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18 Cards in this Set
- Front
- Back
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What is hold harmless clauses? |
The seller lies agent is protected. |
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The agent promises to use ______ in procuring a buyer |
Due diligence. |
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With an exclusive authorization and right to sell listing what are 3 most common? |
1. Listing agent 2. Outside agent 3. Seller |
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Exclusive agency listing the seller can do what? |
Seller cab sell and pay nothing. |
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What is an open listing? |
None exclusive listing they may be offered to one or more broker's. |
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What is a procuring cause? |
Willing and able buyer. |
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Oral listings are generally what? |
Not valid. |
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What does dial mean? |
Disclosure inspection appraisal loan |
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What does interim occupancy agreement mean? |
A buyer will be given possession prior to closing. Buyer must know that he/she is a renter when taking early possession. |
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Broker-salesperson agreement |
A broker is required to have a written contract with his or her salesperson. |
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How long does the retention period last? |
The period runs from the date of closing a transaction or, if not closed, from the date of the listing. |
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The effect of a hold harmless clause is that it? |
Means the owner agrees to indemnify the agent for losses suffered because of the owners failure to disclose or the owners incorrect disclouser. |
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An exclusive right to sell listing provides 20% down and owner financing 13% interest. The owner received a full price cash offer that he does not wish to accept. What are the owners rights? |
He may reject the offer without obligation regarding commission. |
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The rate of commission for sale of real property is set by? |
Agreement between the parties. |
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A commission is ordinarily earned by a broker When? |
The broker procures a ready, willing and able buyer. |
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To be the procuring cause of a sale, the broker must have ? |
Initiated an uninterrupted chain of events that led to the sale. |
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Procuring cause of greatest significance In? |
Open listings |
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Liquidated damages can exceed 3% of the sales price when the subject property is? |
1.five residential units 2.residential property that the buyer did not intend to occupy. 3. A commercial building. |
