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. The death or incapacity (including mental illness) of either party terminates the Agency. Note: Since a licensee representing a broker is not a party to the registration agreement if they die or lose their capacity, they will NOT terminate the agency. Which of the following would terminate a registration contract? #6. The fact that the NC registration agreement and the purchasing agent contract must be in writing is required by: #12. Antitrust laws prohibit all of the following, EXCEPT: #15. Which of the following statements is/is true regarding the death of a seller? 1. If a seller dies after signing an advertisement contract, the advertisement contract is terminated.
2. If a seller signs a purchase contract and dies before the conclusion of the property, the purchase contract is terminated. #3. Which of the following clauses should be included by the NC Real Estate Commission in each registration contract? To trade on major exchanges, companies must enter into listing agreements with the exchanges themselves. They must meet certain criteria; For example, in 2018, the NYSE had a key listing requirement that set aggregate equity greater than or equal to $10 million, a global market capitalization of $200 million, and a minimum share price of $4 for the past three fiscal years. #3. By entering into an exclusive agency registration contract with a seller, a real estate brokerage company: Generally, a registration contract includes a period within which it is in force. If the property is not sold within this period, this will result in the termination of the agency. If the registration contract does not contain a time limit, it may be terminated after a „reasonable“ period of time.
D. a broker who requires all agents of his company to join the local registration service The expiry of the individual agent`s licence does not terminate the registration because the licensee is not a party to the agreement. The registration agreement exists between the customer and the company. # 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? B. Expiration of License No.
10 of the Single Listing Agent. Which of the following statements applies to the Residential Property and Owners Association`s disclosure statement? 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. Likewise, the seller reserves the right to sell the property independently and without obligation #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? If a broker does not take steps to market a listing, it can be assumed that he has abandoned it. Termination terminates the agency and may result in a breach of contract. B. Agreement with competitors to set commission rates A. Death of seller B. Bankruptcy of the listing agent C.
Death of the listing agent D. Any response given could terminate a Listing Agreement #2. According to the rules of the North Carolina Real Estate Commission, all of the following must be part of a registration contract, EXCEPT: B. The seller can register with as many brokers as he wishes in the open list If the client or broker files for bankruptcy during the term of the contract, the agency will be terminated. If a licensee representing a broker files for bankruptcy, it will NOT affect the agency. #8. Which of the following would likely NOT constitute a violation of the Sherman Antitrust Act? #12. What applies to a valid NC enrolment contract? #1. The clause in a registration contract that protects the broker`s commission claim beyond the duration of the listing in the event of the owner`s sale of the property to an interested party to whom the property has been shown by the listing company or its agents is called #9. Which of the following statements applies to the North Carolina Residential Property Disclosure Act? Well, first of all, you need to know what an agency is.
Find out everything you need to know about setting up an agency here. If you want to pass the real estate exam, you need to know how an agency is created. Also, you need to know the different types of agencies that you can learn here. Once you`ve established these concepts, you can learn how to end an agency, which we`ll cover in this article. B. In the event that a seller does not provide this form to the buyer on the date of the first offer, the transaction will be automatically terminated by law A registration contract authorizes the broker to represent the principal and the client`s property vis-à-vis third parties, including securing and submitting offers for the property. Under the terms of real estate licensing laws, only a broker can act as a broker to register, sell, or lease another person`s properties, and in most states, listing agreements must be in writing. #5. An owner registers a property for sale with a broker. The owner told the broker during the listing negotiations that he wanted $138,000 for the property, and anything above that amount could be kept by the broker as a commission.
Listing with this type of provision is known as follows: Since almost all real estate transactions involve the same considerations, most listing agreements 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. A net quote states that the brokerage commission is an excess amount greater than a predetermined net amount to be received from the seller. Net listings are legal, but they are discouraged by the real estate commission because of their potential to benefit a client. If the broker loses his real estate license during the term of the contract, the agency will be terminated. Explanation: The death of the seller would terminate the registration contract. As well as the death of the listing broker and/or the bankruptcy of the listing broker. If the listing agent dies, the listing broker may assign the registration to another agent. The bankruptcy of the listing agent would have no effect on the registration agreement. In an exclusive agency listing, the seller employs a broker who acts as the owner`s exclusive representative.
The broker only receives a commission if he is the buyer of the sale. In addition, the seller reserves the right to sell the property independently and without obligation In the case of an exclusive right of sale, a broker is designated as the sole representative of the seller and has the exclusive authority to represent the property. The broker receives a commission no matter who sells the property while the listing agreement is in effect. #1. A valid listing contract can be terminated for any of the following reasons, EXCEPT: 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. .