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30 Cards in this Set
- Front
- Back
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the legal relationship between a broker and a seller is generally
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a special agency
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the real estate broker can be hired as an agent through the document known as a
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listing agreement
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the statement " a broker must be employed to recover a commission for his or her services" means
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someone must have agreed ti pay a commission to the broker for selling the property
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the procuring cause of a sale is
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sometimes hard to determine
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a listing may be terminted when either broker or principle
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goes bankrupt
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when retained by the seller, the brokers owes a prospective buyer
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honest straightforward treatment
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the salesperson who sincerely tries to represent both buyer and seller is practicing
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dual agency
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a seller who wishes to cancel a listing agreement in NJ
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may be held liable for money and time extended by the broker
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Mollie father bought a house in 1940 for $4500 she asks Bob Broker to list it and instructs him to see if he can get as much as $85,000 "because she's heard houses have gone up in value" Bob knows the property might bring $250,000 Bob should
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tell Mollie that he believes the house is worth much more
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an example of latent defect is a
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malfunctioning septic system
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an independent contractor may be paid
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commission on sales
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commissions usually are earned when
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the seller accepts the buyers offer without conditions
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even if a proposed transaction does not go through, the broker sometimes may collect a commission where the
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seller simply backed out
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a salespersons commission on a real estate transaction is
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paid within 10 days after the broker is paid for the transaction
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to be entitled to collect a commission on a real esate transaction, an agent must
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be the procuring cause of the transaction
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Henry lists his house with broker Larry. henry offers a bonus commission of $500 to the agent who brings a good buyer before Thanksgiving. Sam who is associated with the cooperating firm Olive Olsen, effects the sale on November 1. Sam may collect that bonus from
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Olive the broker
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Eileen walks into the Rivera open house and realizes that the house is eaxctly what she's been looking for. that evening Tyrone, the salesperson who held the open house calls Eileen and asks her if she wants to present an offer. The next day Eileens sister Helen a real estate agent in another part of the state, presents an offer for her which the Rivera's accept. who was the procuring agent
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Tyrone, because he introduced her to the property and followed up
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commission rates are set by
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agreement between seller and broker
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At a booth in the neighborhood coffee shop, broker Larry is seated with his friendly rival, Olive. Olive says " Did you hear about that firm thats charging a flat fee for selling property? do you think that they'll make it?" Larry's response is to
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point out to Olive that it is a violation of federal antitrust law for competing brokers to discuss any aspect of commission rates
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the transaction broker represents
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no one
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a Consumer Information Statement (CIS) is required for transactions involving
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one to four family dwellings
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a dual agent cannot provide advice on
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the right price to accept
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Jenny purchases a lovely vintage home from an elderly woman who has lived there for many years. Valerie enters into a contract to have Boffo Builders construct a new home for her in the new Settling Pond development. If a hazardous waste landfill is discovered within a quarter ,iles of either of these properties, what will be the result
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Valerie, but not Jenny, has five days to cancel
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all of the following would be considered material information about a property in NJ except
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the previous owners suicide
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all of the following would be considered material information about a property in NJ
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sagging floor joints
seasonal flooding inadequate septic tank |
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the duty of loyalty forbids the sellers broker too
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suggest an offer under the listed price
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when the buyer gives a sellers broker information about possible financial problems in completing the purchase, the broker should
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inform the seller immediately
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if the agent in the previous question is acting as a buyer's broker, the most correct response for the broker is to
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explain to the buyer that not revealing the problem to the seller may constitute concealment of a material defect
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negligent misrepresentation occurs when
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the speaker shuold know the statement is false
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the term REALTOR applies only to
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members of a private organiztion
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