Note: These definitions are provided to facilitate the categorization of entries in MLS compilations. In any area of conflict or inconsistency, the laws or regulations of the State take precedence. While state law allows brokers to list properties exclusively or openly without establishing an agency relationship, listings cannot be excluded from MLS compilations because the listing broker is not the seller`s agent. (adopted on 11/93, amended on 5/06) M A listing contract is a document in which an owner enters into a contract with a real estate agent to find a buyer for the owner`s property. The owner signs the registration contract to give a real estate agent the power to act as the owner`s representative when selling the owner`s property. However, the owner usually has to pay a commission to the broker. #12. What applies to a valid NC enrolment contract? #7. A licensee has just discovered a roof leak in one of its current listings, even though the seller has indicated “no representation” in the declaration of disclosure of the residential property. The listing agent does not inform the seller of the defect and since the defect is hidden, the seller does not discover or disclose the problem to the buyer.
Who is held responsible for this secrecy, according to the North Carolina Real Estate Commission? Registration contracts and buyer broker contracts may not provide for automatic renewal of the agreement. However, the Client and the Company may agree to extend the registration period by mutual agreement and by means of a duly signed addendum. In an open offer, a seller employs an unlimited number of brokers as agents. This is a non-exclusive type of registration and the selling broker is the only broker entitled to a commission. In addition, the seller reserves the right to sell the property independently and without obligation. A broker sold a residence for $485,000 and received $26,675 as a commission under the terms of the registration agreement. What was the broker`s commission rate? B. Agreement with competitors to set commission rates #9. The main difference between an open listing and an exclusive agency contract would be: #6. The fact that the NC registration contract and the purchasing agency contract must be in writing is required by: #7.
All of the following points automatically terminate a housing contract, EXCEPT: #2. According to the rules of the North Carolina Real Estate Commission, all of the following must be part of a listing contract, EXCEPT: C. Ricardo & Listing Agent = sub-agent seller, they are not obliged to determine if closures are allowed. There is no obligation for a seller to disclose the defect, although the seller is required to complete the disclosure statement. Regardless of how the vendor completes the form, the licensee is required to disclose all material facts, so the responsibility rests with the listing agent. The buyer`s representative has the same obligation to disclose, but in this question, because the defect was hidden, it does not appear to be an item for which the selling broker (buyer`s agent) was responsible. C. The exclusive agency agreement states that the company is the only one that can sell the property and is entitled to a commission, regardless of who sells it, even the seller A. Listing agent = obligation to disclose the sheet of the 411 advertisement that closings were not allowed. A seller has registered his residence with a broker. The broker made a full-price offer under the terms of a buyer`s listing agreement who is willing, willing and able to pay cash for the property, but the seller rejected the buyer`s offer. In this situation, the seller C.
Death of the listing broker working in a large residential business with many agents Which of the following is a similarity between an open listing and an exclusive agency list? Death, bankruptcy or insanity may and will terminate a registration contract. a listing broker received a bona fide offer and a personal cheque as a deposit. the prospect asked the listing broker to keep the cheque unwashed until the end of the week. The listing broker must: Since almost all real estate transactions involve the same considerations, most listing contracts require similar information. This includes a description of the property (which should include lists of all personal items that will remain with the property at the time of sale, as well as any furniture and equipment that are not included), a list price, the broker`s obligations, the seller`s obligations, the broker`s remuneration, the terms of mediation, a date of termination of the registration contract and additional conditions. Employment contracts are not a right or interest in real estate subject to the Fraud Act, but must be made in writing due to commission rules. The registration contract must be in writing at the time of registration and the buyer`s brokerage contract must be in writing prior to the submission of the buyer`s offer. A seller hired a broker under the terms of an open registration contract. While this agreement was still in effect, the seller – without informing the first broker – hired another broker from a separate company under an exclusive right to sell the same property. If the first broker produces a buyer for the property whose offer the seller accepts, the seller must pay a full commission to #2. Exclusive right of representation Buyer contracts must have all of the following characteristics: An exclusive agency contract is different from an exclusive sales right contract because the company is not paid under an exclusive agency contract if the seller himself finds a buyer.
#5. Sam Seller lists his property on EX Realty. Eventually, Sam convinces a colleague, Wanda Wish, to buy his house. In what situation should Sam not owe a commission to EX Realty? B. Expiration of the Individual Listing Agent License A listing agreement may also cover documentation relating to the listing of its securities by a company on a stock exchange such as the New York Stock Exchange (NYSE). # 8. Ricardo shows the buyer a house as a sub-agent of the seller. Before he is shown a house, buyer Ricardo says it`s important that he has a fence built around the backyard of every house he buys. Ricardo finds the perfect home for the buyer, but it doesn`t have a fenced backyard, and the listing fact sheet doesn`t say whether fences are allowed or not. Ricardo does not tell the listing agent anything about a fence. The buyer buys the house and later learns that he cannot erect a fence. Which of the following statements is true? D.
a broker who asks all agents in his business to join the local registration service A) Of each, the broker earns a commission, regardless of who sells the property, as long as it is sold within the registration period. B) Of each, the seller avoids paying a commission to the broker if the seller sells the property to someone he did not buy. C) Each grants a commission to any broker who buys a buyer for the seller`s property. D) Any person grants the exclusive right to sell to any broker who produces a buyer for the seller`s property. .