Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/53

Click to flip

53 Cards in this Set

  • Front
  • Back
In an Exclusive Right to Sell Listing Agreement & Agency Disclosure ("ERS"), the seller must pay the broker/agent a commission, even if the selller markets the property some other way.
True.
"If, during the Listing Period, the Company, the Seller's Agent, another real estate agent, or anyone else locates a part who is ready, willing and able to buy, lease, or exchange (collectively "acquire") the Property, or any part thereof, at the listing price and terms stated on the Data Form, or any other price and terms to which the Seller may agree in writing, the Seller agrees to pay the Company a brokerage fee in the amount of $_______ or _____% of such acquisition price."
T/F: If someone enters into an ERS agreement, and then wants out of the deal during the agreement period, the seller will have to pay the commission to the brokerage company anyway.
True.
"If within the Listing Period, or any extension of the Listing Period, the Property is withdrawn form sale, transferred, conveyed, leased, rented, or made unmarketable by a voluntary act of the Seller, without the written consent ofthe Company; or if the sale is prevented by the default of the seller, the brokerage fee shall be immediately due and payable to the Company.
T/F: In ERS listings, when a property is sold, the commission is due when the closing documents are signed.
False.
[date of record]
"The brokerage fee, unless otherwise agreed in writing by the Seller and the Company, shall be due and payable from the Seller's proceeds on: (a) if a purchase, the date of recording of the closing documents for the acquisition of the Property; (b) if a lease, the effective date of the lease; or (c) if an option, the date the option agreement is signed.
T/F: In an ERS listing, if a property enters into a lease-agreement, the commission is due to the listing-brokerage the date the lease is recorded.
False.
[effective date of lease]
"The brokerage fee, unless otherwise agreed in writing by the Seller and the Company, shall be due and payable from the Seller's proceeds on: (a) if a purchase, the date of recording of the closing documents for the acquisition of the Property; (b) if a lease, the effective date of the lease; or (c) if an option, the date the option agreement is signed.
T/F: In an ERS listing, the commission is due to the brokerage the date the option agreement is signed if the property enters into an option agreement during the lease period.
False.
"Effective Date of Lease."
"The brokerage fee, unless otherwise agreed in writing by the Seller and the Company, shall be due and payable from the Seller's proceeds on: (a) if a purchase, the date of recording of the closing documents for the acquisition of the Property; (b) if a lease, the effective date of the lease; or (c) if an option, the date the option agreement is signed.
(wwt ERS) Is the listing brokerage able to share its commission with other brokerages?
Yes.
"The Company is authorized to share the brokerage fee with another brokerage participating in any transaction arising out of this Listing Agreement."
With respect to ERS: "The Company is authorized to _____ the brokerage fee with another brokerage participating in any transaction arising out of this Listing Agreement."
share
wwt ERS: "The Company is authorized to share the _____ with another brokerage participating in any transaction arising out of this Listing Agreement."
brokerage fee
T/F: In an ERS agreement, if a property is sold to a party which was shown the property within the listing period, then the commission is still due to the brokerage company!
"Protection Period - If within _____ months after teh termination or expiration of this Listing Agreement, the Property is acquired by any party to whom the Property was offered or shown by the Company, the Seller's Agent, the Seller, or another real estate agent during teh Listing Period, or any extension of the Listing Period, the Seller agrees to pay to the Company the brokerage fee stated in Section 2, unless teh Seller is obligated to pay a brokerage fee on such acquisition to another brokerage based on another valid listing agreement entered into after the expiration or termination date of this Listing Agreement.
In an ERS, "If, during the Listing Period, the Company, the Seller's Agent, another real estate agent, or anyone else ___a___ a part who is ready, willing and able to buy, lease, or exchange (collectively "acquire") the Property, or any part thereof, at the listing price and terms stated on the Data Form, or any other price and terms to which the Seller may agree in writing, the Seller agrees to pay the Company a ___b____ in the amount of $_______ or _____% of such acquisition price."
a.) locates
b.) brokerage fee
ERS agreement Seller Warranties/Disclosures #1
The Seller warrants to the Company that the individuals or entity listed above as the "Seller" represents all the record owners of the Property.
ERS agreement Seller Warranties/Disclosures #2
The Seller warrants that it has marketable title and an established right to sell, lease, or exchange the Property.
ERS agreement Seller Warranties/Disclosures #3
The Seller agrees to execute the necessary documents of conveyance.
ERS agreement Seller Warranties/Disclosures #4
The Seller agrees to furnish buyer with good and marketable title, and to pay at Settlement, for a standard coverage owner's policy of title insurance for the buyer in the amount of the purchase price."
ERS agreement Seller Warranties/Disclosures #5
The seller agrees to fully inform the Seller’s Agent regarding the Seller’s knowledge of the condition of the Property. Upon signing of this Listing Agreement, the Seller agrees to personally complete and sign a Seller’s Property Condition Disclosure form.
ERS agreement Seller Warranties/Disclosures #6a
The Seller agrees to indemnify and hold harmless the Seller’s Agent and the Company against any claims that may arise from: (i) the Seller providing incorrect or inaccurate information regarding the Property,
ERS agreement Seller Warranties/Disclosures #6b
The Seller agrees to indemnify and hold harmless the Seller’s Agent and the Company against any claims that may arise from: ... (ii) the Seller failing to disclose material information regarding the Property, including, but not limited to, the condition of all appliances; the condition of heating, plumbing, and electrical fixtures and equipment; sewer problems; moisture or other problems in the roof or foundation; the availability and location of utilities; and the location of property lines;
ERS agreement Seller Warranties/Disclosures #6c
The Seller agrees to indemnify and hold harmless the Seller’s Agent and the Company against any claims that may arise from: ...and (iii) any injuries resulting from any unsafe conditions within the Property.
T/F: By signing the ERS agreement, the sellers designate the Seller's Agent and the Principal/Branch Broker for the Company (the "Broker"), as agents for the Seller to locate a buyer for the Property.
True.
ERS agreement “Agency Relationships” – By signing this Listing Agreement, the Seller designates the Seller’s Agent and the Principal/Branch Broker for the Company (the “Broker”), as agents for the Seller to locate a buyer for the Property.
ERS agreement “Agency Relationships” – By signing this Listing Agreement, the Seller designates the Seller’s Agent and the Principal/Branch Broker for the Company (the “Broker”), as agents for the Seller to _______ for the Property.
locate a buyer
T/F: After the ERS agreement is signed, the Seller's Agent and Principal/Branch Broker are the only ones able to sell the property for the Principal.
False.
The Seller authorizes the Seller’s Agent or the Broker to appoint another agent in the Company to also represent the Seller in the event the Seller’s Agent or the Broker will be unavailable to service the Property.
Fiduciary Duty #1
loyalty
Fiduciary Duty #2
full disclosure
Fiduciary Duty #3
confidentiality
Fiduciary Duty #4
reasonable care
T/F: By signing the ERS agreement, the seller surrenders his ability to refuse a Limited Agency Agreement.
False.
There is a section where the seller may sellect or refuse a Limited Agency arrangement (on the ERS Agreement); meaning: the seller can sign the ERS and still refuse a Limited Agency relationship.
A Limited Agreement has fiduciary duty of ______.
neutrality
T/F: A Limited Agent cannot disclose to either party information which likely to weaken the bargaining position of the other: the highest price the buyer will offer, or the lowest price the seller will accept.
True.
Being neutral, the Limited Agent may not disclose to either party information likely to weaken the bargaining position of the other.
In the ERS agreement: "THE ___a___ IS ADVISED THAT NEITHER THE SELLER NOR THE BUYER IS REQUIRED TO ACCEPT A LIMITED AGENCY SITUATION IN THE COMPANY, AND EACH PARTY IS ENTITLED TO BE ___b___ BY ITS OWN AGENT.
a.) SELLER
b.) REPRESENTED
If Limited Agency is agreed to below; (a) the Seller authorizes the Seller’s Agent and the Broker to represent both the Buyer and the Seller as ___a____ when the Seller’s Agent and the Broker also represent the Buyer of the Property that the Seller Owns; (b) the Seller further agrees that when another agent in the Company represents the ___b____, that agent will exclusively represent the Buyer, the Seller’s Agent will exclusively represent the Seller, and the Broker will act as a ___c____.
a.) Limited Agents
b.) Buyer
c.) Limited Broker
wwt an ERS agreement: "IN EITHER EVENT, IF LIMITED AGENCY IS AGREED TO BELOW, THE BUYER AND THE SELLER WILL BE REQUIRED TO SIGN A SEPARATE ___a____ AT THE TIME THE LIMITED AGENCY SITUATION ARISES. INITIAL APPLICABLE BOS: [ ] I AGREE TO LIMITED AGENCY; OR [ ] DO NOT AGREE TO LIMITED AGENCY."
a.) LIMITED AGENCY CONSENT AGREEMENT
T/F: (wwt ERS) Nothing the Sales Agent says in regards to the condition of the property is given credibility because of what statement in the agreement?
The Company and the Seller’s Agent are trained in marketing of real estate. Neither the Company nor its agents are trained or licensed to provide the Seller or any prospective buyer with legal or tax advice, or with technical advice regarding the physical condition of the Property. SELLER IS ADVISED NOT TO RELY ON THE COMPANYOR ON ANY AGENTS OF THE COMPANY, FOR A DETERMINATION REGARDING THE PHYSICAL OR LEGAL CONDITION OF THE PROPERTY.
If the Seller desires advice regarding: (i) post or present compliance with ___a___ requirements; (ii) ___b___ matters; (iii) the ___c____ of the Property; (iv) this Listing Agreement; or (v) any transaction for the ____d___ of the Property, the Seller’s Agent and the Company STRONGLY RECOMMEND THAT THE SELLER OBTAIN SUCH INDEPENDENT ADVICE. IF THE SELLER FAILS TO DO SO, THE SELLER IS ACTING CONTRARY TO THE ADVICE OF THE COMPANY.
a.) zoning and building code
b.) legal or tax
c.) physical condition
d.) acquisition
T/F: (wwt ERS) the Seller agrees to take all disputes through Mediation, but only for issues leading up to the conveyance of said property.
False.
ERS agreement “Dispute Resolution”: The parties agree that any dispute, arising prior to or after a closing, related to this Listing Agreement shall first be submitted to mediation through a mediation provider mutually agreed upon by the Seller and the Company.
(wwt ERS) If the parties cannot agree upon a mediation provider, the dispute shall be submitted to the ______.
American Arbitration Association
T/F: (wwt ERS) If a dispute is taken to mediation, the loser pays the other all mediation expenses incured.
False.
Each party agrees to bear its own costs of mediation.
(wwt ERS) If ____ fails, the other remedies available under this Listing Agreement shall apply.
mediation
T/F: (wwt ERS) "Loser pays" the attorneys fees of the the winner.
True.
8. Attorney Fees – Except as provided in Section 7, in case of the employment of an attorney in any matter arising out of this Listing Agreement, the prevailing party shall be entitled to receive from the other party all costs and attorney fees, whether the matter is resolved through court action or otherwise.
(wwt ERS) If, through no fault of the Company, any litigation arises out of the Seller’s employment of the Company under this Listing Agreement (whether before or after a closing), the Seller agrees to _____ the Company and/or the Seller’s Agent in pursuing and/or defending such action.
indemnify
ERS Seller Authorization #1
[ ] Advertise the Property through each MLS in which the Company participates, advertise the internet, and disclose to the MLS after Closing, the final terms and sales price, consistent with the requirements of the MLS,
ERS Seller Authorization #2
[ ] Communicate with Seller the purpose of soliciting real estate-related goods and services during and after the term of this Listing Agreement, at the following numbers or email addresses: _______ hm:_______ wk: ____ cell: ____ fax:______;
ERS Seller Authorization #3
[ ] Obtain financial information form any mortgagee or other party holding a lien or interest on the Property;
ERS Seller Authorization #4
[ ] Have keys to the Property;
ERS Seller Authorization #5
[ ] Have a key-box installed on the Property;
ERS Agreement Seller Authorization #6
[ ] Hold Open-Houses at the Property;
ERS Agreement Seller Authorization #7
[ ] Order a Preliminary Title Report; on the Property,
ERS Agreement Seller Authorization #8
[ ] In any transaction for the acquisition of the Property, Seller agrees that the Earnest Money Deposit may be placed in an interest-bearing trust account with interest paid to the Utah Association of Realtors Housing Opportunity Fund (UARHOF) to assist creating affordable housing through the state;
ERS Agreement Seller Authorization #9
[ ] Order a Home Warranty Plan. Seller acknowledges that the Company has discussed with Seller the safeguarding of personal property and valuables located within the Property. Seller acknowledges that the Company is not an insurer against the loss of or damage to personal property. Seller agrees to hold the Company harmless from any loss or damage that might result from any authorization given in this Section 9.
ERS Agreement Seller Authorization #6
[ ] Hold Open-Houses at the Property;
ERS Agreement Seller Authorization #7
[ ] Order a Preliminary Title Report; on the Property,
ERS Agreement Seller Authorization #8
[ ] In any transaction for the acquisition of the Property, Seller agrees that the Earnest Money Deposit may be placed in an interest-bearing trust account with interest paid to the Utah Association of Realtors Housing Opportunity Fund (UARHOF) to assist creating affordable housing through the state;
ERS Agreement Seller Authorization #9
[ ] Order a Home Warranty Plan. Seller acknowledges that the Company has discussed with Seller the safeguarding of personal property and valuables located within the Property. Seller acknowledges that the Company is not an insurer against the loss of or damage to personal property. Seller agrees to hold the Company harmless from any loss or damage that might result from any authorization given in this Section 9.
A lawsuit brought by a landlord against a tenant to evict the tenant from rental property--usually for non-payment of rent.
"Unlawful Detainer Action."