Unit 10 Real Estate

Rental Listing Referral Agreement

A ______________ must include a statement which says to the prospective tenant that this is a service and does not include a guarantee that the consumer will find a satisfactory rental through the service.

Cemetery Broker

A _______________ must disclose to all purchasers a statement describing the purpose of the Real Estate Recovery Fund and the telephone number of the Commission where consumers can receive further information about the Fund.

C

A broker and a buyer sign a buyer's agency agreement. Which of these is not an element that the Commission requires to be in the agreement? A.) A statement that the broker's commission may be based on a percent of the sale B.) A disclosure that the broker could become a dual agent C.) A disclosure that if the buyer's broker is compensated by the listing broker, the buyer's broker will represent the seller D.) A statement that the broker's fee is a result of negotiations between the parties

5 Days following the date of the contract

A buyer wants to cancel a time-share that he purchased. How long does he have to cancel the contract?

providing a price range for deciding a listing price for the home.

A comparative market analysis helps the real estate professional work with the seller by

A Real Estate Licensee

A comparative market analysis is always performed by

Statement of Estimated Cost and Return.

The required form to be given to each buyer before the execution of a sales contract is called

an estimate of net proceeds from the sale.

The required statement of Estimated Costs of the Seller at Settlement gives the seller ______

A

Which of the following must be included in a written offer to purchase? A.) The names of the buyers and sellers B.) The current zoning classification C.) The date the subdivision was approved D.) The right to cancel the purchase by midnight of the 5th day following the date the offer was executed

The Act and the Professional and Vocational standards

Require that the sales contract contain certain key elements.

time share or campground membership

A purchaser of a ________________ has the right to cancel the purchase until midnight of the 5th day following the date on which the purchaser executed the purchase contract.

Single-Family Dwelling

A sales contract must include a statement about the zoning capacity of the property unless the property is solely or primarily a(an)

1. The broker's commission; 2. The mortgage payments and financing costs; 3. Taxes and assessments; 4. Settlement expenses.

Brokers are required, before an agreement of sale is executed, to provide each party with a written estimate of reasonable expenses including:

writing and signed

Agreements must be in _________ by the principal and must identify the services to be provided by the broker and the fee to be paid.

Real Estate Recovery Fund

All sales contracts must contain a statement about the existence and purpose of the

A listing period exceeding one year; An automatic renewal clause; A cancellation notice to terminate the agreement at the end of the listing period; Authority of the broker to execute a signed agreement for the owner or lessor; An option by the broker to purchase the listed property.

An Exclusive Listing Agreement may not contain:

One year

An Exclusive Listing Agreement may not have a term or listing period of more than

Real Estate Recovery Statement.

An agreement of sale for a cemetery lot or plot or a mausoleum space or opening shall include the elements about financing and about _________

D

An exclusive listing agreement must include all BUT: A.) the list price of the property. B.) the commission, fee or other compensation expected on the sale only. C.) the duration of the listing agreement. D.) the term of the automatical renewal

a statement that the broker earns a commission on a sale during the listing period no matter who sells the property.

An exclusive-right-to-sell agreement must contain

A comparative market analysis

By a real estate professional, is a compilation of known sales and listing activity done in a particular area.

The term and interest rate of the mortgage

Kathy is buying a home and she will need a mortgage to finance the property. What needs to be in the sales contract regarding the financing?

D

The items to be included in a statement of Estimated Cost and Return given to the seller include all of the following EXCEPT: A.) the commission being charged. B.) the settlement expenses. C.) the taxes charged to the seller. D.) the date the property was certified.

B

The Commission requires an agency agreement between a broker and buyer to contain: A.) a disclosure that the broker's commission will be determined by the broker. B.) a disclosure of any potential for the buyer's broker to act as a disclosed dual agent. C.) a disclosure of any potential for the buyer's broker to act as an undisclosed subagent. D.) a statement that the broker's commission must be paid by the buyer.

Uniform Standards of Professional Practice.

The Commission's required comparative market analysis disclosure states that this analysis has NOT been performed in accordance with the

taxes, water and sewage

The Estimated Cost and Return statement clearly states that some estimates are subject to change, particularly such escrow charges as

rental listing referral agent

The agreement between a _______________ and a prospective tenant must contain the rental specifications desired by the prospective tenant such as location and rent.

be in writing

The agreement between a rental listing referral agent and a tenant must