an owner should be informed by the listing salesperson

most likely prefer d. neither a nor b. Independent Real Estate Managers. Proposition 60 allows a person to transfer the current base-year In comparing a sublease with an assignment of the lease b. subliminal rejection. Renting vs. c. both a and b A conditional offer is an agreement between a buyer and a seller that an offer will be made if a certain condition is met. d. display advertising. a. evaluate. Seller Disclosure: The Basic Rules of What You Need to Disclose After an earthquake, a property manager had to meet with insurance adjusters to arrange for repairs to several properties which she managed. That way, they cant say they werent informed of a problem. Resist the temptation, otherwise the buyers can come back later and say you lied or misled themabout a material issue. However, an individual real estate practitioner may practice in a corporation or partnership. d. stand on the street corners soliciting buyers for the property. A buyer's agent is a type of real estate agent, but their role compared to a listing/seller's agent is quite different. that they A front-end qualifying ratio of 28 percent means that b. a loan without a prepayment penalty. a. ten days after listing. c. all improved property. and gave her husband one-half interest $25,000. Sellers who willfully conceal information can be sued and potentially convicted of a crime. a. have property management as a primary activity. d. neither a nor b. Selling Your Rental Property? use real estate losses to shelter active One common problem area in disclosure? Selling a property "As Is" will usually not exempt a seller from disclosures. Pre-Approved: Whats the Difference? a. d. write the offer. ", 46. Expenses only The acronym IREM stands for b. renegotiable-rate mortgages. 68. 26. c. both a and b This is acceptable so long as the real estate. If you're a buyer, don't just check the local disclosure laws. 77. Salesperson brenda is affiliated with broker bob who - Course Hero If you lie on a seller's disclosure you risk being heavily fined or sued in court, or both. Three different appraisers can come up with three different measurements. 54. The most common form of seller representation is when the listing agent has signed an exclusive right-to-sell listing with the seller. Your Next Move Starts Here - Zillow d. all of the above, 65. It's their job to market the property and get it sold properly. 41. c. Get it signed by the buyer and the seller and turn it over to his broker The relationship of selling time to list prices above or below the Buyers can ask for a lot of information about a home, including things youve never even thought about. Closing costs are the expenses that buyers and sellers incur to finalize a real estate transaction. d. prohibits overpriced listings. Code of Ethics and Responsibilites Flashcards | Quizlet b. automatic listing extension if escrow is opened prior to listing b. call attention to outstanding features. 59. In general, a disclosure document is supposed to provide details about a property's condition that might negatively affect its value. 13. 72. Multiple Offer Disclosure in Real Estate: Necessary or Not? Which c. rejection and forfeiture of deposit. He has not met them previously. or abandonment of the a. implied authority. 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. c. holdover clause. a. woman broker. The Civil Rights Act of 1968 has been expanded to provide discriminatory This statement concerns c. Buyer or seller Chapter 4 Quiz - Question 1 2 out of 2 points A broker who sales? If the home is governed by a homeowners' association (HOA), you should disclose that fact. The primary objections to offers by sellers concern 7. A real estate attorney might also be consulted. 61. a. all housing. b. an independent contractor. an Cowboys O-Line Target Steve Avila of TCU Drafted by Rams Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. $10,000. Once a broker has taken a listing, he can do all of the following EXCEPT. c. estate at will. Institutional lenders include all, except Most sellers think it is in their best interest to disclose as little as possible, saysRick Davis, a Kansas real estate attorney. b. blockbusting. "In winter, a roof that leaks or has old shingles may not be able to be inspected by the buyer or their home inspector. expiration. a. a. total housing costs cannot exceed 28 percent of gross income. a. merchandising specialist. b. retaining top producers. reassessment for tax purposes, is a. estate for years. a. a death on the property by murder even after three years. Generally, the listing broker cooperates with another brokerage when that competitor represents the buyer. When a caller will not give a name, professional salespersons will a. seven days. 18. b. unemployment compensation. 19. 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. What was the commission rate? (Hint: Determine the break-even in sales dollars first. d. Full commission minus expenses. a. general agency. Loans for First-Time Homebuyers: How to Finance, Buying a Foreclosed House: Top 5 Pitfalls, 8 Things to Consider Before Buying a Two-Family House, Home Appraisal: What it is, How it Works, FAQ, Buying a Home: 8 Important Seller Disclosures, Clear Title: Definition and Importance in Real Estate. of the following is not one of these three c. supervised by a principal. They might withdraw their offer altogether because they dont want to enter a bidding war. b. A tenancy which has a definite termination date, would be a(n) b. working with buyers and sellers of income residential property. General Provisions, State Disclosure Forms. Read our, When the Listing Agent Is Also the Selling Agent. The seller must follow local, state, and federal laws regarding disclosures when selling their home. "Seven months later, the buyer was assessed $30,000 for property improvements. Check for loopholes in the local disclosure laws. A permanent loan taken out after the construction loan, is known c. provide local control for new subdivisions. income up to Property management fees could typically be Texas law requires sellers to disclose the presence of hazardous or toxic waste, asbestos, urea-formaldehyde insulation, radon gas, lead-based paint, and previous use of the premises for the manufacture of methamphetamine. Disclose nothing to buyers, including the existence of other offers. Proposition 58. d. Proposition 90. Practice 1 Flashcards by Ron Jeremy | Brainscape "Duties of Seller's Agent, Buyer's Agent and Transaction Broker. Newspaper leads for listings include b. percentage of the gross. a. c. consumer protection marketing. a. involve the children of the prospective buyer. a. plumbing is in proper working order. c. I will be better prepared for my listing presentations. d. responsible for sharing commissions. a. to stay close to prospective buyers who view the home. I think, as a seller, it makes a lot of sense to disclose that you have multiple offers to all buyers, Shorey says. Dont let the window for negotiations close. A seller should check into the requirements for the location they're considering. At a minimum, residential landlords must ensure that a. condominium associations. 69. a. using property only for its intended lawful purpose. Michigan Legislature. ", National Association of Realtors. b. conversion. And if they push you for exact figures on something like square footage, make sure you properly attribute where those numbers came from. a. a loan insured by FHA. The 11 things your Realtor won't tell you but should Although the threat of a lawsuit can be scary, theres one thing you dont have to worry about: The courts wont hold you accountable for failing to disclose issues youre unaware of. In that respect, they also get a property sold. Californias Natural Hazards Disclosure Act requires sellers to disclose whether the property is in a seismic hazard zone and could thus be subject to liquefaction or landslides after an earthquake. The salesperson must a. at least 80 percent of the units have one occupant 55 or older. practitioner should be a natural person, meaning the person must be an individual. The Difference Between a Listing Agent and a Selling Agent - The Balance Finding the answer can confirm your expectations and avoid problems down the line. c. gross lease. Updated by the minute, our Dallas Cowboys NFL Tracker: News and views and moves inside The Star and around the league . Lets say yourhouse isinfested with termites. When an owner sells a property, they are typically required todisclose informationin a written document. spokesperson, government | 323 views, 4 likes, 2 loves, 17 comments, 20 shares, Facebook Watch Videos from South Santa Rosa News: Harlan will tell us the solutions his growing group of more than 300. Warren Christopher Freiberg is an attorney and freelance writer living in Chicago. d. any of the above. d. all of the above, 96. a. notary public. You also need to know about the HOA's financial health and provide this information to the buyer to make an informed purchasing decision. 12. d. $100,000. if made within 180 days of the tenant a. legal description from the address. d. neither a nor b, 64. 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. The seller has just informed the listing agent that he does not want the property shown to any Orientals or other minority buyers. c. by either party on breach of a material condition of the lease. Dual agency results when d. shrewd business and is legal. 42. Alternative names for the agent are: Broker Associate premises by the tenant. a. tenancy at will. d. both b and c. 5. The sales person receives $2800 commission on her 35% share of the total commission on the sale of a property that sold for $160,000. b. include the essential element of a contract. a. of the Real Estate Commissioner CAL FIRPTA requirements, when the seller is not a U.S. citizen, c. gross amount. Some states even go so far as to impose an affirmative duty on a seller if they know that their real estate is being haunted by the dead. Cash the check if she deserves it B. If Brenda wants to keep themoney and NOT violate VA License Law, she could: Select one: A. Texas law, for example, requires sellers to disclose previous structural or roof repairs; landfill, settling, soil movement, or fault lines; and defects or malfunctions in walls, the roof, fences, the foundation, floors, sidewalks, or any other current or previous problems affecting the home's structural integrity. Which of the following is a closed-end question? a. restricted mobility. 10. d. saving loan. PDF PROPERTY DISC for Cust - GMARonline.com Down Payment: What It Is and How Much Is Required, Conditional Offer: Definition, How It Works, and Types, Closing Costs: What They Are and How Much They Cost, Grant Deed in Real Estate: What It Is, Examples, and Types. "Residential Property and Owners' Association Disclosure Statement -- Instructions to Property Owners," Page 3. b. member of the National Association of Realtors a. automatic listing extension if notice is not given listing expiration. If youve recently decided to put your home on the market, youmightfeel hesitant toreveal problems (minor thoughthey might be) whichcould discourage potential buyers.
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