unit 12 Flashcards
An agency relationship may be terminated for a number of reasons. Which wouldNOTbe just cause for terminating a listing agreement?
The death of the listing sales agent
If a sales agent is at a parent school night and talks with other parents about “what they do for a living,” at what point might the sales agent be obligated to provide an agency disclosure?
If a parent happens to zero in on a specific property the sales agent has listed
May a seller refuse to a pay a commission if a buyer refuses to pay full price for a property?
The listing agreement properly signed by the seller and the broker is a legal document that sets compensation.
Which of the following prohibits email-based marketing of a real estate listing if the subject line of the advertisement contains false, misleading, or deceptive information?
CAN-SPAM Act
Must real estate properties for sale be listed only on TREC-approved real estate sites?
No, TREC only has authority over license holders.
A seller lists his home with a sales agent for a local large brokerage. Another sales agent working for the same brokerage brings a buyer. Is the seller obligated to pay a full commission under an exclusive right-to-sell agreement?
The listing agreement is the ruling document, meaning that the seller would owe the commission regardless of where the buyer came from.
EPA Renovation, Repair, and Painting (RRP) regulations require which action?
Sellers and landlords must hire certified renovators to complete repairs that disturb more than 6 square feet of surface area for interior work or 20 square feet for exterior work.
If a seller lists property with a broker who is a member of a multiple listing service, which of the following applies?
The listing broker may offer differing amounts of compensation to subagents and to buyer agents.
Sellers and landlords must disclose to buyers and tenants any knowledge of lead-based paint in properties built before
1978.
Should a buyer agent discourage a buyer from looking at property that doesNOTmake a seller disclosure notice readily available?
The buyer agent should neither encourage nor discourage the buyer but should advise extreme caution.
A listing contract is
a contract of employment.
The governing body of a municipality or county has undertaken an improvement project, such as landscaping, erecting fountains, or installing special lighting, that benefits a definable part of the community. In turn, the owners of those properties pay an annual assessment to cover the costs and maintenance. If a property being sold is subject to such an assessment, the purchaser must be given
a notice of obligations related to public improvement district (PID).
If the broker has done nothing to market the property, the seller may be able to terminate the listing due to
abandonment by the broker.
What is a real estate advertisement under TREC rules?
An advertisement is any form of communication by or on behalf of a license holder designed to attract the public to use real estate brokerage services.
After mold damage to a property has been remediated, a seller is required to give a copy of the certificate of mold remediation to a buyer. For how many years does this obligation extend?
5
Is it possible for consumers to discriminate against some telemarketing calls?
Yes, consumers may direct individual companies to stop calling them.
According to surveys, what is the strongest venue for selling real estate?
The internet
An area of needless controversy that seems to come up regarding many listing is
number of rooms and accurate measurements.
There are an assortment of reasons why sellers might “fire” their listing agent. What are legitimate reasons for listing agents to “fire” their client?
Failure to consistently keep the property clean and “showable”
Repeated rejection of showing opportunities because of inconvenience
Failure to make full disclosures of serious property issues
Because home builders are not required to provide property disclosures, should buyers also bypass home inspections?
No, new homes can have serious flaws that can be detected in home inspections.
If a seller believes—but is not certain—that a friend wants to buy his house, what kind of agreement should he sign with a broker?
An exclusive agency listing
The amount of commission is determined by
negotiation between the seller and the broker.
Under what conditions may a seller refuse to pay a listing broker?
If the listing broker failed to meet the terms of the listing contract, such as widely market the property, negotiate effectively, or generally show a lack of competence in the transaction
The Texas Real Estate Commission recommends that brokers and sales agents considering online promotions or telemarketing campaigns do what?
Contact appropriate legal counsel to stay within guidelines
Which ultimately decides the listing price of the property?
Seller
A seller of unimproved property located in a certificated service area of a utility service provider, must give written notice to a purchaser of which of the following?
That extension of water or sewer services might require additional expense to the purchaser
That there might be a delay in the utility’s ability to provide services
Can a real estate licensee with an agency agreement with a buyer collect a commission on a deal with a seller who is unrepresented (for sale by owner)?
Yes, if there is an agreement in writing to be compensated by either the buyer or the seller
May sellers disclose the fact that a sex offender lives in a neighborhood?
Yes.
Penalties for violating do-not-call regulations may be
fines up to $11,000 per call, or $16,000 if made from a robocall system.
If a seller of vacant land doesNOTinclude in the contract a disclosure notice regarding the possible liability of the purchaser for additional taxes, the responsibility for additional taxes and interest belongs to
the seller.
When taking listing information, why must sales agents be careful what they write about such facilities as churches and schools?
Because of fair housing laws
Which sellers must provide a seller’s disclosure notice to a buyer on or before the effective date of a contract?
Seller of residential property of not more than one unit
A homeowner gives open listings to three brokers. The brokers
each have the opportunity to earn the entire commission.
If the seller’s disclosure notice isNOTgiven before the execution of the contract, the purchaser may, within seven days after receiving the notice, terminate the contract
for any reason.
If a property is being transferred through a will to a family member, is a disclosure necessary?
No, a property transferred via a will does not need a disclosure.
