Section 1 - 5

Illinois listing agreement includes

-name of broker and company -sellers names -property address -description of exclusive right to sell agreement -price -term (end date) -compensation (commission) -protection clause -earnest money -MLS -seller disclosures -designated agent -dual agency -cooperating brokers -seller obligations -warranty (if no, no need) -recording the property -fair housing -signatures

Important for Listing presentation

-names of owners -current liens on property -market activity and indicators in area

At what point or points must an Illinois licensee obtain written consent from the clients involved in a dual agency situation?

At the execution of the brokerage agreement, and no later than at the execution of the purchase contract

5 items to prepare for a typical listing presentation

CMA MLS listing sheets for comparable properties marketing plan listing contracts onscreen or printed presentation

Illinois licensee Jane has one buyer client who wants to put an offer on one of her seller client's properties. Jane has made sure to obtain the informed consent to a potential dual agency relationship from both clients at the start of their respective relationships, but at what point will Jane need to make the second of the required dual agency disclosures?

Either when the offer is executed, or at the time the clients are executing the contract to purchase

Illinois licensee Albert is completing his designated agency disclosures to his client Patty. He's walked her through the written disclosures and must discuss with her the topics required by Illinois state law as part of those disclosures. What topics must Albert discuss?

His sponsoring broker's compensation and policy with regard to cooperating with brokers

where can you find former sales price, days on market before sold, property amenities

MLS

Illinois licensee Will is working with seller client Jessica. Jessica is eager to get her home sold, so Will gets the details from her over the phone and lists it for her. The following week, Will meets with Jessica to sign the brokerage agreement, and he makes his required disclosures. Has Will met his disclosure requirements?

No. Designated agency disclosures must be made before performing any agency activities, so Will should have made them before listing Jessica's home.

key to delivering an effective listing presentation

Rehearse her presentation. Be prepared to support her fee. Ask the sellers to sign a listing agreement before she leaves the home. Address any price and sales concerns. Make certain all decision makers are present at the listing appointment.

A licensee must perform which of the following tasks for a buyer client?

Review the seller's property disclosures and show the buyer the ones that you believe are important.

Which negotiation principle is most closely tied to the viewpoint that parties in a negotiation tend to have strong emotions, or be driven by ego?

Separating the people from the problem

When there's no buyer agency agreement in place, which of the following tasks can a licensee perform for the buyer?

Submit an offer on a listing.

Illinois licensee Chet has one buyer client who might be interested in one of his seller client's properties. When does Chet need to ensure the initial dual agency disclosure obtaining informed consent is made to each of his respective clients?

With their respective brokerage agreements

where can you find property dimensions and boundaries

assessor's map

where can you find code violations and permit records

building divisions

sellers responsibility

clear up any title deficiencies perform repairs maintain property

brokers negotiate the best price and terms for buyers

clients only

brokers show buyers properties that are available for purchase

customers and clients

where can you find date of recording and how title is held

deed

bad delivery strategy

discourage the seller from talking to other agents leave the CMA with the seller if they dont list with you

What info will tax records show

last sales price, owner of record, square footage, tax-assessed value, property taxes, lot size, # of bedrooms and bathrooms

where can you find whether a recent appraisal was done on property

owner

good delivery strategy

position yourself as the last appointment ask for feedback change delivery strategy to the sellers needs

buyers responsibility before closing

provide lender with all required info order an appraisal review the results of the home inspection

An exclusive illinois listing agreement must include

specific services the listing agent must provide at a minimum

where can you find owner of record and contact info

tax records

verbal vs written agreements

when there is a conflict between the written contract and parol evidence, the written words take precedence