Real Estate Principals 1 - Unit 12

5

After mold damage to a property has been remediated, a seller is required to give a copy of the certificate of mold remediation to a buyer. For how many years does this obligation extend?

Exclusive right-to-sell listing

"Only if the listing broker was in any way a procuring cause in the transaction may the listing broker be entitled to a commission" does NOT apply to which listing?

each have the opportunity to earn the entire commission.

A homeowner gives open listings to three brokers. The brokers

the protection period

A listing contract contains the nature of the agency relationship with the seller, the date of possession, and

net listing

A seller wants to get $190,000 from the sale of the property. The broker sells the property for $210,000, making a $20,000 commission. This is an example of

death of listing agent

An agency relationship may be terminated for a number of reasons. Which would NOT be just cause for terminating a listing agreement?

number of rooms and accurate measurements.

An area of needless controversy that seems to come up regarding many listing is

No, an unlicensed friend, neighbor, or even stranger can sell property but may not be compensated for the services.

Do you have to be a licensed real estate broker or sales agent to sell real estate in Texas?

Sellers and landlords must hire certified renovators to complete repairs that disturb more than 6 square feet of surface area for interior work or 20 square feet for exterior work.

EPA Renovation, Repair, and Painting (RRP) regulations require which action?

If a parent happens to zero in on a specific property the sales agent has listed

If a sales agent is at a parent school night and talks with other parents about "what they do for a living," at what point might the sales agent be obligated to provide an agency disclosure?

an exclusive agency listing

If a seller believes—but is not certain—that a friend wants to buy his house, what kind of agreement should he sign with a broker?

abandonment by the broker

If the broker has done nothing to market the property, the seller may be able to terminate the listing due to

for any reason

If the seller's disclosure notice is NOT given before the execution of the contract, the purchaser may, within seven days after receiving the notice, terminate the contract

no

If there is a known sex offender in a neighborhood, is the seller obligated to disclose it?

multiple

In what kind of listing is information shared with other brokers?

Yes, consumers may direct individual companies to stop calling them.

Is it possible for consumers to discriminate against some telemarketing calls?

No, TREC only has authority over license holders.

Must real estate properties for sale be listed only on TREC-approved real estate sites?

Telemarketers are required to transmit their phone number to caller IDs, and their names if possible.

Must telemarketers identify themselves via caller IDs?

Commercial/industrial sales

Open listings can be used for any property, but MOST often are found where?

fines up to $11,000 per call, or $16,000 if made from a robocall system.

Penalties for violating do-not-call regulations may be

1978

Sellers and landlords must disclose to buyers and tenants any knowledge of lead-based paint in properties built before

Contact appropriate legal counsel to stay within guidelines

The Texas Real Estate Commission recommends that brokers and sales agents considering online promotions or telemarketing campaigns do what?

a notice of obligations related to public improvement district (PID).

The governing body of a municipality or county has undertaken an improvement project, such as landscaping, erecting fountains, or installing special lighting, that benefits a definable part of the community. In turn, the owners of those properties pay an annual assessment to cover the costs and maintenance. If a property being sold is subject to such an assessment, the purchaser must be given

the seller and the broker.

The parties to the listing contract are

failure to disclosure issues, keep place clean, and showing rejections

There are an assortment of reasons why sellers might "fire" their listing agent. What are legitimate reasons for listing agents to "fire" their client?

if the call is personally dialed and is not, in itself, an attempt to sell a property over the phone.

Under Texas law, real estate agents are permitted to call individuals on the do-not-call list if they have had a previous business relationship with the person, have received permission to call the person, or

If the receiving enterprise has agreed to receive faxes or has made its fax number known through its website or other method

Under what conditions may a business fax unsolicited advertisements to other commercial enterprises?

On the first substantive dialogue with the seller

When must the broker or the sales agent give the seller the Information About Brokerage Services form that explains agency positions?

Because of fair housing laws

When taking listing information, why must sales agents be careful what they write about such facilities as churches and schools?

CAN-SPAM act

Which of the following prohibits email-based marketing of a real estate listing if the subject line of the advertisement contains false, misleading, or deceptive information?

seller

Which ultimately decides the listing price of the property?

exclusive agency

With what kind of listing does the seller employ only one broker?