Which Is True regarding Compensation from the Seller in a Listing Agreement
#3. Which of the following clauses should be included by the NC Real Estate Commission in each registration contract? the seller can register with as many brokers in the open list as he wishes. try to obtain the mutual consent of all parties on the disposition of the serious money, and if this is not possible, the funds cannot be released and can be deposited with reasonable notice to the clerk of the court. A seller employs any number of brokers as agents. This is a non-exclusive type of registration and the selling broker is the only broker entitled to a commission. In addition, the seller reserves the right to sell the property independently and without commitment #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? B. In the event that a seller does not provide this form to the buyer on the date of the first offer, the transaction will be automatically terminated by law in the case of an exclusive agency registration, the seller hires a broker to act as the exclusive representative of the owner. The broker only receives a commission if he is the reason for the purchase. In addition, the seller reserves the right to sell the property independently and without obligation A. The seller reserves the right to sell the property himself and is not responsible for a commission #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 C. Ricardo & Listing Agent = seller-sub-agent, they have no obligation to determine whether closings are allowed. A. Listing Agent = Obligation to disclose the 411 registration sheet indicating that closures were not permitted. D. This form must be presented by the seller when selling a new building that was used as a model house but was not inhabited as a personal residence When it comes to money, the rules all refer to the “bank” and not to the 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. 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 seller #9. The main difference between an open ad and an exclusive agency contract would be: #5. An owner registers a property for sale with a broker. The owner told the broker during the listing negotiations that he wanted $138,000 for the property, and anything above that amount could be kept by the broker as a commission. The citation with this type of disposition is known as: C. it requires the seller to sell when a full-price offer is made by a buyer A listing agreement may also cover documentation for the listing of its securities by a company on a stock exchange such as the New York Stock Exchange (NYSE). C.
Death of the listing broker working in a large residential business with many agents #7. All of the following points automatically terminate a residency contract EXCEPT: B. Ricardo = Obligation to determine if fences are allowed, even if the 411 sheets list says nothing about fences. 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. C. Inform the buyer that the seller is inappropriate and declare that the broker must release the serious money to the seller D. a broker who asks all agents of his company to join the local registration service #14. If a seller and a publicly traded company have a commission dispute prior to closing, the listed company may: Licensees may 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.
C. Refusal to place ads in a local newspaper accepting ads from owners for sale B. Expiration of the license of the individual listing agent D. agreed to renegotiate the commission with the seller in case another agency offered a lower commission rate upon the death of the party to an agreement terminating an employment contract such as a listing or buyer brokerage contract. Once there is a valid and enforceable purchase agreement, the death of the parties does not terminate this contract. Registration contracts and broker buyer 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. B.
Agreement with competitors to set commission rates In the case of an exclusive right of sale, a broker is designated as the sole representative of the seller and has the exclusive authorization to represent the property. The broker receives a commission no matter who sells the property while the listing agreement is in effect. A registration agreement authorizes the broker to represent the principal and the principal`s assets to third parties, including securing and submitting bids for the property. Under the provisions of real estate licensing laws, a single broker can act as an agent to list, sell, or lease another person`s properties, and in most states, listing agreements must be in writing. .