Affiliate Broker pretest exam with 100% correct answers

the type of listing contract that a seller gives to one firm yet the seller retains the right to find a buyer him/herself and not pay a commission is a(an) Exclusive agency agreement a listing broker is usually what a ________ agent. a special agent the written agreement between the broker and licensee describing the obligations and responsibilities of the relationship is called: independent contractor agreement a property manager is usually a__________ agent a general agent a person who is not an agent or advocate for either party facilitator is a net listing legal or illegal? illegal When a seller states a specific amount they would sell their property for and the agency increases the price to reduce their commission is called a _____ listing net listing when an agent has been chosen by they broker to serve as an agent for the seller to the exclusion of other licensees in her office, they are considered a designated agent for the seller exclusive right to sell a listing contract under which the principle (seller) appoints a RE broker for a designated amount of time under owners terms anti-trust laws prohibit: sharing commissions with other brokers a sales person with a certain company desires to list a property without including the firm's name in the advertisement. When is this allowed? the salesperson actually owns the property and sells it by owner What are the duties of an agent to client under common law? CCOALD - care, confidentiality, obedience, accounting, loyalty, and disclosure. what is the act of brokerage? dealing in another persons real estate for a fee what is agency, aka principles? represents the buyer and/or seller single agency a broker who only represents one party never both in a transaction dual agency representing both parties in a transaction with adverse interest. This is illegal without both parties knowledge and consent disclosed an agent who has received written consent of a buyer and seller to represent both in a transaction undisclosed and agent who has not received written consent of a buyer and seller to represent both in a transaction affiliate broker broker transaction under the broker (or principle broker) to sell fiduciary one in whom trust and confidence is placed usually a referred broker employed under the terms of a listed contract duties owed to all parties under statutory laws of TN Care, Disclose, Confidentiality, Honesty, account, refrain from self-dealing duties owed to client under statutory laws of TN obey (lawful instructions), loyalty, assist adverse facts value, structural integrity, healthy risks, a broker may share his commission with ___ and ___ a licensed affiliate in their office, and head broker to head broker an affiliate may only receive RE compensation from: his/her principle broker listing contract principle (seller) employing a broker to find a willing and able buy for RE on the principles terms and agrees to pay commission to broker protestion clause a clause that protects brokers interest for a certain amount of time after expiration as long as client has not signed a new agreement with other broker open listing contract a contract under which the brokers commission is depended upon a brokers providing a buyer before property is sold by another broker or seller MLS aka, multiple listing service, a marketing organization composed of member brokers who agree to share their listing agreement with one another in hope of procuring a ready, willing, and able buyer. the way a listing is terminated mutual agreement, expiration of term, cancellation by client, renunciation of agent, abandonment by agent is a property manager required to be licensed? yes statute of frauds state law requiring all real estate contracts except one (one year or less lease) to be written, dated, and signed by all parties to be enforceable in court. puffing exaggerated description of party but not misrepresentation The 4 "Cs" of a contract clear, complete, consideration, and correct What does MARIA stand for in tests of fixtures? method, agreement, relationship, intensions, adaption A banker's year consists of __ days in a month, __ months, and __ days in a year 30 days in a month, 12 months in a year, and 360 days in a year