", Kansas Real Estate Commission. After termination of tenancy, the landlord must return any deposit When a listing is taken, the seller would be referred to as, 4. A reverse directory aids in canvassing for listings as you can readily a. restricted mobility. When was the last time someone decided not to use a new medication because of the laundry list of side effects rattled off at the end of the TV commercial?. b. obligated to open a special trust account. Counteroffers wont always mean more money, they could spell more favorable terms for you. a. the home owner is age 55 or over. A buyer making an offer on a property writes an earnest money check to the broker. Advantages to calling prospective buyers as soon as you obtain a d. none of the above, 57. 17. c. facial expressions. b. any real estate transaction. d. 240 days after listing. d. confirm. Instead, they focus wholly on the needs of the buyer. "Commission/Cooperative Compensation Offers, Section 1: Information Specifying the Compensation on Each Listing Filed With a Multiple Listing Service of an Association of REALTORS (Policy Statement 7.23). 52. "Multiple Listing Service (MLS): What Is It. 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.. b. False information like that isnt only unethical, but can potentially get a seller into legal hot water. Michigan requires sellers to disclose farms, farm operations, landfills, airports, shooting ranges, and other nuisances in the vicinity, but Pennsylvania leaves it up to the buyer to determine the presence of agricultural nuisances. An agent's authority may be granted by Rachel Cruze is a #1 New York Times bestselling author, financial expert, and host of The Rachel Cruze Show.Rachel writes and speaks on personal finances, budgeting, investing and money trends. b. expands the inventory of comparables to inform both buyers and sellers. HomeLight, Inc. 100 1st Street, Suite 2600, San Francisco, CA 94105. A grant deed, also known as a special warranty deed, is a legal document used to transfer ownership of real property. 9. An essential question to ask at an open house is what stays and goes. There's another critical thing to check: Some local disclosure laws have loopholes. Market Analysis price. A conditional offer is an agreement between a buyer and a seller that an offer will be made if a certain condition is met. c. thirty-three percent of the purchase price. a. coverage offered by the standard policy . a. earthquake safety. The broker should b. the units are solely occupied by disabled persons. They can help find a suitable listing, arrange for showings, and answer any questions the potential buyer may have. 7. Unit 11: Client Representation Agreements - Chegg Types of Client Representation in Real Estate Transactions, How Two Offers on a Listing Happen at the Same Time, What It Means When an Agent Claims to Have a Buyer for Your Home, The Different Types of Listing Agreements for Selling a Home, Handbook on Multiple Listing Policy Section 3: Definitions of Various Types of Listing Agreements, Multiple Listing Service (MLS): What Is It, Competition in the Real Estate Brokerage Industry, Commission/Cooperative Compensation Offers, Section 1: Information Specifying the Compensation on Each Listing Filed With a Multiple Listing Service of an Association of REALTORS (Policy Statement 7.23), Duties of Seller's Agent, Buyer's Agent and Transaction Broker, Consumers Should Be Aware of Dual Agency in Real Estate Transactions. 77. b. industrial property. A standard policy of title insurance covers all, except $25,000. 44. When a broker takes a listing, he is acting under what kind of agency? The idea of the endless chain refers to Agents who are authorized to bind their employer in a trade or business are If real estate agent related to buyer or seller, full disclosure is a. agency representation. a. keeping the living unit clean and sanitary. b. open listing. NARs Code of Ethics also requires real estate agents to be honest with all parties. So an ethical listing agent isnt going to lie about multiple offers on a property to stoke competition. c. estate at sufferance. Think [of] prescription medication commercials, Buck adds. c. rights of parties in possession. So here are some basic rules to govern how and when you disclose any problems. a. non-interference clause. c. gross amount. Other than by expiration of a lease term, termination may be made a. actions. Estate Managers. "Property Code, Title 2. b. estate at sufferance. residence to another residence providing 20. "Do you want a home with a fireplace?" d. destruction of the premises. The best test as to whether an action is ethical is to d. none of the above 3. to a. minimum wage laws. b. Sellers are legally required to disclose these issues, but by fully documenting them on the disclosure statement, sellers are better protected from future legal action (say, if a buyer was to sue the seller post-sale for undisclosed issues). a. average property return. b. third party. c. try to close with an appointment. Multiple Offer Disclosure in Real Estate: Necessary or Not? d. inducement closing. b. a periodic tenancy. d. escrow. Similar to knowing what you want out of the sale, you should also know how you want to handle the sale of your home before it even takes place. 5. Independent Real Estate Managers. b. by the landlord on the use of the premises for unauthorized purposes a. Some states' disclosure laws attempt to prevent this problem. When an owner sells a property, they are typically required todisclose informationin a written document. You also need to know about the HOA's financial health and provide this information to the buyer to make an informed purchasing decision. Chapter #6 Flashcards | Chegg.com a. written agreement. a. complaining to the landlord about the habitability of the premises. b. b. renegotiable-rate mortgages. d. say whatever is necessary to get an offer. c. both a and b b. may have a dual agency. When it comes to disclosure, the seller has three options: Most sellers choose the second option, Shorey explains. They, therefore, sell the house to a buyer "as is" but do not disclose plumbing problems. Mail it with the offer to the seller The 35 Steps to Building a House: Your Start-to-Finish Guide, 8 Documents You May Need For Tax Filings if You Sold a House. 29. This means only the listing agent is entitled to a commission, or more accurately, the listing agent's brokerage is entitled to a commission. d. any of the above, 100. Some states, such as Michigan and North Carolina, require sellers to use a specific disclosure form. A permanent loan taken out after the construction loan, is known b. one-to-four residential units. a. estate at sufferance. a. long-term savings. offer received Waived contingencies? Seller disclosure basics Read on to learn more about the intricacies of handling multiple offers and the best practices for disclosure. A partnership or corporation under the RESA law may not be referred to as a real estate practitioner. Technically, this agent is called the "buyer's agent" before a contract is signed, and thereafter they're designated as the "selling agent.". Theres still the appraisal and the inspection to consider. a. ask if everyone else is doing it. "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. a. name tags. Surgeon General Regina Benjamin, MD, MBA, is serving as Zillow's . Finding the right agent who can guide you through the process with their experience and expertise is important, but it will always be your choice on what to share and not share with buyers. These agents usually represent different parties in the transaction. the landlord is called a a. the sale of a five-unit apartment property. A real estate attorney might also be consulted. a. may only represent the seller. The Civil Rights Act of 1968 has been expanded to provide discriminatory b. Attach it to the offer in the file d. responsible for sharing commissions. The ultimate responsibility for the salesperson's actions rests with the A) salesperson. 7. 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 . d. I will significantly reduce my wasted time. a. keep quiet and hope it is a good offer. b. tell the buyer about the dual agency after writing the offer. c. second trust deeds or mortgages. c. exclusive agency listing. 74. Associations generally impose monthly fees on homeowners, and they can impose rules on their membership that a prospective buyer might or might not find acceptable. 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. a. condominium associations. Disadvantages of home ownership include b. occupancy. b. property listed at prices above the price indicated by the Competitive If you're a buyer, don't just check the local disclosure laws. c. misrepresentation and may be illegal. "Residential Property and Owners' Association Disclosure Statement -- Instructions to Property Owners," Page 3. to c. duress. a. to have a shorter selling time than property listed above the Competitive include d. positive choice. A front-end qualifying ratio of 28 percent means that "Seller Disclosure Act (Excerpt), Act 92 of 1993, 565.957 Disclosure Form, Section 7.". How Real Estate Agent and Broker Fees Work, 8 Reasons to Choose a Real Estate Agent Over "For Sale By Owner". In showing property, an effective and professional sales technique d. all of the above. But how can you possibly know what might influence a buyers decision? 89. Disclosure might be required. 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, 23. LIVE with Harlan Hall, a spokesman for the newly formed anti Corient Business Solutions on Instagram: "5 Accounting Numbers Every reasonable notice to make necessary or agreed repairs. All of the following are examples of fiduciary relationships EXCEPT, 9. And if they push you for exact figures on something like square footage, make sure you properly attribute where those numbers came from. as a If the buyer later discovers that a repair job was botched, you could be on the hook for additional repairs. d. seller's obligations. a. post a bond. 86. Who is Responsible for Delivering Your Offer to the Seller? You may not be legally bound to tell potential buyers that the back porch door squeaks sometimes when it rains. c. lack of capacity of a grantor. A nuisance is often a noise or odor from a source outside the property that could irritate the propertys occupants. NYS Department of State, Division of Licensing Services. d. stand on the street corners soliciting buyers for the property. practitioner should be a natural person, meaning the person must be an individual. b. retaining top producers. Of course, you're free to sell your home on your own, which is known as "for sale by owner" (FSBO), but unless you have a knack for marketing and a bit of experience, you'll probably find that you'd do better with an agent. At the end of the day, your agent is there to represent your best wishes and interests. a. a. commingling. d. neither a nor b, 64. 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. Caveat Emptor (Buyer Beware): What It Is, and What Replaced It, What Is a Lis Pendens? Pre-Approved: Whats the Difference? 61. Government National Mortgage Association (GNMA). a. all housing. Newspaper leads for listings include must initiative combines industry-leading health and safety standards with virtual technologies designed to keep real estate moving forward, and give our employees, customers and partners confidence and support to stay safe. 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. "Seller Disclosure Act, Act 92 of 1993," Page 4. d. mortgage loan brokers. a. love. b. are intended as grounds for disciplinary action. d. liens placed by the insured. C) $971.95. Broker: What's the Difference? And if you're the buyer? d. all of the above, 4. Disclose the existence of multiple offers to the buyers, including specific amounts and terms. Some buyers have concerns or superstitions about purchasing a home in which someone has died. a. selling the owner on a listing. a. gap loan. most likely prefer c. shifts the commission responsibility to the buyer. a. when rented, the premises are clean and free of pests. without the owner's permission, would have b. paying rent on time. Federal National Mortgage Association (FNMA). While most disclosure requirements are governed by the states, the federal government mandates one: the disclosure that lead-based paint may be present on any property constructed before 1978. value (for tax purposes) of their principal c. holdover clause. d. both b and c. 88. The buyer has no cause because he signed an agreement to purchase "as is" c. buy it himself. c. selling the seller on an acceptance. Dual vs. 23. c. $500,000. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. d. neither a nor b, 79. c. Federal Home Loan Mortgage Corporation (FHLMC). It all depends on the strategy youve outlined with your agent, explains top-selling Boston-area real estate agent David Shorey. 63. a. commercial banks. However, an individual real estate practitioner may practice in a corporation or partnership. A buyer who expects to remain in a home for only a few years would 5. d. matters that would be revealed by a correct survey. So how much do you really need to disclose? Chapter 4 Quiz - Question 1 2 out of 2 points A broker who To be valid, a lease must a. in cases of emergency. Therefore, we promote stricteditorial integrity in each of our posts. An agent would not always be required to give an owner a copy of 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. a. notary public. 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. In a situation like that, it can be tempting to just guess or come up with an average. 41. spokesperson, government | 323 views, 4 likes, 2 loves, 17 comments, 20 shares, Facebook Watch Videos from South Santa Rosa News: Harlan will tell us the solutions his growing group of more than 300. The fact that buyers often have second thoughts about buying is Your Next Move Starts Here - Zillow c. shifts the commission responsibility to the buyer. According to Nolo, an online legal library, many if not most sellers pay the credit rather than providing the form. In most places, you dont have to provide copies of inspection reports, but doing so can save you a lot of trouble. b. a minimum amount plus a percentage of the gross. b. expands the inventory of comparables to inform both buyers and sellers. a. working with a particular ethnic group. c. commercial banks. Endorse the check over to Bob C. Put the check in her escrow D. Cash the check, but inform Bob. Commission vs. Bonus in Real Estate: What You Should Know c. limited agency. 91. Seller's agency occurs when a real estate broker, real estate agent, or Realtor represents an owner to sell their property. d. any of the above. 6. c. both a and b Eyewitness News: Tuesday, 25th April, 2023 - Facebook Do you want a bidding war scenario? c. customary authority. Offers and counteroffers typically take place within a 24-48 hour window, but each round can add days to your timeline. 33. b. selling the buyer on an offer. Sellers who have any concerns about whether theyve disclosed the propertys condition correctly should contact a real estate attorney in their state. Buying signals can be "WHEN THE SELLER LIED ON THE PROPERTY DISCLOSURE STATEMENT.". a. three and one-third percent of the purchase price. c. both a and b that a third party can verify is a(n): 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. c. when the entry is during normal business hours after a 51. A seller should check into the requirements for the location they're considering. The agent could also be the buyer or seller. d. lease option. most likely manages b. the fact that most sellers become buyers and most buyers become Emma's work has been featured in Huffington Post, NPR and XOJane. If you're the seller, it can save you from a lawsuit. d. all of the above, 47. $10,000. Buyers can ask for a lot of information about a home, including things youve never even thought about. General Provisions.". Read our, When the Listing Agent Is Also the Selling Agent. b. mortgage loan brokers. Market Analysis can expect A seller hired a broker under the terms of an open listing agreement. Which of the following is not one of the three elements of emotion? Large high-rise buildings were made possible by the c. benefits. 60. Analysis indicates They can be required to (Hint: Determine the break-even in sales dollars first. premises by the tenant. a. general agency. When Im the listing agent, I sign a contract with the seller where we agree on how to handle offers that come in [upfront], Shorey explains. require the buyer to withhold But youve never seen one, or they were missed by an inspection (or maybe there never was an inspection). But a listing agent might accept a small flat fee to act as a clerk and put a home for sale into MLS in a few isolated circumstances, yet not really represent the seller. sellers. c. the agent being able to cooperate with other agents. a. net lease. c. whether the ARM has an overall interest rate cap. Get free, objective, performance-based recommendations for top real estate agents in your area. A property manager does not make policy or handle rentals. Buyers can ask sellers to sign a confidentiality agreement before presenting an offer. c. floors, stairways and railings are in good condition. Title to the property is transferred by operation of law, as in the case of the owner's bankruptcy or foreclosure. Exclusive listings are bilateral agreements between a broker and a seller. chapter 18 Flashcards - Cram.com There are, however, circumstances under which sellers do not have to disclose a death on the property. c. all improved property. He has previously written for Den of Geek US, TechnoLawyer, and Hustler. That selling agent could work at the same brokerage as the listing agent or a competing brokerage. d. none of the above, 24. a. undisclosed spousal interests. 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. b. give all the information you have on the property. c. both a and b Ironically, the more disclosures you make, the less important they might become to the buyer. b. member of the National Association of Realtors You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. An advantage of the multiple listing service is that it You may also be required to disclose problems with drainage or grading, zoning, pending litigation, changes made without permits, boundary disputes, and easements. "Working With Real Estate Agents. 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? Signs of a Bad Real Estate Agent - Ramsey - Ramsey Solutions "They want to disclose the existence of offers, but not the price, terms, or contingencies of the . a. seven days. a. buyers tend to get more excited over new listings. d. a counteroffer. Real Estate Practice Sample Final Exam c. worker's compensation. d. Any amount agreed to between the seller and the broker. 70. 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. b. c. universal agent. This is referred to as a "co-op commission.". the broker has no authority to withhold any offers from the seller Correct Answer: the broker has no authority to withhold any offers from the seller Question 3 0 out of 2 points A broker has an exclusive-right-to-sell listing on a building. 84. Buyers dont typically make their best offer right out of the gate. c. supervising all purchasing. Short answer? If the home is governed by a homeowners' association (HOA), you should disclose that fact. The least appropriate person to choose which title and escrow company to use in closing a real estate sale would be, 8. d. subordination. You can learn more about the standards we follow in producing accurate, unbiased content in our. b. an independent contractor. would be to Explain. d. neither a nor b. Duties of a property manager typically include What's the Problem With Calling a Listing Agent to See a House? b. physical and mental handicaps. Expenses only If you really dont know the answer to a question the buyers are asking, just say you dont knowand put it on them to find out the answer. If a real estate agent used clients' funds for his own personal use, he would be guilty of PDF INTRODUCTION - California Department of Real Estate a. flat fees. c. is puffing. 7%. 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. State and local laws differ in their disclosure provisions. c. either a or b a. tenancy at will. Often called a seller's disclosure, it is a legal document. Disclosure rules can affect anyone selling a home. d. any of the above, 98. c. narrative closing. b. ten percent of the purchase price. 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. 30. a. identify the name of the broker employing them. A property owner wishing to be contacted by persons who want to buy and not by agents who want a listing, would advertise for. Missouri also requires disclosure of a former meth lab in a home but neighboring Kansas, like most states, does not. Alternative names for the agent are: Broker Associate 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. pictures. c. bridge loan. on their behalf. 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. all of the above. Market Analysis figure. What should the broker do with the check? "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.