The expiration of the individual agent`s license does not terminate the registration because the licensee is not a party to the agreement. The registration agreement exists between the customer and the company. #11. A seller and a buyer are in conflict over a serious confiscated cash deposit. The seller has no reasonable basis for refusing to allow the broker to return the serious money to the buyer who has terminated
as part of his duty of care. According to the North Carolina Real Estate Commission, what should the broker do with serious money? If a broker does not take steps to market a listing, it can be assumed that they have abandoned it. A termination terminates the agency and may result in a breach of contract. #14. If a seller and a registration company have a commission dispute before closing, the registration company becomes: If the property is taken over by a significant domain, the agency will be
terminated. C. Death of the stockbroker who works for a large residential company with many agents B. Ricardo = duty to determine if fences are allowed, even if registration sheet 411 says nothing about fences. C. Inform the buyer that the seller is inappropriate and explain that the broker must release the serious money to seller #7. A licensee has just discovered a roof leak in one of its current listings, even though the seller has indicated « no representation » in the
declaration of disclosure of the residential property. The listing agent does not inform the seller of the defect, and since the defect is hidden, the sales agent does not discover or disclose the problem to the buyer. Who is held responsible for this secrecy, according to the North Carolina Real Estate Commission? #15. Which of the following statements are/are true regarding the death of a seller? 1. If a seller dies after signing an advertisement contract, the registration contract will be
terminated. 2. If a seller signs a purchase contract and dies before the conclusion of the property, the purchase contract is terminated. If the client or broker files for bankruptcy during the term of the contract, the agency will be terminated. If a licensee representing a broker files for bankruptcy, it will NOT affect the agency. #12. What applies to a valid NC enrolment contract? The death or incapacity [including insanity] of either party terminates the Agency.
Note that a licensee representing a broker is not a party to the registration contract, if he dies or loses his capacity, the agency will NOT be terminated. There is no obligation for a seller to disclose the defect, although the seller has an obligation to complete the disclosure declaration. Regardless of how the vendor completes the form, the licensee is required to disclose all material facts, so the responsibility rests with the listing agent. The buyer`s representative has the same obligation to disclose, however, since the defect was hidden, this issue does not appear to be an issue for which the selling broker [buyer`s agent] was held liable. A. Listing Agent = Obligation to disclose the 411 registration sheet indicating that closures were not permitted. Well, first of all, you need to know what an agency is. Find out everything you need to know about setting up an agency here.
If you want to pass the real estate exam, you need to know how to set up an agency. In addition, you need to know the different types of agencies that you can discover here. Once you`ve established these concepts, you can learn how to end an agency, which we`ll cover in this article. B. The seller can register with any number of brokers in the open list An exclusive agency contract is different from an exclusive right of sale contract because under an exclusive agency contract, the company is not paid if the seller himself finds a buyer. #12. Antitrust laws prohibit all of the following except: B. Agreement with competitors to set commission rates #9. The main difference between an open listing and an exclusive agency contract would be: #2. The exclusive right to represent buyer contracts must have all of the following characteristics, EXCEPT: #5. An owner registers a property for sale with a broker.
The owner told the broker during the listing negotiations that he wanted $138,000 for the property, and anything above that amount could be kept by the broker as a commission. The list with this type of provision is known as follows: Employment contracts are not a right or interest in real estate subject to the Fraud Act, but must be made in writing due to commission rules. The registration contract must be in writing at the time of registration and the buyer`s brokerage contract must be in writing prior to the submission of the buyer`s offer. B. In the event that a seller does not provide this form to the buyer on the date of the first offer, the transaction will be automatically terminated by Law No. 2. According to the rules of the North Carolina Real Estate Commission, all of the following must be part of a listing agreement, EXCEPT: #6. The type of listing contract for which the seller owes a commission to the listing agency, regardless of who sells the property, is one: In general, a listing contract includes a time frame within which it is in effect. If the property is not sold within this period, this will result in the termination of the agency. If there is no time limit in the registration contract, it can be terminated after a « reasonable » period of time.
#3. Which of the following clauses should be included by the NC Real Estate Commission in each registration contract? A net listing provides that the brokerage commission is an amount in excess of a predetermined net amount that the seller is to receive. Net listings are legal, but they are discouraged by the Real Estate Commission because of their potential to benefit a client. #10. Which of the following applies to the Residential Property and Owners Association`s disclosure statement? # 8. Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? If the broker loses his real estate license during the term of the contract, the agency will be terminated. Registration contracts and broker buyer contracts may not provide for automatic renewal of the contract. However, the Client and the Company may agree to extend the registration period by mutual agreement and in a duly signed addendum.
#3. By entering into an exclusive agency listing contract with a seller, a real estate brokerage company: #5. Sam Seller lists his property on EX Realty. Eventually, Sam convinces a colleague, Wanda Wish, to buy his house. In what situation should Sam not owe a commission to EX Realty? There are many types of marketing [active and passive marketing] that agents use to sell your home at the highest possible price. Listing Brokerage S.A. Death of Seller B. The bankruptcy of the listing agent C.
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