state exam 3
Mike, a salesperson with Helping Hand Realty, listed Yvonne's home for sale. Brett, another salesperson with Helping Hand, has a buyer interested in purchasing Yvonne's property. Antoine, Helping Hand's broker, makes sure that both Mike and Brett have re-affirmed their clients' consent to dual agency. Who is the dual agent in this scenario? Antoine Brett Mike Yvonne
Antoine If the same firm represents both parties to a transaction, the broker may appoint a separate intra-company agent to represent each party to the transaction. In this case, the parties get to keep their respective agents, and Antoine is the dual agent.
Whose responsibility is it to ensure that a prospective buyer receives a copy of the Maryland Residential Property Disclosure and Disclaimer Statement prior to the buyer making a written offer to the seller? Either the buyer's or seller's broker The buyer's broker only The seller's broker only The seller only
Either the buyer's or seller's broker It is the buyer's or seller's broker's responsibility. Failure to do so could result in disciplinary action for the offending licensee. It could also result in the buyer voiding the contract.
licensees must also sign. Question 57 One of the things that Tyrone loves being able to do as a licensee is help his friends, family, and business associates with their real estate needs. In which of these situations does Tyrone NOT need to disclose his personal interest in the transaction? He's selling his own home. He's selling his brother's home. He's selling his aunt's home. He's selling a home on behalf of another salesperson in his brokerage.
He's selling his aunt's home. Licensees must disclose when they're acting on behalf of an immediate family member, an entity in which they have an ownership interest, or another affiliated licensee/employee of their brokerage or in their team/group.
Beverly's broker, Marquis, has assigned her to represent the seller in an in-house transaction. Beverly's colleague, Tyrone, will be representing the buyer. What's Beverly's role in this transaction? Non-agent Sub-agent Intra-company agent Dual agent
Intra-company agent If the buyer and the seller are both represented by the same real estate broker, the broker may appoint a separate intra-company agent to represent each party to the transaction.
Which of the following is NOT true regarding compensation and Maryland licensees? Licensees may offer prizes at open houses. Licensees may not share commissions with licensees in other states, even if their brokers know about it. Unlicensed assistants may not be paid on a commission/contingency basis. Licensees may not accept compensation from more than one transaction party without all parties' knowledge.
Licensees may not share commissions with licensees in other states, even if their brokers know about it. Licensees may share commissions with licensees in other states, as long as that state also allows intra-state compensation sharing.
Which of the following statements about counter-offers is true? To be legal, counter-offers must be numbered or lettered and dated. Once a counter-offer has been made, the prior offer is cancelled. Only the seller can make a counter-offer. A counter-offer can be retracted only once.
Once a counter-offer has been made, the prior offer is cancelled. Once a counter-offer has been made, the prior offer is cancelled. There is no retracting a counter-offer and returning to the prior offer, although a new counter-offer can do that if both parties agree and sign.
MREC received a complaint from Rose, stating that licensee Stan had placed a sign on her property without her permission. As a result, she received a $250 fine from her homeowners association for illegal signage. MREC notified Stan and his broker about the complaint, and Stan's broker responded by sending a copy of an email from Rose, stating that the firm could have a sign installed. As a result, the hearing panel dismissed the claim. What can Rose do now? She is out of luck and won't be able to request further action from MREC. She can seek damages, including emotional distress and attorney's fees, from the Guaranty Fund. She can appeal the hearing panel's decision. She can wait six months and then file another claim.
She is out of luck and won't be able to request further action from MREC. Since the hearing panel found no merit to Rose's case, it's rejected the claim, and Rose may not file an appeal. Guaranty Fund claims are considered separately, but only actual monetary damages may be claimed.
Which agent role doesn't work for the real estate company that is listing the seller's property but nevertheless owes their duty of loyalty to the seller? Dual agent Sub-agent Buyer's agent Seller's agent
Sub-agent The sub-agent doesn't work for the real estate company that is listing the seller's property but nevertheless owes their duty of loyalty to the seller.
A broker has designated two members of the same team as intra-company agents (ICAs) in a transaction. Who may serve as the dual agent? Only the office manager The broker or an office manager from the same team as the ICAs The broker or an office manager not on the same team as the ICAs Only the broker
The broker or an office manager not on the same team as the ICAs may serve as dual agent.
In addition to completing the Consent for Dual Agency form, what information about dual agency in teams must be provided to the buyer and seller? The regulations regarding who may serve as a dual agent in Maryland The names of all real estate team members involved in the transaction The fact that the team could have a financial interest in the transaction's outcome The name of the specific team
The brokerage firm must inform both buyer and seller that the team could benefit financially from the transaction.
The Maryland Code of Ethics is divided into three sections: relations to ______, relations to clients, and relations with other licensees. Other professions Sponsoring brokers The public Financial organizations
The public The code is divided into relations to the public, relations to clients, and relations to other licensees.
To whom do sub-agents working with buyer customers owe their duties? No one The buyers and sellers equally The sellers and the seller's agents The buyers
The sellers and the seller's agents Sub-agents working with buyer customers do not represent the buyers.
In Maryland, reasonable and adequate supervision includes a broker's responsibility to make training and educational sessions available to affiliated licensees at least every ______. Six months Quarter Two months Two weeks
Two months Brokers must make training available to affiliated licensees at least every two months. In addition, brokers must provide affiliated licensees with access to experienced personnel to review and discuss contracts, advertising, and other needs.
If a license expires due to nonrenewal, it must be reinstated within what time period? Within 30 days Within one year Within three years Within two years
Within three years When a license expires due to nonrenewal, it can be reinstated within three years of the last valid expiration date.
Charlie and her girlfriend, Frankie, are buying a house together. Having found the perfect home, they made an offer without first having seen the seller's property disclosure/disclaimer statement. The statement arrived two days after they entered into the contract with the seller. How many days do Charlie and her girlfriend have to rescind their offer if they find something in the disclosure that makes them uncertain about the property? Ten days Seven days Five days Three days
five days Charlie and her girlfriend have five days to rescind their offer.
Determine which of these is an example of commingling. Jessica deposited her commission check into her brokerage firm's operating account. Sean withdrew funds from the firm's trust account to pay the rent. Cynthia deposited her client's earnest money check into the firm's operating account. Jenson deposited his client's earnest money check into the firm's trust account.
Jessica deposited her commission check into her brokerage firm's operating account. Commingling occurs when funds in or intended for a trust account are intermixed with operating or personal funds.
Without an agency agreement with the buyer, you'd represent the seller. Question 48 Terry, Roberta, Rhonda, and George are on the same real estate team. The broker has designated Terry and Roberta as intra-company agents (ICAs) for a transaction. Can George serve as the dual agent? No. Only the broker can be the dual agent. Yes, as long as the buyer and seller consent. Yes, as long as he's also the broker. No. The dual agent can't be on the same team as the ICAs.
No. The dual agent can't be on the same team as the ICAs. The dual agent may not be on the same team as the ICAs.
a buyer. They may not try to persuade sellers to break the contract they have with another agent. Question 46 Lapis is training her new unlicensed assistant, Heidi, and they've come to the subject of recordkeeping. Which of these points is true? All real estate documents must be forwarded to the commission for safekeeping once a transaction is completed. Heidi is permitted to represent clients, as long as she does so under Lapis's direct supervision and gets the clients' written consent. Lapis must keep her transaction records on file for at least five years. Heidi may not handle real estate documents unless she gets her license.
Lapis must keep her transaction records on file for at least five years. Real estate transaction documents must be kept on file for at least five years in Maryland.
Ellen just completed a whirlwind continuing education marathon, taking all 15 of her required CE hours in the span of one weekend with a company called Last Minute Real Estate Education. It's just in the nick of time, too: Ellen's license is set to expire the following week. How will the CE hours get reported to the commission? Last Minute Real Estate Education must issue Ellen a completion certificate, which she must then submit electronically to the commission. Last Minute Real Estate Education must electronically submit Ellen's completion data to the commission. Ellen must send her completion certificates to the commission via certified mail. Ellen must create digital copies of her completion certificates and email them to the commission's license renewal email address.
Last Minute Real Estate Education must issue Ellen a completion certificate, which she must then submit electronically to the commission. CE providers must issue a certificate of completion upon successful completion of a CE course by electronically submitting the completion data to the commission.
Fabio just received his broker's license and is striking out on his own after 15 years as a salesperson. He's registered his firm with the commission and is setting up his firm's bank accounts. What must he make sure to do in order to comply with Maryland law regarding trust accounts? Maintain the accounts at a federally insured financial institution in Maryland. Name himself and at least one other person as signatories on the trust account. Open an interest-bearing account to hold trust funds. Maintain the accounts at a bank within 25 miles of his main office.
Maintain the accounts at a federally insured financial institution in Maryland. Maryland brokers who hold trust funds must maintain a non-interest-bearing checking or savings account designated solely to hold trust money and separate from their other accounts. The financial institution must be federally insured and in Maryland.
Maryland salesperson Seema is new to the real estate business, and she's having trouble getting her sales off the ground. She's considering offering some incentives. Which of the following incentives would be legal according to the Maryland Code of Ethics? Offering a 1% reduction in her commission rate if her seller clients' homes don't sell within the first 90 days Offering to waive the administrative fee for the first 10 buyers who sign on with her Offering a 1% reduction in her commission rate to the first 10 seller clients who list with her Offering to buy a washer/dryer set for the first 10 buyer clients who sign on with her
Offering a 1% reduction in her commission rate if her seller clients' homes don't sell within the first 90 days Licensees may not use contests or offer prizes to induce a consumer to enter into a brokerage agreement or to influence a buyer to make an offer on a particular property. Incentives may be offered provided they are available to all on the same basis.
In addition to sanctions imposed by the real estate commission, serious violations of the real estate license laws can result in what? A small fine Additional education Reprimand Prison sentence
Prison sentence The Broker's Act allows, in addition to sanctions imposed by the commission, prison sentences for specific violations.
Maryland salesperson Claire has been licensed for a little over a year. She's a bit of an overachiever, so she's already completed 12 hours of her required continuing education. Her broker Darnell's license is renewing on August 28. Claire must make sure that her license is renewed by ______. The date printed on her license September 29 (one month after her broker's license must be renewed August 28 (the same date that broker's license must be renewed) July 28 (one month before her broker's license must be renewed)
The date printed on her license Maryland salespersons, associate brokers, and brokers renew their licenses every two years on the same date their license was issued. The license's expiration date is printed on the license.
Kim is a sub-agent in a transaction involving a buyer customer, a seller, and a listing agent. Who is Kim a sub-agent for? The listing agent and seller The listing agent Both buyer and seller The buyer
The listing agent and seller Sub-agents who work with buyer customers are the sub-agent of the seller and listing agent.
Tiara's Maryland salesperson's license is going to expire next week if she doesn't complete all of the required continuing education hours. She's completed three hours of agency, three hours of legislative updates, 1.5 hours of fair housing, and three hours of electives. What other coursework does she need to complete in order to renew her license? 1.5 hours of ethics and three more hours of electives 1.5 hours of ethics and 1.5 more hours of electives Three hours of ethics and 1.5 more hours of electives Three hours of ethics and three more hours of electives
Three hours of ethics and 1.5 more hours of electives Salespersons are required to complete 15 hours of continuing education (CE) during every two-year renewal period, consisting of: three hours each of legislative updates, agency, and ethics, 1.5 hours of fair housing, and 4.5 hours of electives.
What is the goal of the Maryland Real Estate Commission in declaring an area a real estate conservation area? To protect the wildlife in a residential community that borders an environmentally protected area. To preserve the historical architecture in an area. To curb threats to the racial stability of an area. To prevent further destruction of an environmentally compromised area.
To curb threats to the racial stability of an area. The commission may suspend real estate advertising or solicitation in a conservation area for up to 24 months. The suspension is designed to prevent panic selling, blockbusting, or reduced market values that may occur without such a suspension.
Paul is hoping to purchase a townhouse in Locust Point in Baltimore, and Shelly, a salesperson, is helping him fill in the blanks on the contract form before he makes his offer. Though Shelly doesn't have an agency agreement with Paul, she knows she'll still get paid since the seller has agreed to compensate sub-agents. What else does Shelly need to do? Submit Paul's offer within two business days. Use the agency disclosure form to inform Paul that she's a sub-agent and technically represents the seller. Inform Paul that if he does not sign an agency agreement with her, he will need to reimburse the seller for compensating her. Give Paul advice on the amount of earnest money he should put down.
Use the agency disclosure form to inform Paul that she's a sub-agent and technically represents the seller. Sub-agents must disclose their representation of the seller to the buyer.
Kate's client is looking for a condo with at least 2,500 finished square feet. She finds a listing that's advertised as 2,200 square feet, but Kate lives in the same condo community and knows that even the largest unit is only 1,800 square feet. Should she alert the listing agent? No. It's the listing agent's responsibility to make sure the listing is accurate, and this mistake could provide Kate with leverage in negotiations. No. It's likely that there's just a larger unit that Kate is unaware of. Yes, but only if Kate's client is interested in the unit. Yes. At the very least this is likely an innocent mistake, but at worst it's intentional misrepresentation.
Yes. At the very least this is likely an innocent mistake, but at worst it's intentional misrepresentation. Licensees should make every effort to protect the public from fraud, misrepresentation, or unethical real estate practices, especially if those practices will tarnish the integrity of the real estate profession.
has been convicted of a felony. Question 90 Samantha affiliated with broker Jenny as soon as she was licensed. Samantha just celebrated her two-year anniversary with the brokerage. How much longer must she be affiliated before she qualifies for a broker's license? Another three years Only until she's 21 years old Eight more years One more year
Another three years After three years of working with a broker (plus meeting the additional requirements), you can apply for a broker's license.
Unless the real estate licensee who posts the ad is otherwise properly licensed, which of these ads violates PHIFA rules in Maryland? An ad that targets homeowners in danger of foreclosure and indicates the licensee can offer guidance An ad that targets individuals who are age 55 or older and may qualify for a reverse mortgage An ad that targets low-income individuals in need of down payment assistance An ad that targets first-time homebuyers who are eligible for VA loans
An ad that targets homeowners in danger of foreclosure and indicates the licensee can offer guidance Per PHIFA, unless additionally licensed, real estate licensees may not target defaulting homeowners in advertising that indicates that the licensee may advise on foreclosure prevention matters.
What's misrepresentation? An intentional or inadvertent misstatement of fact An intentional misstatement of fact only An inadvertent misstatement of fact only A statement of opinion or exaggeration that's generally understood to not be a statement of fact
An intentional or inadvertent misstatement of fact Misrepresentation is a misstatement of fact—either intentional or inadvertent.
Which of the following is NOT an example of legal dual agency in Maryland? Ruthe, an associate broker with Fortunata Realty, represents a property seller, and Lisa, another associate broker at the same firm, represents that property's buyer. Patrice, the office manager of Nest Egg Homes, appoints salesperson Sharlene to represent the seller and salesperson Butch to represent the buyer of a property listed with Nest Egg. Damon, an associate broker with Sunshine Realty, represents the property seller, and Jake, a salesperson at the same firm, represents the property buyer. Chet, the managing broker, represents a seller and designates one of his associated salespersons, Chanice, to represent the buyer in the same transaction.
Chet, the managing broker, represents a seller and designates one of his associated salespersons, Chanice, to represent the buyer in the same transaction. The broker acts as the dual agent in a dual agency situation in Maryland and may not represent one of the parties. Instead, the broker (or designated office manager) assigns two associated licensees to represent the parties as intra-company agents.
Which of the following is NOT true regarding the Maryland Commission on Civil Rights? The commission is managed by an executive director. The governor appoints members to the commission. Commission members serve four-year terms. The commission is made up of nine members.
Commission members serve four-year terms. MCCR is made up of nine governor-appointed members and an executive director who serve six-year terms.
Which of these documents does NOT provide appropriate agency disclosure? Listing agreement form Dual Agency Within a Team form Understanding Whom Real Estate Agents Represent form Consent for Dual Agency form
Listing agreement form The purpose of agency disclosure is to warn the unrepresented party that the licensee represents the other party. The listing agreement doesn't do this; it establishes the agency relationship between the seller and the seller's broker.
Which of these parties WOULD need a real estate license in Maryland? Kathy, who is selling her knitting store business, including the lease for the store's space at the local mall Marsha, an attorney who is selling a client's home, as this is something she typically does as part of her practice Stefano, a home builder who is selling a property he built Gail, who works for a bank that is selling a foreclosed property it owns
Marsha, an attorney who is selling a client's home, as this is something she typically does as part of her practice An attorney providing brokerage services outside of his or her regular law practice does not need a real estate license, but if the attorney engages regularly in real estate business, a license is required.
Which of the following specifically states that all licensees are required to disclose material facts that they know—or should know—to every prospective buyer? Maryland Residential Property Disclosure and Disclaimer Statement Maryland Real Estate Commission's Code of Ethics Maryland's Multiple Listing Service Maryland Broker's Act
Maryland Broker's Act The Maryland Broker's Act requires all licensees to disclose material facts that they know—or should know—to every prospective buyer.
Sellers should be advised of an important drawback of sub-agency. What is this? No one is representing their interests in the transaction. They will be vicariously liable for the actions of the sub-agent. They will get broad market exposure for their listing. They will have to pay double commission.
No one is representing their interests in the transaction. With sub-agency the seller is liable for the actions of the sub-agent.
Beverly was so proud of the comparative market analysis (CMA) she'd put together for her seller client, Jonathon. The first page was simple: a large photo of his property with the address printed underneath. The rest of the CMA was spotless: She'd found four excellent comparable properties, included plenty of information about them, and was confident that Jonathon would love the suggested list price she arrived at. What did Beverly do wrong? She didn't leave it up to Jonathon to determine the suggested list price. She didn't include a written statement on the CMA's first page that clarified that it wasn't an appraisal. She didn't include at least six comparables in her analysis. She didn't alert the comparable properties' listing agents that she was using their listings as comps.
She didn't include a written statement on the CMA's first page that clarified that it wasn't an appraisal. Licensees must include a specific "Competitive Market Analysis Disclosure" statement conspicuously and on the CMA's first page. The exact wording of the statement can be found in the "Relations to Clients" section of the Maryland Code of Ethics.
Which of the following describes sub-agency? Chico is a listing agent and is helping Tuti write an offer on her listing, but Tuti does not want representation. Norm is a listing agent. He allows Stu, an agent from another firm, to present an offer from an unrepresented buyer. A listing agent accepts an offer from a buyer written by Cali. Cali does not represent the buyer. Cali and the listing agent work for the same firm. Lance listed Max's house. Brenda, who is under a buyer agency agreement with Tim, helps Tim buy Max's house.
Since Stu doesn't represent the buyer, he's technically the seller's sub-agent.
Padma's buyer client made an offer on Tom's seller client's home, which the seller countered. Padma's client sent another counter-offer back to the seller on Monday. On Tuesday, Tom called Padma to tell her that the seller was accepting her client's offer, and he'd send over the signed paperwork on Thursday. Padma called her client to tell him the good news, but he told her he'd rather back out of the contract entirely. Can the buyer back out? No. A counter-offer is binding until it's rejected by the other party (in this case, the seller). No. A counter-offer is considered accepted when the offer is signed and the offeror (in this case, the buyer) is notified. Yes. The buyer can back out of the counter-offer at any point before it's signed. Yes. The offeror of a counter-offer has an exclusive right to rescind the offer at any time.
No. A counter-offer is considered accepted when the offer is signed and the offeror (in this case, the buyer) is notified. Offers and counter-offers may be withdrawn until accepted. Acceptance is effective upon notification to the offeror.
Assuming that each of these foreclosure consultants is properly licensed, who is violating the Protection of Homeowners in Foreclosure Act? In her consultation contracts, Sylvia includes a clause stating that her compensation will be 7% of the property's sales price. Maya, who's also a licensed real estate broker, presents her real estate license to clients before they sign a contract. Regina puts all of her foreclosure consultation terms into a written contract that she and her clients sign. Pedro charges clients a $500 retainer fee when he signs on to provide foreclosure consultation services.
Pedro charges clients a $500 retainer fee when he signs on to provide foreclosure consultation services. Foreclosure consultants may not charge fees or collect any compensation until they've performed all foreclosure consultation services. Consultation compensation may not exceed 8% of the property's sales price.
DeShawn has been licensed as a salesperson in Maryland for 18 months. Which of the following statements is true about his upcoming license renewal? DeShawn must complete his continuing education at least 14 days before his license's expiration date. Since this is his first renewal period, DeShawn only needs to complete 12 hours of continuing education. The commission will mail or email DeShawn a renewal reminder at least 60 days before his license's expiration date. DeShawn must complete 18 hours of continuing education in order to qualify for renewal.
The commission will mail or email DeShawn a renewal reminder at least 60 days before his license's expiration date. All licensees must complete 15 hours of CE during each two-year renewal period. Licensees are mailed or emailed a renewal reminder at least 60 days before their license expiration date.
The Guaranty Fund paid a consumer's $15,000 claim because of licensee Ben's negligence. Ben is breaking the news to his broker. How's his broker likely to respond? "Luckily, your E&O insurance covers this issue, so you can get back to business as usual. I hope you've learned your lesson!" "We'll both have a lot of time on our hands until you reimburse the fund, since both of our licenses are now suspended." "As long as you reimburse the fund for the full claim amount plus 12% interest within 30 days, you can keep practicing real estate." "Well, since this means your license is suspended, we'll see you back at the office when you reimburse the fund."
"Well, since this means your license is suspended, we'll see you back at the office when you reimburse the fund." If the commission grants a consumer payment from the Guaranty Fund due to a licensee's conduct, that licensee's license is automatically suspended until the licensee repays the amount in full, plus at least 10% interest.
Sam represents a couple who's selling their townhouse in Aberdeen. At an open house, he meets the Greenes and their agent, Mike. Later that day, Mike emails Sam requesting that Sam email him the property disclosure statement. A few days later, the Greenes stop by Sam's office to drop off their offer. A week after that, Sam meets the Greenes at the house to let them and the home inspector in. At which point in this scenario should Sam have disclosed that he represents the seller? At the open house In his email response that included the property disclosure When the Greenes dropped off their offer When he met the Greenes at the house to let them in for the home inspection
At the open house MREC requires that open house agents display a notice to visitors that the licensee hosting the open house represents the seller.
Which of the following is NOT an example of a legal agency agreement in Maryland? Deirdre enters into a listing agreement with Peter and agrees to pay him all of the sale proceeds in excess of the $250,000 she needs to make off of the sale of her condo. Paulo enters into a buyer agency agreement with Danika and agrees to pay her 1% of the purchase price. Marijka enters into a buyer representation agreement with Timothy and agrees to pay him a flat fee of $3,500 if the listing agent doesn't share the commission. Cybill enters into a listing agreement with Antwon and agrees to pay him 5% of the property's purchase price.
Deirdre enters into a listing agreement with Peter and agrees to pay him all of the sale proceeds in excess of the $250,000 she needs to make off of the sale of her condo. The listing or buyer representation agreement must state the commission amount, in either a specific amount or percentage. Net listings are prohibited.
Rumi was on vacation in St. Croix when he received a written offer, via email, for his seller client's property, which had been on the market for two months with no offers. He decided to hold onto it until he got back a week later, so he could present it to his client in person. The next day, his seller client called Rumi's office to cancel the listing. When Rumi told the former client that he'd had an offer, she complained to MREC about him. What are the possible penalties Rumi could face? He could be disciplined by the commission and receive a possible lawsuit for intentional interference. Rumi could be subject to disciplinary action from local board of REALTORS®. Rumi could receive disciplinary action from the commission, including jail time. None; since the client cancelled the listing, Rumi is not at fault.
He could be disciplined by the commission and receive a possible lawsuit for intentional interference. Failure to present an offer or counter-offer is cause for disciplinary action. The seller could also file a lawsuit against Rumi for intentional interference.
Broker Pat was so busy enjoying her semi-retired life that she failed to supervise new salesperson Dina adequately and Dina engaged in unintentional discrimination. What might happen to Pat's license? If Dina's license is suspended, Pat's is automatically suspended as well. If Dina's license is revoked, Pat's is automatically suspended. Nothing. Only Dina's license is in danger. It could be suspended or revoked.
It could be suspended or revoked. Dina will likely be disciplined for the unintentional discrimination she engaged in, and Pat's license is also in danger for failing to adequately supervise an affiliated licensee. Both licensees can potentially be fined as much as $5,000 per violation.
Which of these is NOT a circumstance that would result in a Maryland broker releasing trust money she was holding? The broker received a court order instructing her to disburse the trust money. The buyer needed his earnest money back in order to pay the down payment. The beneficiary of the trust money failed to complete the contract terms. The transaction closed.
The buyer needed his earnest money back in order to pay the down payment. Brokers must hold trust money until the transaction closes, the trust money's beneficiary breaches the contract terms, or the broker receives either the parties' written instructions or a court order instructing him or her to disburse the funds.
LaTonya represents the seller of a property that's got an interested buyer. She's emailing the buyer, who's unrepresented, some documentation based on some questions he had and has included the Understanding Whom Real Estate Agents Represent form so she can disclose her agency relationship with the seller. Is this permissible? No, agency disclosure must be made at the first face-to-face contact with an unrepresented party. Yes, as long as LaTonya eventually presents the form in person. No, LaTonya should have already made this disclosure. Yes, LaTonya may disclose her agency relationship through whatever medium is used when first contacting the unrepresented party.
Yes, LaTonya may disclose her agency relationship through whatever medium is used when first contacting the unrepresented party. If first contact with another transaction party isn't in person, agency disclosure should be made through the medium being used (e.g., email). The written disclosure must be given no later than the first scheduled face-to-face meeting.
Selma made her initial offer on Monday. The seller countered it on Tuesday. On Wednesday, Selma sent the seller another counter-offer. On Thursday, the seller backed down and said he was willing to accept Selma's initial offer from Monday. Can this happen? Yes, as long as someone still has a copy of the initial offer. Yes, but a new counter-offer must be drawn up to include the original offer's terms. No. Once the initial offer is rejected, it's dead and new terms need to be negotiated. No. Counter-offers negate any previous offers, so at least one term must be different.
Yes, but a new counter-offer must be drawn up to include the original offer's terms. Once a counter-offer has been made, the prior offer is cancelled. There is no retracting a counter-offer and returning to the prior offer, although a new counter-offer can do that if both parties agree and sign.
Halbert's license was summarily suspended after he was convicted of felony embezzling. He'd like the chance to appeal the decision. Can he? Yes, but only after 30 days. Yes. He has the right to plead his case in front of the commission. No. Appeals are only granted for temporary suspensions. No. Only license revocations can be appealed.
Yes. He has the right to plead his case in front of the commission. Licensees whose licenses have been summarily suspended or revoked have the right to a prompt hearing before the commission.
What is the maximum outcome if you're convicted of having committed a serious violation and your broker is found to have knowledge of it? You are fined and could have your license suspended or revoked. Nothing will happen to your employing broker. You and the broker may both be fined, and you may both have your licenses suspended or revoked. Your broker's license will be suspended or revoked, and nothing will happen to you since you're just a licensee. Both you and your broker will have to take additional education and will be issued citations.
You and the broker may both be fined, and you may both have your licenses suspended or revoked. For serious violations when your broker has knowledge of the violation, both you and the broker may be fined, and both of you may have your licenses suspended or revoked.
