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

1/25

Click to flip

25 Cards in this Set

  • Front
  • Back
__________ is doing what is right and just in your life and business.
ETHICS
In selling the listing of another broker, the sales person is responsible to whom?
THE LISTING BROKER
The law of Independent Contractors for RE Agents, say what three things must exist?
1) License
2) Commission on Sales Only
3) Written Independent Contract Agreement
A broker must carry what insurance for its agents?
Workman Compensation
Liability
Where would an agent go if he had a commission dispute with his broker?
STATE LABOR COMMISSIONER
A non-licenced person can only receive a fee for what?
FINDERS FEE FON INTRODUCION OF THE PARTIES.
What is the best advise of racial issues?
COLOR BLIND...RACE CANNOT MATTER
What is the agents role in setting a price of a property?
To determine in all methods the highest value of the property.
A _____ _____ is an amount that may be offered to an agent as an "under the table" type of incentive. What is the penalty of this?
SECRET PROFIT

LOSS OF COMMISSION
LOSS OF SECRET PROFIT
The only time an agent does not have to presnt an offer is when?
THE ESCROW HAS CLOSED
In a NET LISTING, what must be disclosed to the principal?
COMMISSION
a ______ listing is a listing to potentially buy a property in the future.
OPTION
What can happen to an agent who purchases a home without disclosure of the intention?
Return of any profit.
Licensing Violation
Reputation
What case states that an agent must disclose any facts material about the property?
EASTON VS. STRASSBURGER
How long is the statute of limitation on the disclosure statement after the close of escrow?
TWO YEARS
Who could be liable for the lack of disclosure of a well on the property?
BROKER AND THE OWNER
Mandatory inspection and disclosure is limited to what type of real estate?
ONE-FOUR UNIT RESIDENTIAL
What is the disclosure requirement about death in the home? What death does NOT apply?
UP TO THREE YEARS, ANY DEATH MUST BE DISCLOSED.

AIDS: THIS CAUSE OF DEATH DOES NOT HAVE TO BE DISCLOSED>
A Commercial Buyer is looking at a property to open a Pre-School. The Agent knows the zoning won't permit this. What is her responsiblity?
TO INFORM THE BUYER THAT THE ZONING IS NOT APPROPRIATE FOR THE INTENDED USE.
Telling a client things like "you will love living in this neighborhood" is a statement called _________.
PUFFING
Normally, a broker is not responsible for torts committed by whom?
OTHER OUTSIDE AGENTS OR BROKERS ACTING AS SUBAGENTS.
What must a buyer disclose to the seller?
Qualification to buy.
Nothing else. ( purpose, other property owned, personal information)
Does a broker have an obligation to cooperate with other brokers?
NO
USUALLY THEY DO BECAUSE IT IS THEIR BEST INTEREST HOWEVER.
What is the association of brokers called?
NATIONAL ASSOCIATION OF REALTORS.
Who must approve the subagent (mls)relationship?
THE PRINCIPAL