Section 5
How long after a lien against commercial property is recorded does the broker have to take legal action?
365 days = one year
How long does a broker have to record a lien after a commercial property commission goes unpaid?
90 days
Fallon is a broker who wants to ensure she is paid, regardless of whether a property sells. She asks for 4% of the listing price up front, which is lower than her colleague's 6% contingency fee. What type of fee is this?
Advance fee
Which of the following fees can be a percentage of listing amount or a set amount?
Advance fee
Adanve fee
Angelo is unable to sell his client's home before the listing agreement expires. He keeps $250, which he received when the agreement was signed. He is able to keep this because it's what type of fee?
What is considered commercial property in Georgia?
Any real estate except those with one to four residential units, vacant land, or agricultural land.
Brenda is discussing ways in which buyer Brett can make his offer more attractive to the seller. Which type of relationship is probably in place?
Buyer agency
Getting the best price is always a factor for a seller, but the ______ that it actually would sell for must be another consideration.
Guesstimate
Whoa—this market is hot, hot, HOT! You've had five offers come in since you listed your seller client's home yesterday. Of the options listed, which is the best strategy?
Have all buyers submit their highest and best offer, then help the seller decide which offer is most appealing
Estelle is representing seller Margaret. Which of the following tasks is one that Estelle is required to perform as Margaret's agent?
Inform Margaret about required property condition disclosures.
Georgia seller Sharon signed an exclusive listing agreement with Daniel, which terminates on December 1. Sharon accepted an offer and signed a purchase and sale agreement on November 15. On November 25, the buyer's agent informed Daniel that the buyer was unable to secure financing and couldn't comply with the 10-day financing contingency in the contract. The extension clause in the GAR listing agreement extends the listing agreement to what date?
December 11
When are flat fees paid?
Either up front or at closing
When working with a seller, you signed a listing agreement that ensured you'd receive a commission, provided the property sold during the listing term. What type of listing agreement did you sign?
Exclusive right to sell
What type of buyer tends to know little about the home buying process, has limited funds, and may be borrowing down payment money from relatives?
First time buyer
Which type of fee can be paid either when the listing agreement is signed, or when the sale closes?
Flat fee
Exclusive agency agreements provide sellers with the option to find a buyer themselves. If the seller finds a buyer, who earns the commission?
No one
In the buyer customer relationship, which of the following is something you do?
Represent the seller
Why should you know when the seller can vacate the property?
Reviewing offers and explaining any special requests or requirement
What responsibility does the seller's agent have to the seller?
Seek a sale at the best price at term acceptable to the seller
Angela is real estate broker Rene's buyer customer. What can Rene do for Angela?
Submit Angela's offer to the seller
Jonathan wants to move to Las Vegas as soon as possible to start a new career as a blackjack dealer. He wants to sell his house immediately. What should you do as his listing agent?
Suggest that he accepts a lower offer, even if it means a reduced commission for you.
When a licensee represents a seller, which one of the following statements is true about the licensee's ability to list other properties that are for sale?
The licensee is permitted to list other properties for sale, even if they're competing properties
Why should you ask potential buyer clients if they need to sell their home before purchasing a new one?
Their current home might be a potential listing for you
The Elliotts have lived in their current house for five years. Space got a little tight after their first child was born. Now that they're expecting their second child, they've decided they really need a new house with more space in a good school district. What type of buyers are the Elliotts?
Trade up buyers
Open Agency
Which type of buyer agency offers the flexibility to work with multiple agents but results in buyers acting on their own behalf since no agent owes fiduciary duties?
Burt terminated his exclusive right-to-sell listing agreement with Scott, his listing broker, without cause. Burt may legally do this as long as he's ______.
Willing to pay Scott's commission anyway
After you've made a professional listing presentation and the seller has declined to use you as a listing agent, what's the best practice?
You should accept the outcome either way
Which of the following is true of agency agreements?
a listing agreement is an express agreement
Why should you know when the seller can vacate the property?
if a buyer wants to close before the seller can vacate, the seller may need to rent it back from the buyer
What's an appropriate strategy when working with a new buyer who hasn't been pre-qualified and isn't working with a lender?
provide the buyer with contact information for three qualified lender
Which of the following is NOT a valid way to terminate a listing agreement?
the buyer request it
Which of the following is true about net listings?
they often involve a conflict of interest
