Barney Fletcher- JME (Section 3 Real Estate) –
Accurate Answers To All Questions
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Practice questions for this set
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Death of an owner on a current listing and unsigned offers.
Choose an answer
1 Open Listing (Non-Exclusive) 2 Seller and Broker
3 Terminates the listing 4 TRUE
Don't know?
Terms in this set (58)
Open Listing (Non-Exclusive) Written or Oral
May be given to many brokers.
Only the broker who is the procuring cause gets
paid.
Exclusive Listing Contract (Exclusive Written.
Agency) Listing broker paid if any broker finds the buyer.
Broker NOT paid if seller finds the buyer
, Exclusive Right to Sell Written.
Listing broker paid no matter who finds the buyer.
FALSE- Death of sales person does Listing automatically ends with the death of
not end listing. salesperson, seller, broker or destruction of the
property.
TRUE Seller pays full commission to the Listing Broker and
then it is divided among the companies.
Ministerial Acts For clients and customers
Designated Agent Cannot ask advice from other agents, can only ask
your broker.
12 months or retake the exam Once state exam is passed, you must
activate/inactivate your license within how long?
Interplead in court When a deal falls through and the buyer and seller
cannot agree on earnest money dispersal what
should the broker do?
Specific Performance Lawsuit When a party does not follow through on something
agreed upon in a contract the other party should file
this.
**Forces a party to carry out his/her obligations
under a contract
Dual Agent An agent who represents both buyer and seller in the
same transaction.
**If the seller reveals his bottom line, only disclose
with written contract
Adverse Defect/Material Fact Seller must disclose all of these to the buyer.
-If broker does not know and speaks on a fact
anyways it is misrepresentation.
If broker intentionally deceives the buyer it is fraud.
Accurate Answers To All Questions
Save Groups
Practice questions for this set
Learn 1 /7 Study using Learn
Death of an owner on a current listing and unsigned offers.
Choose an answer
1 Open Listing (Non-Exclusive) 2 Seller and Broker
3 Terminates the listing 4 TRUE
Don't know?
Terms in this set (58)
Open Listing (Non-Exclusive) Written or Oral
May be given to many brokers.
Only the broker who is the procuring cause gets
paid.
Exclusive Listing Contract (Exclusive Written.
Agency) Listing broker paid if any broker finds the buyer.
Broker NOT paid if seller finds the buyer
, Exclusive Right to Sell Written.
Listing broker paid no matter who finds the buyer.
FALSE- Death of sales person does Listing automatically ends with the death of
not end listing. salesperson, seller, broker or destruction of the
property.
TRUE Seller pays full commission to the Listing Broker and
then it is divided among the companies.
Ministerial Acts For clients and customers
Designated Agent Cannot ask advice from other agents, can only ask
your broker.
12 months or retake the exam Once state exam is passed, you must
activate/inactivate your license within how long?
Interplead in court When a deal falls through and the buyer and seller
cannot agree on earnest money dispersal what
should the broker do?
Specific Performance Lawsuit When a party does not follow through on something
agreed upon in a contract the other party should file
this.
**Forces a party to carry out his/her obligations
under a contract
Dual Agent An agent who represents both buyer and seller in the
same transaction.
**If the seller reveals his bottom line, only disclose
with written contract
Adverse Defect/Material Fact Seller must disclose all of these to the buyer.
-If broker does not know and speaks on a fact
anyways it is misrepresentation.
If broker intentionally deceives the buyer it is fraud.
