Unit quiz 25 Flashcards
If a buyer’s agent has obtained an offer to purchase from the buyer and wishes to present the offer to the seller,
A) the seller’s agent may, or may not, allow the buyer’s agent to personally present the purchase agreement directly to the seller.
B) the listing agent is required to permit a buyer’s agent to be present when presenting an offer to the seller-client.
C) the listing agent is required to permit a buyer’s agent to be present when discussing confidential matters with the seller-client.
D) the buyer’s agent may only present the buyer’s offer to the listing agent.
A) the seller’s agent may, or may not, allow the buyer’s agent to personally present the purchase agreement directly to the seller.
A seller enters into a listing agreement with a broker that specifies a sale price to be received by the owner with the excess over that price to be received by the broker as commission. This type of listing is called
a net listing.
An owner signed a six-month exclusive-right-to-sell listing, but after one month decided to cancel the listing and sell the property to a neighbor. A week earlier, during an open house hosted by the listing agent, the neighbor had looked at the property. If the broker had a protection clause in the listing contract, what would the broker be required to do to get protection after the listing agreement was terminated?
A) Just before the cancellation, the broker must give the seller a list of the names and addresses of those buyers introduced to the property.
B) After the cancellation of the listing, the broker must give the seller a list of the names and addresses of those buyers introduced to the property.
C) Just before the cancellation, the broker must give the seller a notarized list of the names and addresses of those buyers introduced to the property.
D) To be protected, the broker only needs to have the seller sign the listing contract and take no further action.
A) Just before the cancellation, the broker must give the seller a list of the names and addresses of those buyers introduced to the property.
When is a written agency disclosure required?
A) During an open house
B) When answering questions about the property in a cell phone conversation
C) When responding via e-mail to general questions about the neighborhood
D) Before the listing agreement is signed
D) Before the listing agreement is signed
Although initial disclosures may be oral, a written disclosure must be made before the consumer enters into any written agreement—before the listing agreement is signed and definitely before
a buyer signs a purchase agreement.
To have a valid listing agreement, who should sign the agreement?
Everyone who has an ownership interest in the property
Which of the following is considered specific assistance that triggers a required agency disclosure?
A) General factual questions concerning properties that have been advertised for sale or lease
B) Casual conversation at an open house
C) Preliminary conversations concerning price range, location, and property styles
D) Detailed discussion about the financial qualifications of the buyer
D) Detailed discussion about the financial qualifications of the buyer
In Iowa, specific assistance includes
eliciting or accepting confidential information about someone’s needs, motivation, or financial qualifications.
Under the rules for proper agency disclosure in a real estate transaction, licensees do NOT need to disclose when acting
A) on behalf of an immediate family member.
B) on behalf of a friend selling a residence.
C) on their own behalf.
D) on behalf of a business entity in which they have an interest.
B) on behalf of a friend selling a residence.
Once the parties to a brokerage agreement agree on the structure of the commission, who has the authority to approach a seller to possibly alter or attempt to alter its structure?
The listing agent
What is the name of the four written, mandated, specific requirements found in Iowa brokerage agreements?
Minimal services
What is the name of the agency relationship in which either a seller-client or a buyer-client agrees to be exclusively represented by an affiliated agent of a broker?
Appointed agency
The 4 minimal services in IA brokerage agreements
Agents will accept delivery of and present to the client offers and counteroffers to buy, sell, rent, lease, or exchange the client’s property or the property the client seeks to purchase or lease.
Agents will assist the client in the development, communication, negotiation, and presentation of offers or counteroffers until a rental agreement, lease, exchange agreement, offer to buy or sell, or purchase agreement is signed and all contingencies are satisfied or waived and the transaction is completed.
Agents will answer client questions relating to the brokerage agreements, listing agreements, offers, counteroffers, notices, and contingencies.
Agents will provide prospective buyers with access to listed properties.
Property managers who lease property, collect rents, order repairs, and often perform minor maintenance are what kind of agents?
General
A listing contract with a seller would NOT include
A) an automatic renewal clause.
B) a definite expiration date.
C) the property address.
D) the listing price.
A) an automatic renewal clause.
