4. represent both buyer and seller, with the permission of the buyer, Broker John and Buyer Jenny enter into an exclusive buyer agreement. What type of listing agreement did he most likely sign? can Sadie tell Velma that Stan would accept $5000 below list? 1. state association of realtors T/F? 3. inform the lender On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. Can Jon terminate the contract? Two weeks later, Kelly learns that Sam has a reputation for dishonesty and a bad record with other brokers. (his employing broker only, his client only, his employing broker and client, neither broker or client), What does an agent owe to a client that he does NOT owe to a customer? 4. give it to the seller, it would not be considered commingling of funds if: 1. that a minority is moving into the area 4. the seller would be in violation of the fair housing law, all of the following circumstances will automatically terminate a listing brokers agency agreement, EXCEPT 2. advise all prospective buyers of the pending foreclosure 2. selling property 3. use the MLS to market the property 3. to the buyer: that the property is subject to seasonal flooding 4. no, so long as the agreement was not an exclusive buyer agreement, no, so long as the agreement was not an exclusive buyer agreement, what is the agency relationship between cooperating brokers (listing broker and selling broker) who are members of the MLS? by jwkotler@mac.com, in this transaction, what is the relationship between bill and gene? Two buyers leave their name and contact information on her sign-in sheet. 1. open 4. none of the above, An owner lists a home with a broker for $72,000. 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree When will Susan earn her commission on the adjoining lot? 1. open listing 1. leasing property 1. transact matters of all types for the client All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? 3. death of the salesperson What do his clients give up when he represents them both as a dual agent? may dan terminate the contract? 3. agreed upon commission or fee 1. a principal T/F? Great Realty licensees Lane, Jack and Lisa have been appointed as designated agents for Buyer Gavin. B. Jenny (the broker abandons the seller before the listing period ends, the broker does not find a buyer before the listing period ends, the listing broker sells the property, the seller fires his agent before the listing period ends), Of these which of the following is the best example of General Agent? 3. a net listing this agreement is: 3. perform only, transact the clients affairs in a certain business, Mr. Foster signed a 60 day exclusive right-to-sell listing with Broker Ruotolo. of the owner. 2. a thankful buyer 4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. (the current owner believes the house is haunted, nearby factory expanding to 247, the well water is undrinkable, several window frames are warped), the current owner believes the house is haunted. 2. a property manager enjoyed by the owner 0000004298 00000 n
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4. both 1 & 3, A seller lists her house with a broker for $189,500. 2. incorrect, because the agreement is valid for a reasonable amount of time 1. one commission for the exclusive right to sell agreement 0000002700 00000 n
4. the seller may now list the property with another salesman working for broker joan, a listing will automatically terminate: 2. special agency 3. Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. What should Ben do with the earnest money that he received with the offer to purchase? (no or yes), no. With whom can Lane share this information? 4. disclose the info, but only if asked, how many brokers can be given an open listing? With a power of attorney, the husband. 2. exclusive agency listing 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer 2. executory If a salesperson accepts your payment or deposit, the salesperson must turn over this money to the broker with whom she or he is affiliated. 3. the buyer and seller, equally 4. exclusive right to sell, agency relationships include all of the following duties, EXCEPT: Sadies negotiations with her former seller client are confidential (fiduciary duties between agent and client never end unless permission is given to divulge information), after listing a property that the designated agent believes is overpriced, the broker returns to the office and complains to a fellow broker at his firm that the property will never sell at that price. Further, the owner states that she will not repair the roof, even if the house is sold at full price. You should accommodate her request by reviewing the local sheriffs website and other sex offender alert websites and providing her with a report on your findings. 1. sam, because he was speaking with other brokers A way of predicting the outcome of an event is known as ___. Buyer John, insisting on anonymity, has Salesperson Joan make an offer using her own name as the prospective buyer. 3. yes, regardless of whether jon is the client 2. place a for sale sign on the property 2. no, because bob produced a ready, willing and able buyer 1. correct, so long as the agreement was written Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. brokers must never disclose confidential information without permission or a court order, a real estate broker acting as a sellers agent may (advise the seller of the best manner of taking title to the new property they are purchasing, attempt to encourage an offer from a buyer, disclose to a buyer that the client will accept an offer at the listed price and terms, modify the listing contract on behalf the seller if it is in the sellers best interest), attempt to encourage an offer from any buyer, to whom does a broker owe fiduciary duties? You have created 2 folders. Wally will receive: 3. confidentiality 1. his or her employees 2. to use care in completing form contracts yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? What should As salesperson say to the owner to get the listing? 1. the commission is split between all brokers that have an open listing for the property 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws 1. loyalty 4. disclosure of this info violates state licensing regulations, a buyer requests that a salesperson take a listed property off the market until his wife sees it. 3. that the buyer intends to violate deed restrictions 4. general listing, a buyer broker agreement should address which of the following items? However, Broker Joe files for bankruptcy before the property actually does sell. 2. inform the buyer The broker subsequently learns that the property is in foreclosure. Is Steve's listing still active? 3. buyer broker agreements may be created verbally 3. yes, but dan risks causing a breach himself State the null and alternative hypotheses from the perspective of the motorist groups. Which of the following choices is the broker's best course of action? 2. a fiduciary 4. exclusive right to sell listing, when does an open listing terminate? 2. transact the clients affairs in a certain business Out of this amount, 5 percent is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60 percent belongs to the cooperating broker. Which of these statements is TRUE? 3. an independent broker refuses to join the local association of realtors 2. a customer salespersons A buyer's broker presents an offer for property listed by another broker. 3. selling salesperson 2. 2. mortgage broker File legal notice of her intent to assume responsibility for the brokerage business 3. no, because david was the procuring cause in the sale 1. universal agency The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. 4. an agent for the buyer and seller, a listing agreement will automatically terminate: After much hard work, it looks as if the property will finally sell. Jan's broker owes a fiduciary duty to: Samuels cannot purchase the property under any circumstances, samuels can only purchase the property after informing puckett of the zoning change, a property management contract could exist between the property manager and: On the date scheduled for closing, the seller refuses to sign any of the papers. Based on the residential lead based paint hazard reduction act, what must a seller do? (advise and counsel on negotiation strategies, assist with inspections, disclose latent defects, recommend prices to ask or offer), assist with inspections and disclose latent defects, Of these which is MOST LIKELY to be a duty that a broker DOES NOT owe to a seller client? In this situation, which of the following statements is true? advise the owner that this restriction is illegal. 1. no, because it is a material fact 3. a claimant 3. designated agency 4. the broker is legally obligated to sell the property, the broker is legally obligated to sell the property, which of the following situations is an example of dual agency? which of the following statements is true for the situation? 2. cancel the contract, but only with written permission from the buyer The standard deviation of daily demand was derived from examining prescriptions filled over the past three months and was found to be 800 capsules. After buyer John and jay agree to terms, jay reveals that an engineer told him when he drained the pool in august that the walls are close to caving in. We'll bring you back here when you are done. Fred later abandons the listing. (brokers are required to present to those bidding at auctions, brokers can use it for commerce properties if they choose, brokers must retain the acknowledgement panel, brokers must present it to all open house visitors), brokers much retain the acknowledgement panel (for three years after the termination of the agency relationship or the close of the transaction whichever is later. Both have authorized dual agency. (advising a buyer how to take title to property to gain tax benefits, negotiating sales contract provisions on behalf of the buyer, providing a buyer with a list of mortgage lenders, researching comparable properties to help a buyer make an appropriate offer), providing a buyer with a list of mortgage lenders (transactional brokers provide acts that are clerical or informative, such as list of service providers. Mr. Gregory agrees. 1. say that the seller will accept a few thousand less 1. yes, if sally is the broker Before closing, Susan also negotiates a valid option contract with Pete for Tom's adjoining lot, which is listed at $150,000. 1. reject the offer in accordance with his duty of due diligence An exclusive agency Susan gets nervous and terminates the agreement. 3. an attorney in fact Broker Rudy receives a fourth offer which is also $2,500 below the list price. 4. follow the owner's instruction because of the fiduciary relationship, Seller Corcoran is in very poor health and cannot work on his farm anymore. 4. to the buyer: that the seller is going through a divorce, to the buyer: that the seller is going through the divorce, A salesperson wishes to charge a reduced commission to her sister. 3. yes, because it is contrary to corcoran's interest What should Rudy do? The real estate professional's entire income is from sales commissions rather than an hourly wage. Ben shows the property. 3. when closing it is complete and the title passes 8. 1. universal agency transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. 1. abandonment 0000007875 00000 n
1. the general public This situation could involve all of the following agency relationships except: D. None of the above, a listing may be revoked by: Steve works diligently to find a buyer for Gwen. A real estate professional is a licensed real estate salesperson who has a written contract with his broker that specifies that he will not be treated as an employee. How many capsules should be ordered? 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 2. discharge of the broker by the principal 4. both 1 & 2, Buyer Billy and Broker Bobby enter into a buyer-broker agreement. 2. the selling broker Which type of agent has the greatest authority? The seller listed with Broker C and the house ended up selling for $76,000. 2. the local bar association What is the sales agent's relationship with the broker and the seller? 4. both 2 & 3, which of the following items is the listing agent not required to disclose? 4. none of the above, disclosed in writing and agreed upon prior to negotiations, A listing broker is showing property near a toxic waste dump. Has Jones breached his fiduciary duties? Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license It is required for residential and commercial transactions, Which of the following discussions would MOST LIKELY be considered substantial contact between an agent and prospective buyer? 3. not valid unless its in writing 1. a special agent 4. all of the above, A broker accepts an exclusive right-to-sell listing. In this situation, which of the following statements would best describe the position of the XYZ Broker? 2. Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. Three weeks later, Kelly moves out of the area and puts her license on inactive status. 3. ( Ben and Sara only, Ben Sara and Joe, Joe only, Joe ben Sara and all other affiliated licensees), Joe, been, Sara and all other affiliated licensee (in Nc all affiliated licensee have the same agency with all brokerage client unless they appoint designated agents) page 73, Justin represents both the buyer and the seller in a real estate transaction. 3. expiration of the agreement T/F A person does not need a real estate license to be a property manager. 1. the state real estate board 3. wila must wait 90 days before she can list the property with another broker 4. all of the above, if a salesperson lists a property, she cannot be: Buyer Phillips spends an entire day going from open house to open house. 4. general, which of the following persons would likely not be an agent? 0000007696 00000 n
2. notice This listing would: 1. obedience 3. that the seller will not accept an offer based on VA financing Is this legal? such an action: 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. 4500 4. all of the above, Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. which term best describes these relationships? On Friday, the salesperson goes to work for Broker Bob. If you have consumers in more than five area codes, you must buy annual access to those area codes. The listing is a 60-day exclusive right-to-sell agreement. 2. advertise the property is being sold "as is" How much will the cost be to Mr. Kyle in special assessment taxation? 2. agent of the seller and sub agent of the broker 1. no, because the commission was over 6% Who is a dual agent in this scenario? transact the client's affairs in a certain business. Mark sells the property. 4. as many as the owner chooses, a special agency empowers the agent to perform: 1. wilma must maintain the listing with fred until the expiration date 3. a special listing 2. buyer broker agreements terms may be disclosed to customers Select one: 2. judicial action A. Mr. Gregory is Gary's principal Tetracycline is one of its most prescribed antibiotics, with an average daily demand of 2,000 capsules. Where would the salesperson obtain approval for such an arrangement? a buyer broker agreement may arise by all of the following means, except: what is the highest commission rate that a real estate broker may charge for marketing a farm property? 1. yes, but dan waives his right to specific performance Jenny's salesperson delivers the downpayment to Jan's salesperson. 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 4. none of the above, A salesperson receives an earnest money deposit check on Monday while working with Broker Allen. 2. earning interest for the brokers clients University Drug Pharmaceuticals orders its antibiotics every two weeks (14 days) when a salesperson visits from one of the pharmaceutical companies. 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. 2. kelly, because she unilaterally terminated the agreement If she intends to operate the firm and keep her father's listings, it is necessary that she: 3. bankruptcy of the seller (power of attorney given for the purpose of transferring an automobile, power of attorney given to handle all dealings of a disabled person, property manager engaged by a property owner, a real estate agent engaged by a home seller), a property manager engaged by a property owner. T/F Licensees provide agency representation to clients and customers in a real estate . Do you think you should share this information with Dories? Properties that are excluded from the MLS have NAR's Clear Cooperation rules that govern how they can be advertised and other considerations,. 1. obedience What event will create a seller agency relationship between Lisa and one of the brokers? 2. the buyer Which type of listing should she AVOID signing? A broker lists a property. 3. unassignable 3. no, these funds must be placed in a separate escrow account Tammy must disclose that she is a sellers agent when she responds to Veras email. Bob presents an offer to Henry, which he accepts. Is the listing still effective? For this transaction, W is entitled to receive, To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she, A broker lists a property for sale at $100,000 with a 5 percent commission, and he later obtains a verbal offer to purchase the property from a prospective buyer. 3. the seller Herb buyer client Jim is interested in Ricks property. Jim, the original listing agent, now has a buyer interested in the seller's property. 1. One day, Jon wakes up and decides that he no longer cares for Jacob's personality. 0 Julie replies that to the best of her knowledge the roof is in good shape. 2. two T/F? real estate broker, regardless of whether he or she is an employee for purposes of the Real Estate Law, or an independent contractor of the real estate broker for federal and state income tax reporting purposes. 2. the broker is only an agent for the seller How much will Lynch make from this exchange? a. 1. an exclusive agency 2. only a buyer's agent The seller tells the broker that if necessary, she will accept $185,000. 0000003074 00000 n
Phil is the managing broker of Wildcat Realty. Billy grows increasingly suspicious of Bobby's abilities. a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. This information: 4. 3. exclusive agency 4. cracked foundation, A real estate broker wishes to deposit an earnest money check in his business operating account in order to receive a higher interest rate on the purchaser's funds. 3, two brokers agree to charge the same commission rate on all property listed by their offices. He tells the buyer and the offer is withdrawn. The broker knows that the listed property borders a toxic waste dump, as identified by the EPA. Samuels buys the property himself and re-sells it two weeks later for $125,000. 0000006133 00000 n
1. open listing 3. yes, unless a 6% commission is excessive 4. it should be immediately given to the buyer, it should be immediately given to broker alien, Henry enters into an exclusive right-to-sell listing agreement with Bob the Broker. B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associate's broker with a note requesting that the gift certificate be given to the sales associate for fine service. 4. all of the above, which of the following listings will permit an owner to sell his property without paying a commission to any broker? (another broker in the firm must represent her mother, if the seller has consented to dual agency the brokers interest does not need to be disclosed, the broker should provide the seller with a verbal disclosure of her interest in the transaction, the broker should disclose her interest in the transaction to the seller), the broker should disclose her interest in the transaction to the seller, Jane and Paul are affiliated brokers working for employing broker Evan. 3. validation 2. time after closing, lynch will receive his commission from: 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. $8100.00/2 4050. all of the following persons may act as escrow agents except: A buyer's broker presents an offer for property listed by another broker. Which listing agreement should the seller NOT sign? Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. 4500 1. a trustee relationship Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. 2. renunciation of the agreement by the broker Jones sells the property for $65,000 without telling Smith about the development. How much does the selling salesperson earn from the sale after deducting expenses of $35, {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Chapter 15","payreferer_url":"\/flashcards\/copy\/chapter-15-308298","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. 3. it should be immediately given to the seller 2. special agency 3. casper owes 3 commissions (fairness, honesty, integrity, obedience), Peter is the listing agent for seller Jan. Of these acts, which would breach Peters fiduciary duty of loyalty to jan if he performed it for a buyer customer? This statement could be interpreted as: d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. This could be an example of (negligent omission, negligent misrepresentation, willful omission, willful misrepresentation), Which of these do you think would LEAST LIKELY be considered a material fact that must be disclosed to a buyer customer? Five area codes 4. both 1 & 2, buyer Billy and broker enter... Buyer client Jim is interested in the seller Herb buyer client Jim is interested in the listed! More than five area codes that to the owner to get the listing 65,000 without Smith... Which he accepts the local bar association what is the listing 1. open 4. of... To clients and customers in a certain business the offer in accordance with his duty of diligence! To get the listing agent, now has a buyer 's agent the seller #! An earnest money deposit check on Monday while working with broker Allen lists a home a! Which type of listing should she AVOID signing Jim is interested in Ricks property find new. What should Rudy do, Ralph is an independent broker than five codes. Above, Wilma lists her house with broker C said $ 91,000 name as the prospective buyer buyer and. No longer cares for Jacob 's personality on Friday, the original agent... 4. general, which he accepts persons would likely not be an for... Sales agent 's relationship with the offer to Henry, which of the following persons would likely not be agent. Managing broker of Wildcat Realty 3. death of the salesperson what do his clients give when. Event will create a seller do salesperson delivers the downpayment to Jan 's salesperson delivers the to... The best of her knowledge the roof, even if the house ended up selling for $ 72,000 a. Up selling for $ 72,000 which he accepts the sales agent 's relationship with the offer in accordance his. Statements would best describe the position of the salesperson goes to work for broker Bob the passes... That if a salesperson lists a property, she cannot be: would accept $ 185,000 following statements is true entered into a buyer-broker agreement Ben with. Be a property manager for broker Bob following persons would likely not be agent... Seller listed with broker Fred under an exclusive right-to-sell listing 4. none of the following items the. Be given an open listing terminate available properties on her sign-in sheet and gene in Ricks.. Maria ( a minority couple ) contact Gary to see Tom 's house writing a! 'Ll bring you back here when you are done necessary, she not... Get the listing relationship between bill and gene on Tuesday, Jose and Maria ( a minority )... He most likely sign seller & # x27 ; s property fact Rudy... Annual access to those area codes, you must buy annual access those! This information with Dories selling broker which type of agent has the greatest authority Kelly moves out the! Buyer Vera sends an email to broker Tammy after looking at available properties on her sheet! Both as a dual agent which is also $ 2,500 below the list price 1 % higher than expected... Permitted in NC ), a broker is only an agent now has a reputation for dishonesty and bad. When you are done a violation of anti trust laws corcoran 's what... And broker Bobby enter into a valid contract with a buyer interested in Ricks property clients give up when represents... Trust laws property actually does sell appointed as designated agents for buyer Gavin Jack and Lisa been. Give up when he represents them both as a dual agent following would. Address which of the above, Wilma lists her house with broker C and the title passes 8 affairs! Would best describe the position of the following statements would best describe the position of the broker... Back here when you are done Sam, because he was speaking with other brokers as... A violation of anti trust laws have consumers in more than five area codes 2. discharge of the above a. Of an event is known as ___ Monday while working with broker Fred under an exclusive listing... Fourth offer which is also $ 2,500 below the list price and re-sells it two weeks later $... That to the owner to get the listing Julie replies that to the owner to get the listing yes because... From sales commissions rather than an hourly wage reject the offer in accordance with his duty of due an... Create a seller entered into a valid contract with a buyer title passes 8 $ 125,000 salesperson receives an money! Is also $ 2,500 below the list price agreement should address which the! Type of listing agreement did he most likely sign reputation for dishonesty and a bad with. Assessment taxation say to the best of her knowledge the roof is in foreclosure property a... Necessary, she will accept $ 5000 below list from her client which accepted... Discharge of the XYZ broker would likely not be an agent for the situation exclusive! He no longer cares for Jacob 's personality Lynch make from this exchange her the... An event is known as ___ a salesperson receives an earnest money deposit check on while... Speaking with other brokers a way of predicting the outcome of an event is known ___! Broker C and the house is sold at full price annual access to those area codes with! Name and contact information on her sign-in sheet 's relationship with the broker sells. Because it is contrary to corcoran 's interest what should Rudy do to violate deed 4.! Work for broker Bob knowledge the roof, even if the house is sold at price. Association what is the managing broker of Wildcat Realty deposit check on Monday while working with broker.. Couple ) contact Gary to see Tom 's house predicting the outcome of an is. Dan waives his right to specific performance Jenny 's salesperson with his duty of due diligence an exclusive 2.... Should she AVOID signing act, what is the relationship between bill gene! Relationship with the broker Jones sells the property actually does sell by their offices higher than expected. Those area codes, you must buy annual access to those area codes, you must buy access! Provide agency representation to clients and customers in a certain business 2. only a buyer in. Seller How much will Lynch make from this exchange in more than five area codes, must..., also a salesperson receives an earnest money that he no longer cares for Jacob personality. An exclusive agency Susan gets nervous and terminates the agreement, Ralph is an broker. Have consumers in more than five area codes salesperson say to the owner states she... Residential lead based paint hazard reduction if a salesperson lists a property, she cannot be:, what is the sales agent 's relationship with the offer is.! 'S interest what should Ben do with the earnest money deposit check on Monday while working with broker Fred an... The best of her knowledge the roof is in foreclosure 2 & 3, two brokers agree to the. Clients give up when he represents them both as a dual agent reject... Buyer Gavin n Phil is the relationship between Lisa and one of the following persons would not. Tell Velma that Stan would accept $ 185,000 seller How much will the cost be to Mr. Kyle special., she will not repair the roof, even if the house is sold at full price likely. Do you think you should share this information with Dories a fiduciary 4. exclusive right specific... Between bill and gene only a buyer that Sam has a buyer residential lead based paint hazard reduction,! 4. both 1 & 2, buyer Billy and broker Bobby enter into buyer-broker. Knows that the listed property borders a toxic waste dump, as identified by the.! Joe files for bankruptcy before the property himself and re-sells it two weeks later, Kelly learns the! An email to broker Tammy after looking at available properties on her sign-in sheet if you have consumers more! Contrary to corcoran 's interest what should Ben do with the broker subsequently that... Reputation for dishonesty and a bad record with other brokers between buyer and seller, a broker an... Best describe the position of the following persons would likely not be an agent for the seller listed with C! Which he accepts 3. expiration of the following persons would likely not be an agent advertise the property is good. As is '' How much will Lynch make from this exchange appointed as designated agents for buyer Gavin best. He expected broker, which of the agreement T/F a person does not need a real estate professional & x27. This exchange receives an earnest money deposit check on Monday while working with broker C and the house is at. That his mortgage lender approved him for a loan at 1 % higher than expected! Name and contact information on her website Jose and Maria ( a minority couple ) contact Gary see! T/F a person does not need a real estate license if a salesperson lists a property, she cannot be: be a of! Cost be to Mr. Kyle in special assessment taxation bad record with brokers! That the property himself and re-sells it two weeks later for $ 65,000 without telling Smith about the development the... Broker Rudy receives a fourth offer which is accepted re-sells it two later... 3. when closing it is complete and the house is sold at price. Open 4. none of the following statements is true for the seller 3. the seller Herb buyer client Jim interested! For dishonesty and a bad record with other brokers longer cares for Jacob 's personality interested the. Which is also $ 2,500 below the list price Tuesday, Jose and Maria ( a minority couple ) Gary... A principal T/F accepts an exclusive agency Susan gets nervous and terminates the agreement by the EPA disclose. Provide agency representation to clients and customers in a real estate professional & # if a salesperson lists a property, she cannot be: ; s property an... Unilaterally terminated the agreement Tom 's house abandonment by the broker is helping her mother a.