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Terms in this set (39)
Failure to act timely to have a court enforce deed restrictions may result in the violations being allowed because of the legal concept called?
Which of the following is a requirement for a valid agency relationship?
An existing agency relationship MUST be disclosed to another party to a proposed transaction?
At first contact
May a broker decide to offer cooperation with other brokers through sub-agency when placing a listing in the Multiple Listing System (MLS) of the local REALTORS association?
Yes, but only upon receiving written authorization from the client to do so
Which of the following would NOT be considered a violation of antitrust laws?
Brokers throughout the city set their commission rates unilaterally without consulting with competitors
Salesperson Betty Johnson has found the perfect house for herself. She learns that the owner may be interested in selling, so she introduces herself and is allowed to make a listing presentation. She gets the listing for her brokerage after presenting a CMA (Competitive Market Analysis) that emphasizes the lowest priced homes in the neighborhood. As a result of the CMA (Competitive Market Analysis), the seller decides on a relatively low asking price. Betty immediately presents full-price offer from her cousin, but does not reveal the relationship to the seller. The offer is accepted by the seller. A few days after the sales closes, Betty buys the property from her cousin. Betty's conduct is?
Unacceptable as a violation of her fiduciary obligations to her principal
The Realtor Code of Ethics:
Recommends that all Realtors follow the golden rule, recommends that all Realtors arbitrate and sets standards of practice for all Realtors to follow
When must a licensee present the statutory "Information About Brokerage Services" to a prospective seller or purchaser?
At the time a meeting occurs where substantive discussion about a specific property takes place.
On the seller's default, what should happen to the earnest money?
It should be returned to the buyer
According to the Real Estate License Act of Texas, which one of the following actions is a fair and impartial act for an intermediary?
Appointing associated licensees to work with the parties
Which of the following statements best describes the role of an intermediary broker?
The broker is acting on behalf of both the buyer and seller and must not disclose any confidential information to either party without written permission
Who does a buyer employ when signing a Buyer Representation Agreement?
Can a broker act as a dual agent in a real estate transaction?
No, a broker must move to the intermediary position if they are to represent both the buyer and seller
Which of the following is NOT an agreement that must be reduced to writing to be enforceable?
Reckless disregard for truth with the intent to obtain a financial advantage over another is a definition of?
Earnest money is a gesture of?
An earnest money check has been returned to the title company by the prospective buyer's bank marked NSF (Non-Sufficient Funds). What should the listing agent do?
Inform the seller
A real estate broker acting as the special agent of the seller?
Is obligated to render faithful service to the seller
In Texas, real estate brokerage fees or sales commissions are?
Negotiated between the client and the broker
A broker has received the necessary written permission from the seller and the buyer to function as an intermediary. She has also received written permission to appoint sales persons to each of the parties. When the broker has given the proper written notice to each of the parties about who is appointed to whom, which of the following statements is true?
An appointed salesperson may give advice and opinions to one of the parties
An agent is on his way to make a presentation of an offer he had received earlier that day to his client, the seller. The agent is involved in a car accident while an unlicensed assistant is also in the car with him. The agent is taken to the hospital while the assistant is unharmed. What should the assistant do?
Call the agents broker so she can make the presentation
How many companies are required to be involved for an intermediary transaction to occur?
An agency relationship may be terminated by all of the following EXCEPT the:
Broker discovers that the market value of the property is such that he or she will not make an adequate commission
Which one of the following, with written consent, may act as an Intermediary?
The broker representing the seller and buyer
All the salespersons in Alan's brokerage firm work as independent contractors. Their office most likely provides them with which of the following?
Access to the MLS
The most common form of listing agreement is the?
Exclusive right to sell listing
When presenting an offer to the seller the agent's responsibility is:
A.) Counsel, where necessary, but do not put words in the seller's mouth
B.) Be sure the seller understands completely all terms and conditions
C.) Present the entire offer objectively and as favorable as possible
A fiduciary relationship is primarily a relationship of?
Which of the following terms is most synonymous with the buyer when two licensees are functioning as a listing agent and as a sub-agent?
At what level is an agency always created?
An agency relationship may not be terminated because of?
The buyer terminates a sales contract with the seller of the property
John, a licensed broker, notices that his Neighbor Dave is looking to sell his home. John knows the property well, and while Dave is out of town, John convinces Jerry to buy the property. John obtains Jerry's signature on a purchase offer, together with a check for an earnest money deposit. When Dave returns, John presents Jerry's offer. In this situation?
Dave is not obligated to pay John a commission
According to the provisions of Texas Real Estate Licensing Act, which of the following must be included in every listing agreement with a Texas Licensed Broker?
An ending date that is not subject to prior notification
At a listing presentation, what is the first document the seller should see?
Information about Brokerage Services
If a salesperson from Spencer Properties list a property and another salesperson from Spencer Properties who represents the buyer, sells the property, what is the role of the broker?
Agent Dunn will use which of the following procedures to assist the sellers of 123 Main Street in setting their listing price?
A Comparative Market Analysis (CMA)
What information is required to be presented at a licensees first face-to-face meeting with a consumer?
Duties of the broker representing one of the parties or acting as an intermediary
Which of the following is NOT a fiduciary duty?
A Broker has one agent that represents the buyer and another agent that represents the seller on the same transaction. What is the position of the broker?
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