c. both a and b Weighing multiple offers on your home can be exciting, but its also stressful to keep track of whats what with lots of offers on the table. a. a broker represents a buyer and writes an offer on his own listing. a. long-term savings. d. prohibits overpriced listings. b. obligated to open a special trust account. Full commission c. offers to trade property. Transaction agents generally can't represent either party and must remain neutral. All of the following are examples of fiduciary relationships EXCEPT, 9. 53. b. automatic listing extension if escrow is opened prior to listing b. Cash the check if she deserves it B. Click on state for information. d. 240 days after listing. d. none of the above. National Association of Realtors. b. greater responsibility. 67. c. limited agency. Buying a home "as is" may speed up the homebuying process. 77. in the home. b. percentage of the gross. is not obligated to use diligence to After an earthquake, a property manager had to meet with insurance adjusters to arrange for repairs to several properties which she managed. c. estate for years. d. a buyer works with more than one broker. The seller should make all disclosures in writing, and both the buyer and seller should sign and date the document. d. inducement closing. Disclosure might be required. 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?. Buyers can ask sellers to sign a confidentiality agreement before presenting an offer. c. risk. These Realtors (the buyer's agent and the listing agent) are referred to as "single agents" because they pledge their confidentiality to their clients. Buyers need to know the home's repair history to have their home inspectors pay extra attention to problem areas so that they're aware of probable future issues. as a b. is guilty of misrepresentation. A standard policy of title insurance covers all, except Disclosing multiple offers does come with its own inherent risks. $250,000. 34. a. involve the children of the prospective buyer. d. subordination. If you're a buyer, don't just check the local disclosure laws. d. say whatever is necessary to get an offer. In the absence of an agreement, the landlord has a right of entry The manager d. neither a nor b. If the seller signs the agreement, they can no longer share the specific terms of that offer with other interested buyers without facing potential legal trouble. b. exclusive agency listing. Most sellers think it is in their best interest to disclose as little as possible, saysRick Davis, a Kansas real estate attorney. c. lawfully organizing a tenant association. b. ten percent of the purchase price. Here are eight common real estate seller disclosures to be aware of, whether you're on the buyer's side or the seller's side. most likely manages a. submit only those offers that meet the listing price. d. a shopping center. a. undisclosed spousal interests. a. an employee of the owner. Emotional buying motives include Especially if you want to avoid a lawsuit down the line. d. periodic tenancy. I think, as a seller, it makes a lot of sense to disclose that you have multiple offers to all buyers, Shorey says. In showing property, an effective and professional sales technique The local legalities can usually be obtained from local and state real estate planning departments. If buyers know there are other competitive offers out there, they might waive the appraisal, inspection, or other contingencies. Nolo.com. a. talking too much. Inducing persons to list or sell by the fear that minority groups It could create a longer journey to closing. While most disclosure requirements are governed by the states, the federal government mandates one: the disclosure that lead-based paint may be present on any property constructed before 1978. a. mortgage companies. It is usually wise to always disclose issues with your home, whether you are legally bound to or not. c. either a or b premises by the tenant. Under the seller's agency, a real estate agent agrees to promote the seller's best interests . b. ostensible authority. 22. c. Industrial and Residential d. estate at will. b. General Provisions.". Your buyer's agent will email your offer along with supporting documentation to the listing agent. "Duties of Seller's Agent, Buyer's Agent and Transaction Broker. likely be a Who Pays the Commission to the Real Estate Agent? Broker: What's the Difference? . c. rights of parties in possession. A real estate transfer disclosure statement is required for a. in cases of emergency. Check for loopholes in the local disclosure laws. This statement concerns a. are not eligible for sale to Fannie Mae or Freddie Mac. The agent, 10. What is a Listing Agent and What Do They Do For a Seller 62. "However, some states impose a duty [to disclose] on a stigmatized home or apartment in which there has been a suicide or murder. a. flat fees. Sign it and pass it on to the seller Institute of Real Estate Management. b. long-term debt cannot exceed 28 percent of gross income. 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.. There are, however, circumstances under which sellers do not have to disclose a death on the property. The salesperson makes a change in the listing price of a listing contract without the knowledge or consent of the seller. 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. if made within 180 days of the tenant A selling agent brings buyers to the table and represents the buyer. d. neither a nor b. They want to disclose the existence of offers, but not the price, terms, or contingencies of the offer.. A multiple offer scenario happens when two or more buyers make offers on a home at around the same time. 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. A broker listed a property and in one week found a buyer for the property herself. 39. When it comes to disclosure, the seller has three options: Most sellers choose the second option, Shorey explains. d. special agent. 11. Get free, objective, performance-based recommendations for top real estate agents in your area. out and signed by both buyers and sellers. a. certified property manager. So here are some basic rules to govern how and when you disclose any problems. A real estate sale generally involves three separate sales. Shorey asks his sellers to consider their top priorities before even listing the home. a. allow his sales staff to make an offer on the property without informing the seller of the identity of the purchasers. The property owners had given the manager what kind of agency authority? b. commercial property manager. c. "Why do you feel you need four bedrooms?" a. condominium associations. a. general agency. This is referred to as a "co-op commission.". ", State of Massachusetts. When an owner sells a property, they are typically required todisclose informationin a written document. d. seller's obligations. To be valid, a lease must c. electric elevator. but where possession was given with the Disclaimer: Information in this blog post is meant to be used as a helpful guide, not legal advice. 15. An extended coverage policy of title insurance covers all, except A salesperson works at a branch office managed by an associate broker of the firm. Listings agents like to believe that the listing belongs to the agent, but the listing is actually not their property if they aren't the broker. d. escrow. K Practice Exam 11 Of 17 Real Estate Exam Prep California 2010 - Cram.com What's the Problem With Calling a Listing Agent to See a House? 6. 26. When a home is listed, the real estate broker and the listing agent working under them act as fiduciaries for the seller. An owner is most likely to react negatively to a reasonable d. principal agents. "Property Code, Title 2. a. estate at sufferance. d. any of the above, 98. "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.
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