Agency Part 2 RETAKE Flashcards

Agency Part 2 RETAKE Flashcards a pack up provision clauseback up provision clause types of listing agreements1. exclusive right-to sell agreements2. exclusive agency agreement3. open listing agreement listing agreement creates a relationship between a seller and one licensee. If the licensee is an affiliate broker, the agency relationship doesn't extend to his or her primary broker or other affiliates in the brokerage.designated agency agreement what do you write in blanks if not imp ? N?A A buyer would like to change a few paragraphs in the standard agreement. What is the best way to do so?Make any changes in the Special Stipulations section but don't strike through any text.power of attorney (POA)is a legal document that grants legal rights and powers from one person (the principal) to another (the agent or attorney-in-fact) to make decisions on behalf of the principal.Owning a condo on a golf course is Tom's goal, and Erma is happy to be along for the ride. The condo association takes care of maintenance, and Tom is steps away from the clubhouse at all times. What better way to spend their golden years? What type of buyers are Tom and Erma?retirees open listing agreement- many agents- Only the agent who brings in the buyer earns the commission, and if the seller finds a buyer herself, no one is owed a commissio- usually not in writting so smart to write a letter to confirm seller at the termination of the exclusive right to sell agreement if property hasn't sold what are the options?

• the seller and agent may agree to extend the listing

period in writing,2. sign a new listing agreement3. , or go their separate ways.what type of buyer?Similar to trade-down buyers, with some key differences Smaller homes with low or no maintenance are more desirable, possibly single-level properties or accessible condominiums Living on fixed incomes, but may have a large down payment if selling an existing home which buyer agreement creates a relationship sole with licensee , who signs the agreement ?exclusive buyer (designated agent) is an agreement in which the seller specifies a desired price for the property and agrees that the broker's commission will be any amount above that price net listing what type of buyer? Home owners whose children have moved out or who are downsizing due to financial or other reasons (such as divorce) Tend to look for smaller properties than their existing home, but that offer a similar quality of living trade-down buyers

listing agreements are typically how long? 3-6 months When working with potential buyers who say they just want a little information but won't sign a buyer representation agreement, why should you recommend they become clients?If they won't sign an agency agreement, there's a higher chance they won't be loyal to you.If a buyer wants to be a client of a specific licensee, but wants the flexibility to work with other licensees in any brokerage, which representation agreement should you use?non-exclusive buyer, designated agency cary over clauseIf you sell your property after this agreement terminates, but the buyer was identified, introduced, visited, or inquired about the property during this agreement period, I'm still owed a commission.implied agencyActions of the parties may prevents one party from suing another, because the party's actions or statements implied that he or she agreed with the other party; e.g., if Kara creates an implied agency relationship with a client and performs agency tasks for the client, estoppel prevents her from later claiming she wasn't in an agency relationship.estoppel what type of buyer?-Home owners selling their existing home to purchase a bigger or newer home Their previous buying/selling experience makes them more knowledgeable about the process and what they are looking for in a new home Location, area amenities, and extra living space are key features they're looking for trade-up buyers Ratificationis acceptance after the fact, either through signing paperwork or through the parties' actions. If the parties choose, implied agency can be ratified through signing an agency agreement after the implied agency relationship has been created.are illegal in TNnet listings The Tennessee exclusive designated agency listing agreement, like most listing agreements, holds the licensee not liable for ______ but the seller is liable for property condition disclosure forms two items needed for seller signature for marketing the listing and having showings for sale signs and lockboxes

• types of buyer representation1. exclusive buyer (designated agent)2. Exclusive buyer

(buyer agency)3. Non-exclusive buyer (designated agency)4. N0n-exclusive Buyer (buyer agency) Under which types of agency agreement may a buyer and agent operate?Open, exclusive right to represent, and exclusive agency In what type of market is pricing a home below market value an especially good strategy, as buyers are scarce and unlikely to consider at or above-market homes?cold market

Back Up offerthe seller has already accepted another offer- acknowledges that there is already an exciting offer and essentially says that if the 1st buyer cancels then the new buyer is automatically in contract with the seller Marc's neighbor told him that he plans to sell his house by owner sometime in the next six months. Marc wants Craig to serve as his buyer agent during his house hunt, but if he decides to buy his neighbor's house, he'd like to exempt this property. Craig agrees, and they attach this notice to the agreement. In what section of the buyer representation agreement will they indicate that there's an attachment?exhibits and addenda Why should you ask potential buyer clients if they need to sell their home before purchasing a new one?Their current home might be a potential listing for you.In a neutral market, what pricing strategy may generate interest in the property, possibly prompting multiple offers?pricing below market value When buyers contact you for the first time, why is it important to ask how they found you?It can help you determine what additional questions to ask.(If a buyer finds your number on a yard sign for a house you've listed, you could end up with a dual agency situation since you represent the seller already.) is included in the back up offer in contract that states that the buyers can withdraw at anytime up until they are notified that their offer has been elevated to the primary offer a pack up provision clause what should you included in an open listing agreement when you write a letter to the seller including, since open listings are usually not in writting?

• sellers name2. property address3. type of property4.

listing price5. commission a legal document, formalizes working agreement with buyer detailing the services you will provide and what you accept from the buyer in return buyer agreement if husband and wife selling the house who must sign the exclusive right to sell agreement?both must sing bc all sellers have to sign Exclusive buyer representation in Tennessee may terminate if the buyer ______.Comes to an agreement in writing with the broker Licensee Janice has found a way to work with prospective

buyers without ever leaving her desk: She sets them up

with automated email messages for listings that meet their criteria, and answers any questions they have when they call. Is Janice doing anything wrong?Yes, because she should meet them in person before working for them.What's a key difference between buyer agency and designated agency?Buyer agency creates a relationship between a buyer and a brokerage, and designated agency creates a relationship between a buyer and an individual.Prior to offering services to a potential buyer, why would an agent want to ask questions to pre-qualify a buyer?to find out if the buyer is worth the agents time acknowledges that there is already an exciting offer and essentially says that if the 1st buyer cancels then the new

buyer is automatically in contract with the seller back up offer