d. I will significantly reduce my wasted time. b. a broker presents an offer on any listing. d. prohibits overpriced listings. The Civil Rights Act of 1964 covers prohibited discrimination as 40. c. gross income must exceed total housing costs by 28 percent. When a broker takes a listing, he is acting under what kind of agency? In situations such as these, check to see how much protection your state's laws offer from disclosing information you would have had no way of knowing. a. The selling agent represents the buyer and is also known as a "buyer's agent.". 30. A real estate transfer disclosure statement is required for a. is unlawful. 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. d. display advertising. Commission vs. Bonus in Real Estate: What You Should Know c. rights of parties in possession. She is the CEO of Xaris Financial Enterprises and a course facilitator for Cornell University. Advertising that is designed to sell the office name would be c. to act as a neutral depository. When an agent's authority arises from custom in the industry, it is identified as The fact that buyers often have second thoughts about buying is c. both a and b Bill has helped people move in and out of many Metrowest towns for the last 36+ Years. Updated by the minute, our Dallas Cowboys NFL Tracker: News and views and moves inside The Star and around the league . a. I will work harder next month. the landlord is called a In general, sellers should disclose any known facts about the physical condition of the property, existence of dangerous materials or conditions, lawsuits or pending matters that may affect the. Definitions and Examples, U.S. Department of Housing and Urban Development. New York States Property Condition Disclosure Act requires sellers to notify buyers about whether the property is located in a flood plain, wetland, or agricultural district; whether it has ever been a landfill site; if there have ever been fuel-storage tanks above or below ground on the property; if and where the structure contains asbestos; if there is lead plumbing; whether the home has been tested for radon, and whether any fuel, oil, hazardous, or toxic substance has been spilled or leaked on the property. c. supervised by a principal. Or would you be more comfortable talking to a promising buyer one-on-one? When an owner sells a property, they are typically required to disclose information in a written document. b. I will make 20 telephone calls to homeowners every day. b. put up a sign. b. conversion and is illegal. California Real Estate Practice Flashcards | Chegg.com 29. For the sale of 1-4 residential units, a statement must be filled If Brenda wants to keep themoney and NOT violate VA License Law, she could: Select one: A. In a situation like that, it can be tempting to just guess or come up with an average. c. risk. d. all real-property sales without exception. A property owner wishing to be contacted by persons who want to buy and not by agents who want a listing, would advertise for. a. obtain the caller's name and telephone number. Which of the following is a closed-end question? a. requires set commissions. "For Sale by Owner" ads. A selling agent brings buyers to the table and represents the buyer. 19. 7. c. the roof does not leak and no doors or windows are broken. d. none of the above. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Chapter #6 Flashcards | Chegg.com 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. b. universal agency. b. general agents. The landlord must ensure at a minimum that 70. c. the agent being able to cooperate with other agents. Market Analysis can expect c. "Why do you feel you need four bedrooms?" a. by the tenant for violation of the landlord's duty to place the a. an employee of the owner. d. neither a nor b. Long answer: In an ideal real estate world, the buyer and the seller enlist different real estate agents to represent their separate interests. So how much do you really need to disclose? Knowing what a fixture is in real estate is crucial when buying or selling. Missouri also requires disclosure of a former meth lab in a home but neighboring Kansas, like most states, does not. most likely manages Your buyer's agent will email your offer along with supporting documentation to the listing agent. ", Even when disclosure isn't requiredGeorgia, for example, doesn't require the disclosure of homicide or suicide unless the seller is directly askedsellers may want to err on the side of informing the buyer of a death on the property. b. member of the National Association of Realtors b. tenancy at will. residence to another residence providing b. Counteroffers void previous offers. c. are the least cost-effective of all ads. a. involve the children of the prospective buyer. b. greater responsibility. b. ask yourself if the end justifies the means. Market Analysis can expect "Working With Real Estate Agents. b. using high-pressure tactics. 61. d. seller's obligations. However, Shorey clarifies, sellers are welcome to change their minds about offer disclosure at any time, even after the listing agreement is signed. an Get free, objective, performance-based recommendations for top real estate agents in your area. Caveat emptor is a Latin phrase that translates to "let the buyer beware." 34. c. fear-of-loss close. b. the fact that most sellers become buyers and most buyers become c. both a and b Conveyances, Chapter 5. Classified ads differ from most other forms of real estate ads in A lease which gives the tenant responsibility for paying the taxes In most places, you dont have to provide copies of inspection reports, but doing so can save you a lot of trouble. . b. a periodic tenancy. 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. A standard home closing takes 48 days on average, according to Ellie Mae, and if youre in a time crunch, ongoing bidding wars and negotiations can prolong your overall days on market. When Im the listing agent, I sign a contract with the seller where we agree on how to handle offers that come in [upfront], Shorey explains. a. present the offer and disclose the promise to increase the offer. The requirements vary based on state and local laws. After all, youve learned to live with those things, so the buyer should be able to deal with them, too, right? Ironically, the more disclosures you make, the less important they might become to the buyer. d. shrewd business and is legal. a. a. could lose his license for fraud. Often called a seller's disclosure, it is a legal document. What should the broker do with the check? a. sex. Seller Etiquette for Showing a Home - The Balance If it's your first time selling a home or you're looking to get the highest price without the headache of doing everything yourself, consulting with a listing agent is a good idea. What is a Listing Agent and What Do They Do For a Seller b. an independent contractor. Disclaimer: Information in this blog post is meant to be used as a helpful guide, not legal advice. They're concerned that they would otherwise feel a fiduciary duty to the buyer, which is the responsibility to protect that buyer's interests. Emma's work has been featured in Huffington Post, NPR and XOJane. c. avoiding defacing or damaging property. Module 1 Flashcards by Alicia Garrett | Brainscape The idea of the endless chain refers to d. special agency. a. are not eligible for sale to Fannie Mae or Freddie Mac. 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. b. assumptive-close. That also means disclosing issues that have recently been repaired, Davis says. d. neither a nor b, 13. 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. c. the sale of commercial property. Exclusive listings are bilateral agreements between a broker and a seller. What is boot? d. neither a nor b, 99. a longer selling time than properties listed below the Competitive The designation Accredited Management Organization (AMO) is given b. is legal but unethical. Disclose nothing to buyers, including the existence of other offers. If the home is governed by a homeowners' association (HOA), you should disclose that fact. d. responsible for sharing commissions. Proposition 58. d. Proposition 90. d. all of the above, 25. 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. ", Kansas Real Estate Commission. Buyers can ask sellers to sign a confidentiality agreement before presenting an offer. d. none of the above, 3. While this can happen in any market for a competitively priced home, youre most likely to encounter it in a sellers market, where the housing stock is low and the demand for available homes is high. a. the assignee is primarily liable under the lease in an assignment. b. have at least one CPM in charge. must Closing costs are the expenses that buyers and sellers incur to finalize a real estate transaction. 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. Ways to kill a sale include In that respect, they also get a property sold. Lets say yourhouse isinfested with termites. A dual agency For example, you are legally bound by federal law to disclose information about lead paint in your home. c. motivating salespersons to greater success. to c. buy it himself. 86. c. lawfully organizing a tenant association. Sellers who have any concerns about whether theyve disclosed the propertys condition correctly should contact a real estate attorney in their state. c. benefits. Seller disclosure basics A sliding scale of commissions serves the purpose of premises by the tenant. make an offer. Other than by expiration of a lease term, termination may be made a. a procuring cause. c. twenty-one days. Knowing the types of information that should be disclosed can help you make a decision on buying a property. If the home is at an increased risk of damage from a natural disaster or has known or potential environmental contamination, you may be required to disclose this information to the buyer. Lis pendens is an official notice to the public that a lawsuit has been filed and a property has a claim against it. A nuisance is often a noise or odor from a source outside the property that could irritate the propertys occupants. c. estate for years. A good listing agent, also called a seller's agent, is a seller's marketing expert during the selling process. d. saving loan. a. all residential property. b. Taxpayers with an adjusted gross income of less than $100,000, can An agent's authority may be granted by b. business cards. A reverse directory aids in canvassing for listings as you can readily Government National Mortgage Association (GNMA). b. both properties are in the same county. 11. Texas Real Estate Commission. In showing property, an effective and professional sales technique Especially if you want to avoid a lawsuit down the line. A closing technique that involves a story of a similar situation Its not only polite but neglecting to do so can violate NARs Code of Ethics. b. retaining top producers. 1 likes, 0 comments - Corient Business Solutions (@corientbs) on Instagram: "5 Accounting Numbers Every Business Owner Should Know As a business owner, it's important to have . "Most sellers choose the second option," Shorey explains. And how detailed do you need to be? Secondary financing refers to Former U.S. c. tell the buyer about the dual agency before writing the offer. 23. a. tell the caller they will hang up if the information is not supplied. c. estate for years. Michigan and North Carolina law also requires sellers to disclose any history of infestation. a. d. all of the above, 29. If a previous occupant's child drowned in the swimming pool because the pool didn't have a safety fence, for example, the seller would need to disclose the death even if the safety issue has been remedied. Examples of personal advertising of a salesperson would be If youve recently decided to put your home on the market, youmightfeel hesitant toreveal problems (minor thoughthey might be) whichcould discourage potential buyers. Laying out some treats and any pictures with further information about the . 90. Technically, this agent is called the "buyer's agent" before a contract is signed, and thereafter they're designated as the "selling agent.". b. rental ads for single-family homes. b. mortgage loan brokers. d. all of the above, 4. d. all of the above, 96. damage resulting from the condition of the property or negligence of Buying a home "as is" may speed up the homebuying process. Instead of using the term "listing" when dealing with an owner, a. gap loan. He has not met them previously. A partnership or corporation under the RESA law may not be referred to as a real estate practitioner. d. none of the above. a. talking too much. entering the area will decrease values, b. debt relief. A broker may not take net listings unless the principal requires a net listing and the principal appears to be familiar with current market values of real property. b. percentage of the gross. Learn how a CMA helps buyers and sellers. That can be difficult when they're technically representing sellers. 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 Doing so can, in many cases, lead to more compelling offers as long as you act in a timely manner with respect to the buyers. Think [of] prescription medication commercials, Buck adds. Federal National Mortgage Association (FNMA). b. when the tenant consents to entry. 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. Seller disclosure is a tricky maze to navigate. Signs of a Bad Real Estate Agent - Ramsey - Ramsey Solutions b. off-record easements. a. acceptance. "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. Seller Disclosure: The Basic Rules of What You Need to Disclose b. accounting specialist. consistent with good economics. c. abiding by rules and regulations. 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. The seller has just informed the listing agent that he does not want the property shown to any Orientals or other minority buyers. However, "a seller is required to disclose deaths related to the condition of the property or violent crimes," Olenbush added. "Buyers will always hear about things from the neighbors, and the surprise could cause them to back out of a purchase contract or wonder what else the seller is not telling them.". b. ten percent of the purchase price. If there's no cancellation fee in the agreement, then you can cancel anytime and you're off the hook. "In winter, a roof that leaks or has old shingles may not be able to be inspected by the buyer or their home inspector.
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