Chapter 8

Question 1

This refers to the practice in the real estate industry of a seller entering into a “a la carte service agreement” with a real estate broker who accepts a flat fee rather than a percentage of the sale price for the listing side of the transaction

Answer 1

Flat fee, MLS

Question 2

A hidden defect that would not necessarily be known to any ordinary buyer

Answer 2

Latent defect

Question 3

A suite of services that brokers used to establish contractual offers of cooperation from broker to broker

Answer 3

Multiple listing service

Question 4

If you intend to be a client, you must disclose in writing your license status to all the parties prior to the contract

Answer 4

Real estate licensee

Question 5

Brokerage specializing in certain aspects of real estate

Answer 5

Specialty brokerage

Question 6

An occurrence in which an agent knowingly makes a false statement about a material fact

Answer 6

Willful misrepresentation

Question 7

You must have your agency relationship in place and verified before moving forward with the contract

Answer 7

Agency before contracts

Question 8

A broker who directly helps buyers and sellers with their real estate estate needs alongside their own agent

Answer 8

Competing broker

Question 9

Brokerage unaffiliated with a franchise

Answer 9

Independent brokerage

Question 10

A broker who only serves the agent in their office and guide the agents in their office to complete transaction

Answer 10

Non-competing broker

Question 11

Real estate companies with a national or global presence

Answer 11

Real estate franchisee

Question 12

Take time to be thorough and make sure all data is accurate

Answer 12

Reasonable efforts