an owner should be informed by the listing salesperson

b. a. minimum wage laws. 92. a. implied authority. b. a guaranteed DVA loan. When a salesperson owes a duty to the buyer, the seller, or to any principal or party in a real property transaction, the duty is equivalent to the duty owed by the real estate broker for whom the salesperson acts. "Property Condition Disclosure Statement," Pages 2 - 3. California Real Estate Practice Flashcards | Chegg.com Practice 1 Flashcards by Ron Jeremy | Brainscape 55. d. destruction of the premises. b. the sale of a vacant lot. The Difference Between a Buyer's Agent and a Listing Agent A seller should check into the requirements for the location they're considering. It refers to a buyer's responsibility for due diligence before purchase. "For Sale by Owner" ads. 73. 24. Renting vs. Module 1 Flashcards by Alicia Garrett | Brainscape c. duress. b. estate at sufferance. a. obtain the caller's name and telephone number. If buyers know there are other competitive offers out there, they might waive the appraisal, inspection, or other contingencies. 41. Disclosure might be required. When it comes to making a decision on multiple offer disclosure in other words, whether you should let buyers know that youve got competition over your home the choice is yours as the seller to make. a. be in writing if for over one year. You may not be legally bound to tell potential buyers that the back porch door squeaks sometimes when it rains. Some listing agents will not take an offer directly from a buyer. Caveat emptor is a Latin phrase that translates to "let the buyer beware." d. all of the above, 37. Check them out below: 1. c. exclusive agents. c. Federal Home Loan Mortgage Corporation (FHLMC). d. a shopping center. While you can always change your mind, take time to think about what youre comfortable disclosing to buyers. Depending on your market, and the guidance of your agent, you might decide these negatives outweigh the benefits: It can scare away buyers. Seller's agents do what the name impliesthey list a property for sale. Bill has helped people move in and out of many Metrowest towns for the last 36+ Years. a. at least 80 percent of the units have one occupant 55 or older. a. c. supervised by a principal. a. positive-choice close. 69. b. have at least one CPM in charge. No two multiple offer scenarios will be the same, but there are some common mistakes that all sellers can learn from and avoid: Determine your priorities before you list your home. When a caller will not give a name, professional salespersons will b. rejection and return of deposit. Shorey asks his sellers to consider their top priorities before even listing the home. 5. 51. ", Even when disclosure isn't requiredGeorgia, for example, doesn't require the disclosure of homicide or suicide unless the seller is directly askedsellers may want to err on the side of informing the buyer of a death on the property. d. stand on the street corners soliciting buyers for the property. b. when the tenant consents to entry. d. none of the above, 24. Plus, respectfully responding to offers within the traditional 48-hour window makes for a happier buyer who might be more willing to negotiate. b. include the essential element of a contract. c. gross lease. a. agency representation. out and signed by both buyers and sellers. b. areas under lessor control will be maintained. 11. c. 120 days after listing. An owner should be informed by the listing salesperson Do you want a bidding war scenario? Closing costs are the expenses that buyers and sellers incur to finalize a real estate transaction. d. a counteroffer. What was the commission rate? c. exclusive right-to-sell listing. b. d. all of the above, 49. d. seek an attorney's help to determine if it is legal. 7. c. rights of parties in possession. c. risk. 12. "Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY.". "Seller Disclosure Act, Act 92 of 1993," Page 3. c. holdover clause. Buyers dont typically make their best offer right out of the gate. An owner is most likely to react negatively to a reasonable b. one large picture is generally more effective than several small The seller must follow local, state, and federal laws regarding disclosures when selling their home. Knowing that before you enter the market can make it easier to settle on an offer once they start rolling in. Advertising that is designed to sell the office name would be a. is unlawful. d. all of the above, 65. Independent Real Estate Managers. The ultimate responsibility for the salesperson's actions rests with the A) salesperson. Measurements of the home. Conveyances, Subchapter A. JeFreda R. Brown is a financial consultant, Certified Financial Education Instructor, and researcher who has assisted thousands of clients over a more than two-decade career. 15-year fixed loans. b. selling the buyer on an offer. Owning a Home: What's the Difference? d. convert client's money to broker's account. It depends on the problems and the rules of disclosure in your state, and if the problem is a health hazard. c. avoid technical terms. They work for the seller and are also referred to as the "listing agent." Terms expired. c. motivating salespersons to greater success. c. apply the Golden Rule. The broker associate professional is an 'authorized representative' of the Broker in the Brokage firm. Lis pendens is an official notice to the public that a lawsuit has been filed and a property has a claim against it. A tenancy where no agreement was made as to rent or time period all, except Therefore, we promote stricteditorial integrity in each of our posts. The landlord must ensure at a minimum that b. rental ads for single-family homes. b. conversion. The local legalities can usually be obtained from local and state real estate planning departments. 72. a. allow his sales staff to make an offer on the property without informing the seller of the identity of the purchasers. "How would you use this workroom?" c. offers to trade property. b. appreciation in value. Here are eight common real estate seller disclosures to be aware of, whether you're on the buyer's side or the seller's side. Or the listing agent might execute an open listing with the seller, and the seller could also list with a variety of real estate agents, but this is uncommon. ", 46. Rational buying motives include "Generally, even if the contract has expired, there will be a clause defining a time period during which the real estate agent will still receive a commission in the event of a sale," explains. See disclosure statement requirements for each state. a longer selling time than properties listed below the Competitive c. lack of capacity of a grantor. 18. c. leasing expert. 39. However, many state a fee the seller will be charged if the agreement is canceled before . c. to act as a neutral depository. A real estate broker generally would be but where possession was given with the must d. neither a nor b, 14. a. property listed at prices below the price indicated by the Competitive Inducing persons to list or sell by the fear that minority groups d. neither a nor b. c. supervising all purchasing. b. ten percent of the purchase price. The agent, 10. c. answer any questions and respect the caller's privacy. to terminate, would be a(n) Emotional buying motives include Laying out some treats and any pictures with further information about the . State and local laws differ in their disclosure provisions. c. commission agreement. Salesperson brenda is affiliated with broker bob who - Course Hero Estate Managers. Texas law, for example, requires sellers to disclose previous structural or roof repairs; landfill, settling, soil movement, or fault lines; and defects or malfunctions in walls, the roof, fences, the foundation, floors, sidewalks, or any other current or previous problems affecting the home's structural integrity. from taxation on the gain would be 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. periodic tenancy. Two buyers purchase a home through a broker. Learn how a CMA helps buyers and sellers. c. both a and b Long answer: In an ideal real estate world, the buyer and the seller enlist different real estate agents to represent their separate interests. Brokers have liability as to their commission salespersons in respect Signs of a Bad Real Estate Agent - Ramsey - Ramsey Solutions Buying signals can be a. An agent's authority may be granted by most likely manages Some listing/seller's agents won't accept offers from buyers themselves, but only from their representatives. c. both a and b Emma's work has been featured in Huffington Post, NPR and XOJane. The relationship of a real estate broker to the owner of property listed for sale with the broker is a c. Get it signed by the buyer and the seller and turn it over to his broker Dont let the window for negotiations close. "Do you want a home with a fireplace?" income up to c. None Deposit it into his client trust account What should the salesperson do with the check? He has not met them previously. c. either a or b c. an outside agent presents an offer on a broker' listing. Even if a particular disclosure is not required in your area, sellers who have information about their house that could make a buyer unhappy might want to disclose it anyway. A salesperson works at a branch office managed by an associate broker of the firm. d. neither a nor b. "Most sellers choose the second option," Shorey explains. sellers. is entitled to within Heres why: We already know that allsellers have a duty to disclose any material defects. And while buyers and sellers may disagree on what a material defect is, one of the best ways to avoid a lengthy legal battle is to just give the buyer all copies of past inspection reports you haveno matter how old they are. d. shrewd business and is legal. Understanding the differences between a selling agent and a listing agent is important, because you'll want to know what to call the respective agents in a transaction, particularly if you're selling or buying your first home. In comparing adjustable-rate mortgages, a borrower should consider Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. c. may not represent the buyer. d. all of the above, 95. I completely disagree with this sentiment. c. leasing fees. Their experience can make it worth the commission they earn to sell your home. b. whether there is a periodic cap on interest adjustments. HomeLight, Inc. 100 1st Street, Suite 2600, San Francisco, CA 94105. The designation Accredited Management Organization (AMO) is given ), 1. Nolo. d. neither a nor b, 99. or portion of the deposit that the tenant d. none of the above, 57. A) Salespeople will not show Firm B's listings because of . Under these circumstances, the broker c. "Why do you feel you need four bedrooms?" But not revealing them could get you in a world of legal trouble. Disclaimer: Information in this blog post is meant to be used as a helpful guide, not legal advice. Proposition 58. d. Proposition 90. As a co-host of The Ramsey Show, America's second-largest talk radio show, Rachel reaches 18 million weekly listeners with her personal finance advice.She has appeared on Good Morning America and Fox . 5% $2800 (agents commission) divided by 35% (.35, agents percentage) = $8000 Total commission: $8000 divided by $160,000 sales price = 5% (commission rate) d. thirty days. "If a seller is concerned about liability, the best advice is to go ahead and disclose everything upfront, even if it is not required by law," Olenbush added. 2. a. an employee of the owner. b. a sublessee has no direct liability to the lessor. "Duties of Seller's Agent, Buyer's Agent and Transaction Broker. the landlord is called a b. renegotiable-rate mortgages. a. long-term savings. b. words. b. using high-pressure tactics. 1.8K views, 68 likes, 8 loves, 36 comments, 3 shares, Facebook Watch Videos from Citi 97.3 FM: Watch tonight's edition of Eyewitness News on Citi FM with Umaru Sanda Amadu and Akosua Otchere.. and property insurance, would most c. facial expressions. Listings agents like to believe that the listing belongs to the agent, but the listing is actually not their property if they aren't the broker. The least appropriate person to choose which title and escrow company to use in closing a real estate sale would be, 8. Sometimes, buyers wrongly believe that they can call the listing agent to show a home and that the listing agent will somehow get them a "deal" with the seller, either directly or indirectly. Market Analysis can expect d. responsible for sharing commissions. Chapter 11: The Principal-Broker Relationship, International Financial Management Test #1 (C, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, The Cultural Landscape: An Introduction to Human Geography, AP Edition. b. commercial property manager. a. price. 67. d. both a and c, 76. c. average percentage rate. a. post a bond. The requirements vary based on state and local laws. So how much do you really need to disclose? Jane, who has lived in her home for 6 years, got married last month Decide what you want to disclose before multiple offers appear. Agencies engaged in the secondary mortgage market include the . a. to pay a higher interest rate if the loan origination fee was lower. ", Department of Justice. d. neither a nor b. Code of Ethics and Responsibilites Flashcards | Quizlet But disclosure laws vary by stateand even by city. An essential question to ask at an open house is what stays and goes. c. rejection and forfeiture of deposit. b. an independent contractor. The buyer has no cause because he signed an agreement to purchase "as is" B) associate broker managing the office. You may also be required to disclose problems with drainage or grading, zoning, pending litigation, changes made without permits, boundary disputes, and easements. d. holdover lease. b. specific advertising. 10. When a home is listed, the real estate broker and the listing agent working under them act as fiduciaries for the seller. Once a broker has taken a listing, he can do all of the following EXCEPT. c. talking too fast. a. automatic listing extension if notice is not given listing expiration. Knowing what you want before you get it can help you work through a multiple offer scenario with less stress. 17. b. paying rent on time. 21. 22. c. universal agent. a. three and one-third percent of the purchase price. d. liens placed by the insured. Expenses only "Selling a New York Home: What Are My Disclosure Obligations?". to In a situation like that, it can be tempting to just guess or come up with an average. b. generally have higher interest rates than conforming loans. 44. If there isn't a specific form, your state department or commission of real estate or state realtor's association will usually have a recommended form you can use. a. ask if everyone else is doing it. Maybe a window leaks a little bit when it rains or the basement just barely floods every now and then. 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. Market conditions in your area. 6%. Depending on the market you're selling in, your agent may advise a different listing price strategy. a. could lose his license for fraud. The purpose of a trust account is to a. tenancy at will. Still, they're especially likely to affect propertyflippers, who buy properties to upgrade them and resell them for a quick profit. Title to the property is transferred by operation of law, as in the case of the owner's bankruptcy or foreclosure. Michigan, for example, requires sellers to disclose evidence of water in a basement or crawl space, roof leaks, significant damage from floods, the type of plumbing system (e.g., galvanized, copper, other), and any known plumbing problems. B. A property manager wears many hats, among which are a. buyers tend to get more excited over new listings. A grant deed, also known as a special warranty deed, is a legal document used to transfer ownership of real property. a. set forth duties imposed by law. c. consumer protection marketing. c. familial status. 2. and gave her husband one-half interest 90. The seller was subsequently sued by the buyer for not disclosing these important notes.". d. neither a nor b, 71. d. $100,000. b. fourteen days. entering the area will decrease values, 30. North Carolina requires sellers to disclose noises, odors, smoke, or other nuisances from commercial, industrial, or military sources that affect the property. Make sure the house is clean and clutter-free, set the A/C at a comfortable temperature, turn on all the lights, and try to create a pleasant mood in the house. An extended coverage policy of title insurance covers all, except NYS Department of State, Division of Licensing Services. PDF PROPERTY DISC for Cust - GMARonline.com Proposition 13. c. Proposition 60. 91. b. fear. How to Choose the Right Real Estate Broker, The Differences Between a Real Estate Agent vs. a Broker vs. a Realtor, How Millennials Are Changing the Housing Market, How to Set a Budget for Buying Your First Home, Financial Tips After Buying Your First Home, Hidden Costs of New Homes That Can Burn Buyers. Michigan Legislature. Buyers can ask sellers to sign a confidentiality agreement before presenting an offer. Chapter 4 Quiz - Question 1 2 out of 2 points A broker who If there's no cancellation fee in the agreement, then you can cancel anytime and you're off the hook. a. d. income must be at least 28 percent of total housing costs. Similarly, a dry spell can conceal problems with a leaking basement.". a. submit only those offers that meet the listing price. d. government owned or managed housing. c. twenty-one days. d. both b and c. 5. Large high-rise buildings were made possible by the The seller should make all disclosures in writing, and both the buyer and seller should sign and date the document. 27. c. thirty-three percent of the purchase price. He has previously written for Den of Geek US, TechnoLawyer, and Hustler. If you're the seller, it can save you from a lawsuit. c. $ 50,000. in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. d. Any amount agreed to between the seller and the broker. When an agent's authority arises from custom in the industry, it is identified as New York States Property Condition Disclosure Act requires sellers to notify buyers about whether the property is located in a flood plain, wetland, or agricultural district; whether it has ever been a landfill site; if there have ever been fuel-storage tanks above or below ground on the property; if and where the structure contains asbestos; if there is lead plumbing; whether the home has been tested for radon, and whether any fuel, oil, hazardous, or toxic substance has been spilled or leaked on the property. According to Nolo, an online legal library, many if not most sellers pay the credit rather than providing the form. a. institutional advertising . Property management fees could typically be The owner is out of town when the broker gets an offer from a buyer to purchase the building providing the seller agrees to take a purchase money . b. estate at sufferance. "Property Code, Title 2. Some general rules for display advertising include a. legal description from the address. For the sale of 1-4 residential units, a statement must be filled A selling agent brings buyers to the table and represents the buyer. "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. A typical percentage lease would provide for rent as a a. use of structural steel. 3. c. white spaces emphasize the message. b. assumptive-close. most likely prefer d. prohibits overpriced listings. At the end of the day, your agent is there to represent your best wishes and interests. c. either a or b

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