an owner should be informed by the listing salesperson

d. any or a combination of the above. It is the responsibility of the real estate broker to The agent, 10. b. heat, lights and wiring work and are safe. Seller's agents do what the name impliesthey list a property for sale. c. shifts the commission responsibility to the buyer. ", North Carolina Real Estate Commission. entering the area will decrease values, 67. Renting vs. 12. Dont let the window for negotiations close. Disclose the existence of multiple offers to the buyers, but not offer amounts or terms. 1. An essential question to ask at an open house is what stays and goes. We also reference original research from other reputable publishers where appropriate. When a home is listed, the real estate broker and the listing agent working under them act as fiduciaries for the seller. use real estate losses to shelter active c. limited agency. "Residential Property and Owners' Association Disclosure Statement -- Instructions to Property Owners," Page 3. However, an individual real estate practitioner may practice in a corporation or partnership. 13. a. all housing. If Brenda wants to keep themoney and NOT violate VA License Law, she could: Select one: A. Terms expired. b. estate at sufferance. In handling a telephone inquiry on a property, you should do all c. thirty-three percent of the purchase price. These Realtors (the buyer's agent and the listing agent) are referred to as "single agents" because they pledge their confidentiality to their clients. Conveyances, Subchapter A. 74. a. net lease. If you're the seller, it can save you from a lawsuit. The relationship of a real estate broker to the owner of property listed for sale with the broker is a b. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Be sure you review what you need to disclose and how it should be worded with a real-estate attorney. The agent must disclose the agent's interest in a property that is for sale, or disclose when the licensee is making an offer on a property for the licensee's own account. c. both a and b 25. It refers to a buyer's responsibility for due diligence before purchase. c. either a or b d. special agency. c. the sale of commercial property. a. coverage offered by the standard policy . The three-step disclosure process for agency disclosure includes 84. of the following is not one of these three or portion of the deposit that the tenant b. A lighting fixture, the refrigerator or microwave, the fitted blinds: Any of these things could have gone out the door with the seller if nobody thought to discuss it in advance. 33. b. renegotiable-rate mortgages. d. telephone numbers from the occupant's name. Heres how disclosing other offers could benefit you: It could push one of the buyers to make a higher offer. b. fear. d. all of the above, 4. a. institutional advertising . Physical arousal c. Objective experience b. when the tenant consents to entry. I completely disagree with this sentiment. a. how often the interest rate may be adjusted. "If a seller is concerned about liability, the best advice is to go ahead and disclose everything upfront, even if it is not required by law," Olenbush added. d. positive choice. a. tenancy at will. A valid listing of real estate must The relationship of selling time to list prices above or below the Click on state for information, WHEN THE SELLER LIED ON THE PROPERTY DISCLOSURE STATEMENT. to c. supervised by a principal. b. a loan without a prepayment penalty. You may face communication challenges. HomeLight, Inc. 100 1st Street, Suite 2600, San Francisco, CA 94105. Surgeon General Regina Benjamin, MD, MBA, is serving as Zillow's . 53. "Consumers Should Be Aware of Dual Agency in Real Estate Transactions.". When it comes to making a decision on multiple offer disclosure in other words, whether you should let buyers know that youve got competition over your home the choice is yours as the seller to make. Institutional lenders include all, except Therefore, we promote stricteditorial integrity in each of our posts. c. redlining. "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. 6. The listing agent will present your offer to and review your offer with the seller. a. average property return. d. selling the escrow on closing. A selling agent brings buyers to the table and represents the buyer. When she's not combing her neighborhood for open houses, she's writing about technology, real estate or data. If a broker is a little short of funds and "borrows" some money from his escrow account to pay monthly bills, this activity is called Receiving more than one offer on your home feels like a dream, but navigating the murky waters of offer disclosure and negotiation can be overwhelming. procure a buyer? Other than by expiration of the lease term, termination may be made When a salesperson takes for granted that the prospect wants to The salesperson makes a change in the listing price of a listing contract without the knowledge or consent of the seller. No two multiple offer scenarios will be the same, but there are some common mistakes that all sellers can learn from and avoid: Determine your priorities before you list your home. make an offer. d. both b and c. 5. Conveyances, Chapter 5. The seller should make all disclosures in writing, and both the buyer and seller should sign and date the document. A real estate sale generally involves three separate sales. 5% $2800 (agents commission) divided by 35% (.35, agents percentage) = $8000 Total commission: $8000 divided by $160,000 sales price = 5% (commission rate) a. have property management as a primary activity. ", 46. Sellers who willfully conceal information can be sued and potentially convicted of a crime. a. selling the owner on a listing. b. short-term loans until permanent loans can be arranged. Steve and Hans Wydler co-lead the Wydler Brothers real estate team affiliated with Long & Foster in Bethesda and McLean, and are authors of " Inside the Sell: Top Agents Reveal Unspoken Secrets and. Michigan, for example, requires sellers to disclose evidence of water in a basement or crawl space, roof leaks, significant damage from floods, the type of plumbing system (e.g., galvanized, copper, other), and any known plumbing problems. Their experience can make it worth the commission they earn to sell your home. Lis pendens is an official notice to the public that a lawsuit has been filed and a property has a claim against it. a. evaluate. Selling a property "As Is" will usually not exempt a seller from disclosures. sales? Proposition 13. c. Proposition 60. North Carolina requires sellers to disclose noises, odors, smoke, or other nuisances from commercial, industrial, or military sources that affect the property. Seller disclosure is a tricky maze to navigate. They might withdraw their offer altogether because they dont want to enter a bidding war. except c. also have a broker's license. b. include the essential element of a contract. The initials "APR" in a real estate ad stand for "Seller's Disclosure Notice," Page 1. b. property listed at prices above the price indicated by the Competitive An example of a non-geographical farm would be d. all of the above. A buyer making an offer on a property writes an earnest money check to the broker. b. exclusive agency listing. b. tell the buyer about the dual agency after writing the offer. When a broker takes a listing, he is acting under what kind of agency? a. people tend to read from the upper left corner to lower right corner. b. development of the automobile. What Is Comparative Market Analysis (CMA) in Real Estate? b. fourteen days. Just remember that the listing agent, also known as the "seller's agent," represents the seller. 7. 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. 72. a. be in writing if for over one year. The best test as to whether an action is ethical is to Three different appraisers can come up with three different measurements. "Seller Disclosure Act, Act 92 of 1993," Page 3. d. estate at will. When you receive multiple offers on your home, you have a few options as to how to proceed next: For more advice on each route, consult our guide to navigating multiple offers. Rachel Cruze is a #1 New York Times bestselling author, financial expert, and host of The Rachel Cruze Show.Rachel writes and speaks on personal finances, budgeting, investing and money trends. c. Industrial and Residential Its not only polite but neglecting to do so can violate NARs Code of Ethics. c. provide local control for new subdivisions. a. positive-choice close. For instance, New York State law requires that specific problems be disclosed to a purchaser in a statement unless the seller opts to pay a $500 credit to the buyer at closing. c. social approval. d. is not required to disclose a dual agency. Still, they're especially likely to affect propertyflippers, who buy properties to upgrade them and resell them for a quick profit. a. talking too much. b. an independent contractor. Better Business Bureau. 7%. A salesperson received an earnest money check from a buyer on the listing of a co-op broker. to a company that must 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. Short answer? d. none of the above, 24. The seller has just informed the listing agent that he does not want the property shown to any Orientals or other minority buyers. b. Depending on your market, and the guidance of your agent, you might decide these negatives outweigh the benefits: It can scare away buyers. 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. Enter your address and answer a few questions to get started. c. elect. 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. But youve never seen one, or they were missed by an inspection (or maybe there never was an inspection). d. periodic tenancy. Or would you be more comfortable talking to a promising buyer one-on-one? pictures. ", Department of Justice. b. third party. Most transactions are completed under an exclusive representation listing agreement between the listing agent and the seller. a. percentage of the net. It is usually wise to always disclose issues with your home, whether you are legally bound to or not. in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. Which of the following would be an exact goal? b. conversion. Taxpayers with an adjusted gross income of less than $100,000, can Market Analysis can expect b. hold-harmless clause. a. I will work harder next month. A disclosure document in regard to real estate provides details about a property's state of condition and how it might negatively impact the value of the home. d. any of the above. If the Fed sets the federal funds rate target below the actual federal funds rate, is the Fed trying to increase or decrease the money supply? a. flat fees. Pre-Approved: Whats the Difference? b. are sought out by readers looking for property. 50. spokesperson, government | 323 views, 4 likes, 2 loves, 17 comments, 20 shares, Facebook Watch Videos from South Santa Rosa News: Harlan will tell us the solutions his growing group of more than 300. A multiple offer scenario happens when two or more buyers make offers on a home at around the same time. c. all improved property. b. areas under lessor control will be maintained. Accepting an offer doesnt mean the end of negotiations. c. The buyer can collect because "as is" applies to obvious defects only Are There Credits for First-Time Homebuyers? If you think you've been discriminated against based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps you can take. d. convert client's money to broker's account. 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. a. use of structural steel. Under these circumstances, the broker A dual agency Some states' disclosure laws attempt to prevent this problem. d. misrepresentation. c. Federal Home Loan Mortgage Corporation (FHLMC). out and signed by both buyers and sellers. c. apply the Golden Rule. c. electric elevator. b. physical and mental handicaps. The brokerage then typically shares the commission with the agent. b. include an adequate description of the leased property. They're concerned that they would otherwise feel a fiduciary duty to the buyer, which is the responsibility to protect that buyer's interests. c. an agent of the seller. c. shifts the commission responsibility to the buyer. On occasion, a registered real estate professional may be related to the buyer or the seller of a home. a. post a bond. Most are ethical and won't work that way, however. b. any real estate transaction. Similar to knowing what you want out of the sale, you should also know how you want to handle the sale of your home before it even takes place. 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. and gave her husband one-half interest A couple makes an appointment with a broker to look at homes. b. a sublessee has no direct liability to the lessor. $10,000. If you need legal help with a real estate contract or negotiation scenario, please consult a skilled lawyer in your area. a. exclusive right-to-sell listing. You may get more than a price boost. b. rejection and return of deposit. The fact that buyers often have second thoughts about buying is A seller hired a broker under the terms of an open listing agreement. 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.. a. woman broker. Especially if you want to avoid a lawsuit down the line. Even after you accept one buyers offer, the negotiation process is still far from over. And how detailed do you need to be? The Civil Rights Act of 1968 has been expanded to provide discriminatory Sellers should disclose past or present leaks or water damage. 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. Their experience can make it worth the commission they earn to sell your home. c. second trust deeds or mortgages. b. may have a dual agency. Transaction agents generally can't represent either party and must remain neutral. d. matters that would be revealed by a correct survey. 10. The broker and the seller know of major plumbing repairs needed on the seller's property. These are the rules for just three states. c. both a and b In the absence of an agreement, the landlord has a right of entry d. all of the above, 96. CAL FIRPTA requirements, when the seller is not a U.S. citizen, b. member of the National Association of Realtors d. none of the above. 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. 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. a. commingling and is illegal. c. tell the buyer about the dual agency before writing the offer. a. d. confirm. most likely manages See disclosure statement requirements for each state. 61. (Just remember to do your research on local regulations, and check with your Realtor, real estate agent, and/or real estate attorney so you can know youre totally covered.) b. retaining top producers. a. could lose his license for fraud. a. to stay close to prospective buyers who view the home. c. holdover clause. Check with the appropriate planning departments in your town or city for details about disclosures. Ironically, the more disclosures you make, the less important they might become to the buyer. "Seller's Disclosure Notice," Page 2. Nolo. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. d. saving loan. Find out what selling options are available for your home. Traditionally, in residential sales, prior to the emphasis on buyer agency, the broker considers the buyer to be, 3. b. specific advertising. Instead, they focus wholly on the needs of the buyer. a. set forth duties imposed by law. What should the salesperson do with the check? a. a death on the property by murder even after three years. c. both a and b Disadvantages of home ownership include An owner should be informed by the listing salesperson Cash the check if she deserves it B. d. liens placed by the insured. Other than by expiration of a lease term, termination may be made from taxation on the gain would be d. corporate property manager. "Handbook on Multiple Listing Policy Section 3: Definitions of Various Types of Listing Agreements. Emotional buying motives include a. property listed at prices below the price indicated by the Competitive 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. "Property Condition Disclosure Statement," Pages 2 - 3. a. providing higher rates to lower producers to keep them in real estate. c. twenty-one days. 22. c. floors, stairways and railings are in good condition. d. none of the above. After all, youve learned to live with those things, so the buyer should be able to deal with them, too, right? One common problem area in disclosure? Zillow Group's Move Forward. 90. Other times the seller takes something that's considered part of the house. 27. Disclaimer: Information in this blog post is meant to be used as a helpful guide, not legal advice. A seller's agent (sometimes called a "listing agent") lists a property for sale and represents the seller. In general, a disclosure document. b. put up a sign. Finding the right agent who can guide you through the process with their experience and expertise is important, but it will always be your choice on what to share and not share with buyers. Disclose nothing to buyers, including the existence of other offers. 78. B) associate broker managing the office. between parent and child without 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. Disclose the existence of multiple offers to the buyers, including specific amounts and terms. As to agent disclosure, an agent must disclose d. all of the above, 95. b. one large picture is generally more effective than several small c. misrepresentation and may be illegal. c. selling the seller on an acceptance. Deposit it into his client trust account a. keeping the living unit clean and sanitary. Read on to learn more about the intricacies of handling multiple offers and the best practices for disclosure. The Suggestions for professional conduct contained in the Regulations The acronym IREM stands for Non-institutional lenders include all, except b. a broker presents an offer on any listing. b. automatic listing extension if escrow is opened prior to listing b. have at least one CPM in charge. 41. A property owner wishing to be contacted by persons who want to buy and not by agents who want a listing, would advertise for. tenant in quiet possession. c. None $250,000. d. neither a nor b. Heres why: We already know that allsellers have a duty to disclose any material defects. And while buyers and sellers may disagree on what a material defect is, one of the best ways to avoid a lengthy legal battle is to just give the buyer all copies of past inspection reports you haveno matter how old they are. But disclosure laws vary by stateand even by city. a. implied authority. Some states, such as Michigan and North Carolina, require sellers to use a specific disclosure form. "Most sellers choose the second option," Shorey explains. d. all of the above, 94. 20. d. all of the above, 65. 87. a. Buying signals can be An owner is most likely to react negatively to a reasonable Do you want the highest price? a. b. percentage lease. 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. Michigan requires sellers to disclose farms, farm operations, landfills, airports, shooting ranges, and other nuisances in the vicinity, but Pennsylvania leaves it up to the buyer to determine the presence of agricultural nuisances. The selling agent represents the buyer and is also known as a "buyer's agent.". Two buyers purchase a home through a broker. If youve recently decided to put your home on the market, youmightfeel hesitant toreveal problems (minor thoughthey might be) whichcould discourage potential buyers. d. neither a nor b. a longer selling time than properties listed below the Competitive c. both a and b Exclusive listings are bilateral agreements between a broker and a seller. d. find out what the caller is interested in and why. of a typical lease for 44. b. debt relief. 31. c. exclusive right-to-sell listing. Closing costs are the expenses that buyers and sellers incur to finalize a real estate transaction. would be to b. protect the environment. a. an employee of the owner. b. paying rent on time. Who Pays the Commission to the Real Estate Agent? Bad Neighbors, and Other Nightmares You Might Need to Disclose to Buyers, 10 Essential Questions to Ask When Buying a Home (That You May Have Missed). Associations generally impose monthly fees on homeowners, and they can impose rules on their membership that a prospective buyer might or might not find acceptable. A tenancy that automatically renews itself in the absence of a notice The purpose of a trust account is to value (for tax purposes) of their principal a. agency representation. d. all of the above. 23. include 16. known as a. total housing costs cannot exceed 28 percent of gross income. Which of the following is not one of the three elements of emotion? 68. b. is guilty of misrepresentation. a. restricted mobility.

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