Chapter 3 Flashcards
When a property is advertised “principals only,” which group is excluded?
Agents
A salesperson’s relationship to his/her broker is that of:
General Agent
A broker’s relationship when exclusively representing a buyer or a seller is that of:
Implied Agency
A sub agent of a seller would BEST be described as a:
Special Agent
An agent receives an offer with a five day time limit. May the offeror withdraw the offer before the time limit?
Yes
Which of the following statements regarding agency is true?
A Broker may have a dual agency if all parties are informed.
Which of the following type of listing offers the Broker the best listing contract?
Exclusive Right to Sell.
In a co-broke sale, the Selling Salesperson receives his/her commission from the:
Selling Broker.
At the time of entering into a listing agreement, a salesperson discovers a serious crack in the property’s basement wall. The crack is hidden by storage boxes. When showing the property, the salesperson MUST:
Notify the prospective buyer of the crack.
Real estates commissions are:
sometimes set by company policy but could be further negotiated by the seller and broker.
Commingling of funds occurs when a broker:
Places earnest money deposits in a general office account.
Seller Y hires Broker X to sell Y’s property. Which is true?
Commission is determined by agreement of parties.
In Massachusetts an Agency Disclosure Form must be given to a prospective buyer or seller:
At first meeting to discuss a specific property.
In a fiduciary relationship, which of the following duties is an obligation of a licensee?
Disclosure
“Time of the essence” means:
Puntual performance of a binding contract
