All of the following Statements Are True of Buyer-Broker Agreements except

#12. Antitrust laws prohibit all of the following except: #12. What applies to a valid NC enrolment contract? # 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? #9. Which of the following statements applies to the North Carolina Residential Property Disclosure Act? #1. A valid registration contract may be terminated for any of the following reasons, EXCEPT: #10. Which of the following statements applies to the Residential Property and Owners Association`s disclosure statement? #8. Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? Which of the following statements are true with respect to the broker-seller relationship under the terms of an exclusive sales rights registration agreement? # 2.

Exclusive right of representation Buyer`s contracts must have all of the following characteristics: Which of the following conditions apply under the contract for the registration of exclusive sales rights in respect of the furniture listed on the approved form? The reason why the third answer is true (and therefore not the correct answer to this question), a registration contract can be executed without establishing an agency by simply checking the Transaction Broker box. Currently, the licensee is not an agent (with agency obligations), but a trading broker. If the Seller Agency checkbox was checked, an agency relationship would have been established. To understand why a trading broker is not an agency relationship, you need to understand the agency relationship. An agency relationship is a consensual relationship established by contract or law in which the client gives the representative the power to act on behalf of and under the client`s control in order to represent the client vis-à-vis a third party. Only buyer and seller agency relationships are agency relationships. If you are a transaction broker, you are in an “employment relationship”, not an “agency relationship”. The transaction broker is a neutral party, similar to a referee in a sport, the TB can help with the transaction, but cannot advise the client on the risks or benefits of the transaction, nor become an advocate for the client`s interests. These are obligations that are reserved for an agency relationship in which the buyer or selling agent is a coach for the client.

An agency relationship is called a “fiduciary” because the agent`s actions and words with a third party bind the client. A TB is not “fiduciary” because the words and actions of the TB are NOT binding on the principal. The only points that bind the client when a trading broker is involved are the contracts signed by the client. The contract expressly states that brokers and sellers share the funds. Learn more about earnest Money`s return process: Colorado`s AKA Purchase Contract states that the agent holding Earnest Money has 5 days to return the money to the person who is to receive it after receiving written instructions. This is covered in the “Broker Acknowledgements” sections of the buying contact. The current wording reads as follows: “The broker agrees only if the brokerage company is the holder of Earnest Money and, except as in §. If earnest Money has not already been returned after receipt of notice of termination or other written notice of termination, Earnest Money Holder will release earnest Money in accordance with mutual written instructions. Such release of Earnest Money will take place within five days of receipt of the mutual written instructions executed by Earnest Money Holder, provided that the Earnest Money cheque has been erased. BUT!!!!!! To make it even more fun for you, the Real Estate Commission has released position 6 in which they say that if there is no controversy about who gets the serious money, they want the money returned as soon as possible and the agent does NOT need to get written permission from all parties to do so.

As a prudent measure, most companies let both parties sign that they agree on who will get the serious money before releasing it. It just makes sense, woe betide the agent who releases the serious money and throws one of the parties a seizure on it. It is safer to get the parties to agree in writing first. However, sometimes the party that gives up serious money and its agent make it a pretty low priority on their to-do list. Remember, they are grumpy, the matter is dead and even if they know that they have to release serious money, they are not happy about it. In the meantime, the other party wants his money. Buyers in particular are worried because they are back in the market looking for a property and cannot bid until they get their serious money back. Therefore, the Commission has made it clear that it does not want slow paperwork to stop things when there is no controversy. Does it sometimes put us in an uncomfortable position? Yes. Smart agents who aren`t even at a spying distance for having to write a personal check to cover up a perceived, if not real, mistake (that`s me, except my wife would probably deny the “smart” claim) will move heaven and earth to quickly get signed permissions from both parties before releasing serious money.

If you find that due to the stress of the failed agreement, one of your parties immediately ran to see the yogi at the top of the mountain and not send messages back. You need to have a conversation with your broker manager before doing anything you might regret. It`s always cooler to share the love and say “my broker manager told him to do it and will do it well” and then “how can I spell your name on my check”. #7. All of the following points automatically terminate a housing contract EXCEPT: #3. Which of the following clauses should be included by the NC Real Estate Commission in each registration contract? 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. Listing broker AAA Realty shows the Smiths a home two days before registration expires.

The listing has a holding period of 30 days, no box has been activated in the hold clause of the registration contract. Buyers call the broker back four days after the home is inspected and want to buy it. The sellers registered the house with another real estate agent, Rogers Realty. The sellers accept AAA Realty`s Smith`s offer to purchase the home. Which of the following is true? #2. According to the rules of the North Carolina Real Estate Commission, all of the following must be part of a listing contract, EXCEPT: Employment contracts are not a right or interest in real estate subject to fraud law, but must be written 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. #15. Which of the following statements is/is true regarding the death of a seller? 1. . .

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