a listing agreementA salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson isan agent to the broker and a subagent to the principal.A broker supplies the financing for a project to build condominiums with the stipulation that he has the exclusive right to sell the completed condos. Which of the following BEST describes this relationship?
Agency coupled with an interest.The day after a broker's listing on a house expired, it was listed with another broker and offered in the MLS. Several days later, a third licensee called the first broker and asked for the key to show the home. The broker should inform the caller thathe is no longer the listing agent.To what party or parties does the broker owe the fiduciary duty of care?the party or parties employing the brokerUnrepresented buyers ask the licensee who listed the home whether they should order a property inspection as a part of their due diligence for the purchase of the home. Which of the following would be the most appropriate way for the listing agent to respond?If you feel it is in your best interest, please do so.A seller tells the listing agent that her home was treated for termites 10 years ago, so there are no termites now. Before listing the property, the agent shouldtell the seller to disclose the termite treatment on the property disclosure.What critical aspect of the property inspection process MUST licensees convey to prospective buyers?Need for inspections to be completed within the time stated in the contract.What is the duration of a home warranty's coverage?as disclosed in the contract that offers the warrantyState laws differ on whether a buyer is entitled to know about
a suicide that occurred in the house last year.A licensee is listing a property in a known flood plain. The seller flatly denies that the structure and the property have ever been flooded. What is the licensee required to do in this situation?Inform the seller of the legal obligation to disclose facts regarding flood plains.A seller's statement in a property disclosure document meansthe owner is disclosing known latent defects.The Department of Housing and Urban Development estimates that most private homes built before 1978 contain potentially dangerous levels of lead. Because of this, some Federal agencies, such as FHA,require the buyer to acknowledge disclosure of the presence of any known lead paint.A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on orbefore December 31st. This is calledan option contract.When a listing broker is preparing an Offer to Purchase for a buyer customer, contingencies involving inspections or approval by a third party shouldhave short deadlines.A licensee has an agency representation agreement with a buyer. When showing another company's listing, what obligation does the licensee have to the seller and the listing broker at the other company?