B. three different brokerage firms that divide the markets based on home values #3. Which of the following clauses should be included by the NC Real Estate Commission in each registration contract? #15. Which of the following statements are/are true regarding the death of a seller? 1. If a seller dies after signing an advertisement contract, the registration contract will be terminated. 2. If a seller signs a purchase contract and dies before the conclusion of the property, the purchase contract is terminated. C. All apartment sellers are exempt from this law unless a broker is not involved in the transaction. D.
the seller can sell it himself in the exclusive agency contract, but cannot sell it himself in the open list without being responsible for commission C. Inform the buyer that the seller is inappropriate and declare that the broker must release the serious money to the seller Licensees must not allow their own individual disputes over commissions and fees to affect the transaction. If the dispute cannot be resolved, the company must have the transaction completed and then take legal action against the seller on the commission, but the broker cannot hold the transaction between the parties hostage. Whether a licensee cooperates with a customer or a customer, it is required to disclose all material facts. A potential buyer can make a problem an important fact by asking questions or expressing their intentions. Once Ricardo knew that closing was a major issue for the buyer, he was forced to take action. #3. By concluding an exclusive agency registration contract with a seller, a real estate brokerage company: #1.
A valid registration contract can be terminated for any of the following reasons, EXCEPT: D. cannot release serious money until there is a signed authorization between the seller and the buyer When handling the money, the rules all refer to “banking” and not to working days. Serious money must be deposited no later than 3 banking days. If a cheque has been provided, ncrec allows CIBs and businesses to count the 3 days from the acceptance of a contract. #10. Which of the following applies to the Residential Property and Owners Association`s disclosure statement? B. The seller can register with as many brokers as he wants in the open list B. Agreement with competitors to set the Commission Rates No.
6. The fact that the NC registration contract and the purchasing agency contract must be in writing is required by: C. It requires the seller to sell when a full quote is made by a Buyer #9. The main difference between an open list and an exclusive agency contract would be: #7. A licensee has just discovered a roof leak in one of its current listings, even though the seller has indicated “no representation” in the declaration of disclosure of the residential property. The listing agent does not inform the seller of the defect, and since the defect is hidden, the sales agent does not discover or disclose the problem to the buyer. Who is held responsible for this secrecy, according to the North Carolina Real Estate Commission? One. This form must be provided to the buyer by a seller who sells his own property without the help of a real estate agent B.
Ricardo = duty to determine if fences were allowed, even if the 411 sheets list did not say anything about fences. #6. The type of registration contract for which the seller owes a commission to the listing agency, regardless of which seller sells the property, is one: there is no obligation for a seller to disclose the defect, although the seller has a mandatory obligation to complete the disclosure declaration. Regardless of how the vendor completes the form, the licensee is required to disclose all material facts, so the responsibility rests with the listing agent. The buyer`s representative has the same obligation to disclose, however, since the defect was hidden, this issue does not appear to be an issue for which the selling broker (buyer`s agent) was held liable. #12. What applies to a valid NC enrolment contract? An exclusive agency contract is different from an exclusive sales contract because the company is not paid under an exclusive agency contract if the seller finds a buyer himself. #5. Sam Seller lists his property on EX Realty.
Eventually, Sam convinces a colleague, Wanda Wish, to buy his house. In what situation should Sam not owe a commission to EX Realty? Employment contracts are not a right or interest in real estate subject to the Fraud Act, but must be written due to commission rules. The registration contract must be in writing at the time of registration and the buyer`s brokerage contract must be in writing prior to the submission of the buyer`s offer. The death of the party to a contract terminates an employment contract such as a registration or buyer brokerage contract. Once there is a valid and enforceable purchase agreement, the death of the parties does not terminate this contract. D. Since the buyer did not have an agent, it is his responsibility to check the fences The disclosure report of the residential property must be made available to the buyers in a timely manner. One. All agents involved in the transaction should facilitate the timely delivery of the property disclosure report to the buyer.
The expiration of the individual agent`s license does not terminate the registration because the licensee is not a party to the agreement. The registration agreement exists between the customer and the company. #2. According to the rules of the North Carolina Real Estate Commission, all of the following must be part of a listing agreement, EXCEPT: #7. All of the following points automatically terminate a housing contract EXCEPT: B. try to obtain the mutual consent of all parties to obtain the serious money, and if this is not possible, the funds cannot be released and can be deposited with appropriate notification to Clerk #11. A seller and a buyer are in conflict over a serious confiscated cash deposit. The seller has no reasonable basis for refusing to allow the broker to return the serious money to the buyer who has terminated as part of his duty of care. According to the North Carolina Real Estate Commission, what should the broker do with serious money? C. Refusal to place ads in a local newspaper that accepts ads from owners for sale A net listing provides that the brokerage commission is an amount in excess of a predetermined net amount that the seller is to receive.
Net listings are legal, but they are discouraged by the Real Estate Commission because of their potential to benefit a client. C. The exclusive agency contract states that the company is the only one that can sell the property and is entitled to a commission no matter who sells it, even the seller`s registration contracts and the buyer`s brokerage contracts may not provide for automatic renewal of the contract. However, the Client and the Company may agree to extend the registration period by mutual agreement and in a duly signed addendum. Antitrust law applies to activities between companies and their interaction. They do not limit a company`s ability to set corporate policies regarding fees, rates, or geographies. # 8. Ricardo shows the buyer a house as a sub-agent seller. Before being shown a house, buyer Ricardo says it`s important that he erected a fence around the backyard of a house he bought. Ricardo finds the perfect home for the buyer, but it doesn`t have a fenced backyard, and the fact sheet doesn`t say whether fences are allowed or not. Ricardo does not tell the listing agent anything about a fence. The buyer buys the house and later learns that he cannot erect a fence.
Which of the following statements is true? A. is not entitled to a commission if another agency finds a buyer for property #12. Antitrust laws prohibit all of the following, EXCEPT: A. No later than three banking days after the acceptance of contract No. 13. Serious cash deposits, if paid in the form of a personal check on an offer to purchase and contract, must be deposited into an escrow account: No. 1. The clause in a registration contract that protects the broker`s commission claim beyond the duration of the listing in the event of the sale of the property by the owner to an interested party to whom the property has been shown by the listing company or its agents is called A. D. a broker who asks all agents of his company to join the local registration service. .