Office policy may require another agent from the firm provide the brokerage A broker takes a listing and the owner later tells him that the roof leaks. b. What should the broker do? A broker in another state who wishes to be paid for selling a piece of property in Georgia must: In this situation, which of the following statements would best describe the position of the XYZ Broker? c. Three. A property is listed at $68,000. A broker lists a property, decides to buy it for herself, then collects the agreed-upon commission is Treat them equally and not violate any fair housing law. Which of the following would be a violation of antitrust law? it is a brokers duty whether working for a brokerage or for themselves to ensure that real estate transactions are lawful, that all paperwork is correct and complete, and that all monies, such as funds in, By submitting your contact information you agree to our. The broker should: Disclose the information because it is material. Jones sells the property for $65,000 without telling Smith about the development. Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. A listing agent is a real estate agent, however this name specifically refers to an agent that is representing a seller who is listing their home for sale, rather than a selling agent who is representing a buyer. The offer would include the necessary disclosure of interest as Emerson is a licensee with an ownership interest in the Wind Group LLC. If there is financing Demand that Foster accept the offer. a. Phil is a salesman working for Broker Joan. Broker Jones is considering lowering the price on an overpriced listing. If a licensee is c. File a lis pendens This relationship could exist by virtue of: An oral agreement D. fine licensees up to $1,000 or send them to jail for one year. This agreement is: Impermissible, unless the brother is licensed. a. The incentive from the seller to the buyer would be negotiated in the offer to purchase. Yes. Some choose to work at a management level, while others use their brokerage license to allow them to become self-employed. B. three years. a. Which of the following choices is the broker's best course of action? d. Listing agreement. Maintaining more than one trust account . a a. An option contract is a __________ contract until the option is exercised and is then a __________ contract. Since the broker has a special interest in the transactions, the developer would not be able to revoke the listing agreement after the broker has provided the financing. As a real estate licensee writing an offer for the licensee and the licensees spouse, should the licensee have a buyer agency agreement with the spouse? b. Ready to start your journey to homeownership? Three days later, without seeing each other's property beforehand, the two owners exchanged properties in a Like-Kind exchange. A contract for the sale of land in which the buyer makes regular payments, takes possession, but does not receive title is known as a(n): An incentive may be paid directly to the licensee. The listing broker is principal, and the selling broker is the agent of the listing broker. However, a few days later, Harry spots a property for sale while driving home from work. Phil takes a listing on January 3rd. d. Any of these choices. Acting as a real estate broker or salesperson without a license. Three weeks later, Kelly moves out of the area and puts her license on inactive status. d. All of these choices. If a broker maintains electronic records, it is recommended that a backup of those records is also kept. Commission splits vary from brokerage to brokerage and agent to agent: high-volume agents may pay less while newer, inexperienced agents may have higher splits in the early years. C. Probably Saturday. The seller has a right to: Cancel the contract without obligation to either buyer or broker. Installment land sales contract. Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. Imagine real estate as a ladder and the higher you climb, the more licenses you need home buyers and sellers at the bottom, agents in the middle and brokers at the top. B. known material adverse facts and information suggesting material adverse facts. Yes, so long as Jenny purchased property similar to the one described in the agreement. An optionee is obligated to do which of the following? Dan believes that Daisy is in breach. a. Typically, real estate agents work for a standard commission, which is 6% of the purchase price. C. furnish his broker with written notice of his intent to purchase and state in the contract that he is a licensed real estate salesperson. See Wis. Admin. The listing with this type of provisions is known as the a. gross listing.

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