ENGRADE Chapter 9 Flashcards
A valid listing agreement may be terminated for any of the following reasons.
Sale of the property
Agreement of the Parties
Destruction of the Premises
By entering into an exclusive agency listing agreement with a seller, a real estate brokerage firm
has become the exclusive agent of the seller, but is not entitled to receive a commission if the seller finds a buyer for the property.
Under an exclusive agency listing, the listing broker would be entitled to a commission in all of the following situations
Broker buys the property personally
Property is sold through another broker
Property is listing in MLS
(Not seller sells the property to a real estate licensee)
By entering into an exclusive agency listing agreement with a seller, a real estate brokerage firm
has become the exclusive agent of the seller, but is not entitled to receive a commission if the seller finds a buyer for the property.
A property owner lists a property for sale with a broker. The owner told the broker during the listing negotiations that he wanted $138,000 for the property, and anything above that amount the broker could keep as commission. The listing with this type of provision is known as
NET LISTING
A NC listing agreement and buyer agency agreement must be in writing under the NC statute of Frauds
FALSE
A broker has just discovered a major defect in one of his current listings even though the seller as indicated “No Representation” on the Residential Property Disclosure Statement. The listing broker does not inform her selling agent of the defect and since the defect is hidden, the selling agent does not discover or disclose the problem to his buyer. According to the NCREC who is held responsible for this non disclosure?
The listing broker
Ricardo is showing the buyer a house in the capacity of a Seller Sub Agent. Prior to being shown any house the buyer indicated to Ricardo that it is essential he have a fence erected around the back yard of any house he purchases. Ricardo finds the perfect house for the buyer but it does not have a fenced in backyard nor does the listing information sheet indicate whether fences are allowed or not. Ricardo does not inquire of the listing agent anything about a fence. The buyer purchases the house and later learns that he cannot erect a fence. Which of the following statements regarding these facts are true?
Ricardo had a duty to determine if fences were permitted even though the listing information sheet did not indicate anything regarding fences
Which of the following is true about the NC Residential Property Disclosure Act?
All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer.
A seller and a broker are engaged in a dispute over a forfeited earnest money deposit. The seller feels that he does not owe this broker a commission. In fact, the seller has no reasonable basis for denying the broker his commission in this case. According to the NCREC what should the broker do about the commission?
Pay the entire forfeited earnest money deposit to the seller and bring a separate legal action for the commission.
Anti trust laws prohibit all of the following
Property management companies standardizing management fees
Brokers allocating markets based on the value of homes
Real estate companies agreeing not to cooperate with a broker because of the fees that the broker charges
(NOT a broker requiring all the agents in his firm to join the MLS)
Earnest money deposits when paid in the form of a “personal check” given on an Offer to Purchase and Contract must be deposited in an “escrow account”
No later than three (3) banking days after acceptance of contract
If a seller and a listing firm have a commission dispute prior to the closing, the listing firm is:
Must allow the transaction to close and release any earnest money being held to the closing attorney.
Which of the following is true regarding the death of a seller?
If a seller dies after signing a listing agreement, the listing agreement is terminated.
