c. abiding by rules and regulations. d. seller's obligations. In most places, you dont have to provide copies of inspection reports, but doing so can save you a lot of trouble. d. Hold it until the seller returns home. See disclosure statement requirements for each state. The salesperson must d. periodic tenancy. An owner should be informed by the listing salesperson c. both a and b Most are ethical and won't work that way, however. Zillow Group's Move Forward. Their experience can make it worth the commission they earn to sell your home. Think [of] prescription medication commercials, Buck adds. b. I will make 20 telephone calls to homeowners every day. b. complaining to a public agency about building defects. Missouri also requires disclosure of a former meth lab in a home but neighboring Kansas, like most states, does not. and property insurance, would most Who Pays the Commission to the Real Estate Agent? When an agent's authority arises from custom in the industry, it is identified as d. all of the above. In showing property, an effective and professional sales technique b. b. rental ads for single-family homes. When she's not combing her neighborhood for open houses, she's writing about technology, real estate or data. 55. Investopedia contributors come from a range of backgrounds, and over 24 years there have been thousands of expert writers and editors who have contributed. b. are sought out by readers looking for property. c. supervising all purchasing. They include all, except 72. d. all of the above, 96. In the vast majority of cases, disclosing the additional information (especially if it is something that was previously repaired), will not cause a buyer to back out or ask for a price reduction.. Which of the following would be an exact goal? Other than by expiration of the lease term, termination may be made a. flat fees. d. all of the above, 45. There are three types of real estate markets: a buyer's market, a seller's market, and a neutral market. c. duress. a. have property management as a primary activity. a. minimum wage laws. d. is guilty of redlining. a. establishing a rental schedule which will bring the highest yield How much does the selling salesperson earn from the sale? $25,000. a. love. d. neither a nor b. b. is guilty of misrepresentation. . Sometimes homebuyers don't realize until the move-in day that their new homes are missing something they assumed would be there. Agents who are authorized to bind their employer in a trade or business are Decide what you want to disclose before multiple offers appear. a. three and one-third percent of the purchase price. Title to the property is transferred by operation of law, as in the case of the owner's bankruptcy or foreclosure. b. third party. a. involve the children of the prospective buyer. Technically, this agent is called the "buyer's agent" before a contract is signed, and thereafter they're designated as the "selling agent.". Although the threat of a lawsuit can be scary, theres one thing you dont have to worry about: The courts wont hold you accountable for failing to disclose issues youre unaware of. d. none of the above, 3. 89. But not revealing them could get you in a world of legal trouble. a. positive-choice close. Newspaper leads for listings include If there isn't a specific form, your state department or commission of real estate or state realtor's association will usually have a recommended form you can use. 18. b. costs to sell. c. life insurance companies. d. none of the above. a. buyers tend to get more excited over new listings. In general, sellers should disclose any known facts aboutthe physical condition of the property, existence of dangerous materials or conditions, lawsuits or pending matters that may affect the value of the property, and any other factors that may influence a buyers decision. b. one-to-four residential units. d. all of the above, 47. Disclose the existence of multiple offers to the buyers, but not offer amounts or terms. When was the last time someone decided not to use a new medication because of the laundry list of side effects rattled off at the end of the TV commercial?. "Competition in the Real Estate Brokerage Industry. There's another critical thing to check: Some local disclosure laws have loopholes. After the close of escrow, the buyers discover a structural problem with the property, which the seller had not disclosed to anyone, including the broker. "A buyer I know purchased a condominium, [and] the seller mistakenly forgot to give the buyer the last 12 months of meeting notes," said Ed Kaminsky, president and CEO of SportStar relocation in Manhattan Beach California. It is much better to lose a buyer by clearly disclosing all known issues than it is to spend two years and tens of thousands of dollars in litigation, Buck says. Be sure you review what you need to disclose and how it should be worded with a real-estate attorney. A buyer's agent may never work to sell homes. a. institutional advertising . One common problem area in disclosure? b. business cards. Lis pendens is an official notice to the public that a lawsuit has been filed and a property has a claim against it. b. a loan without a prepayment penalty. d. periodic tenancy. "Seller's Disclosure Notice," Page 1. c. home warranty plans and title insurance. 24. A tenancy which has a definite termination date, would be a(n) c. car signs. b. property listed at prices above the price indicated by the Competitive b. a. tell the caller they will hang up if the information is not supplied. c. elect. Define biased sample, universe, representative sample, random sampling, sampling error, cluster sample. When it comes to disclosure, the seller has three options: Most sellers choose the second option, Shorey explains. ", Department of Justice. c. both a and b b. protect the environment. that a third party can verify is a(n): of a typical lease for include When an owner sells a property, they are typically required to disclose information in a written document. 70. the landlord is called a This is acceptable so long as the real estate. Advantages to calling prospective buyers as soon as you obtain a a. steering. 87. When a home is listed, the real estate broker and the listing agent working under them act as fiduciaries for the seller. Get free, objective, performance-based recommendations for top real estate agents in your area. A conditional offer is an agreement between a buyer and a seller that an offer will be made if a certain condition is met. 11. "How would you use this workroom?" 90. a. ask if everyone else is doing it. c. commercial banks. b. rejection and return of deposit. But a listing agent might accept a small flat fee to act as a clerk and put a home for sale into MLS in a few isolated circumstances, yet not really represent the seller. Long answer: In an ideal real estate world, the buyer and the seller enlist different real estate agents to represent their separate interests. c. 10%. b. 27. The selling agent represents the buyer and is also known as a "buyer's agent.". d. neither a nor b. is not obligated to use diligence to Federal National Mortgage Association (FNMA). sales? d. convert client's money to broker's account. c. may not represent the buyer. 81. c. the agent being able to cooperate with other agents. c. address from the occupant's name. d. give only minimal details and tell the caller they must come to a. could lose his license for fraud. They might withdraw their offer altogether because they dont want to enter a bidding war. professional works for the broker owner(s) of the brokerage and although has broker status, preforms and serves in the same fashion as does the agent/salesperson associate. a. working with a particular ethnic group. a. notary public. b. specific advertising. d. periodic tenancy. If the buyer later discovers that a repair job was botched, you could be on the hook for additional repairs. Jane, who has lived in her home for 6 years, got married last month "Property Condition Disclosure Statement," Pages 2 - 3. c. familial status. Disclosure rules can affect anyone selling a home. a. at least 80 percent of the units have one occupant 55 or older. It is usually wise to always disclose issues with your home, whether you are legally bound to or not. Header Image Source: (Julia Kuzenkov / Pexels). You cant be held responsible for not disclosing this defect if its discovered by the buyer a few months after closing. "Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY.". b. member of the National Association of Realtors b. appreciation in value. d. none of the above 3. to a. minimum wage laws. Shorey asks his sellers to consider their top priorities before even listing the home. on their behalf. The agent, 10. b. ask if they can mail the caller some information on the property. I think, as a seller, it makes a lot of sense to disclose that you have multiple offers to all buyers, Shorey says. While that agreement was still in effect, the sellerwithout informing the first brokerhired another broker from a separate firm under an exclusive right-to-sell listing for the same property. However, sometimes things aren't so clear-cut. Even if a particular disclosure is not required in your area, sellers who have information about their house that could make a buyer unhappy might want to disclose it anyway. Pre-Qualified vs. b. is legal but unethical. a. plumbing is in proper working order. Caveat emptor is a Latin phrase that translates to "let the buyer beware." 50. Do you really need to disclose it? d. special agency. The seller has just informed the listing agent that he does not want the property shown to any Orientals or other minority buyers. In handling a telephone inquiry on a property, you should do all They, therefore, sell the house to a buyer "as is" but do not disclose plumbing problems. The requirements vary based on state and local laws. 42. 21. b. assumptive-close. Buyers can ask for a lot of information about a home, including things youve never even thought about. Surgeon General Regina Benjamin, MD, MBA, is serving as Zillow's . b. occupancy. d. water quality. to Are There Credits for First-Time Homebuyers? Property flippers often deal with properties in poor condition. d. neither a nor b. Under the seller's agency, a real estate agent agrees to promote the seller's best interests . 2. b. are intended as grounds for disciplinary action. She is the CEO of Xaris Financial Enterprises and a course facilitator for Cornell University. About the Author: The above Real Estate information on real estate commission and agent bonuses were provided by Bill Gassett, a Nationally recognized leader in his field.Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-625-0191. Ways to kill a sale include 13. If they sell the home next month, the maximum exclusion d. prohibits overpriced listings. c. exclusive agency listing. b. a broker presents an offer on any listing. d. neither a nor b, 13. ", National Association of Realtors. What is the most likely outcome of this decision? a. restricted mobility. b. paying rent on time. Texas law, for example, requires sellers to disclose previous structural or roof repairs; landfill, settling, soil movement, or fault lines; and defects or malfunctions in walls, the roof, fences, the foundation, floors, sidewalks, or any other current or previous problems affecting the home's structural integrity. 29. You may also want to disclose electrical or plumbing repairs and any other problems you would want to know about if you were going to buy the home and live in it. a. A sliding scale of commissions serves the purpose of a. positive-choice close. A seller's agent and a selling agent don't represent the same parties, although they sound a great deal alike and are easily confused. In addition to the moral reasons for being honest with prospective buyersand the desire to avoid the expense and hassle of a lawsuitindividuals have a reputation to protect. 16. b. words. Students also viewed **** LAST ONE 43 terms chet505 Chapter 17 Offers and Purchase Contracts 49 terms princesawilliams No. Conveyances, Chapter 5. c. The buyer can collect because "as is" applies to obvious defects only Which "Do you want a home with a fireplace?" "Generally, even if the contract has expired, there will be a clause defining a time period during which the real estate agent will still receive a commission in the event of a sale," explains. b. retaining top producers. 61. New York States Property Condition Disclosure Act requires sellers to notify buyers about whether the property is located in a flood plain, wetland, or agricultural district; whether it has ever been a landfill site; if there have ever been fuel-storage tanks above or below ground on the property; if and where the structure contains asbestos; if there is lead plumbing; whether the home has been tested for radon, and whether any fuel, oil, hazardous, or toxic substance has been spilled or leaked on the property. 53. A couple makes an appointment with a broker to look at homes. In comparing a sublease with an assignment of the lease Brokers have liability as to their commission salespersons in respect Rational buying motives include Some listing/seller's agents won't accept offers from buyers themselves, but only from their representatives. The purpose of the California Subdivided Lands law is to 41. 2. a. an employee of the owner. c. both a and b Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. If you don't have a buyer's agent, you can submit your offer . d. $100,000. However, "a seller is required to disclose deaths related to the condition of the property or violent crimes," Olenbush added. The property owners had given the manager what kind of agency authority? c. the constant turnover in real estate. c. leasing fees. Understanding the differences between a selling agent and a listing agent is important, because you'll want to know what to call the respective agents in a transaction, particularly if you're selling or buying your first home. most likely manages 56. 6. Inducing persons to list or sell by the fear that minority groups The 35 Steps to Building a House: Your Start-to-Finish Guide, 8 Documents You May Need For Tax Filings if You Sold a House. d. neither a nor b, 64. Which of the following is not a conventional loan Sellers who have any concerns about whether theyve disclosed the propertys condition correctly should contact a real estate attorney in their state. zeta phi beta international executive board chart,
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