(9) for residential real estate advertisements, the following “dual agency” statement: B. three different brokerage firms that allocate markets based on the value of No. 8 homes. Ricardo shows the buyer a house as a sub-agent of the seller. Before he is shown a house, buyer Ricardo says it`s important that he has a fence built around the backyard of every house he buys. Ricardo finds the perfect home for the buyer, but it doesn`t have a fenced backyard, and the listing 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? #13. Serious cash deposits, if paid in the form of a personal check issued on an offer to purchase and contract, must be deposited into an escrow account: (8) the following note in at least ten bold points immediately preceding any provision of the registration agreement regarding compensation to the licensee: #5 Sam Seller lists his property with 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? #2. According to the rules of the North Carolina Real Estate Commission, all of the following must be part of a registration contract, EXCEPT: A. This form must be provided to the buyer by a seller who sells his own property without the help of a real estate agent #12. Antitrust laws prohibit all of the following except: There is no obligation for a seller to disclose the defect, although the seller is required to complete the disclosure statement. 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, but in this question, because the defect was hidden, it does not appear to be an item for which the selling broker (buyer`s agent) was responsible. When it comes to money, the rules all refer to the “bank,” not the business days. Real money must be deposited no later than 3 banking business days.
Once a cheque has been presented, ncrec allows CIBs and businesses to start counting 3 days after the contract is accepted. #3. By entering into an exclusive agency listing contract with a seller, a real estate brokerage company: #7. All of the following automatically terminate a housing contract, EXCEPT: (c) Prohibited Provisions. Except as otherwise provided in paragraph (d), clause (2), Licensees may not include in a registration contract a residual clause, automatic renewal or similar provision or a notwithstanding clause whose duration is longer than six months after the expiry of the registration contract. An exclusive right to sell ads is the most widely used listing agreement. Under this agreement, the broker has the exclusive right to market the property for a certain period of time. If the property is sold while the broker has the offer, the seller must pay the agreed commission, regardless of who actually bought the buyer. This limits any conflict with the seller over who was responsible for supplying the buyer. B.
The seller can advertise with as many brokers in the open list as he wants An exclusive agency listing contract gives a broker the right to market and sell a property for a certain period of time, while the owner retains the right to find a buyer and sell the property without owing a commission to the broker. The seller only has to pay a commission if the house is sold by the broker or an authorized agent or sub-agent of the broker. This type of listing is not very common in residential transactions, as it increases the likelihood of a dispute between the broker and the seller as to who the buyer of the sale actually was. #2. The exclusive right to represent buyer contracts must have all of the following characteristics, EXCEPT: One of the basic operations of real estate is the registration of a property. But what does this really mean? A registration contract is “a legally binding contract that creates an agency relationship that authorizes a broker to serve as an agent for a principal in a real estate transaction.” In other words, a registration contract is an employment contract between a client and a broker that defines what the broker is responsible for in the real estate transaction and how the client compensates them. Breaking this agreement may have legal consequences for the broker or client, depending on who breaks which part of the agreement. However, registration agreements must be in writing to be enforceable. Employment contracts are not a right or interest in real estate subject to the Fraud Act, but must be made in writing 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. #6. The type of listing contract for which the seller owes a commission to the listing agency, regardless of who sells the property, is a:D. Buyers must receive the full disclosure report no later than the beginning of the due diligence period. When buying a commercial property, the brokerage contract is the agreement between you (the buyer) and your broker. It is in your interest for the buyer to obtain this agreement in writing and have it reviewed by a real estate lawyer to get the best result and have a document that sets out the obligations of each party, but does not give the broker more than necessary. It is necessary for the broker to obtain the agreement in writing in order to receive the brokerage fees. Any transaction involving real estate must be made in writing to be legally binding. (Cal. Code Civ.
§ 1624 (d)). The advantage of the brokerage contract is a clear communication between the buyer and the broker. This is a great opportunity to discuss who will perform what tasks. The tasks to be discussed include: (10) a notice asking seller to indicate in writing whether it is acceptable for Seller to provide closing services to Licensee or whether Seller wishes others to complete the closing; and The brokerage contract is a formal agreement between the buyer/seller and the broker. In the event of a dispute between these two parties, this Agreement is the source for understanding each party`s duty in the Agreement. A real estate lawyer can help you review and revise the brokerage form, which could otherwise favor the broker to your detriment. (2) A registration agreement may contain a notwithstanding clause of up to two years if it is used in connection with the purchase or sale of a business. The duration of the notwithstanding clause must be negotiable between the licensee and the seller of the company. The protection list provided under the notwithstanding clause must contain written confirmation from each party named on the protection list that the company that is the subject of the registration agreement has been submitted to that party by the licensee. If a buyer, represented by a broker, wishes to buy the seller`s property, a duplicate agency is created.
This means that the broker represents both the seller and the buyer and owes the buyer the same obligations that the broker owes the seller. This conflict of interest prohibits the broker from acting solely on behalf of the seller. Dual agency will limit the level of representation brokers can provide. In the event of double representation, sellers must agree that confidential information about price, conditions and motivation will continue to be kept confidential unless the seller requests the broker in writing to disclose certain information about the seller(s). All other information is shared. The broker cannot act as a double agent unless the seller and buyer agree. By agreeing to a possible double representation, the sellers waive the right of exclusive representation in the context of an internal transaction. However, if the seller decides not to accept a possible double agency and the seller wants the broker to represent the seller, the seller can waive the possibility of selling the property to buyers represented by a broker. (6) a clear statement explaining whether the contract may be terminated and under what conditions the contract may be terminated; D. It may include an automatic renewal clause if both parties agree in writing, the broker is a representative of the buyer or seller. An agent simply means that the broker can act on behalf of their client – the buyer or seller. (Cal.
Code Civ. § 2079.13). Sometimes the broker can act as a double agent, which means that the broker represents both the seller and the buyer. In this case, you should read the brokerage agreement carefully to make sure that the broker represents your interest in the transaction. .