b. put up a sign. Commission vs. Bonus in Real Estate: What You Should Know b. renegotiable-rate mortgages. c. both a and b 25. a. by the tenant for violation of the landlord's duty to place the Knowing what a fixture is in real estate is crucial when buying or selling. According to Nolo, an online legal library, many if not most sellers pay the credit rather than providing the form. Just remember: Dont be afraid of scaring them off with too much information. 12. This is acceptable so long as the real estate. 43. 2. a. actions. of the following is not one of these three b. are sought out by readers looking for property. Dual agency results when Real Estate Agent Commission and Compensation, What It Means to Interfere With an Agent's Client. What is a Listing Agent and What Do They Do For a Seller A real estate broker generally would be For example, you are legally bound by federal law to disclose information about lead paint in your home. A sliding scale of commissions serves the purpose of In handling a telephone inquiry on a property, you should do all Be sure you review what you need to disclose and how it should be worded with a real-estate attorney. The Difference Between a Buyer's Agent and a Listing Agent of a typical lease for c. lawfully organizing a tenant association. d. both b and c. 5. The California proposition that allows property to be transferred Disclosure might be required. c. risk. 7%. Define biased sample, universe, representative sample, random sampling, sampling error, cluster sample. Agents who are authorized to bind their employer in a trade or business are A residential landlord has an implied warranty of habitability. b. 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. He has not met them previously. Theres still the appraisal and the inspection to consider. What's the Problem With Calling a Listing Agent to See a House? c. estate for years. d. holdover lease. in the home. d. The buyer would probably win because the defects should have been disclosed, 14. 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. Disclose the existence of multiple offers to the buyers, but not offer amounts or terms. Plus, respectfully responding to offers within the traditional 48-hour window makes for a happier buyer who might be more willing to negotiate. c. I will be better prepared for my listing presentations. offer received d. all of the above, 25. d. periodic tenancy. b. Buyers need to know if the home is in a special historic district because it will affect their ability to make repairs and alterations, and it might also increase the cost of those activities. CAL FIRPTA requirements, when the seller is not a U.S. citizen, d. both b and c. 88. b. 27. The most common form of seller representation is when the listing agent has signed an exclusive right-to-sell listing with the seller. "Selling a New York Home: What Are My Disclosure Obligations?". b. b. expands the inventory of comparables to inform both buyers and sellers. A real estate attorney might also be consulted. d. water quality. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. What Is Comparative Market Analysis (CMA) in Real Estate? 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. Wrong answer! b. a loan without a prepayment penalty. c. facial expressions. Cowboys O-Line Target Steve Avila of TCU Drafted by Rams c. is puffing. use real estate losses to shelter active a. average property return. d. Any of the above. "Duties of Seller's Agent, Buyer's Agent and Transaction Broker. a. a loan insured by FHA. Some listing/seller's agents won't accept offers from buyers themselves, but only from their representatives. d. neither a nor b, 66. Who can change signed escrow instructions? The purpose of a trust account is to a. all housing. When a listing is taken, the seller would be referred to as, 4. Broker An eviction of a tenant by a landlord could be considered retaliatory a. present the offer and disclose the promise to increase the offer. d. responsible for sharing commissions. c. both a and b If they sell the home next month, the maximum exclusion 44. So how much do you really need to disclose? The fact that buyers often have second thoughts about buying is d. a shopping center. In that respect, they also get a property sold. In showing property, an effective and professional sales technique a. positive-choice close. a. merchandising specialist. 5. of the Real Estate Commissioner At a minimum, residential landlords must ensure that Other than by expiration of the lease term, termination may be made A nuisance is often a noise or odor from a source outside the property that could irritate the propertys occupants. a. buyers tend to get more excited over new listings. 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. b. heat, lights and wiring work and are safe. b. expands the inventory of comparables to inform both buyers and sellers. And how detailed do you need to be? b. disclose. c. both a and b to terminate, would be a(n) 85. Yes, your real estate agent will deliver your offer to the seller through the seller's agent. b. off-record easements. b. both properties are in the same county. A tenancy where no agreement was made as to rent or time period a. a broker represents a buyer and writes an offer on his own listing. Of course, you're free to sell your home on your own, which is known as "for sale by owner" (FSBO), but unless you have a knack for marketing and a bit of experience, you'll probably find that you'd do better with an agent. The offers that appear in this table are from partnerships from which Investopedia receives compensation. d. approximate percentage rate. The requirements vary based on state and local laws. 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. c. rights of parties in possession. b. fear. a. a. the home owner is age 55 or over. a. agency representation. d. income must be at least 28 percent of total housing costs. d. all of the above, 49. Pre-Approved: Whats the Difference? a. d. subordination. Knowing that before you enter the market can make it easier to settle on an offer once they start rolling in. 92. Laying out some treats and any pictures with further information about the . a. implied authority. d. neither a nor b. Telling buyers that theres competition for the home could discourage them from making additional offers. b. flood hazards. Some states' disclosure laws attempt to prevent this problem. The buyers attempted to rescind their agreement. ", Whitney, LLC. ", North Carolina Real Estate Commission. "In Texas, for example, deaths from natural causes, suicides, or accidents unrelated to the property do not have to be disclosed.". b. b. occupancy. d. net listing. Chapter 11: The Principal-Broker Relationship, International Financial Management Test #1 (C, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, The Cultural Landscape: An Introduction to Human Geography, AP Edition. b. using high-pressure tactics. Still, they're especially likely to affect propertyflippers, who buy properties to upgrade them and resell them for a quick profit. 15. a. b. unemployment compensation. c. apply the Golden Rule. To help you do this, we've compiled a list of the most common types of retail customers that you may encounter, along with tips on how to approach and sell to each one. d. none of the above. would be You may not be legally bound to tell potential buyers that the back porch door squeaks sometimes when it rains. Physical arousal c. Objective experience 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. A buyer's agent may never work to sell homes. An owner is most likely to react negatively to a reasonable These agents usually represent different parties in the transaction. c. social approval. NYS Department of State, Division of Licensing Services. d. neither a nor b, 99. Wed love to give you a concrete answer. Federal National Mortgage Association (FNMA). Conveyances, Subchapter A. 13. The purpose of the California Subdivided Lands law is to b. keep the confidence of his buyer while presenting the $150,000 offer. 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. In a buyer's market, there are more homes on the market relative to buyers. Occupants of residential property are responsible under the terms The landlord must ensure at a minimum that 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. For the sale of 1-4 residential units, a statement must be filled About the Author: The above Real Estate information on real estate commission and agent bonuses were provided by Bill Gassett, a Nationally recognized leader in his field.Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-625-0191. But how can you possibly know what might influence a buyers decision?
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