Chapter 4 - The Listing Package & Breakdown of Listing Agreement Flashcards
the real estate commissioner requires that all agreements prepared by salespeople be approved and initialed
within a reasonable time by their designated broker or office manager
in a listing agreement
hand written instructions superseded pre-printed instructions
unless terms are specified, sellers are not obligated to pay a commission when they refuse a full price offer, unless
the offer is for all cash
To earn commission guaranteed by a safety clause, the original listing broker must provide the seller with a list of prospective buyers who were shown or made an offer on the property within
3 calendar days of the expiration of the original listing
under supervision of salesperson activities if the broker does not approve of any terms, he or she has the right to cancel the listing
within 5 days
a real estate broker or salesperson should never give legal or tax advice to his or her principles
unless he or she is an attorney, CPA or other licensed professional
under Section 10142 of the real estate law, at the time the signatures are obtained, the agent is required to give his or her principles
a copy of the listing agreement
a packet of forms an agent provides to the seller when taking a listing is called a
listing kit or package
the natural Hazard disclosure statement is a form that requires the seller to disclose if his or her property is a
a very high Hazard severity Zone, a special flood Hazard area, or an earthquake fault Zone
a home warranty protects a buyer from Roofing, plumbing, and electrical failure for up to
one year
a lead-based paint disclosure must be filled out for any property built before
1978
market value refers to the amount of cash that is most likely to be paid for a property on a given date in a
fair and reasonable open-market sale
as a fiduciary, you owe it to your principal to obtain the best market price
but you also owe it to yourself to get the seller to list at a saleable price
and a CMA, it’s important to only select properties that
are comparable to the subject property
active listings on a CMA
often have inflated asking prices that very few buyers actually expect to pay
