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Buyer Allen's brokerage agreement with Atlanta licensee, Maria, states that he must pay an $800 non-refundable retainer fee that will be deducted from her 2.5% commission at closing. Allen buys a FSBO property for $100,00 and the seller won't pay the commission. Since Allen has already paid the retainer, how much will be responsible for paying Maria at closing?

1700

What's a buyer representation agreement?

A legal document that formalize the working relationship between the agent and buyer client

Sarah signed an Exclusive Buyer Brokerage Engagement Agreement with Macon licensee Tony. She finds and ends up buying a single family house sold by property owner Damien, who has stated from the beginning that he won't work with agents or pay agent commissions. How will Tony be compensated?

Being available during the agent's regular working hours to visit properties

Lindsay is a buyer's agent for Charlotte and Tom. Which of the following is true?

Charlotte and tome are Lindsay client

Sarah signed an Exclusive Buyer Brokerage Engagement Agreement with Macon licensee Tony. She finds and ends up buying a single family house sold by property owner Damien, who has stated from the beginning that he won't work with agents or pay agent commissions. How will Tony be compensated?

Sarah is responsible for paying Tony commission

Ramona has worked with the Wellingtons for a few weeks. She's shown them multiple properties, and when they found one they fell in love with, Ramona advised them on financing and bidding strategies. Sure enough, they got the contract! What role is Ramona playing?

buyer agent

What does the Exclusive Buyer Brokerage Engagement Agreement state abou

buyer doesn't have to consent to dual agency

Sara is your buyer customer. She doesn't want to sign a buyer agency agreement. What duty do you owe her?

honesty and fairness

Denise signed a buyer agency agreement with her buyer, Eunice. Since they didn't know how long it would take to find a property, Denise included an automatic renewal clause. This is ______.

ilegal

What's true about the extension clause in Georgia's brokerage agreements?

it extends the agreement term if a binding contract that falls through for any reason.

Lindsay is a buyer's agent for Charlotte and Tom. Lindsay should avoid doing which of the following?

providing information on the best way to repair the damage deck

If a broker is working with a buyer in a non-exclusive relationship, what's true about commission?

the broker is entitled to commission if the broker identified the property the the buyer purchase

Which of the following is true about disclosure if the parties sign an exclusive buyer brokerage agreement?

the broker must keep all buyer information condifendtial unless the buyer explicitly permits disposer or the broker is legally bound to do so

Which of the following must be included in a buyer agency agreement?

the license duties and responsibilities to the buyer

Adrian signed a non-exclusive buyer agreement with Georgia licensee Derrick. What's a disadvantage to a buyer working with a salesperson non-exclusively?

the licensee may put the buyer's needs behind those of exclusive clients

What's the difference between a Georgia exclusive and a non-exclusive buyer's agreement?

the only difference is whether the buyer is working with one broker or multiple broker

Who does the agent assisting the buyer in a transaction represent if there's no buyer agency agreement?

the seller

Without a buyer agency agreement in place, which party does the agent who's assisting the buyer represent?

the seller

What is the primary purpose of making a buyer presentation before representing a client?

to build trust

When Sam and Lisa first signed their buyer representation agreement, they filled it out based on the three-bedroom ranch home they had their eyes on. Then they found a four-bedroom converted barn that they fell in love with. If they want to make an offer on the barn home, does their representation agreement still stand?

yes, the agreement serves as a commitment to the agency representation, not a specific home.