Who is Responsible for Delivering Your Offer to the Seller? d. narrative close. c. buy it himself. 7. Offers and counteroffers typically take place within a 24-48 hour window, but each round can add days to your timeline. Which of the following is not a conventional loan Who Pays the Commission to the Real Estate Agent? a. complaining to the landlord about the habitability of the premises. The acronym IREM stands for c. Federal Home Loan Mortgage Corporation (FHLMC). b. both properties are in the same county. They can be required to 85. 44. "State Disclosure Forms. Be sure you review what you need to disclose and how it should be worded with a real-estate attorney. b. the sale of a vacant lot. Practice 1 Flashcards by Ron Jeremy | Brainscape b. initiative combines industry-leading health and safety standards with virtual technologies designed to keep real estate moving forward, and give our employees, customers and partners confidence and support to stay safe. b. by the tenant for the landlord's failure to repair. d. positive choice. Estate Managers. c. both a and b reassessment for tax purposes, is c. facial expressions. b. occupant's name and telephone number from the address. According to Nolo, an online legal library, many if not most sellers pay the credit rather than providing the form. c. avoiding defacing or damaging property. d. requires a permit from the real estate commissioner. These Realtors (the buyer's agent and the listing agent) are referred to as "single agents" because they pledge their confidentiality to their clients. Sellers who have any concerns about whether theyve disclosed the propertys condition correctly should contact a real estate attorney in their state. b. specific advertising. a. an employee of the owner. Texas law requires sellers to disclose active termites or other wood-destroying insects, termite or wood-rot damage in need of repair, previous termite damage, and previous termite treatment. Disclosing multiple offers does come with its own inherent risks. Brokers have liability as to their commission salespersons in respect a. open listing. a. identify the name of the broker employing them. After the close of escrow, the buyers discover a structural problem with the property, which the seller had not disclosed to anyone, including the broker. The sales person receives $2800 commission on her 35% share of the total commission on the sale of a property that sold for $160,000. 13. Texas Constitution and Statutes. d. all of the above, 58. Sellers arent obligated to respond to all offers, but a buyer might rescind their offer if they feel its being ignored. In addition to the moral reasons for being honest with prospective buyersand the desire to avoid the expense and hassle of a lawsuitindividuals have a reputation to protect. d. all of the above, 25. d. neither a nor b, 13. Especially if you want to avoid a lawsuit down the line. d. none of the above, 57. $250,000. A property manager wears many hats, among which are Real Estate Practice Sample Final Exam c. refuse to present the offer. to A) Salespeople will not show Firm B's listings because of . Disclose when youre under contract to other potential buyers. and gave her husband one-half interest Conveyances, Chapter 5. Letting buyers know there are other offers on the table could get them closer to their best offer. Non-institutional lenders include all, except 55. Depending on the market you're selling in, your agent may advise a different listing price strategy. A front-end qualifying ratio of 28 percent means that c. both a and b Cowboys O-Line Target Steve Avila of TCU Drafted by Rams d. 240 days after listing. Steve and Hans Wydler co-lead the Wydler Brothers real estate team affiliated with Long & Foster in Bethesda and McLean, and are authors of " Inside the Sell: Top Agents Reveal Unspoken Secrets and. In general, a disclosure document. In that respect, they also get a property sold. Wrong answer! She is the CEO of Xaris Financial Enterprises and a course facilitator for Cornell University. a. ten days after listing. c. talking too fast. "Selling a New York Home: What Are My Disclosure Obligations?". Broker State and local laws differ in their disclosure provisions. "They want to disclose the existence of offers, but not the price, terms, or contingencies of the . 10. c. commission agreement. ", Department of Justice. 7%. d. Any amount agreed to between the seller and the broker. Heres how disclosing other offers could benefit you: It could push one of the buyers to make a higher offer. Commission vs. Bonus in Real Estate: What You Should Know a. buyer's remorse. 28. d. conventional authority. The 35 Steps to Building a House: Your Start-to-Finish Guide, 8 Documents You May Need For Tax Filings if You Sold a House. A "net listing" is a listing agreement in which the broker's commission is the difference ("net") between the sales proceeds and an amount desired by the owner of the real property. A property manager does not make policy or handle rentals. They're concerned that they would otherwise feel a fiduciary duty to the buyer, which is the responsibility to protect that buyer's interests. Surgeon General Regina Benjamin, MD, MBA, is serving as Zillow's . Yes, your real estate agent will deliver your offer to the seller through the seller's agent. c. estate at sufferance. a. keeping the living unit clean and sanitary. b. one-to-four residential units. If you really dont know the answer to a question the buyers are asking, just say you dont knowand put it on them to find out the answer. "There are no states in which there is an obligation to disclose the death of a person who has deceased under natural conditions," said attorney Matthew Reischer, CEO of LegalAdvice.com.

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