Chapter 6 Review Flashcards
If a potential buyer attends an open house and wants to talk with the hosting agent about making an offer,
the agent must make an agency disclosure.
A listing agent must present a copy of the disclosure to a potential seller and get it signed
before they sign a listing agreement.
When must a buyer’s agent provide the agency disclosure to a seller?
At the time of first substantive contact
An agent must keep a copy of a signed agency disclosure document for
at least three years.
Which listing is illegal in New York?
Net
If the seller fails to provide a property disclosure before a binding contract is signed,
the buyer will receive a $500 credit from the seller at closing.
How long must a copy of a signed agency disclosure document be kept?
At least three years
Questions regarding which of the following would NOT be included in the Environmental section of a Property Condition Disclosure?
If there has ever been a fire in the home
A property condition disclosure must include
Anything the seller knows about the condition of the property
Which listing agreement is the most commonly used?
Exclusive right to sell
An agent must present a copy of the agency disclosure to a potential buyer and get it signed
before they sign a buyer’s agency agreement.
When a buyer begins to discuss his or her needs with a broker, it is called
The first substantive contact.
Which type of listing provides the most incentive for a broker to market a property?
Exclusive Right to Sell
When does the first substantive contact take place?
A potential buyer or seller begins to discuss his or her needs.
A buyer’s agency agreement is a(n)
Exclusive right to represent agreement.
