Scenario (5 questions)

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You are hosting an open house. Mr. and Mrs. Charles Martin come into the house. You greet them and show them the house. The Martins tell you the house is exactly what they are looking for and they are very interested in purchasing it. You then give them information showing the various types of financing available with down payment options and projected payments. Mr. Martin tells you they have been working with Mary Hempstead of XX Realty, a competing real estate company. Before leaving, you thank them for coming and give them your business card.

The Martins come to your office and explain that neither Mary nor her supervising broker are available. They insist you immediately write an offer for the house. How should you proceed?

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Terms in this set (5)

Write the offer after trying to contact Mary's broker yourself.

You are hosting an open house. Mr. and Mrs. Charles Martin come into the house. You greet them and show them the house. The Martins tell you the house is exactly what they are looking for and they are very interested in purchasing it. You then give them information showing the various types of financing available with down payment options and projected payments. Mr. Martin tells you they have been working with Mary Hempstead of XX Realty, a competing real estate company. Before leaving, you thank them for coming and give them your business card.

The first thing on Monday morning, Mrs. Martin calls and indicates they have tried to reach Mary and cannot. They indicate they have a written buyer's agent agreement with Mary's broker. They are afraid someone else is going to buy the house. Which of the following should you do?

Tell them to call Mary's supervising broker or branch manager.

You are the supervising broker of a real estate company.
- On August 1, one of your licensees listed a house owned by an investor client.
- On August 10, a full-price offer was received from the buyer's agent, a licensee with a cooperating real estate company, and accepted by the seller. The buyer's agent indicated that the buyer is a transferee.
- The sale is to close on September 10, but on September 5, the buyer's agent informs the seller's agent that his client is not going to close and wants the earnest money refunded. Your firm is holding the earnest money.

Which information is the most critical to be obtained?

Verifying if there is a clause in the purchase agreement regarding the disbursement of earnest money following default.

A broker learns that one of the licensees under his supervision, and the owners of a listed property, have worked out a scheme to withdraw a property from the market whenever a showing is requested by any buyer who seems to be from a foreign country.

What is the most important action for the broker to take in this situation?

develop stringent policies for the firm, establishing the criteria that may be used to determine which properties are shown to prospects.

In the property condition disclosure form under "Asbestos", a broker reviewing an associated licensee's listing sees that the property owner reported that the asbestos siding on his building was not removed but was professionally encapsulated ten years ago. Documentation of this professionally applied process is attached. The broker should

have the listing agent verify the license of the firm that performed the encapsulation process.