Capter 7 Flashcards
a broker may engage the services of a licensed salesman as
an employee, an independent contractor, and as a manager
a broker cannot buy for himself a property
without disclosing same to seller
a broker’s relationship to a seller or buyer is that of
Fiduciary (a relationship of trust)
a listing may be terminated by
expiration of time period, death, and bankruptcy
a court order requiring a defendant to comply with the terms of a real estate contract is called
specific performance
the maximum commission a broker may charge for the sale of 1-4 family residences is
determined by brokers contract with seller
a contract which provides the payment of a fee to a broker even though the owner makes the sale is called
exclusive right to sell
the relationship of a broker to an owner in a listing agreement is that of
special agent
a mortgage application consists of
property description, buyers ability to carry, and terms requested
statute of limitations for a breach of contract is
72 months
a buyer must be given a brochure concerning home inspections
at signing of first written contract to purchaser
