Broker A gets an offer on a parcel of real estate owned by an individual living in Ohio. The property is listed for $30,000, but the offer is for $28,000 cash with a $1,000 binder deposit. Broker A calls the owner, who indicates the offer is acceptable and directs the broker to send a contract for him to sign.
Bob the residents of Kentucky has been an active broker in Kentucky for 10 years.Bob wishes to obtain a Florida real estate license.all of the following statements are correct except. A. He can take a Florlana exam and obtain a brokers license through mutual recognition if Kentucky has a mutual recognition agreement. B.
what is a broker's proper course of action when he or she has listed a property and found that the title to the property is NOT merchantable? RR// immediately notify the owner regarding the condition of the title ¿Cuál es el curso de acción correcto de un corredor cuando él o ella ha incluido una propiedad y ha encontrado que el título de ...
The license holder owes fiduciary duties to all parties. Fiduciary duties are owed by the individual in a position of trust to another individual, meaning that the agent owes these duties to the principal.
What action by a designated broker does not require a delegation agreement: Hiring a new broker. An applicant would be most likely to apply for a managing brokers license because they: Wanted to work as a branch office manager.
The fiduciary duty of disclosure requires the agent to make full disclosure of property condition and material facts. This duty also means that the agent should disclose all known information that can affect the decision-making process of his client.
An exclusive agency listing agreement gives a broker the right to market and sell a property for a specified time period, while the owner retains the right to find a buyer and sell the property without owing the broker a commission.
A person with a controlling interest in a firm who is designated by a legally recognized business entity such as a corporation, Limited liability company, limited liability partnership, or partnership real estate firm to act as a designated broker on behalf of the real estate firm, and who is managing brokers license ...
Which of the following is NOT a purpose of the Center for Real Estate Research? The Center for Real Estate Research studies local economic conditions and proposes changes to real estate education curricula. It does not have a role in establishing listing prices.
Correct answer is (d). The three steps required under the agency disclosure law are: disclose, elect, and confirm. Broker White obtained a deposit from buyer Farley. The seller did not accept the offer, however, and broker would not return deposit.
What is Procuring Cause? The National Association of REALTORS® defines procuring cause as the uninterrupted series of events that results in the successful transaction. There is no single action that makes an agent the procuring cause.Sep 13, 2019
At the property closing: The buyers complete their financing arrangements (referred to as closing the loan). The buyers deposit the down payment and closing costs into escrow. The sellers transfer the title.
When may a broker's agreement to represent a property buyer be terminated? The broker and buyer mutually agree to cancel the agreement. an employment contract between the seller and the broker.
A safety protection clause in a listing agreement entitles the real estate broker or agent to a commission after the listing expires or is canceled. This applies when the final buyer was brought to the deal by the broker.
An exclusive listing is a type of real estate listing agreement in which one broker is appointed as the seller's sole agent. In an exclusive agency listing, the seller retains the right to sell the property, with no obligation to the broker.