A salesperson who collects a down payment deposit from a potential buyer must

A salesperson who collects a down payment deposit

  • University of Florida
  • EXAM 3
  • Test Prep
  • lamadre
  • 41
  • 71% (7) 5 out of 7 people found this document helpful

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A salesperson who collects a down payment deposit from a potential buyer must place the funds in:The hands of his broker.One of the most effective ways that salespersons or brokers can distinguish themselvesas a preferred agent in a particular specialization of real estate brokerage is to:Obtaining a related industry designation.
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A broker, acting as the agent of a seller, must deal honestly and fairly with whom?Everyone involved in the transaction.Real estate salespersons can lose their licenses for:Commingling escrow (trust) money with personal funds.The state real estate commission is responsible for:Establishing education requirements for licensees.Real estate brokers are paid commissions primarily forProviding a service.How are commission rates charged by real estate brokers determined?By agreement between broker and principal.The sub agency relationship that traditionally has characterized multiple listing services (MLS) has tended to result in the wide-spread danger of:Unintended dual agency.According to most listing contracts, a broker has earned a commission whenThe broker finds a buyer who is ready, willing, and able to buy on the terms specified in the listing contract.If a buyer defaults on a contract to purchase real property, which of the following is not aremedy the seller can pursue?Sue for assignment.When contracts for the sale of real property are placed with a disinterested third party for executing and closing, they are said to be placed in:EscrowWhich of the following conditions would be a defect to mutual assent in a contract for the sale of real property?One party attempts to perpetrate fraud on the other.
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Which of the following is one of the terms of a real estate contract?Price to be paid.An earnest money deposit is:A payment of money by a buyer to evidence good faith.In most straightforward transactions involving houses or other relatively small properties, the contract is:A form, with blanks filled in by the broker.Equitable title to real estate is:The right to obtain legal title conveyed by the contract for saleThe purpose of a closing statement is to:All but "A" abovebroker licenseThe authority granted by a state for one to own and operate a real estate brokerage business; the most complete type of real estate license.buyer agency agreementA contract for real estate brokerage services between a buyer and a real estate agent. The broker receives compensation for successfully locating a property for the buyer to purchase.commissionPayment a real estate salesperson receives for services rendered, usually expressed as apercentage of the property sale price and not usually paid until the transaction is closed.designated agentIn case a brokerage firm is agent for both a seller and a buyer, the firm sometimes designates one salesperson to serve the buyer and one to serve the seller. The two
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