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25 Cards in this Set
- Front
- Back
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__________ is doing what is right and just in your life and business.
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ETHICS
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In selling the listing of another broker, the sales person is responsible to whom?
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THE LISTING BROKER
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The law of Independent Contractors for RE Agents, say what three things must exist?
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1) License
2) Commission on Sales Only 3) Written Independent Contract Agreement |
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A broker must carry what insurance for its agents?
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Workman Compensation
Liability |
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Where would an agent go if he had a commission dispute with his broker?
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STATE LABOR COMMISSIONER
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A non-licenced person can only receive a fee for what?
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FINDERS FEE FON INTRODUCION OF THE PARTIES.
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What is the best advise of racial issues?
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COLOR BLIND...RACE CANNOT MATTER
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What is the agents role in setting a price of a property?
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To determine in all methods the highest value of the property.
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A _____ _____ is an amount that may be offered to an agent as an "under the table" type of incentive. What is the penalty of this?
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SECRET PROFIT
LOSS OF COMMISSION LOSS OF SECRET PROFIT |
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The only time an agent does not have to presnt an offer is when?
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THE ESCROW HAS CLOSED
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In a NET LISTING, what must be disclosed to the principal?
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COMMISSION
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a ______ listing is a listing to potentially buy a property in the future.
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OPTION
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What can happen to an agent who purchases a home without disclosure of the intention?
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Return of any profit.
Licensing Violation Reputation |
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What case states that an agent must disclose any facts material about the property?
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EASTON VS. STRASSBURGER
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How long is the statute of limitation on the disclosure statement after the close of escrow?
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TWO YEARS
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Who could be liable for the lack of disclosure of a well on the property?
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BROKER AND THE OWNER
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Mandatory inspection and disclosure is limited to what type of real estate?
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ONE-FOUR UNIT RESIDENTIAL
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What is the disclosure requirement about death in the home? What death does NOT apply?
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UP TO THREE YEARS, ANY DEATH MUST BE DISCLOSED.
AIDS: THIS CAUSE OF DEATH DOES NOT HAVE TO BE DISCLOSED> |
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A Commercial Buyer is looking at a property to open a Pre-School. The Agent knows the zoning won't permit this. What is her responsiblity?
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TO INFORM THE BUYER THAT THE ZONING IS NOT APPROPRIATE FOR THE INTENDED USE.
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Telling a client things like "you will love living in this neighborhood" is a statement called _________.
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PUFFING
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Normally, a broker is not responsible for torts committed by whom?
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OTHER OUTSIDE AGENTS OR BROKERS ACTING AS SUBAGENTS.
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What must a buyer disclose to the seller?
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Qualification to buy.
Nothing else. ( purpose, other property owned, personal information) |
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Does a broker have an obligation to cooperate with other brokers?
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NO
USUALLY THEY DO BECAUSE IT IS THEIR BEST INTEREST HOWEVER. |
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What is the association of brokers called?
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NATIONAL ASSOCIATION OF REALTORS.
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Who must approve the subagent (mls)relationship?
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THE PRINCIPAL
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