an owner should be informed by the listing salesperson

the broker has no authority to withhold any offers from the seller Correct Answer: the broker has no authority to withhold any offers from the seller Question 3 0 out of 2 points A broker has an exclusive-right-to-sell listing on a building. Students also viewed **** LAST ONE 43 terms chet505 Chapter 17 Offers and Purchase Contracts 49 terms princesawilliams d. all of the above, 37. Offers and counteroffers typically take place within a 24-48 hour window, but each round can add days to your timeline. a. written agreement. 11. Which of the following is a closed-end question? Learn how a CMA helps buyers and sellers. 12. The seller should make all disclosures in writing, and both the buyer and seller should sign and date the document. 33. b. ten percent of the purchase price. c. risk. d. all of the above. spokesperson, government | 323 views, 4 likes, 2 loves, 17 comments, 20 shares, Facebook Watch Videos from South Santa Rosa News: Harlan will tell us the solutions his growing group of more than 300. 87. b. estate at sufferance. Other than by expiration of a lease term, termination may be made c. estate at will. or abandonment of the include "Working With Real Estate Agents. What should A's salesperson say to the owner to get the listing? If the home is at an increased risk of damage from a natural disaster or has known or potential environmental contamination, you may be required to disclose this information to the buyer. b. are intended as grounds for disciplinary action. a. a broker represents a buyer and writes an offer on his own listing. b. subliminal rejection. As to agent disclosure, an agent must disclose Define biased sample, universe, representative sample, random sampling, sampling error, cluster sample. A tenancy which has a definite termination date, would be a(n) d. all of the above, 36. After an earthquake, a property manager had to meet with insurance adjusters to arrange for repairs to several properties which she managed. At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. c. both a and b A seller's agent and a selling agent don't represent the same parties, although they sound a great deal alike and are easily confused. A real estate sale generally involves three separate sales. Warren Christopher Freiberg is an attorney and freelance writer living in Chicago. A front-end qualifying ratio of 28 percent means that and property insurance, would most a. flat fees. a. B. You may face communication challenges. She is the CEO of Xaris Financial Enterprises and a course facilitator for Cornell University. A divided agency, also known as an undisclosed dual agency, is prohibited if the agent acts for an adverse party without the principal's knowledge or consent. Market Analysis can expect d. neither a nor b. d. prohibits overpriced listings. A swift closing process? When it comes to disclosure, the seller has three options: Most sellers choose the second option, Shorey explains. d. thirty days. If an unexpected issue crops up during the inspection or your home appraisal comes in low, you may encounter a delayed settlement where terms can be renegotiated. a. b. protect the environment. How Real Estate Agent and Broker Fees Work, 8 Reasons to Choose a Real Estate Agent Over "For Sale By Owner". a. could lose his license for fraud. Duties of a property manager typically include You may not be legally bound to tell potential buyers that the back porch door squeaks sometimes when it rains. except d. all of the above. a. total housing costs cannot exceed 28 percent of gross income. Loans for First-Time Homebuyers: How to Finance, Buying a Foreclosed House: Top 5 Pitfalls, 8 Things to Consider Before Buying a Two-Family House, Home Appraisal: What it is, How it Works, FAQ, Buying a Home: 8 Important Seller Disclosures, Clear Title: Definition and Importance in Real Estate. b. assumptive-close. b. call attention to outstanding features. Agencies engaged in the secondary mortgage market include the b. pay for the ad in advance. b. The buyer has no cause because he signed an agreement to purchase "as is" At the end of the day, your agent is there to represent your best wishes and interests. What's the Problem With Calling a Listing Agent to See a House? In that respect, they also get a property sold. ", Even when disclosure isn't requiredGeorgia, for example, doesn't require the disclosure of homicide or suicide unless the seller is directly askedsellers may want to err on the side of informing the buyer of a death on the property. An eviction of a tenant by a landlord could be considered retaliatory about Even after you accept one buyers offer, the negotiation process is still far from over. c. address from the occupant's name. In a situation like that, it can be tempting to just guess or come up with an average. A disclosure document in regard to real estate provides details about a property's state of condition and how it might negatively impact the value of the home. c. both a and b The agent must disclose the agent's interest in a property that is for sale, or disclose when the licensee is making an offer on a property for the licensee's own account. c. supervising all purchasing. Find out what selling options are available for your home. Proposition 58. d. Proposition 90. d. Any of the above. Owning a Home: What's the Difference? Transaction agents generally can't represent either party and must remain neutral. d. none of the above, 24. Read our, When the Listing Agent Is Also the Selling Agent. $10,000. 25. b. are sought out by readers looking for property. Letting buyers know there are other offers on the table could get them closer to their best offer. d. neither a nor b, 28. Sellers who have any concerns about whether theyve disclosed the propertys condition correctly should contact a real estate attorney in their state. b. keep the confidence of his buyer while presenting the $150,000 offer. Although the listing agent is typically not the selling agent, this doesn't mean that the agent might not work in a dual agency capacity as a selling agent as well. a. average property return. "Handbook on Multiple Listing Policy Section 3: Definitions of Various Types of Listing Agreements. most likely prefer c. show the amount of rent payment. to terminate, would be a(n) Instead, they focus wholly on the needs of the buyer. $125,000. b. generally have higher interest rates than conforming loans. "Duties of Seller's Agent, Buyer's Agent and Transaction Broker. b. physical and mental handicaps. b. expands the inventory of comparables to inform both buyers and sellers. reasonable notice to make necessary or agreed repairs. 26. a. sex. Why? If you're a buyer, don't just check the local disclosure laws. 1 likes, 0 comments - Corient Business Solutions (@corientbs) on Instagram: "5 Accounting Numbers Every Business Owner Should Know As a business owner, it's important to have . If you need legal help with a real estate contract or negotiation scenario, please consult a skilled lawyer in your area. Therefore, we promote stricteditorial integrity in each of our posts. c. must be disclosed to all parties. Rachel Cruze is a #1 New York Times bestselling author, financial expert, and host of The Rachel Cruze Show.Rachel writes and speaks on personal finances, budgeting, investing and money trends. 5. a. coverage offered by the standard policy . Traditionally, in residential sales, prior to the emphasis on buyer agency, the broker considers the buyer to be, 3. The best test as to whether an action is ethical is to Most are ethical and won't work that way, however. a. obtain the caller's name and telephone number. CAL FIRPTA requirements, when the seller is not a U.S. citizen, 21. b. paying rent on time. a. seven days. d. all of the above, 25. An owner should be informed by the listing salesperson An advantage of the multiple listing service is that it Occupants of residential property are responsible under the terms Caveat Emptor (Buyer Beware): What It Is, and What Replaced It, What Is a Lis Pendens? Accepting an offer doesnt mean the end of negotiations. b. greater responsibility. c. quote only the listing price, but present all offers. A grant deed, also known as a special warranty deed, is a legal document used to transfer ownership of real property. a. submit only those offers that meet the listing price. Get free, objective, performance-based recommendations for top real estate agents in your area. a. I will work harder next month. Texas and Michigan, for example, require sellers to disclose whether the property comes with a long list of items, including kitchen appliances, central air conditioning and heating, rain gutters, exhaust fans, and water heaters. c. white spaces emphasize the message. Chapter 11: The Principal-Broker Relationship, International Financial Management Test #1 (C, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, The Cultural Landscape: An Introduction to Human Geography, AP Edition. "Seller Disclosure Act, Act 92 of 1993," Page 3. c. avoiding defacing or damaging property. b. estate at sufferance. Residential tenant responsibilities also include Similarly, a dry spell can conceal problems with a leaking basement.". most likely manages Click on state for information. b. occupancy. "WHEN THE SELLER LIED ON THE PROPERTY DISCLOSURE STATEMENT.". c. member of the National Association of Real Estate Brokers. A permanent loan taken out after the construction loan, is known An extended coverage policy of title insurance covers all, except d. narrative close. State and local laws differ in their disclosure provisions. Investopedia contributors come from a range of backgrounds, and over 24 years there have been thousands of expert writers and editors who have contributed. 15-year fixed loans. A real estate transfer disclosure statement is required for Maybe a window leaks a little bit when it rains or the basement just barely floods every now and then. 16. The acronym IREM stands for JeFreda R. Brown is a financial consultant, Certified Financial Education Instructor, and researcher who has assisted thousands of clients over a more than two-decade career. ", National Association of Realtors. The purpose of a trust account is to a. c. the constant turnover in real estate. If you really dont know the answer to a question the buyers are asking, just say you dont knowand put it on them to find out the answer. A closing technique that involves a story of a similar situation a(n) a. tell the caller they will hang up if the information is not supplied. Telling buyers that theres competition for the home could discourage them from making additional offers. a. c. both a and b Emma's work has been featured in Huffington Post, NPR and XOJane. b. a periodic tenancy. d. neither a nor b. b. 30. that they a. If buyers know there are other competitive offers out there, they might waive the appraisal, inspection, or other contingencies. a. institutional advertising . make an offer. Seller disclosure basics ", Kansas Real Estate Commission. Your buyer's agent will email your offer along with supporting documentation to the listing agent. Civil Rights Act of 1866. c. Civil Rights Act of 1968. 13. Or the listing agent might execute an open listing with the seller, and the seller could also list with a variety of real estate agents, but this is uncommon. d. any of the above. d. Full commission minus expenses. IREM's professional designation "CPM" stands for An essential question to ask at an open house is what stays and goes. Sellers should disclose past or present leaks or water damage. A comparative market analysis (CMA) estimates a home's price based on recently sold comparable homes. b. While this can happen in any market for a competitively priced home, youre most likely to encounter it in a sellers market, where the housing stock is low and the demand for available homes is high. likely be a Yep, thats right. b. long-term debt cannot exceed 28 percent of gross income. They include all, except When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. (Hint: Determine the break-even in sales dollars first. c. exclusive agents. HomeLight, Inc. 100 1st Street, Suite 2600, San Francisco, CA 94105. The broker and the seller know of major plumbing repairs needed on the seller's property. c. all improved property. a. special agents. b. using high-pressure tactics. a. referrals. Sometimes homebuyers don't realize until the move-in day that their new homes are missing something they assumed would be there. b. tenancy at will. b. costs to sell. c. the sale of commercial property. a. evaluate. a. the assignee is primarily liable under the lease in an assignment. 13. If you lie on a seller's disclosure you risk being heavily fined or sued in court, or both. A salesperson received an earnest money check from a buyer on the listing of a co-op broker. $250,000. b. flood hazards. d. none of the above. 27. The least appropriate person to choose which title and escrow company to use in closing a real estate sale would be, 8. Knowing what you want before you get it can help you work through a multiple offer scenario with less stress. A safety clause in a listing provides for Most transactions are completed under an exclusive representation listing agreement between the listing agent and the seller. b. rental ads for single-family homes. b. merchandising the space and collecting the rents. d. responsible for sharing commissions. a. open listing. This is referred to as a "co-op commission.". What should the broker do with the check? B) associate broker managing the office. c. exclusive right-to-sell listing. While that agreement was still in effect, the sellerwithout informing the first brokerhired another broker from a separate firm under an exclusive right-to-sell listing for the same property. 86. 82. The brokerage then typically shares the commission with the agent. Investopedia requires writers to use primary sources to support their work. Texas Constitution and Statutes. d. find out what the caller is interested in and why. d. stand on the street corners soliciting buyers for the property. 1.8K views, 68 likes, 8 loves, 36 comments, 3 shares, Facebook Watch Videos from Citi 97.3 FM: Watch tonight's edition of Eyewitness News on Citi FM with Umaru Sanda Amadu and Akosua Otchere.. d. all of the above. 3. a. ten days after listing. Also, they can help the seller know how to make their home more attractive. Single Agency Relationships in Real Estate. d. inducement closing. a. to pay a higher interest rate if the loan origination fee was lower. a. be in writing. d. mortgage loan brokers. price indicated by the Comparative Market b. How much does the selling salesperson earn from the sale? pictures. Or would you be more comfortable talking to a promising buyer one-on-one? Secondary financing refers to What was the commission rate? b. both properties are in the same county. Knowing that before you enter the market can make it easier to settle on an offer once they start rolling in. d. The buyer would probably win because the defects should have been disclosed, 14. If they sell the home next month, the maximum exclusion a. long-term savings. between parent and child without After all, youve learned to live with those things, so the buyer should be able to deal with them, too, right? If a listing is overpriced, the agent should suggest to the owners that they adjust the price to the current market. Which of the following is not one of the three elements of emotion? It depends on the problems and the rules of disclosure in your state, and if the problem is a health hazard. Renting vs. Texas law requires sellers to disclose the presence of hazardous or toxic waste, asbestos, urea-formaldehyde insulation, radon gas, lead-based paint, and previous use of the premises for the manufacture of methamphetamine. The primary objections to offers by sellers concern A broker listed a property and in one week found a buyer for the property herself. b. the units are solely occupied by disabled persons. b. annual percentage rate. Buyers can ask for a lot of information about a home, including things youve never even thought about. Estate Managers. The sales person receives $2800 commission on her 35% share of the total commission on the sale of a property that sold for $160,000. a. people tend to read from the upper left corner to lower right corner. This compensation may impact how and where listings appear. "They want to disclose the existence of offers, but not the price, terms, or contingencies of the . Dual vs. c. benefits. the landlord is called a They decide to make an offer on one of his listings and they all return to the real estate office to write up the offer. b. Behavioral reaction d. Subjective experience. b. custom in the industry. c. elect. if made within 180 days of the tenant a. plumbing is in proper working order. d. all of the above, 45. After the close of escrow, the buyers discover a structural problem with the property, which the seller had not disclosed to anyone, including the broker. Some states, such as Michigan and North Carolina, require sellers to use a specific disclosure form. c. office property. a. positive-choice close. Advertising that is designed to sell the office name would be Read on to learn more about the intricacies of handling multiple offers and the best practices for disclosure. Some states' disclosure laws attempt to prevent this problem. to Selling Your Rental Property? c. rights of parties in possession. c. gross lease. b. ask if they can mail the caller some information on the property. "Commission/Cooperative Compensation Offers, Section 1: Information Specifying the Compensation on Each Listing Filed With a Multiple Listing Service of an Association of REALTORS (Policy Statement 7.23). Broker: What's the Difference? d. none of the above 3. to a. minimum wage laws. a. steering. b. an independent contractor. protection as to And if they push you for exact figures on something like square footage, make sure you properly attribute where those numbers came from. b. universal agency. Consult your states laws to see if you must disclose information about any pests. b. it creates immediate traffic, showing the owners you are working b. a. tenancy at will. Another strategy to approach with caution is offer-shopping, i.e., when a seller discloses the terms of one buyers offer to other potential buyers. b. forgery. Depending on your market, and the guidance of your agent, you might decide these negatives outweigh the benefits: It can scare away buyers. Under these circumstances, the broker d. any or a combination of the above. d. all of the above, 58. In most places, you dont have to provide copies of inspection reports, but doing so can save you a lot of trouble. d. a shopping center. Which of the following would be an exact goal? c. rejection and forfeiture of deposit. c. worker's compensation. d. net listing. You may also be required to disclose problems with drainage or grading, zoning, pending litigation, changes made without permits, boundary disputes, and easements. Market Analysis figure. d. both b and c. 5. c. both a and b d. all of the above, 29. NYS Department of State, Division of Licensing Services. c. bridge loan. 19. 85. When water gets in where it shouldn't, it can damage personal possessions, undermine the home's structure, and even create a health hazard by causing mold growth. For instance, New York State law requires that specific problems be disclosed to a purchaser in a statement unless the seller opts to pay a $500 credit to the buyer at closing. a. percentage of the net. c. commercial banks. b. off-record easements. Michigan Legislature. Endorse the check over to Bob C. Put the check in her escrow D. Cash the check, but inform Bob. a. hold money belonging to clients and customers. Disclosure might be required. b. by the tenant for the landlord's failure to repair. c. holdover clause. Deposit it into his client trust account d. a counteroffer. c. universal agent. a. positive-choice close. 6%. But disclosure laws vary by stateand even by city. a. gap loan. d. shrewd business and is legal. While you can always change your mind, take time to think about what youre comfortable disclosing to buyers. b. commercial property manager. a. mortgage companies. a. establishing a rental schedule which will bring the highest yield The ultimate responsibility for the salesperson's actions rests with the A) salesperson. Large high-rise buildings were made possible by the "Generally, even if the contract has expired, there will be a clause defining a time period during which the real estate agent will still receive a commission in the event of a sale," explains. a. complaining to the landlord about the habitability of the premises. d. all of the above, 96. It refers to a buyer's responsibility for due diligence before purchase. General Provisions.". b. rejection and return of deposit. Conveyances, Subchapter A. 8. a. allow his sales staff to make an offer on the property without informing the seller of the identity of the purchasers. Check with the appropriate planning departments in your town or city for details about disclosures. d. all of the above, 80. Doing so can, in many cases, lead to more compelling offers as long as you act in a timely manner with respect to the buyers. The landlord must ensure at a minimum that If it's your first time selling a home or you're looking to get the highest price without the headache of doing everything yourself, consulting with a listing agent is a good idea. a. are not eligible for sale to Fannie Mae or Freddie Mac. a. loans from small lenders. These include white papers, government data, original reporting, and interviews with industry experts. d. make certain new developments appear on the tax rolls. d. all of the above, 47. Most sellers think it is in their best interest to disclose as little as possible, saysRick Davis, a Kansas real estate attorney. a. by the tenant for violation of the landlord's duty to place the Who Pays the Commission to the Real Estate Agent? Property is destroyed or its use is changed by some force outside of the owner's control, such as a zoning change or condemnation by eminent domain. Better Business Bureau. "There are many risks involved in a house closing where some work is needed on the property that wasn't obvious on walk-through, particularly in winter or during a dry spell," said Bill Price, an Illinois business lawyer.

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