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

Principles of Real Estate Chap 12 Exam With 100% Correct Answers 2024 What is a Listing? - answerthe process of getting a property owner to sign a listing agreement with you. Once you have made contact with a customer and you know that they are actually interested in either buying or selling real estate, you have to convince them that you have the ability to help them achieve their goal. What is a Listing Agreement? - answera contract between a real estate supervising broker (or their agent representatives acting in the supervising broker's name) and a seller or sellers of real property that gives the broker the right to offer the property for sale. MLS - answerReal estate organizations, such as the National Association of REALTORS®, will keep a list of properties for sale. This list is known as a Multiple Listing Service Sec. 1101.652. Grounds for Suspension or Revocation Of License. - answer(b) The commission may suspend or revoke a license issued under this chapter or take other disciplinary action authorized by this chapter if the license holder, while engaged in real estate brokerage: (12) fails to specify a definite termination date that is not subject to prior notice in a contract, other than a contract to perform property management services, in which the license holder agrees to perform services for which a license is required under this chapter; The seller must provide the buyer with a disclosure statement in the statutorily required form, which includes disclosure of: - answerthe condition of all major appliances, systems, and services the general condition of the property, including basement and roof leaks infestations underground storage tanks pending litigation The National Association of Realtors defines a "stigmatized property" as - answerproperty that "has been psychologically impacted by an event, which occurred or was suspected to have occurred on the property, such event being one that has no physical impact of any kind." The agent cannot lie about the information but must attempt to refrain from revealing it. If asked about any non-material fact, the broker should always respond with a statement similar to - answer"that information is considered confidential and, therefore, I am legally prohibited from discussing that topic." Open Listing - answera sort of free-for-all with the added benefit of the property being listed on the MLS. The seller agrees to pa