b. a sublessee has no direct liability to the lessor. most likely prefer 78. A grant deed, also known as a special warranty deed, is a legal document used to transfer ownership of real property. c. Industrial and Residential A seller's agent and a selling agent don't represent the same parties, although they sound a great deal alike and are easily confused. An advantage of the multiple listing service is that it a. mortgage companies. b. give all the information you have on the property. 73. And there are some unscrupulous agents in the industry who would love the prospect of earning a double commission so much that they might do whatever it takes to appease the buyer by violating their fiduciary responsibility. d. is guilty of redlining. Some offers may include a time is of the essence clause, which means if you dont respond to an offer within a reasonable window, the offer is void. d. all of the above, 58. 39. 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. b. a loan without a prepayment penalty. d. all of the above, 37. Heres how to find a real estate agent in your area. a. to pay a higher interest rate if the loan origination fee was lower. d. all of the above, 4. The seller should make all disclosures in writing, and both the buyer and seller should sign and date the document. c. estate at sufferance. d. neither a nor b. 13. Property management fees could typically be b. member of the National Association of Realtors d. convert client's money to broker's account. include Buyers need to know if the home is in a special historic district because it will affect their ability to make repairs and alterations, and it might also increase the cost of those activities. b. include an adequate description of the leased property. b. I will make 20 telephone calls to homeowners every day. d. 240 days after listing. "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. a. commingling. Proposition 58. d. Proposition 90. An agent would not always be required to give an owner a copy of a. property listed at prices below the price indicated by the Competitive Which of the following is a closed-end question? In general, a disclosure document is supposed to provide details about a property's condition that might negatively affect its value. When a listing is taken, the seller would be referred to as, 4. When it comes to disclosure, the seller has three options: Most sellers choose the second option, Shorey explains. C) $971.95. Stay Safe. obtain the d. liens placed by the insured. 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.. Which of the following is not a conventional loan 16. b. hold-harmless clause. 10. d. none of the above. c. both a and b A buyer making an offer on a property writes an earnest money check to the broker. Even if youve had an appraiser check out your home, you may have no idea how many square feet it truly is because, as it turns out, theres no single agreed-upon way to measure a home. d. all of the above, 23. 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. 30. d. none of the above. Sometimes homebuyers don't realize until the move-in day that their new homes are missing something they assumed would be there. c. address from the occupant's name. When she's not combing her neighborhood for open houses, she's writing about technology, real estate or data. Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. a. exclusive right-to-sell listing. Michigan and North Carolina law also requires sellers to disclose any history of infestation. that a third party can verify is a(n): In handling a telephone inquiry on a property, you should do all 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 an agent is given the right to transact all types of matters on behalf of the principal, the agent serves as a This statement concerns Pre-Qualified vs. The listing broker pays the selling brokerage a portion of the earned commission, in exchange for bringing a buyer, if that buyer then submits an offer that the seller accepts. c. office property. If a listing is overpriced, the agent should suggest to the owners that they adjust the price to the current market. d. shrewd business and is legal. That can be difficult when they're technically representing sellers. Are There Credits for First-Time Homebuyers? b. a. require the buyer to withhold b. ask if they can mail the caller some information on the property. c. white spaces emphasize the message. 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. c. estate for years. Yes, your real estate agent will deliver your offer to the seller through the seller's agent. a. tenancy at will. a. automatic listing extension if notice is not given listing expiration. What's the Problem With Calling a Listing Agent to See a House? c. social approval. In a buyer's market, there are more homes on the market relative to buyers. d. any of the above. c. Buyer or seller What potential buyers need to know about your home. A buyer's agent is a type of real estate agent, but their role compared to a listing/seller's agent is quite different. A realist is a b. rejection and return of deposit. d. all of the above, 25. must Maybe a window leaks a little bit when it rains or the basement just barely floods every now and then. A conditional offer is an agreement between a buyer and a seller that an offer will be made if a certain condition is met. 16. b. have at least one CPM in charge. Property sellers are usually required to disclose negative information about a property. 30. The buyer has no cause because he signed an agreement to purchase "as is" At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Telling buyers that theres competition for the home could discourage them from making additional offers. 6%. Dual vs. "In Texas, for example, deaths from natural causes, suicides, or accidents unrelated to the property do not have to be disclosed.". b. greater responsibility. As to agent disclosure, an agent must disclose They can help find a suitable listing, arrange for showings, and answer any questions the potential buyer may have. 1. In the vast majority of cases, disclosing the additional information (especially if it is something that was previously repaired), will not cause a buyer to back out or ask for a price reduction.. Decide what you want to disclose before multiple offers appear. about 74. Some general rules for display advertising include new listing, are consistent with good economics. a. Shorey asks his sellers to consider their top priorities before even listing the home. Dont let the window for negotiations close. a. the assignee is primarily liable under the lease in an assignment. To help you do this, we've compiled a list of the most common types of retail customers that you may encounter, along with tips on how to approach and sell to each one. b. development of the automobile. Long answer: In an ideal real estate world, the buyer and the seller enlist different real estate agents to represent their separate interests. The purpose of a trust account is to a. the sale of a five-unit apartment property. c. estate for years. An owner should be informed by the listing salesperson c. offers to trade property. All of the following are examples of fiduciary relationships EXCEPT, 9. 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. b. decide which offers are in the principal's best interest. 85. In general, sellers should disclose any known facts about the physical condition of the property, existence of dangerous materials or conditions, lawsuits or pending matters that may affect the. d. Hold the check until the contract has been signed by all parties, 15. without the owner's permission, would have c. risk. Buck even recommends including a clause in the purchase contract that any square foot measurement quote is an approximation, and if this is a material issue for the buyers, its their responsibility to investigate it further. b. include the essential element of a contract. 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. The broker should c. either a or b He has previously written for Den of Geek US, TechnoLawyer, and Hustler. ", North Carolina Real Estate Commission. The acronym IREM stands for A salesperson works at a branch office managed by an associate broker of the firm. b. disclose. Other times the seller takes something that's considered part of the house. c. home warranty plans and title insurance. The selling agent represents the buyer and is also known as a "buyer's agent.". a. woman broker. 18. d. responsible for sharing commissions. d. any or a combination of the above. Enter your address and answer a few questions to get started. 50. b. death of the salesperson. 60 days after listing. premises by the tenant. c. talking too fast. c. supervised by a principal. b. a guaranteed DVA loan. a. use of structural steel. c. the roof does not leak and no doors or windows are broken. Closing costs are the expenses that buyers and sellers incur to finalize a real estate transaction. would be 26. a. hold money belonging to clients and customers. But not revealing them could get you in a world of legal trouble. Michigan Legislature. Check with the appropriate planning departments in your town or city for details about disclosures. b. occupancy. When you receive multiple offers on your home, you have a few options as to how to proceed next: For more advice on each route, consult our guide to navigating multiple offers. b. d. all of the above, 36. b. assure that a broker can be trusted. A real estate attorney might also be consulted. b. savings associations. Lying on a seller's disclosure is illegal, as the undisclosed hazards could cause serious damage to an unknowing buyer. b. any real estate transaction. Some states, such as Michigan and North Carolina, require sellers to use a specific disclosure form. For the sale of 1-4 residential units, a statement must be filled d. government owned or managed housing. b. are sought out by readers looking for property. If Brenda wants to keep themoney and NOT violate VA License Law, she could: Select one: A. Non-conforming loans They're concerned that they would otherwise feel a fiduciary duty to the buyer, which is the responsibility to protect that buyer's interests. The manager The broker associate professional is an 'authorized representative' of the Broker in the Brokage firm. d. all of the above, 48. Texas law requires sellers to disclose the presence of hazardous or toxic waste, asbestos, urea-formaldehyde insulation, radon gas, lead-based paint, and previous use of the premises for the manufacture of methamphetamine. Disclose the existence of multiple offers to the buyers, including specific amounts and terms. In most states, the maximum amount a broker may charge a seller is Buying a home "as is" may speed up the homebuying process. a. working with a particular ethnic group. c. housing where there is any federal assistance. $250,000. That way, they cant say they werent informed of a problem. Physical arousal c. Objective experience 18. They can help with advertising, networking, and market analysis. c. customary authority. "Duties of Seller's Agent, Buyer's Agent and Transaction Broker. b. are intended as grounds for disciplinary action. b. take-out loan. d. both b and c. 5. Just remember: Dont be afraid of scaring them off with too much information. a. c. fear-of-loss close. If a previous occupant's child drowned in the swimming pool because the pool didn't have a safety fence, for example, the seller would need to disclose the death even if the safety issue has been remedied. c. an agent of the seller. "Each state will have slightly different requirements for disclosure," said Jim Olenbush, a Texas real estate broker. d. subordination. About the Author: The above Real Estate information on real estate commission and agent bonuses were provided by Bill Gassett, a Nationally recognized leader in his field.Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-625-0191. b. the units are solely occupied by disabled persons. However, many state a fee the seller will be charged if the agreement is canceled before . Disclosing multiple offers does come with its own inherent risks. When an owner sells a property, they are typically required to disclose information in a written document. d. all of the above, 38. If an unexpected issue crops up during the inspection or your home appraisal comes in low, you may encounter a delayed settlement where terms can be renegotiated. If youve recently decided to put your home on the market, youmightfeel hesitant toreveal problems (minor thoughthey might be) whichcould discourage potential buyers. The Suggestions for professional conduct contained in the Regulations Jones vs. Mayer was a U.S. Supreme Court case that upheld the Instead of using the term "listing" when dealing with an owner, Another strategy to approach with caution is offer-shopping, i.e., when a seller discloses the terms of one buyers offer to other potential buyers. And if they push you for exact figures on something like square footage, make sure you properly attribute where those numbers came from. b. when the tenant consents to entry. Buying signals can be What type of listing is not a bilateral contract because the broker Down Payment: What It Is and How Much Is Required, Conditional Offer: Definition, How It Works, and Types, Closing Costs: What They Are and How Much They Cost, Grant Deed in Real Estate: What It Is, Examples, and Types. a. c. commercial banks. b. estate at sufferance. the office for more information. 35. ", 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. c. provide local control for new subdivisions. a. talking too much. 33. 22. Deposit it into his client trust account b. debt relief. damage resulting from the condition of the property or negligence of c. both a and b 63. Disclose the existence of multiple offers to the buyers, but not offer amounts or terms. If they succeed, what commission is the broker entitled to in this case? of the Real Estate Commissioner a. flat fees. 7. The landlord must ensure at a minimum that b. costs to sell. permission of the owner, would be a(n) c. when the entry is during normal business hours after a The most common form of seller representation is when the listing agent has signed an exclusive right-to-sell listing with the seller. Analysis indicates d. display advertising. d. make certain new developments appear on the tax rolls. a. referrals. Check them out below: 1. d. neither a nor b. Real Estate Agent Commission and Compensation, What It Means to Interfere With an Agent's Client. "Multiple Listing Service (MLS): What Is It. But how can you possibly know what might influence a buyers decision? After termination of tenancy, the landlord must return any deposit a. estate at sufferance. d. none of the above. b. tenancy at will. Market Analysis figure. In most places, you dont have to provide copies of inspection reports, but doing so can save you a lot of trouble. If you don't have a buyer's agent, you can submit your offer . ", State of Massachusetts. After all, youve learned to live with those things, so the buyer should be able to deal with them, too, right? Disclose nothing to buyers, including the existence of other offers. A selling agent is a buyer's agent. (Hint: Determine the break-even in sales dollars first. to terminate, would be a(n) "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. b. heat, lights and wiring work and are safe. In general, sellers should disclose any known facts aboutthe physical condition of the property, existence of dangerous materials or conditions, lawsuits or pending matters that may affect the value of the property, and any other factors that may influence a buyers decision. A buyer who expects to remain in a home for only a few years would b. the fact that most sellers become buyers and most buyers become A tenant who remains after the expiration of an estate for years When an agent's authority arises from custom in the industry, it is identified as A) Salespeople will not show Firm B's listings because of . If the Fed sets the federal funds rate target below the actual federal funds rate, is the Fed trying to increase or decrease the money supply? Just remember that the listing agent, also known as the "seller's agent," represents the seller. The broker and the seller know of major plumbing repairs needed on the seller's property. B) associate broker managing the office. a. ask if everyone else is doing it. Loans for First-Time Homebuyers: How to Finance, Buying a Foreclosed House: Top 5 Pitfalls, 8 Things to Consider Before Buying a Two-Family House, Home Appraisal: What it is, How it Works, FAQ, Buying a Home: 8 Important Seller Disclosures, Clear Title: Definition and Importance in Real Estate. d. all of the above, 94. a. how often the interest rate may be adjusted. Seller disclosure basics A lighting fixture, the refrigerator or microwave, the fitted blinds: Any of these things could have gone out the door with the seller if nobody thought to discuss it in advance. a. net lease. a. be in writing. c. Hold the check until the contract has been signed by all parties 89. b. ostensible authority. d. neither a nor b, 14. a. earthquake safety. d. say whatever is necessary to get an offer. in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. You may also want to disclose electrical or plumbing repairs and any other problems you would want to know about if you were going to buy the home and live in it. Read on to learn more about the intricacies of handling multiple offers and the best practices for disclosure. What is boot? Although the listing agent is typically not the selling agent, this doesn't mean that the agent might not work in a dual agency capacity as a selling agent as well. b. short-term loans until permanent loans can be arranged. Conveyances, Subchapter A. Yep, thats right. The handicapped can alter rental units for their reasonable use. a. I will work harder next month. It depends on the problems and the rules of disclosure in your state, and if the problem is a health hazard. Weighing multiple offers on your home can be exciting, but its also stressful to keep track of whats what with lots of offers on the table. State of North Carolina. "For Sale by Owner" ads. By executing a listing agreement with a seller, a real estate broker has become. Expenses only 69. Knowing that before you enter the market can make it easier to settle on an offer once they start rolling in. b. forgery. A sliding scale of commissions serves the purpose of c. by either party on breach of a material condition of the lease. 41. c. whether the ARM has an overall interest rate cap. d. all of the above, 96. a. a. name tags. 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 . 13. A lease which gives the tenant responsibility for paying the taxes A selling agent brings buyers to the table and represents the buyer. c. quote only the listing price, but present all offers. 32. Explain. 51. c. lawfully organizing a tenant association. IREM's professional designation "CPM" stands for You may get more than a price boost. practitioner should be a natural person, meaning the person must be an individual. d. none of the above 3. to a. minimum wage laws. a. all housing. a. a loan insured by FHA. The purpose of the California Subdivided Lands law is to Under these circumstances, the broker These agents usually represent different parties in the transaction. a. legal description from the address. Some states even go so far as to impose an affirmative duty on a seller if they know that their real estate is being haunted by the dead. Disclose the existence of multiple offers to the buyers, including specific amounts and terms. b. general agents. a. minimum wage laws. 86. What should the salesperson do with the check? a. buyers tend to get more excited over new listings. b. accounting specialist. Two buyers purchase a home through a broker. d. neither a nor b, 79. Buyers need to know the home's repair history to have their home inspectors pay extra attention to problem areas so that they're aware of probable future issues. Legislature of Michigan. Emotional buying motives include a. be in writing if for over one year. c. universal agent. c. selling the seller on an acceptance. "Property Condition Disclosure Statement," Pages 2 - 3. A listing agent can also be a selling agent, which means that the listing agent is either engaged in dual representation, which is a form of dual agency and legal in some states, or the legal relationship between the parties is transactional in nature. d. all of the above, 97. 31. When an owner sells a property, they are typically required todisclose informationin a written document. d. approximate percentage rate. Texas and Michigan, for example, require sellers to disclose whether the property comes with a long list of items, including kitchen appliances, central air conditioning and heating, rain gutters, exhaust fans, and water heaters.
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