Oregon Real Estate Practices

In the two year license renewal cycle, a licensee must take _________ hours of continuing education from a Certified Continuing Education Provider. 15 24 30 45

30

A minimum score of ________ percent is required to pass the national and state specific portions of the real estate exam. 60 70 75 80

75

An Oregon real estate broker may A. own a real estate business. B. be an officer in a corporation registered as a real estate business. C. control the professional real estate activity of licensees employed by a corporation registered as a real estate business, provided there is a principal broker and the employee broker has a controlling interest.

A and B only.

An Oregon registered real estate business A. may have more than one principal broker. B. must have at least one designated managing broker. C. must have at least one principal broker D. may operate under a sole practitioner broker license.

A and C

An unlicensed assistant to a principal broker can legally perform which of the following activities? A. Install signs and lock boxes on listed property. B. Assist in hosting an open house by answering simple questions about the property. C. Prepare and submit advertising for submission to Craig's List so long as the principal broker reviews and approves it.

A and C

Which statement is FALSE? A pre-approval is not a guarantee by the lender that the property will close. A pre-approval letter is a letter from a buyer's mortgage lender that states the buyer is pre-approved for purchase and on what terms pre-approval is issued. A pre-approval is used to inform a seller that a buyer is pre-approved for the type of loan program described in the letter. A pre-approval is a guarantee by the lender that the buyer qualifies and the property transaction will close.

A pre-approval is a guarantee by the lender that the buyer qualifies and the property transaction will close.

Which statement is FALSE? A principal broker must have three or more years of real estate experience to qualify for the principal broker license. A principal broker can engage in real estate activity as an individual. A principal broker had to complete additional course work and pass a principal broker licensing exam. A principal broker must supervise other licensees and therefore cannot engage in real estate activity as an individual.

A principal broker must supervise other licensees and therefore cannot engage in real estate activity as an individual.

A buyer and seller enter into a sale agreement through the efforts of the listing licensee, and the licensee accepts an earnest money deposit from the buyer. The licensee has liability to the buyer, and the buyer may have recourse against the licensee, if the licensee misrepresented facts to the buyer. the licensee gives the earnest money to the seller, and the seller backs out of the transaction. the licensee acts outside the limits of the authority granted by the parties. All of the above.

All of the above.

A listing agreement between a principal broker and a seller automatically terminates by A. the death of either party B. bankruptcy of the seller C. destruction of the property

A, B, C

Advertising regulated by Oregon Administrative Rules includes which of the following activities: A. Signs B. A broker's business card C. An internet site maintained by a broker relating to his real estate activities D. An internet site maintained by a brokerage to promote the brokerage

A, B, C, D

Broker Michael has an open listing. To collect a commission, Michael has to prove he has a real estate license. his buyer is ready, willing, and able to buy. he is procuring cause. his listing agreement is in writing and includes a commission clause.

A, B, C, D

Which of the following are included in a typical listing agreement? A. a description of the property B. the seller's obligation to pay a commission C. a termination date D. safety clause

A, B, C, D

Which of the following are subject to the Oregon Administrative Rules governing advertising? A. Business cards B. Telephonic greetings C. Email communications D. Yard signs

A, B, C, D

A licensed personal assistant can do which of the following? A. Show a listing to a buyer. B. Hold an open house. C. Present a buyer's offer to the seller. D. Negotiate a real estate transaction.

A, B, C, and D.

Which of the following is not required to have a real estate license? A. An attorney performing their duties as an attorney. B. An individual preparing land use and environmental impact studies. C. A salaried employee of the State of Oregon dealing in real estate owned by a city, county, or state. D. A property manager.

A, B, and C only.

An exclusive right to sell listing contract does which of the following: A. authorizes the principal broker to offer the property for sale. B. guarantees that the principal broker will find a buyer who will pay full list price. C. authorizes the principal broker to accept an earnest money deposit from a buyer. D. authorizes the principal broker to seek assistance in securing a sale from other brokers.

A, C, D

A broker for Company A represents the seller and a different broker for Company A represents the buyer. What type of relationship does each broker have with their client? Exclusive Agency General agency. Single agency. Disclosed limited agency.

Single agency.

Broker Nina and Broker Vesta work for Principal Broker Griffin. Vesta is working with Marlin, who is interested in purchasing a property in McMinnville. Nina's client, Cody, is also looking to purchase a property in McMinnville. A very well priced property has recently been listed by a competing brokerage. Nina and Vesta present the property to their buyers and both Cody and Marlin are interested in making an offer on the property. Broker Vesta is in a ____________ relationship with Buyer Marlin. Disclosed limited agency. Single agency.

Single agency.

Which is taken into consideration when completing a CMA? Square footage. Age of the seller. Racial makeup of the surrounding homes. Unemployment levels in the community.

Square footage.

Broker Basil works for Principal Broker Karen. Basil listed Anna's house. Buyer Mary called Basil and asked to see the listing. Basil showed Anna's house to Mary and she decided to make an offer. Basil wrote the offer for Mary. Broker Basil is in a ____________ relationship with Buyer Mary. Single agency. Disclosed limited agency .

Disclosed limited agency .

Broker Basil works for Principal Broker Karen. Basil listed Anna's house. Buyer Mary called Basil and asked to see the listing. Basil showed Anna's house to Mary and she decided to make an offer. Basil wrote the offer for Mary. Broker Basil is in a ____________ relationship with Seller Anna. Single agency. Disclosed limited agency.

Disclosed limited agency.

Broker Ellen and Broker Jeff work for Principal Broker Carter. Ellen listed Manna's property. Jeff's buyer, Professor Gotz, made an offer to purchase Manna's property. Principal Broker Carter is in a ____________ relationship with regard to Seller Manna. Single agency. Disclosed limited agency.

Disclosed limited agency.

Alania signed a listing agreement with Broker Justin. Justin will definitely receive a 6% commission if Alania's house sells during the listing period no matter who brings the buyer. Which type of listing does Justin have? Exclusive Right (to Sell) Net MLS Exclusive Agency

Exclusive Right (to Sell)

A comparative market analysis can be relied upon to ensure that a property being purchased will appraise for the agreed upon sales price. True False

False A CMA is not an appraisal

A real estate license needs to be renewed every three years. True False

False A license issued by the Oregon REA is for a term not to exceed 24 months (2 years) up to and including the last day of the birthday month of the licensee.

A written Buyer Broker Agreement is necessary to establish the fiduciary duties owed to the buyer. True False

False A written agreement is NOT necessary to create an agency relationship. An agency relationship can be created by actions, verbally, or in writing.

The HUD notice of a right to a home inspection for FHA purchasers need only be given if the purchaser has not decided to have an inspection. True False

False HUD requires that real estate brokers give to potential FHA buyers a notice that informs the buyer of their right to a home inspection, how a home inspection is different from an appraisal, and why the buyer should have a home inspection

Only owner occupied dwellings are subject to the seller's property disclosure requirements. True False

False Oregon requires that a seller's disclosure statement be given to a buyer unless the buyer indicates that they will use the real property for purposes other than a residence for the buyer or the buyer's spouse, parent or child. Except in the limited fact situation mentioned above, the disclosure statement must be given to the buyer in the transfer of the following types of real property:

The agency relationship between a property owner and the principal broker can be established by way of a verbal listing agreement. True False

False The listing agreement must be in writing to satisfy the Statute of Frauds and Oregon real estate law; there is no "verbal" listing agreement.

When the broker gets a listing, the broker is the agent and the principal broker is the sub-agent. True False

False The principal broker is the agent of the seller; the broker is a sub-agent of the seller and an agent of the principal broker.

The principal broker's duty to supervise the broker extends only to contractual documents. True False

False The principal broker's duty to supervise the broker extends to real estate activity that requires a license.

A real estate broker associated with a principal broker can supervise the professional real estate activity of the principal broker when the broker owns the brokerage. True False

False A real estate broker associated with a principal broker can have an ownership interest in a brokerage but cannot control or supervise the professional activity of the principal brokers or any other broker.

The Loan Estimate shows all charges against the buyer and seller of real estate. True False

False The Loan Estimate of settlement service charges is an estimate of charges likely to be incurred by the borrower.

If the principal broker's license is suspended or revoked by the Agency, the licenses of the principal broker's affiliated licensees are also suspended or revoked. True False

False The suspension or revocation of a principal broker or property manager's license does NOT cause the suspension or revocation of any of the associated licensees unless it is determined by the Commissioner that an associated licensee knew of the violation.

A broker moving from one brokerage to another could never continue working on a transaction that was started at the first company. True False

False Under certain circumstances, a broker moving from one brokerage to another could continue working on a transaction that was started at the first company.

Jennifer, a principal broker, has entered into a buyer agency agreement with John and Sharon Brown. Which of the following best describes the type of relationship between Jennifer and the Browns? Agency coupled with an interest. Third party. Customer. Fiduciary.

Fiduciary.

Broker Brian lists Sarah's property. Buyer Jason contacted Broker Brian and asked to be represented as a buyer for Sarah's property. Broker Brian wrote an offer for Buyer Jason but failed to disclose to Seller Sarah and Buyer Jason that he represents both of them in the same transaction. Which fiduciary duty did Broker Brian violate by not disclosing his dual agency? Loyalty. Obedience. Accounting. Care.

Loyalty.

Mary hired Broker Justin to find a ready, willing, and able buyer to purchase her home using an exclusive right to sell listing agreement. A few weeks before the expiration of the listing agreement, but prior to any sale, Mary decided to cancel the listing agreement. Which of the following statements is true? Mary can cancel the listing but can be sued for damages if the listing agreement provides for damages. Mary can cancel the listing but can be sued by Justin for specific performance. Mary cannot cancel the listing agreement before the expiration date. Mary would have to sell her residence at the listed price if Justin later found a buyer ready, willing and able to buy at the listed price.

Mary can cancel the listing but can be sued for damages if the listing agreement provides for damages.

Ocean Shores Realty is a registered real estate business that engages in the development and marketing of new homes on the Oregon coast. Ocean Shores must register a branch office to A. use a model home as a sales office in a subdivision where the model home is always offered for sale. B. to use a temporary sales structure that displays brochures with sales information regarding the project being marketed.

Neither A nor B

Joseph Munster completed his broker prelicense course and applied to take the real estate exam. He can solicit buyers and sellers after he applies for his license. when he has demonstrated competence in the required subject areas by completing the prelicense course . when he successfully completes his real estate exam. after his license has been issued in the name of his supervising principal broker.

after his license has been issued in the name of his supervising principal broker.

A principal real estate broker can act for both parties in a transaction if licensed for a minimum of one year. can act for both parties in a transaction with the knowledge and consent of both. can act for only one party in a transaction. must remain neutral.

can act for both parties in a transaction with the knowledge and consent of both.

Broker James knows that his client, Mr. Smith, will sell his house for $25,000 less than the listed price. Mr. Smith did not give Broker James authorization to repeat this information. When approached by the agent of Buyer Bill, who inquired if there was any room for negotiation, Broker James replied, "There's probably $25,000 wiggle room. In so doing, Broker James violated his fiduciary duty of disclosure. care. confidentiality. accounting.

confidentiality.

In Oregon, dual agency is known as split loyalty. general agency. disclosed limited agency. reduced representation.

disclosed limited agency.

Broker Don works for Prudent Realty, listed a house and found a buyer who wrote an offer. Under Oregon license law, Don is the legal agent of the seller, the buyer, and his principal broker. his principal broker. the buyer. the seller.

his principal broker.

Which of the following activities requires a real estate license? gathering data from public records for an employing broker or principal broker. holding an open house for a listing of the principal broker. scheduling home inspections. preparing advertising copy for review by an employing principal broker.

holding an open house for a listing of the principal broker.

Earnest money should be deposited in a timely manner according to state law. whenever the broker thinks appropriate. according to Multiple Listing Rules. into your personal checking account.

in a timely manner according to state law.

Oregon license law makes a broker an agent of the brokerage. client. principal broker. Oregon Real Estate Agency.

principal broker

When a buyer timely revokes their offer after receiving the Seller's Property Disclosure Statement, the earnest money held in trust by the escrow company should be determined by filing an interpleader for the disposition of the earnest money. returned to the buyer after receiving the seller's approval. promptly returned to the buyer. reduced by any broker earned fees or agreed-to reimbursements before returning it to the buyer.

promptly returned to the buyer.

Which statement is true? The lease-option of a broker's personally owned real property must be supervised by the licensee's principal broker. A licensee need only disclose their status as a licensee prior to the closing of the sale of their personally owned real property. License law applies to the rental of a licensee's personal rental real estate. A licensee does not have to disclose their status as a licensee in advertising relating to the sale of personally owned real property.

The lease-option of a broker's personally owned real property must be supervised by the licensee's principal broker.

Which individual is required to have an Oregon real estate license? The sister who receives referral fees from her real estate broker brother. The grandchild who is representing their grandparent under a properly issued power of attorney. The individual who is selling their rental real estate. The college student who doesn't have to pay rent while acting as the resident manager of the duplex the student lives in.

The sister who receives referral fees from her real estate broker brother.

When is flood insurance required to get a loan? Never; flood insurance is always optional. Only when the borrower doesn't secure hazard insurance. When the property is located in a floodplain. Always; flood insurance is never optional.

When the property is located in a floodplain.

A principal broker must have which of the following to create a valid listing? Two witnesses. General power of attorney. Written contract. Signed deed.

Written contract.

A listing agreement between the owner of real property and a principal broker is NOT an agreement that contains all the responsibilities of both the broker and owner. a contract to create a fiduciary relationship . an employment contract. a guarantee that the principal broker will secure a buyer within the listing period.

a guarantee that the principal broker will secure a buyer within the listing period.

Broker Cliff, licensed under Principal Broker Ann, listed Rick's condominium. Currently, Ann is in a disclosed limited agency relationship with Rick. sub-agent relationship with Rick. dual agency relationship with Cliff and his client. single agency relationship with Rick.

single agency relationship with Rick

A broker must do all of the following EXCEPT: submit paperwork relating to the rental of their personal rental real property to their principal broker. complete the required continuing education prior to license renewal and keep copies of educational certificates for three years. deliver to each prospective client a copy of the agency disclosure pamphlet at first contact. submit all transactional paperwork to their principal broker for review and approval.

submit paperwork relating to the rental of their personal rental real property to their principal broker.

If there is a legal problem in a real estate transaction, the principal broker should recommend an attorney to the client. hire an attorney for the client. ask the title company to provide legal advice to the client. suggest that the client hires an attorney.

suggest that the client hires an attorney.

Quinn and Rowan tell their listing agent that their home was treated for carpenter ants about 10 years ago, so there aren't any carpenter ants now. The listing agent should tell Quinn and Rowan not to disclose the treatment because the statute of limitations has run out. talk to the neighbors to see if they have seen any carpenter ants. tell Quinn and Rowan to disclose the previous discovery of and treatment for carpenter ants on the Seller's Property Disclosure Statement. call a pest control company and have the property treated before putting it on the market.

tell Quinn and Rowan to disclose the previous discovery of and treatment for carpenter ants on the Seller's Property Disclosure Statement.

Which would be considered a branch office by the Oregon Real Estate Agency? A real estate broker's car when it is occupied by a client. A model unit in a new subdivision that is also being offered for sale. A permanent booth in a shopping mall staffed with an agent handing out brochures promoting his company's listings. A non-staffed, temporary structure that is erected for the sole purpose of dissemination of informational literature.

A permanent booth in a shopping mall staffed with an agent handing out brochures promoting his company's listings.

Which of the following statements about listing agreements for residential properties is incorrect? A legible copy of the signed listing contract may be given to the client by fax after the listing broker goes back to the office to make a copy. A legible copy of the signed listing must be given to the client at the time the listing is signed. All contracts of employment must contain a definite termination date. The agreement must be in writing to be enforceable.

A legible copy of the signed listing contract may be given to the client by fax after the listing broker goes back to the office to make a copy.

All of the following are true about the activities of a broker except: A real estate broker may not engage in the unauthorized practice of law. Personal property rental transactions are exempt from real estate licensing law. A real estate broker can be paid a referral fee directly by another real estate broker. A real estate licensee must notify the Oregon Real Estate Agency within 20 days of an adverse ruling in any court action involving a real estate matter.

A real estate broker can be paid a referral fee directly by another real estate broker. A broker can only be paid by their principal broker.

Which of the following individuals must have a real estate license? A secretary who is a full-time employee who shows the property of their employer to a prospective tenant. An individual who manages a friend's rental properties for compensation. An individual who is acting under a power of attorney from an owner who is selling their property. A regular full time employee of an employer who buys and sells real estate for their own account.

An individual who manages a friend's rental properties for compensation.

Which of the following can hire a licensed personal assistant? A. A broker. B. A principal broker operating as an individual. C. A principal broker managing other brokers. D. A broker-owner.

B and C

As a part of the licensee's license renewal process, which of the following are correct? A. The principal broker must certify the license educational requirements have been met. B. The licensee must self-certify that the continuing education requirements have been met. C. The principal broker must retain continuing education course completion certificates for one year after the renewal date. D. The licensee must retain copies of completion certificates for 3 years and submit a copy to the Real Estate Agency if requested.

B and D

Which of the following are true about holding an open house? A. A non-licensed hostess may hold a house open, distribute brochures, and answer simple questions about the property. B. A licensee should deliver the Initial Agency Disclosure Pamphlet to those believed to be real estate consumers seeking representation. C. A listing licensee may discuss issues relating to the purchase of the property with visitors without disclosing that he/she represents the seller.

B only

If the licensee follows instructions from their client to make representations about a property that are known to be false, 1. the client is liable because the client explicitly authorized the misrepresentation. 2. the licensee will be personally liable for the misrepresentation. 2 only 1 only Both 1 and 2 Neither 1 nor 2

Both 1 and 2

Under the Real Estate Agency's Administrative Rules, a licensee could be assessed a civil penalty for conducting professional real estate activity A. while their license is inactive. B. after their license is expired.

Both A and B

When the Real Estate Commissioner registers a branch office, the registration is issued A. at the written request of the managing principal broker. B. in the same name that the main office is registered in.

Both A and B

Which of the following is NOT a true statement about buyer representation? Buyer broker representation may be express. Buyer broker representation may be implied. Buyer agency can only be formed by written agreement. Buyer broker representation may be in writing, but is not required to be in writing.

Buyer agency can only be formed by written agreement.

John wants to show a tenant-occupied house to his client. What should John do before showing the house? Post a 24-hour notice on the tenant's front door and show it 24-hours later. Knock on the tenant's door and ask permission to show the house immediately. Contact the listing agent and ask for proper notice of entry to be given to the tenant. Bypass the house altogether since showing it is problematic.

Contact the listing agent and ask for proper notice of entry to be given to the tenant.

Abahat hired Principal Broker Russell to sell his house. Which of the following statements correctly describes their relationship? Russell is Abahat's agent. Russell owes fiduciary duties to Abahat. Russell is a general agent.

Russell is Abahat's agent. Russell owes fiduciary duties to Abahat.

Mary Jo listed Wendy's house. Don and Justin each notified Mary Jo that they had offers on her listing. Justin and Don represent different clients but work under the same principal broker. What should Mary Jo do? Tell Justin that Don's offer will be delivered, and that his offer will only be delivered if it's for a higher price than Don's. Present only the highest offer and not mention the lower offer. Present the first offer and if it is rejected, then present the second offer. Submit both offers to the seller at the same time.

Submit both offers to the seller at the same time.

Which of the following is true about a broker advertising a client's property for sale? The advertisement does not need to have the name of the broker or principal broker. The broker must advertise listings only in the name of the principal broker. The advertisement can only be in the broker's name. The advertisement should include the name of the broker and principal broker's registered name.

The advertisement should include the name of the broker and principal broker's registered name.

Which of the following is required to have an Oregon real estate license? The personal representative who is negotiating the sale of the estate's real and personal property. The individual who received compensation for auctioning properties. The structural engineer providing services for residential structures. The attorney negotiating the purchase of an apartment building for their client.

The individual who received compensation for auctioning properties.

A seller tells you that the previous owners of the property may have dumped hazardous waste on the site. Under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), who is likely liable for the dumping BEFORE the sale of the property. The seller. The Federal government. Company that manufactured the hazardous waste. You, as their real estate agent.

The seller There are four classes of Superfund liable parties: 1. Current owners and operators of a facility, 2. Past owners and operators of a facility at the time hazardous wastes were disposed, 3. Generators and parties that arranged for the disposal or transport of the hazardous substances, and 4.Transporters of hazardous waste that selected the site where the hazardous substances were brought.

In an office with multiple supervising principal brokers, the affiliated licensees do NOT need to be assigned to any particular supervising principal broker. True False

True All of the principal brokers can have equal supervisory control and responsibility for all the professional real estate activity in the business.

Absent a survey, neither a property owner or licensee should make statements regarding the location of the exact property boundary lines. True False

True Unless a seller or licensee is aware of a survey of the property that can be relied upon (survey pins are clearly verifiable and determinable), no representation should be made regarding the actual property boundaries.

Tim signed a 90-day listing for his property with Broker Errol. Tim died one month later. Errol, unaware of Tim's passing, got an offer for the property from Buyer Elton. Which of the following statements is most correct regarding Elton's offer? Tim's estate is not required to sell the property or pay a commission. Tim's estate must sell the property to Elton and pay a commission to Errol. Tim's estate must sell the property to Elton only if Elton pays the commission. Tim's estate is not required to sell the property to Elton, but must pay Errol a commission.

Tim's estate is not required to sell the property or pay a commission.

An Oregon principal broker can pay a referral fee to an out-of-state broker. True False

True

An individual who helps a friend buy a house and expects to be paid for helping is required to have an active real estate license. True False

True

It is assumed that licensees possess superior knowledge of real estate and are in a position to take advantage of the public. True False

True

Under certain circumstances, a real estate broker who is associated with a sole principal real estate broker may temporarily supervise the principal broker's professional real estate activity. True False

True A real estate broker who is associated with a sole principal real estate broker may temporarily supervise the sole principal broker's professional real estate activity only if: The sole principal broker provides written authorization as required, and the real estate broker accepts the supervisory responsibility in writing.

Which of the following should NOT be disclosed to a buyer by the seller's broker? Leaky roof. Drainage problems during the winter. Unless authorized, that the seller will take less than the listed price.

Unless authorized, that the seller will take less than the listed price.

A listing agreement that gives only one broker the right to sell a property during the listing period but reserves the owner the right to sell it without paying a commission is an exclusive agency listing. illegal. an exclusive right to sell listing. a one-party listing.

an exclusive agency listing

Abby wants to list her house with Timothy and reserve the right to sell it herself and not have to pay a commission. The type of listing agreement Abby should ask Timothy for is an exclusive right to sell listing. an open listing. a net listing. an exclusive agency listing.

an exclusive agency listing.

The best way for a licensee to deliver the Initial Agency Disclosure Pamphlet when a property inquiry is made by email is attached to the reply email. by scheduling an appointment for the customer to come to the office to receive it. by personal delivery if the broker ever meets the customer face-to-face. by US Mail.

attached to the reply email.

The rules for real estate advertising activity over the internet are exempt from Oregon Administrative Rules but controlled by ICANN. different from Oregon Administrative Rules that control all real estate advertising. in addition to the general Oregon Administrative Rules governing real estate advertising. controlled by Oregon Administrative Rules that control all real estate advertising.

controlled by Oregon Administrative Rules that control all real estate advertising.

Listings that appear in a Multiple Listing Service are mostly net listings. exclusive right to sell. open listings. exclusive agency.

exclusive right to sell.

A listing broker receives his authority to accept an earnest money deposit in the earnest money deposit addendum. closing documents. listing agreement. purchase and sale agreement.

listing agreement.

Compensation paid to an unlicensed personal assistant: can be based upon a share of each transaction. must be a fixed salary. can be a fixed amount plus a percent of each transaction. can be subject to the closing of each transaction.

must be a fixed salary.

An individual applying for a real estate license: must be 18 years of age with no minimum education requirement. must be at least 18 years of age and have a high school or equivalent diploma. be 21 years of age and have at college degree. must be at least 21 years of age and have a high school diploma or equivalent degree.

must be at least 18 years of age and have a high school or equivalent diploma.

Buyer representation means that the buyer's broker owes the full range of fiduciary duties and obligations listed in the Oregon Revised Statutes to only the buyer. both the buyer and seller. only the seller. neither the buyer nor the seller.

only the buyer.

The principal brokers are responsible for the professional real estate activities of their associated brokers. responsible for the non-real estate related activities of their associated brokers.

responsible for the professional real estate activities of their associated brokers.

The clause in a listing agreement that allows the listing broker to receive a commission if the owner, within a specific period after the listing expires, sells to a person who was introduced to the property during the listing period is known as the safety clause. activation clause. post expiration kick-in clause. hadendum clause.

safety clause.

The principal broker must review each document of agreement generated in a transaction within ________ business days after it has been accepted, rejected or withdrawn. three seven fourteen five

seven

In a real estate transaction, the amount of earnest money deposit is determined by: real estate law. the agreement of the parties. a minimum of 3.5% of the sales price. the rules of the local MLS.

the agreement of the parties.

Typically, the principal broker is paid the commission when the sale has closed. an escrow has been opened. a ready, willing, and able buyer has been found. the seller accepts an offer.

the sale has closed.

Rasheed gave an Exclusive Right Listing to Broker Ted. Ted's listing is good for 90 days, but can be automatically renewed at the broker's option for an additional 90 days. indefinitely, until cancelled by either party. until the expiration date Rasheed and Ted agreed upon in the listing agreement. for 40 days unless.

until the expiration date Rasheed and Ted agreed upon in the listing agreement.

If a broker wants to change firms and work for a different principal broker, the listings the broker has with the current principal broker will transfer with that broker to the new principal broker. will terminate when the relationship between the broker and current principal broker terminates. are retained by the broker. will be retained by the current principal broker.

will be retained by the current principal broker.