3.4 Flashcards
(18 cards)
The “Previous Agency Relationships” paragraph in the Exclusive Right to Represent agreement states that you must keep ______ information private.
confidential
True or False: Commission disputes between non-Realtor real estate licensees are handled by the Minnesota Department of Commerce.
False
They must be handled by the courts.
Closing service providers are to be chosen by the ______.
buyer
Buyers are obligated under an Exclusive Right to Represent Agreement to ______with you in the purchase of property.
cooperate
Parties to a Contract for Exclusive Right to Represent Buyer cancel the agreement before the expiration date by written ______ agreement of the parties.
mutual
Generally, the most practical response to a buyer’s request to cancel the Contract for Exclusive Right to Represent Buyer is to ____ to the cancellation.
agree
Retainer fees are more likely to be charged by brokers in commercial real estate _______.
acquisitions
A retainer fee is generally to compensate a broker for the time and _____ of searching for properties.
expenses
True or False:
When a buyer is being represented, it allows the agent to put the buyer’s needs first without worrying about losing a commission.
True
An arbitration committee would consider “______ cause” in a dispute over which agent is entitled to a sales commission.
procurring
Representation contracts are between the client and the ______.
broker or brokerage
In an Exclusive Right to Represent Buyer agreement, the broker has the exclusive right to locate property at a price and _______ acceptable to the buyer.
terms
In the Exclusive Right to Represent Buyer form, buyers agree to provide the broker with accurate and relevant personal _____ information.
financial
If the buyer refuses to close the purchase for any reason other than the failure of the seller to perform, subject to relevant ______, the buyer might be obligated to pay the broker all compensation due under the agreement.
contingencies
Prior to 1993 when the new agency law was enacted, the method for figuring out who was owed real estate commission on a particular sale was called, “The _____ Rule.”
Threshhold
True or False:
A buyer may arrange for a qualified closing agent to Buyer’s attorney to conduct the closing.
True
The buyer may agree to have the ______ arrange for closing services.
broker
True or False:
You are legally obligated to offer buyers all possible types of representation arrangements for them to choose from.
False
