Law of Agency (4)
Broker Brenda with Aloha Realty is working with George on a customer basis. She shows him numerous properties in the area and price range that George indicated he wished to see. George has decided to make an offer on a property. Which remark by Brenda would NOT be appropriate considering her subagency relationship with the seller?
"Let me prepare a comparative market analysis for you to see if the list price is reasonable for this subdivision."
Which of the following can be a net listing?
All of these.
After concluding a business transaction that involves exclusive seller agency, how long must an agent keep business information confidential?
Confidential information remains confidential even after an agency relationship is terminated.
What written notice is the listing agent required to provide to the seller before the listing agreement is signed?
The written Information About Brokerage Services Notice
Which of the following statements accurately describes how buyers are treated in an in-house sale by a real estate company that offers exclusive seller agency?
They are treated as customers.
What is the difference between an exclusive agency listing and an exclusive right-to-sell listing?
Under an exclusive right-to-sell listing, the seller pays regardless of who sells the property.
Dalton Realty practices exclusive seller agency. When selling another broker's listings, sales associates with Dalton Realty will always seek to act as
a subagent of the listing broker's client.
The written listing agreement between the broker and the seller creates
an express agency.
Seller Steve insisted on having an open listing for his home. As a result, he can continue to seek potential buyers on his own and
avoid paying a commission.
The type of listing that gives the broker the greatest amount of security is the
exclusive right to sell listing.
Sunnyside Realty provides representation services only to sellers. Sunnyside Realty practices
exclusive seller agency.
Benefits of seller agency relationships to the seller do NOT include
having the commissions paid by the buyer
ABC Realty practices exclusive seller agency. In an in-house sale, the buyer
is always ABC Realty's customer.
Under an open listing, the broker who earns the commission is the one who
produces an accepted offer.
A broker practicing exclusive seller agency is prepared to offer representation to
sellers only.
Access to the internet and a selection of online sites and tools cause some sellers to choose to list their properties without a broker. They are known as FSBOs. According to the National Association of REALTORS
the odds are not in their favor.
Net listings relate to the
way the broker is paid.
A subagent is considered which of the following?
Like an agent of the client with fiduciary duties
A seller agrees to list his property with Bluebonnet Realty. The broker's commission will be anything remaining from the proceeds of the sale once the seller's loan balance and closing costs are paid. The seller and Bluebonnet Realty have what type of listing agreement?
Net listing
Which of the following is a TRUE statement regarding net listings in Texas?
Net listings are legal in Texas.
In an exclusive seller agency, brokers can offer representation services to buyers
Never, as they only represent sellers
How many brokers are involved in an in-house sale?
One
A seller listed his property exclusively with Big Tex Realty. Even though the property sold during the period of the listing, if the seller was not required to pay a commission to Big Tex Realty, what type of listing agreement probably existed between the seller and Big Tex Realty?
Exclusive agency
What form of agency describes a relationship where the broker represents the seller/landlord, but the broker never represents the buyer?
Exclusive seller agency
Which statement is TRUE concerning exclusive seller agency?
The broker will never work for the buyer and for the seller.
