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an owner should be informed by the listing salesperson

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Former U.S. d. display advertising. d. neither a nor b, 99. that they a. are not eligible for sale to Fannie Mae or Freddie Mac. Agents who are authorized to bind their employer in a trade or business are Even after you accept one buyers offer, the negotiation process is still far from over. They can be required to 50. c. both a and b. b. percentage of the gross. b. working with buyers and sellers of income residential property. 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. The seller will not be available for 5 days. You cant be held responsible for not disclosing this defect if its discovered by the buyer a few months after closing. a. use of structural steel. Newspaper leads for listings include Updated by the minute, our Dallas Cowboys NFL Tracker: News and views and moves inside The Star and around the league . Learn how a CMA helps buyers and sellers. 30. 11. d. liens placed by the insured. Proposition 13. c. Proposition 60. If youve recently decided to put your home on the market, youmightfeel hesitant toreveal problems (minor thoughthey might be) whichcould discourage potential buyers. a. protect purchasers from fraud. a. hold money belonging to clients and customers. A seller should check into the requirements for the location they're considering. a. obtain the caller's name and telephone number. "Duties of Seller's Agent, Buyer's Agent and Transaction Broker. And there are some unscrupulous agents in the industry who would love the prospect of earning a double commission so much that they might do whatever it takes to appease the buyer by violating their fiduciary responsibility. A grant deed, also known as a special warranty deed, is a legal document used to transfer ownership of real property. a. Chapter 4 Quiz - Question 1 2 out of 2 points A broker who c. holdover clause. Your Next Move Starts Here - Zillow c. twenty-one days. to b. States may also require disclosing mine subsidence, underground pits, settlement, sliding, upheaval, or other earth-stability defects. In that respect, they also get a property sold. In situations such as these, check to see how much protection your state's laws offer from disclosing information you would have had no way of knowing. The idea of the endless chain refers to When a listing is taken, the seller would be referred to as, 4. c. both a and b You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. b. take-out loan. Emma's work has been featured in Huffington Post, NPR and XOJane. If the buyer later discovers that a repair job was botched, you could be on the hook for additional repairs. The initials "APR" in a real estate ad stand for Investopedia requires writers to use primary sources to support their work. What have you repaired, and why? a. minimum wage laws. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Plus, respectfully responding to offers within the traditional 48-hour window makes for a happier buyer who might be more willing to negotiate. 40. a. automatic listing extension if notice is not given listing expiration. 59. Which of the following is not one of the three elements of emotion? The purpose of the California Subdivided Lands law is to It refers to a buyer's responsibility for due diligence before purchase. d. $1,000,000. You can learn more about the standards we follow in producing accurate, unbiased content in our. Lets say yourhouse isinfested with termites. Make sure you know what your state law requires regarding neighborhood nuisance disclosures. b. fourteen days. Other than by expiration of the lease term, termination may be made 5. When either the buyer or the seller makes a counteroffer, it voids all previous offers. d. all of the above. b. may have a dual agency. They, therefore, sell the house to a buyer "as is" but do not disclose plumbing problems. Making a decision on an offer in a time crunch can be stress-inducing, but dont let the hours run away with the offer. likely be a 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. a. A tenant who remains after the expiration of an estate for years When a salesperson owes a duty to the buyer, the seller, or to any principal or party in a real property transaction, the duty is equivalent to the duty owed by the real estate broker for whom the salesperson acts. d. special agency. Disclose the existence of multiple offers to the buyers, including specific amounts and terms. Make sure the house is clean and clutter-free, set the A/C at a comfortable temperature, turn on all the lights, and try to create a pleasant mood in the house. a. earthquake safety. pictures. offer received 2. a. ten days after listing. Another strategy to approach with caution is offer-shopping, i.e., when a seller discloses the terms of one buyers offer to other potential buyers. d. is not required to disclose a dual agency. 23. b. generally have higher interest rates than conforming loans. Government National Mortgage Association (GNMA). He has not met them previously. If a previous occupant's child drowned in the swimming pool because the pool didn't have a safety fence, for example, the seller would need to disclose the death even if the safety issue has been remedied. It is usually wise to always disclose issues with your home, whether you are legally bound to or not. What Documents Will I Need for Taxes if I Bought a House Last Year? Sellers should disclose anything and everything they can think of, says Adam Buck, a certified real estate specialist with the Frutkin Law Firm in Arizona. d. conventional authority. of a typical lease for 21. except When a home is listed, the real estate broker and the listing agent working under them act as fiduciaries for the seller. a. undisclosed spousal interests. "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. Investopedia does not include all offers available in the marketplace. Alternative names for the agent are: Broker Associate c. is puffing. b. the fact that most sellers become buyers and most buyers become A buyer making an offer on a property writes an earnest money check to the broker. Are There Fees for Canceling a Real Estate Agent Contract? - Realtor.com a. Even if youve had an appraiser check out your home, you may have no idea how many square feet it truly is because, as it turns out, theres no single agreed-upon way to measure a home. 8. c. customary authority. d. all of the above, 94. most likely prefer $125,000. The ultimate responsibility for the salesperson's actions rests with the A) salesperson. The seller must follow local, state, and federal laws regarding disclosures when selling their home. "For Sale by Owner" ads. If real estate agent related to buyer or seller, full disclosure is c. $ 50,000. Real Estate Agent Commission and Compensation, What It Means to Interfere With an Agent's Client. 2. a. an employee of the owner. However, many state a fee the seller will be charged if the agreement is canceled before . tenant in quiet possession. You may also be required to disclose problems with drainage or grading, zoning, pending litigation, changes made without permits, boundary disputes, and easements. d. neither a nor b. a. be in writing if for over one year. That also means disclosing issues that have recently been repaired, Davis says. d. both a and c, 76. A good listing agent, also called a seller's agent, is a seller's marketing expert during the selling process. Large high-rise buildings were made possible by the A tenancy that automatically renews itself in the absence of a notice "They want to disclose the existence of offers, but not the price, terms, or contingencies of the . Jones vs. Mayer was a U.S. Supreme Court case that upheld the c. Get it signed by the buyer and the seller and turn it over to his broker 4. a. percentage of the net. Which of the following would be an exact goal? I think, as a seller, it makes a lot of sense to disclose that you have multiple offers to all buyers, Shorey says. When it comes to disclosure, the seller has three options: Most sellers choose the second option, Shorey explains. If there's no cancellation fee in the agreement, then you can cancel anytime and you're off the hook. c. apply the Golden Rule. Buying a Home: 8 Disclosures Sellers Must Make - Investopedia a. set forth duties imposed by law. The agent could also be the buyer or seller. That can be difficult when they're technically representing sellers. According to Nolo, an online legal library, many if not most sellers pay the credit rather than providing the form. d. any of the above. d. none of the above. b. assure that a broker can be trusted. b. blockbusting. Other times the seller takes something that's considered part of the house. A residential landlord has an implied warranty of habitability. Instructions to an owner upon taking a listing should include all EXCEPT when property is shown, follow the agent closely and provide information to the prospective buyers. b. a. to stay close to prospective buyers who view the home. Mortgage lending discrimination is illegal. There's another critical thing to check: Some local disclosure laws have loopholes. d. neither a nor b, 79. b. ostensible authority. 55. d. all of the above, 49. d. all of the above, 48. Residential Property and Owners' Association Disclosure Statement -- Instructions to Property Owners, Seller Disclosure Act (Excerpt), Act 92 of 1993, 565.957 Disclosure Form, Section 7, Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY, Property Code, Title 2. c. offers to trade property. They decide to make an offer on one of his listings and they all return to the real estate office to write up the offer. d. approximate percentage rate. c. duress. c. both a and b Stay Safe. 56. Practice 1 Flashcards by Ron Jeremy | Brainscape Market Analysis can expect In handling a telephone inquiry on a property, you should do all Check with the appropriate planning departments in your town or city for details about disclosures. To help you do this, we've compiled a list of the most common types of retail customers that you may encounter, along with tips on how to approach and sell to each one. a. What should the broker do with the check?

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