Chapter 5: Assignment Flashcards
Tom is a registerant at a social cocktail party. In which of the following situations is Tom MOST likely to be liable for negligent misrepresentation?
Tom meets Hillary and explains in their conversation that he is a registrant and gives Hillary unqualified advice regarding the sale of her property.
Rachel is a registerant who is a member of the saskatchewan realtors association. She will be acting on behalf of both the buyer and seller in the sale of a property. Which of the following forms MUST be completed by the buyer and seller to allow Rachel to act for both of them?
Limited dual agency acknowledgment form.
Aziz is a registerant who is a member of the Saskatchewan realtors association and is working at a brokerage called quick sale realty. Aziz is representing a buyer who is interested in purchasing a property from a seller represented by a peer of Aziz who also works for quick sale reality. Which of the following statements regarding the situation is true?
This situation would fall under Limited Dual Agency and Aziz would have to obtain informed consent from the buyer and the seller in order to enter into these agency relationships.
Amber is interested in selling her property through a brokerage called on time realty. Amber wants to grant on time exclusive authority to sell her home. She also wants to authorize on time to list her property on the multiple listing service system. Which of the following service agreements would achieve the brokerage relationship Amber is interested in?
Sellers MLS brokerage contract.
Which of the following statements regarding mere postings is TRUE?
A service agreement or a written agency agreement is required when a registerant lists a mere posting.
Berry is a registerant who has been paid a lump sum amount to submit a mere posting to the MLS system by Arman, the seller, under a fee-for-service agreement. Arman then decides that he would like to fully retain Barry for the sale of his property. Arman and Barry enter into an agency agreement and agree to a commission based off a percentage of the final sale price. Which of the following statements regarding this situation is TRUE?
Barry is entitled to collect commission based off a percentage of the final sale price in addition to the already collected lump sum.
Harold lives in and is licensed to trade real estate in British Columbia. He intends to list a mere posting for an owner of a Saskatchewan property on the MLS system. Which of the following statements regarding the situation is TRUE?
Harold will need to be registered to trade real estate in saskatchewan, as required by the real estate act in order to perform this mere posting.
Tim is a seller who has entered into a seller’s MLS brokerage contract with Arnold, a registrant. The brokerage contract is set to expire in 3 weeks. Arnold holds an open house and finds a potential buyer, Lisa, who is very interested in Tim’s property. However, Lisa does not actually decide to buy Tim’s property until a number of weeks later. After the brokerage contract expires, Tim sells the property to Lisa without the use of a brokerage. Which of the following statements regarding the situation is TRUE?
Arnold will likely be able to recover the commission stipulated under the brokerage contract even though the contract has expired.
Under the seller’s MLS brokerage contract, upon the successful sale of the seller’s property, the buyer’s deposit money will most often be:
Retained by the seller’s brokerage toward the total amount of remuneration owed.
Which of the following documents is not often attached to the seller’s brokerage contract?
Estoppel Certificate.
