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54 Cards in this Set
- Front
- Back
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E-1 |
“Money belonging to others” One or more separate accounts for money belonging to broker or brokerage entity. |
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Carbon monoxide alarms need to be how many feet from sleeping area? |
15 |
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Net lease |
Tenant is responsible for paying for everything |
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Gross lease |
Landlord pays for everything except rent |
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Percentage lease |
Used for commercial real estate Fixed minimum rent and/or percentage of gross sales. |
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Ground lease |
Tenant leases property from owner to build on property, Tenant pays rent or percentage of profit to owner. |
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Tenancy at sufferance |
Tenant remains in wrongful possession after end of lease. Landlord can choose how to proceed with tenant |
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Tenancy at will |
Either party may terminate whenever they choose to. Requires proper notice of termination. |
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Periodic tenancy |
Created by implication Requires proper notice for termination |
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Tenancy for years |
Lease that has a fixed period of time No need to give notice |
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If lease is longer than a year, what is required? |
To have it in writing |
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M.E.C |
Mutual execution of the contract |
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Exclusive right to sell listing |
No matter if broker or seller find a buyer, you will be paid a commission |
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Exclusive agency listing |
Broker or seller can find a buyer. If seller finds buyer they don’t have to pay a commission |
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Open listing |
Broker and owner list property at specific price. Owner can choose to sell on their own or with other brokers as well. |
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Net listing |
Set a price. Whatever money is left over from price point is commission owed to broker |
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Commission rule E-11 |
Requires all written listing contracts provide definite date for termination |
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Vendee? |
Buyer |
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Vendor? |
Seller |
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One to whom offer is made? |
Offeree |
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One making the offer? |
Offeror |
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Elements of a contract |
Mutual assent Consideration Competent parties Legal purpose |
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Implied authority |
Marketing property |
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Expressed authority |
Given to agent orally, in writing, or by conduct |
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License renewal |
Every three years on license anniversary |
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Limited agent |
Agents obligations are to the principal |
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Commission has to investigate what? |
Any written complaint |
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Single agent |
Representing one party in a transaction |
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Who is exempt from maintaining E&O insurance? |
Inactive brokers and attorney licensee |
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An addendum must be prepared by who? |
An attorney |
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F-1 |
Permitted and prohibited form modification |
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What is not an acceptable alteration for commission approved contracts? |
The blanks being filled in before meeting with a client or customer |
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Where must the statement of commission approval of contract appear? |
On the first page |
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What is not true about computer generated contracts? |
The print may be any size |
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Where should the broker intend to include anything in the contract? |
Addendum |
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When may a broker withhold an offer? |
With the permission of or at the request of the client or customer |
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What’s true about the use of the property disclosure form? |
It is optional |
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Lead based paint disclosure is required when? |
A building permit had been issued |
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Failure to provide proper lead based paint disclosure can be a fine of? |
16K |
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According to exclusive right to sell contract, the brokers fee can be reduced to compensate for the work done by.. |
The fee may not be reduced |
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When should lead based paint disclosure first be executed? |
When the listing is taken |
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Any clarification of details with regards to a listing contract should be done in.. |
The Additional provisions |
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If the seller agrees to a coop fee, the money will come from.. |
The agents commission |
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What is true about earnest money if buyer refuses to close and agent wants to be paid for work done to that point? |
Seller and brokerage firm would split the money, unless firms half was more than full commission earned at closing |
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What does listing contract say about brokerage firm advancing money to seller to complete the closing? |
Brokerage firm is not required to advance money |
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What certifies that broker had complied with legal requirements to recommend legal counsel? |
The sellers signature of the contract |
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Listing agreement says who will maintain property during listing period? |
The seller |
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What is not true about additional provisions in the right to sell contacts? |
They should include any exculpatory clauses |
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If no agency relationship is established , the broker by law is.. |
Transaction broker |
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The lead based disclosure form discloses to which? |
Buyer and lessee |
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Lead base disclosure form states seller must keep a signed copy of the form for how long? |
Not less than three years |
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Who must sign the lead based disclosure form? |
The seller, buyer, listing agent, and selling agent |
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The square footage disclosure form is used for.. |
Marketing purposes |
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Square footage disclosure form is used for what type of property? |
Residential |
