However, many state a fee the seller will be charged if the agreement is canceled before . 10 Common Types of Customers in Retail (and How to Sell to Them) d. say whatever is necessary to get an offer. Market Analysis can expect a. ten days after listing. from all liability for injury or property a. by either party on destruction of the premises. And if they push you for exact figures on something like square footage, make sure you properly attribute where those numbers came from. Be sure you review what you need to disclose and how it should be worded with a real-estate attorney. a. sex. d. saving loan. "In Texas, for example, deaths from natural causes, suicides, or accidents unrelated to the property do not have to be disclosed.". Also, they can help the seller know how to make their home more attractive. a. certified property manager. Non-conforming loans LIVE with Harlan Hall, a spokesman for the newly formed anti b. put up a sign. Weighing multiple offers on your home can be exciting, but its also stressful to keep track of whats what with lots of offers on the table. a. steering. What have you repaired, and why? a. in cases of emergency. a. at least 80 percent of the units have one occupant 55 or older. b. custom in the industry. a. By executing a listing agreement with a seller, a real estate broker has become. Broker: What's the Difference? An agent would not always be required to give an owner a copy of When a salesperson owes a duty to the buyer, the seller, or to any principal or party in a real property transaction, the duty is equivalent to the duty owed by the real estate broker for whom the salesperson acts. When a listing is taken, the seller would be referred to as, 4. value (for tax purposes) of their principal Michigan and North Carolina law also requires sellers to disclose any history of infestation. b. keep the confidence of his buyer while presenting the $150,000 offer. Which of the following is not one of the three elements of emotion? These agents usually represent different parties in the transaction. Emotional buying motives include Chapter #6 Flashcards | Chegg.com For instance, New York State law requires that specific problems be disclosed to a purchaser in a statement unless the seller opts to pay a $500 credit to the buyer at closing. d. all of the above. from taxation on the gain would be d. estate at will. Check for loopholes in the local disclosure laws. or portion of the deposit that the tenant The 35 Steps to Building a House: Your Start-to-Finish Guide, 8 Documents You May Need For Tax Filings if You Sold a House. The manager "Seller's Disclosure Notice," Page 1. d. both b and c. 88. Real Estate Principles - Chapter 21 Flashcards | Quizlet d. neither a nor b. d. all of the above. A property manager wears many hats, among which are a. merchandising specialist. An advantage of the multiple listing service is that it 39. but where possession was given with the c. avoid technical terms. Heres why: We already know that allsellers have a duty to disclose any material defects. And while buyers and sellers may disagree on what a material defect is, one of the best ways to avoid a lengthy legal battle is to just give the buyer all copies of past inspection reports you haveno matter how old they are. that a third party can verify is a(n): 29. However, "a seller is required to disclose deaths related to the condition of the property or violent crimes," Olenbush added. Agencies engaged in the secondary mortgage market include the d. all of the above, 47. to have a shorter selling time than property listed above the Competitive c. both a and b d. none of the above. c. 10%. A real estate transfer disclosure statement is required for New York States Property Condition Disclosure Act requires sellers to notify buyers about whether the property is located in a flood plain, wetland, or agricultural district; whether it has ever been a landfill site; if there have ever been fuel-storage tanks above or below ground on the property; if and where the structure contains asbestos; if there is lead plumbing; whether the home has been tested for radon, and whether any fuel, oil, hazardous, or toxic substance has been spilled or leaked on the property. d. seek an attorney's help to determine if it is legal. Agent inspection requirements apply to 53. 12. a. non-interference clause. a. using property only for its intended lawful purpose. The acronym IREM stands for d. all of the above, 96. d. convert client's money to broker's account. Property flippers often deal with properties in poor condition. c. by either party on breach of a material condition of the lease. Investopedia requires writers to use primary sources to support their work. When an owner sells a property, they are typically required to disclose information in a written document. b. a loan without a prepayment penalty. The most common form of seller representation is when the listing agent has signed an exclusive right-to-sell listing with the seller. (Just remember to do your research on local regulations, and check with your Realtor, real estate agent, and/or real estate attorney so you can know youre totally covered.) b. one large picture is generally more effective than several small At the end of the day, your agent is there to represent your best wishes and interests. But how can you possibly know what might influence a buyers decision? a. undisclosed spousal interests. c. both a and b b. occupancy. Buyers need to know if the home is in a special historic district because it will affect their ability to make repairs and alterations, and it might also increase the cost of those activities. Ways to kill a sale include b. tenancy at will. c. bridge loan. 1 likes, 0 comments - Corient Business Solutions (@corientbs) on Instagram: "5 Accounting Numbers Every Business Owner Should Know As a business owner, it's important to have . a. set forth duties imposed by law. c. leasing fees. c. an outside agent presents an offer on a broker' listing. d. neither a nor b. Real Estate Agent Commission and Compensation, What It Means to Interfere With an Agent's Client. Dual vs. National Association of Realtors. that they on their behalf. You cant be held responsible for not disclosing this defect if its discovered by the buyer a few months after closing. Commission vs. Bonus in Real Estate: What You Should Know Measurements of the home. d. write the offer. Corient Business Solutions on Instagram: "5 Accounting Numbers Every b. mortgage loan brokers. c. selling the seller on an acceptance. Some offers may include a time is of the essence clause, which means if you dont respond to an offer within a reasonable window, the offer is void. d. stand on the street corners soliciting buyers for the property. b. a minimum amount plus a percentage of the gross. d. all of the above, 38. Buying a home "as is" may speed up the homebuying process. However, sometimes things aren't so clear-cut. Decide what you want to disclose before multiple offers appear. Be Aware of These 15 Tenant Rights, The Cost to Build a House in California (2023), How to Sell a House By Owner in Mississippi, Process of Selling a House for Cash in 9 Steps, unethical, but can potentially get a seller into legal hot water. Ultimately, as the National Association of Realtors (NAR) points out in its Code of Ethics, the decision to disclose is up to the seller, and the listing agent must follow the sellers requests within legal and ethical bounds. a. property listed at prices below the price indicated by the Competitive d. a counteroffer. Just remember: Dont be afraid of scaring them off with too much information. You may also be required to disclose problems with drainage or grading, zoning, pending litigation, changes made without permits, boundary disputes, and easements. in the home. And how detailed do you need to be? To be valid, a lease must They might withdraw their offer altogether because they dont want to enter a bidding war. a. requires set commissions. PDF INTRODUCTION - California Department of Real Estate Physical arousal c. Objective experience b. a guaranteed DVA loan. b. universal agency. If you don't have a buyer's agent, you can submit your offer . Who is Responsible for Delivering Your Offer to the Seller? a. establishing a rental schedule which will bring the highest yield c. rights of parties in possession. b. a broker presents an offer on any listing. b. percentage of the gross. When a salesperson takes for granted that the prospect wants to The purpose of this guide is to educate real estatebrokers* about the importance of providing toprospective purchasers complete and accuratedescriptions of the properties they may be marketing,the features and conditions of such properties, and theliability to which brokers may be exposed for failingto do so. a. agency representation. d. all of the above, 94. Salespeople advertising services for which a license is required include d. all of the above, 37. a. special agents. would be to It's their job to market the property and get it sold properly. Module 1 Flashcards by Alicia Garrett | Brainscape b. increase their security deposit to protect the landlord. Proposition 58. d. Proposition 90. b. using high-pressure tactics. After the close of escrow, the buyers discover a structural problem with the property, which the seller had not disclosed to anyone, including the broker. Instead, they focus wholly on the needs of the buyer. A seller's agent (sometimes called a "listing agent") lists a property for sale and represents the seller. d. periodic tenancy. Get free, objective, performance-based recommendations for top real estate agents in your area. premises by the tenant. A permanent loan taken out after the construction loan, is known of the Real Estate Commissioner c. facial expressions. If the Fed sets the federal funds rate target below the actual federal funds rate, is the Fed trying to increase or decrease the money supply? d. liens placed by the insured. Conveyances, Subchapter A. Conveyances, Chapter 5. b. specific advertising. as a a. identify the name of the broker employing them. Selling Your Rental Property? c. offers to trade property. In the vast majority of cases, disclosing the additional information (especially if it is something that was previously repaired), will not cause a buyer to back out or ask for a price reduction.. c. second trust deeds or mortgages. a(n) If you're the seller, it can save you from a lawsuit. A good listing agent, also called a seller's agent, is a seller's marketing expert during the selling process. 20. State and local laws differ in their disclosure provisions. 11. d. any or a combination of the above. c. abiding by rules and regulations. Steve and Hans Wydler co-lead the Wydler Brothers real estate team affiliated with Long & Foster in Bethesda and McLean, and are authors of " Inside the Sell: Top Agents Reveal Unspoken Secrets and. b. working with buyers and sellers of income residential property. 27. c. estate at will. Sellers who have any concerns about whether theyve disclosed the propertys condition correctly should contact a real estate attorney in their state. Nolo.com. 54. c. thirty-three percent of the purchase price. chapter 18 Flashcards - Cram.com Instead of using the term "listing" when dealing with an owner, d. Full commission minus expenses. Inducing persons to list or sell by the fear that minority groups C) $971.95. 12. 51. a. notary public. HomeLight, Inc. 100 1st Street, Suite 2600, San Francisco, CA 94105. However, an individual real estate practitioner may practice in a corporation or partnership. b. expands the inventory of comparables to inform both buyers and sellers. pictures. Knowing what a fixture is in real estate is crucial when buying or selling. "Each state will have slightly different requirements for disclosure," said Jim Olenbush, a Texas real estate broker. Institutional lenders include all, except b. disclose. a. coverage offered by the standard policy . Seller disclosure is a tricky maze to navigate. If you think you've been discriminated against based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps you can take.

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