Principles of Real Estate Chap 12 Exam With 100% Correct Answers 2024

Principles of Real Estate Chap 12 Exam With 100% Correct Answers 2024 A Realtor and Broker are... - answernot the same thing You can be a broker but you may/may not be a _______. - answerrealtor almost all residential brokers are.... - answerrealtors You cannot be a realtor if you are... - answernot a broker Brokers are... - answerintermediaries bring together buyers and sellers literally making the market brokers control property info and buyers (control info about properties for sale and buyers will come to you) Where do brokers get the information about houses for sale etc. - answerMultiple Listing Services (MLS) one and operated by realtors national association of realtors today's law lets brokers use the MLS Brokers are also assisting ______. - answeremotionally making the deal keep the deal together How are brokers paid? - answeron commission (typically upon closing) typically paid by sellers but may be paid by buyers and in unusual situations paid by both listing (seller) side and sale (buyer) side split the percentage of the price (3% and 3%) which is paid by the seller of the house Brokers provide expertise and knowledge, explain. - answerspecialized knowledge of the real estate market heterogeneous products/segmented markets call for localized expertise needed from brokers Brokers know the pricing and terms of recent market transactions for similar properties Have access to marketing that works and access to the market (MLS - if you want access you need a broker) Has knowledge about the legal obligations of buyers and sellers SHEPHERDING! the seller/buyer through the selling/buying process Real Estate brokers and salespersons traditionally have operated under the ___________. which gives a broker the right to act for a _________ in trying to buy/sell a property. - answerlaw of agency (the legal rights, duties, and liabilities of principal, agent and third parties as a result of the agency relationship between them) principal (the person giving authority to an agent) Broker's operate under _______ laws. - answerState ex) Colorado broker not a Boulder Country broker give real estate brokers power/authority to write contracts and give legal advice (limited attorney) Brokers have a very restricted power/authority... - answercan only fill in blanks and give legal advice on approved forms cannot freehand contracts or give general legal advice In acting for another person, brokers automatically fall into the category of..... - answeragents which means they must "stan