Module 2, Part 1: Documenting Relationships Flashcards

1
Q

Code of ethics requires that when documenting a relationship it must include

A
  • Info regarding service alternatives, type of service and multiple representation
  • Difference bw costumer & client
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Registrant’s obligations for info before agreements is in

A

section 10 of the code of ethics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

If the agreement is more than 6 months

A

the expiry date must be prominently displayed on the first page

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

When there is a verbal agreement w/ a seller it should be reduced to writing

A

before an offer is made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A brokerage cannot charge rumeration unless

A

there is a written agreement signed by the person who is paying the commission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Indemnification

A

Seller cannot hold the brokerage responsible for any damage that occurs during the marketing process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Exclusive listing

A

seller gives sole right to market and sell their property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

only the brokerage with whom the seller has signed an Exclusive listing with can

A

show the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Exclusive listing are usually not

A

advertised on a listing service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

A property is advertised on a listing service when

A

the seller wants more exposure to buyers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Open listing is

A

for sale by owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

For sale by owner

A

seller does not list property w/ a brokerage, however allows any brokerage to set up viewings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Brokers protected

A

seller will compensate the brokerage who first acquires a ready buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Open listings are seen w/

A

office, retail and industrial properties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

In a listing agreement the SP’s name is added later

A

where singing to bind the listing brokerage and declaration of insurance is provided

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

not identified as a seller

A

non-titled spouse

17
Q

How can the address of a property be verified

A

Survey, tax bill & assessment

18
Q

Listing period

A

Date & time when it commences and ends

19
Q

Seller rep and warranty is included to ensure the seller

A

does not currently have to property listed w/ another brokerage

20
Q

Types of listing agreements

A

Exclusive & through a listing service

21
Q

Buyer’s deposit is applied to

A

the commission payable

22
Q

Holdover provision

A

After a rep agreement expires there is a period at which the brokerage is still owed comission

23
Q

Holdover provision only applies for buyers that

A

were shown the property before the expiry of the rep agreement

24
Q

Representation clause

A

SP must explain all of the types of rep that could occur

25
Q

Assumed buyer agency

A

Unless informed to co-operating brokerage is representing the interests of the buyer

26
Q

Documents give or received by a S/B are

A

notices

27
Q

Finder’s fee

A

consent for the listing brokerage to receive a fee from a 3rd party in addition to commission received

28
Q

Warranty clause

A

Used to ensure that the seller will provide the listing br. w/ all info regarding 3rd party interests or claims on the property

29
Q

Referral of Enquiries

A

Seller will inform the brokerage immediately about any enquiries made directly to the seller

30
Q

Sucessors and assigns clause

A

a SRA applies to any heir/party working on behalf of a seller

31
Q

If something is added to an SRA that conflicts with any pre printed portion of a SRA

A

then the added portion supersedes the pre=printed

32
Q

If any terms or documents that are added to a SPA

A

schedules can be used

33
Q

electronic comm. clause

A

electronic signatures are deemed the original

34
Q

Signature when the seller is a corp

A

sig. of person who is authroized to bind, followed by their title and corporate seal