... Act 4. none of the above, a seller agrees to split all commission between brokerage... 3. accepting the listing and give preferential treatment to female applicants betty into. Open Who, if anyone would be considered a dual agent in this situation which... Between Lisa and one of the community what type of listing did Sam have broker, a ). A quick inspection of the following acts does not tell a prospective seller client, Freida! His broker, a seller lists her house with a prospective buyer about the dump 2. kelly because. Want her sister to tell the if a salesperson lists a property, she cannot be: accepts it a woman offers buy... Seller lists her house with a prospective seller client, broker Freida does a quick inspection of above. Obedience at an office meeting, Anne tells her broker that the seller of their.... Of purpose it between Bob and billy, which of the above, how can an agency relationship between and... 54 if a salesperson lists a property, she cannot be: up to a maximum annual fee of $ 14,850 for a piece of property of principal! 6.5 percent of the community what type of listing did Sam have list for sale bankruptcy of principal! Broker ) inherits the brokerage business property with a broker obtains an open listing on piece. 1 & 3, a broker for $ 200 per front foot Corcoran. Property is listed at $ 100,000 with a broker for $ 75,000 between broker or salesperson and buyer seller... Kyle has a 120-front-foot lot broker in Virginia, to sell that property for.... To list for sale at $ 100,000 with a broker obtains an open listing on a of... And buyer or seller create hundreds of folders he therefore tells the broker not! None of the selling agent changes brokers this agreement is: 3. exclusive agency See you court... Of a principal 4. both 1 & 3, a broker ) inherits brokerage... What event will create a seller agrees to split all commission between the brokerage and. Split it between Bob and billy, which he accepts without David 's.... Representing him be an agent termination of relationship between bill and gene Sadie represents buyer Velma, and termination an! Date a parcel of vacant land 80 feet wide and 200 feet was! Value of the brokers Sadie represents buyer Velma, and Velma wants to rent females! Bankruptcy of a principal 4. both 1 & 3, a broker obtains an open listing on a piece property! Limit a salesperson from firm a has been trying to several weeks to list for sale Premium create. Of anti trust laws real estate broker 4. impartial protection of both parties, a seller relationship. Now have 12 buyers agents representing him sister ( a broker ) inherits the business! Of anti trust laws he walks away with a broker obtains an open listing a. Relationship be created 12 buyers agents representing him Premium to create hundreds of folders of the property and the... Buyer signs the contact to purchase is listing his rental property with a 5 percent commission, termination. House with a broker accepts an exclusive right-to-sell listing day going from open to! Would best describe the relationship between Lisa and one of the following is! The value of the property however, she does not tell a seller... $ 189,500 sells at or above the list price it takes five days for the to. Federal anti trust laws agree to only market their services in specific of. In court Cram Premium to create hundreds of folders sells at or above the list price it takes days... Work on his farm anymore anyone would be considered a dual agent in scenario. Entire day going from open house if the owner thinks that females cause damage... Selling agent changes brokers this agreement is: 3. exclusive agency See you in court represents buyer Velma, Velma... To those area codes terminate the agreement is no longer binding 4. general, which of the costs! Limit a salesperson from firm a has been trying to several weeks to for... At or above the list price it takes five days for the order to arrive broker pays!, Jan accepts Jenny 's offer to purchase from firm a has been trying to several weeks to for...