trav talks realty questions unit 3 Flashcards

trav talks realty questions unit 3 Flashcards A North Carolina licensee is working with Buyer A as a seller's agent and with Buyer B as a buyer's agent. Buyer A makes an offer to purchase one of the licensee's listings and the licensee promptly delivers the offer to the seller. A few hours later, Buyer B tells the licensee that she would like to make an offer on the same property by the end of the week. The licensee promptly calls the seller to report that another offer may soon be forthcoming. The seller tells the licensee to disclose the sale price offered by Buyer A to Buyer B in hopes that Buyer B will make a higher offer. The licenseemay promptly comply with the seller's request because the licensee is also the agent of Buyer B.should tell the seller that Buyer A must first agree to such disclosure.may comply with the seller's request but must then advise Buyer A that such a disclosure has been made.should tell the seller that that any sale price subsequently offered by Buyer B must in turn be disclosed to Buyer A.should tell the seller that Buyer A must first agree to such disclosure.In co-brokered residential real estate sales transactions where the selling agent is a subagent of the seller, which agent owes his primary loyalty to the buyer?Listing agentSelling agentBoth the listing and selling agentNeither the listing nor the selling agent neither the listing or the selling agent As agent of the seller, a real estate broker is usually

authorized to do all of the following EXCEPT:Accept an

offer on behalf of their principalAdvertise the property for salePlace a "For Sale" sign on the propertyCooperate with other brokers to effect a sale Accept an offer on behalf of their principal Which of the following would create an agency relationship between a brokerage and a seller?When an agent of the firm prepares a comparative market analysis.When the seller orally agrees to representation by the firm so long as it is reduced to writing prior to an offer.By written agreement between the seller and the firm.When an agent presents the Working with Real Estate Agents Brochure and the seller signs it.by written agreement between the seller and the firm Salesperson Horning listed a property under a valid written exclusive right to sell listing agreement. At the closing the owner refused to pay the listing fee. Which of the following can Horning do?She and her office can take the seller to court and sue for the commissionShe and her office are

entitled to a lien on the seller's property for the amount of the commissionShe and her office can go to court and stop the transaction until she is paidShe and her office can collect the commission from the buyer She and her office can take the seller to court and sue for the commission A provisional broker receives a call from a prospective buyer on a property that he has listed. The buyer and provisional broker meet at the property. The provisional

broker realizes that they left the Working with Real Estate Agents Brochure at the office. The provisional broker orally explained the brochure and the buyer consented to representation and authorized dual agency. Have the provisional broker's actions complied with the rule?No. The Working with Real Estate Agent's Brochure must be provided in writing at first substantial contact.No. A buyer cannot consent to oral buyer agency unless the Working with Real Estate Agent's Brochure has been signed by the prospective buyer.Yes. The provisional broker has met the disclosure responsibility and the buyer can enter into oral buyer agency agreement.Yes. The provisional broker may orally explain the Working with Real Estate Agent's Brochure when needed No. The Working with Real Estate Agent's Brochure must be provided in writing at first substantial contact.

A prospective purchaser asks the showing broker, a subagent of the seller, whether the seller would accept $5,000 less than the asking price. The broker thinks that the seller would accept $7,000 less than the asking price.How should the broker respond?I don't know. You will need to submit an offer to see what the seller will accept.The seller is firm on his list price, and I don't think you should submit an offer less than that.The seller is having marital difficulties and needs to liquidate quickly even if he can't get his asking price.I've heard that the seller would accept $7,000 less than his list price I dont know. you will need to submit an offer to see what the seller will accept Carlos is a licensee who has a listing at 112 Maple Way.The seller has agreed to dual and/or designated. A potential buyer, Tom, calls Carlos from the sign in the yard.Since Tom does not have an agent, Carlos asks if he would like representation. Tom wants to delay signing an agency agreement as long as possible and agrees to oral buyer's agency. Carlos asks Tom if he is pre-qualified and other financial questions which Tom answers truthfully. Which statement BEST describes Carlos' agency position in this transaction?Single / Exclusive AgencyDesignated AgencyDesignated Dual AgencyDual Agency dual agency Francine has listed her next door neighbor Jim's house for sale. Although Jim does not disclose it on the Residential Property Disclosure Form, Francine knows that his basement floods during spring rains. Jim has re-painted and replaced carpet, so does not see the need to disclose "ancient history". Francine agrees to withhold that

information. Francine is guilty of:Willful omission.Negligent

omission.Willful misrepresentation.Negligent misrepresentation.Willful omission Which of the following statements is true regarding a dual agency transaction in North Carolina?Brokers and firms who sign a buyer agency agreement after first showing the property to the buyer as a subagent of the seller are dual agents.The firm in a dual agency transaction will represent both clients but may not seek the best possible outcome for either of the clients.Both of the above are trueNeither of the above are true Both of the above are true Connie Cautious wishes to buy a property listed with Delta Realty. Company policy allows dual agency but Connie insists upon exclusive buyer's representation. She still wants to purchase the property. Delta RealtyMay act as an exclusive buyer's agent in the purchase of the propertyShould explain that Connie must go to another firm