Practice Flashcards
1
Q
___ agreements are employment contracts for the personal professional services of the sponsoring broker.
A
Brokerage
2
Q
Brokerage agreements employment contracts for…
A
Personal professional services of the sponsoring broker
3
Q
___ agreements establish the basic relationships between the parties.
A
Brokerage
4
Q
___ agreements provide different levels of rights and responsibilities for the sponsoring broker, and address the essential questions of exclusivity and compensation.
A
Brokerage
5
Q
___ agreements are an employment contract between the sponsoring broker and seller.
A
Listing
6
Q
A(n) ___ agreement is an employment contract that establishes the rights and responsibilities of the sponsoring broker as an agent for the buyer.
A
Buyer representation
7
Q
A(n) ___ contract sets up the relationship between the sponsoring broker and the owner of a rental property.
A
management
8
Q
What is the part of a state law that requires that certain instruments, such as deeds, real estate sales contracts, and certain leases, be in writing to be legally enforceable?
A
Statute of Frauds
9
Q
According to the Illinois Real Estate License Act, all exclusive brokerage agreements must be…
A
in writing
10
Q
According to the Illinois Real Estate License Act, all exclusive brokerage agreements must indicate the required ___ in return for ___.
A
minimum services in return for compensation.
11
Q
Race, color, religion, national origin, sex, ancestry, age, marital status, mental & physical disabilities, familial status are all classes protected by the ___.
A
Illinois Human Rights Act
12
Q
In Illinois, each brokerage agreement must clearly state that it is illegal for either the owner or sponsoring broker to refuse to display or sell to any person because of their membership in ___.
A
A protected class
13
Q
In a(n) ___ listing agreement, one broker is appointed as the seller’s sole agent.
A
Exclusive Right to Sell
14
Q
In a(n) ___ listing agreement, the agent is given the exclusive right to market the seller’s property.
A
Exclusive Right-to-Sell
15
Q
Bob is an agent who entered into an exclusive right-to-sell listing agreement with a seller named John. Bill is another agent who ends up helping John sell his home while this listing was still in effect. What is Bob entitled to?
A
Receiving a commission
16
Q
___ listing agreements allow brokers the greatest opportunity to receive a commission.
A
Exclusive Right-to-Sell
17
Q
In a(n) ___ listing agreement, one broker is authorized to act as the exclusive agent to the seller-principal.
A
Exclusive-agency
18
Q
In an exclusive-agency listing, the seller retains the right to sell the property without ___ to the listing broker
A
financial obligation
19
Q
In an exclusive-agency listing, the seller is only obligated to pay a commission to the listing broker if the listing broker has…
A
been the procuring cause of a sale
20
Q
In Illinois, what 9 things must be included in a written exclusive listing agreement?
A
1) Listing price of property
2) Amount of commission and time of payment
3) Duration of the agreement
4) Names of the broker and seller
5) Identification of the property involved (address or legal description)
6) Duties of the listing broker
7) Minimum services
8) Nondiscrimination statement
9) Statement regarding antitrust
21
Q
Licensees may use listing agreements with fill-in-the-blank spaces to save time with their clients. True or false?
A
False
22
Q
An open listing agreement may also be called a(n) ___ listing in some areas.
A
nonexclusive
23
Q
In a(n) ___ listing agreement, the seller has the right to employ any amount of brokers to act as their agent.
A
Open (or nonexclusive)
24
Q
In an open listing agreement with multiple brokers acting as agents to the seller, who does the seller owe financial obligation to?
A
The agent who produces a ready, willing, able buyer
25
Bob and John are agents who entered into an open listing agreement with their seller, Bill. After entering into this agreement, Bill eventually sells his property to his neice, Sarah, without the help of either broker. Is Bill still obligated to pay a commission to Bob and John?
No
26
A(n) ___ listing provision specifies that the seller will receive a net amount of money from any sale, and that the broker will receive any excess funds as their commission.
net
27
A(n) ___ listing provision allows the broker to offer a property at any price greater than the amount the seller wants, and the difference in price is the broker’s fee
net
28
A net listing can create a conflict of interest with the broker’s ___ to the seller.
Fiduciary responsibility
29
Net listings are ___ in Illinois due to their potential for fraud.
discouraged
30
Net listings are illegal in some states. Are they legal in Illinois?
yes
31
In a(n) ___ listing, the broker is entitled to any amount exceeding the seller’s stated price.
net
32
In a(n) ___ listing, actual sale price minus the seller-required price equals the broker’s profit.
net
33
A(n) ___ listing provision gives the broker the right to purchase the listed property at some point in the future
option
34
An option listing may open the broker to ___ unless the broker fulfills all obligations to the property owner.
fraud
35
A(n) ___ allows the consumer to purchase a given property.
option contract
36
A(n) ___ agreement is when the broker agrees to buy the listed property if it fails to sell before the end of the listing period.
guaranteed sale
37
A(n) ___ clause may be included in an exclusive listing.
multiple listing
38
A(n) ___ is a marketing organization whose members make their listings available for showing and sale through all other member licensees.
Multiple Listing Service (MLS)
39
An advantage of a(n) ___ for licensees is that they develop a sizable inventory of properties to be sold, and that they are entitled to a portion of the commission if they either list the property or participate in the sale of another licensee’s listing.
Multiple Listing Service
40
An advantage of a(n) ___ to sellers is that their property is exposed to a larger market.
Multiple Listing Service
41
An advantage of a(n) ___ for buyers is that they can browse a variety of properties on the market.
Multiple Listing Service
42
If an agent delays turning over a listing to a Multiple Listing Service, what two things does the agent need to do for the seller?
Inform the seller and obtain their written consent
43
Most Multiple Listing Services require that licensees turn over new listings within a specific…
Time frame after obtaining the listing
44
A licensee must have ___ from the seller in order to include the property in a Multiple Listing Service.
written consent
45
___ often offer additional information about mortgage loans, real estate taxes & assessments, municipalities, and school districts.
Multiple Listing Services
46
A(n) ___ is helpful to a licensees who need to make a comparative market analysis (CMA) to determine a particular property’s value before suggesting an appropriate range of prices.
Multiple Listing Service
47
Paying someone a commission does not create ___ in Illinois
Agency
48
A few buyers may choose to remain as customers without representation, in Illinois, that lack of agency is now subject to ___, and by statute, a(n) ___ should be provided.
Disclosure; notice of no agency
49
In Illinois, if nothing is said about agency while a licensee is working with a consumer, licensees are considered to be…
representing the consumer as their designated agent
50
In Illinois, if a licensee is working with a consumer, however nothing has been said about agency, what obligation do they owe to the client?
Written disclosure of the designated agency relationship
51
In Illinois, the ___ often pays the fees for both agents in a real estate transaction.
Seller
52
If a seller pays the fees for both agents in a real estate transaction, those fees are called ___.
Cooperative commissions.
53
In an Illinois Multiple Listing Service data sheet, cooperative commissions are typically stated as ___ or as a(n) ___.
Co-op X% or as a flat fee
54
When listing a property for sale, an important safeguard is to check ___ to see who has an interest in the property so that all the appropriate parties are involved.
Title records
55
The ___ is the backbone of real estate practice.
Listing appointment
56
The ___ is the meeting of the licensee with a potential client (seller).
Listing appointment
57
The collection of data on other similar properties is also known as ___ or ___.
Comparables or “comps”
58
What are the 3 general categories of comparables/ comps?
1) Sold
2) Active
3) Expired
59
___ comps inform the agent as to what prices are attractive to buyers and what the average neighborhood market time is.
sold
60
___ comps show an agent what the competition is and if there are any “price points” in the current market
Active
61
___ are the high or low ends of a range of prices for similar properties.
Price Points
62
___ comps usually indicate a price that did not attract a buyer
Expired
63
___ comps are most often an indication of overpricing
Expired
64
Who determines the final decision about the price of a listed property?
The seller
65
The final decision about the price of a listed property is determined by the seller with ___ from the agent.
Advice
66
Is it legal in IL for a licensee to promote a price other than the price the seller agrees to?
No, this violates the Act
67
At a listing appointment, sellers often need help determining what their ___ is and what their ___ will be.
Equity; net
68
When a licensee helps calculate what a seller’s equity is and what their net will be, it is important that they stress to the seller that these calculations are only ___
Estimates
69
Brokers can help sellers determine a listing price for the property by using a(n) ___.
Comparative Market Analysis (CMA)
70
A(n) ___ analyzes properties similar to the subject property in size, location, and amenities.
Comparative Market Analysis (CMA)
71
Which provides a more in depth analysis in regards to the value of a property— appraisal or CMA?
Appraisal
72
A Comparative Market Analysis is based on properties that are ___, ___, or ___.
Sold, active, or expired
73
What should an Illinois licensee do before creating a CMA?
Review the requirements and restrictions in the Act
74
A comparative market analysis or broker price opinion needs to be prepared in ___
writing
75
A comparative market analysis or broker price opinion must be prepared in writing, either on ___ or ___.
Paper or electronically
76
In IL, what 7 provisions must be included in a CMA or broker price opinion?
1) Intended purpose
2) Brief description of the interest in real estate
3) Methodology used to develop the CMA or price opinion
4) Any assumptions or limiting conditions
5) A disclosure of any interest the broker or managing broker has in the real estate
6) Name, license number, and signature of the broker or managing broker who developed the opinion
7) “Not an appraisal” and “prepared by a licensed real estate broker / managing broker, who is NOT an appraiser”
77
When preparing a CMA or broker price opinion, the broker or managing broker who developed it must include their ___, ___, and ___.
Name, license number, and signature
78
When preparing a CMA or broker price opinion, the broker or managing broker who developed it must state in writing that it is not a(n) ___.
Appraisal
79
When preparing a CMA or broker price opinion, the broker or managing broker who developed it must state in writing it was prepared by a real estate broker, who is NOT a state certified ___.
real estate appraiser
80
___ prices represent what buyers have been willing to pay for similar properties in the neighborhood.
sold
81
___ prices often are prices that buyers have not been willing to pay for similar property
Expired
82
Asking prices ___ than sold prices indicate a slow or declining market.
lower
83
Asking prices that are ___ than sold prices indicate an optimistic market.
Higher
84
___ data includes information about the social, economic, governmental, and environmental influences on value.
General (secondary)
85
___ data is typically not collected by the appraiser.
General (secondary)
86
___ data details about the subject, comparable, and local market conditions.
Specific (primary)
87
Specific (primary) data is collected by the ___.
appraiser
88
___ data describes things that cannot be expressed with a numerical value
Qualitative
89
___ data includes information that can be expressed as a numerical value
Quantitative
90
Square feet and dimensions would be considered as ___ data.
Quantitative
91
The number of rooms a property has is considered as ___ data.
Quantitative
92
The amount of time a property is on the market is considered as ___ data.
Quantitative
93
Lot size is considered as ___ data
Quantitative
94
Amenities are considered as ___ data.
Qualitative
95
A property’s location is considered as ___ data.
Qualitative
96
Style is considered as ___ data.
Qualitative
97
The figure sought in both CMAs and appraisals is the property’s ___.
Market value
98
___ is the most probable price a property would bring in an arm’s length transaction under normal market conditions on the open market.
Market value
99
A CMA estimates market value as a(n) ___.
Range
100
A formal appraisal indicates a(n) ___ market value.
specific
101
A(n) ___ estimates market value as likely to fall within a range of values, for example: $350,000-400,000
CMA
102
A(n) ___ indicates a specific value rather than a range
appraisal
103
A broker can reject any listing in which the seller’s final price is substantially exaggerated or severely out of line with the indications of the CMA or appraisal. True or false?
True, and brokers should consider rejecting such listings
104
If a seller lists their home at a price that is much higher than the price indicated by the CMA or appraisal, a buyer may have difficulty obtaining ___.
Financing
105
Why might it be difficult for a buyer to obtain a mortgage for a property that is selling at a price higher than the market value determined by the CMA?
The property will not appraise for the sale price
106
When helping the seller determine an appropriate listing price, the broker must give a(n) ___ that is reasonable and as accurate as possible.
Estimate of value
107
After agreeing on a listing price with a seller, the broker must obtain specific & detailed ___ about the property to ensure that most contingencies can be anticipated.
Information
108
___ is defined as the sum of all connected, finished, and usable areas.
Square footage
109
The square footage of home is determined by measurements of all ___ dimensions
Exterior
110
When parallel sides of a home have the same measurement, the house is said to be ___.
square
111
A(n) ___ is a private room that is closed off from all other living spaces and does not have its only entrance from another room of the same category.
Bedroom
112
If a bedroom’s only entrance is from another bedroom, this would be considered as a(n) ___ room.
Tandem
113
Bedrooms are required to have a window. True or false?
False
114
Bedrooms are required to have a closet. True or false?
False
115
___ normally cover a wide range of structural, mechanical, and other conditions that a prospective purchaser should know about to make an informed decision.
Property condition disclosures
116
It is the broker’s responsibility to ensure that the ___ is aware of mandatory property condition disclosures.
seller
117
___ disclosure of property conditions is required by IL state law.
Seller
118
By using ___, IL agents are required to disclose whose interests they legally represent to a customer.
Disclosure of No Agency
119
In IL, once a listing agreement is finalized, it needs to be signed by both the ___ and ___.
Broker and principal
120
IL law prohibits the broker from making any addition, deletion, or alteration of a written listing agreement without ___ of the principal.
Written consent
121
After a listing agreement has been finalized and signed by the broker and principal(s), the broker must return a true copy of the listing agreement to all parties within ___ of execution.
24 hours
122
What 5 things does Illinois law require to be disclosed in a listing contract?
1) Material facts
2) Interest
3) Special compensation
4) Earnest money and purchaser default
5) property condition
123
___ are any facts on which a reasonable person would base a contractual decision.
Material facts
124
Disclosure of ___ includes that if a buyer or seller is a licensed broker, this needs to be clearly stated in the contract.
Interest
125
A broker is prohibited from accepting any form of compensation from anybody other than…
another licensee
126
Sponsored licensees may only receive any forms of compensation through…
their sponsoring broker
127
What statement must appear emphasized in letters larger than those otherwise used in a listing agreement?
Disclosure that the seller will not receive the earnest money deposit if the purchaser defaults.
128
A property ___ statement must be given to the buyer before an offer is made and accepted.
Property disclosure statement
129
If a buyer is not given a property disclosure statement before making an offer that is accepted, how long do they have to rescind the contract based on any negative disclosures?
Three business days
130
If a property was built before 1978, what must be disclosed?
Lead paint disclosure
131
A radon disclosure may be required of the seller if a property…
was built before 1978
132
If a broker would like to place a “for sale” sign on the principal’s property, does this need to be disclosed in the listing agreement?
yes
133
If a broker would like to advertise and market a property on social media or the internet, does this need to be disclosed in the listing agreement?
yes
134
Anyone who has ownership interest in a property must be ___ and must ___ the listing in order to validate it.
identified and must sign
135
If a property is a principal residence of a married couple, but only the husband’s name is on the title, who’s signature is required on the listing agreement in order to release the homestead rights?
Both spouses
136
If a property is in possession of a tenant, what 2 things must be included in the listing agreement?
Disclosure that a tenant is in possession, and instructions for how the property will be shown to prospective buyers
137
What 3 things must a brokerage identify about themself in a listing agreement?
1) Brokerage company name
2) the sponsoring broker
3) the designated agent of the sponsoring broker
138
Unpaid real estate taxes, outstanding mortgage debts, and any other outstanding financial obligations will reduce the seller’s ___.
Proceeds
139
Listing agreements must specify that certain items on the property may be ___ that must remain with the property unless explicitly identified in the subsequent purchase contract between the buyer and seller.
fixtures
140
A listing agreement should determine whether any lease equipment, such as a home security alarm, cable box, water softener, or antenna, will be left with the property. True or false?
true
141
If leased equipment such as a satellite dish is left with the property, who is responsible for notifying the company that own’s the equipment of the change of property ownership?
The seller
142
Which premises descriptor is required to be included in a listing agreement in order for it to be valid and enforceable under IL state law?
Street address
143
In order for a listing agreement to be valid and enforceable under IL state law, does it need to require either the parcel number or property index number (PIN)?
No but it is strongly recommended
144
Where can one acquire a property’s parcel number or property index number?
County tax database
145
A warranty deed, title insurance policy, or abstract of title with an attorney’s opinion can be used for ___.
Proof of title
146
Even if a physical enrichment on a property, such as a picket fence, was noted in the listing file, questions about their legal implications should be…
Referred to an attorney
147
All liens must either be paid by the ___ or assumed by the ___ at closing.
Paid by the seller or assumed by the buyer
148
A listing agreement is required to identify the current zoning for the property. True or false?
True
149
If a broker has any money sent to them by a home warranty company, what must the broker do in regards to the listing agreement?
Disclose this in writing
150
The circumstances under which a commission will be paid must be specifically stated in the ___.
listing contract
151
The contract should indicate that all commissions have been negotiated between the ___ and the ___.
seller and broker
152
Under IL law, written listing agreements in IL must state that no change in the amount of commission or time of payment will be valid or binding unless the change is made ___ and ___.
change is made in writing and signed by all parties
153
Can a listing agreement include a provision stating that the seller and broker agree not to sue one another for any incorrect information supplied to one another?
Yes, but it is not a requirement
154
Are listing agreements required to include a provision stating that the seller and broker agree not to sue one another for any incorrect information supplied to one another?
no
155
Because of Fair Housing laws, what needs to be included in a listing contract?
Nondiscrimination / equal opportunity statement
156
What are the 3 required minimum services provided that must be specified in an exclusive brokerage agreement?
1) Accept and present client with all offers and counteroffers
2) Assist in developing, communicating, negotiating, and presenting offers and counteroffers until lease or purchase agreement is signed
3) Answer clients questions
157
In an exclusive brokerage agreement, the broker must ___ and ___ all offers and counteroffers for their client.
Accept and present
158
In an exclusive brokerage agreement, the broker must assist their client in developing, communicating, negotiating, and presenting all offers and counteroffers until…
a lease or purchase agreement is signed
159
Who is required to sign a listing contract?
All parties
160
The date a contract is signed may ___ from the date a contract goes into effect.
differ
161
Are neighborhood amenities that would make a property more appealing and marketable, such as information about schools or parks, required to be included in a listing agreement?
no
162
Any written brokerage agreement must provide either a(n) ___ within a definite period of time or provide the client with the right to ___ the agreement annually by giving no more than 30 days prior written notice.
automatic expiration or right to terminate
163
The ___ of a listing contract provides that the property owner will pay the listing broker a commission if within a specified time period after the listing agreement expires, the owner transfers the property title to someone who saw the property while it was listed with the broker.
Broker protection clause
164
A ___ clause protects brokers from losing a commission on a sale involving buyers who saw a property while it was listed.
Broker protection clause
165
A ___ clause discourages others from trying to reach private arrangements with sellers.
Broker protection clause
166
Buyer agreements and listing agreements are ___ contracts.
employment
167
Who is the principal for a buyer agency agreement?
The buyer
168
Who is the principal for a listing agreement?
The seller
169
A(n) ___ agreement indicates a principal-agent relationship in which the broker is the agent to the buyer with fiduciary responsibilities to the buyer.
buyer
170
If a broker has a listing agreement with a principal, who do they owe fiduciary responsibilities to?
The seller
171
If a broker has a buyer agency agreement with a principal, who do they owe fiduciary responsibilities to?
the buyer
172
A(n) ___ indicates the exclusive right for a broker to represent a buyer.
Exclusive buyer agency agreement
173
If a buyer enters into a(n) ___ agreement with a broker, they are legally bound to compensate the broker whenever they purchase a property of the type described in the contract, regardless if the broker helped them locate the property.
Exclusive buyer agency agreement
174
Bob is a buyer who entered into an exclusive buyer agency agreement with Sarah, his broker. Bob later independently purchased a home he had found on Zillow without any assistance from Sarah. Is he legally obligated to compensate Sarah?
yes
175
Which type of buyer agency agreement entitles a broker to payment regardless of whether or not they help the principal locate a property?
Exclusive buyer agency agreement
176
A(n) ___ is an exclusive contract between a buyer and broker, where the broker is only entitled to compensation from the principal if they help them locate the property that is ultimately purchased.
Exclusive agency buyer agency agreement
177
In a(n) ___, the buyer retains the right to locate and buy property without financial obligation to the broker.
Exclusive agency buyer agency agreement
178
A(n) ___ agreement puts brokers at risk of educating buyers about the purchase process and showing many homes only to find that the buyers avoid compensating the broker by working directly with the owners of an unlisted property.
Exclusive agency buyer agency agreement
179
A(n) ___ agreement is nonexclusive and allows a buyer to enter into similar agreements with an unlimited number of brokers.
Open buyer agency agreement
180
If a buyer has an open buyer agency agreement, who are they obligated to compensate?
Only the broker who locates the property that is ultimately purchased
181
A broker should conduct a(n) ___ with a buyer to determine the principal’s needs, goals, financial capabilities, and motivation.
Counseling session
182
A(n) ___ gives a broker the opportunity to educate the buyer on the buying process and market conditions, and to formulate a strategy for finding the right property.
Counseling session
183
A broker should have a discussion with a buyer addressing and negotiating compensation in the event that there is no offer of ___ from the listing broker.
Cooperative compensation
184
A broker should make the same ___ to a buyer that they would make to a seller in a listing agreement.
disclosures
185
In Illinois, it is common for a listing broker to share the listing fee with the buyer’s broker. This is a clear case where commission does not equate to ___.
agency
186
If a broker receives compensation from more than one source in a transaction, it always needs to be…
Disclosed in writing to the client
187
A(n) ___ determines and evaluates the needs, wants, and financial capacity of the buyer.
Needs assessment
188
___ is a service where a broker locates the best property for the buyer by notifying them of new listings and for sale by owner properties.
Property selection
189
___ is where a broker provides an objective evaluation of the property and shows buyers how to compare properties, as well as the disclosure of material facts that pertain to the property.
Viewing properties
190
___ means to strategize with the principal, and suggest techniques that strengthen their position. Then implement those strategies on behalf of the principal.
negotiate
191
When negotiating, the broker acting as an agent to a buyer should provide ___ and prepare a(n) ___ on the property that the buyer is considering.
Provide price counseling, prepare a CMA
192
___ is a service where the broker resolves any issues that could prevent a closing from occurring.
Follow-up
193
The buyer’s broker should prepare a(n) ___ to establish a price for the buyer to offer.
CMA
194
Factors the buyer’s broker should take into account when preparing the ___include the property’s condition, length of time on the market, supply & demand, seller’s motivation, and terms & contingencies.
CMA
195
If a buyer’s broker is working with two or more clients who are seeking similar property’s in the same price range, is the broker permitted to show alternative properties to prospective buyers or tenants without breaching any duties or obligations to their clients?
yes
196
When a buyer’s agent is acting as a designated agent for more than one prospective buyer who the designated agent has reason to believe is making or preparing ___ offers to purchase the property located at a specific address, the buyers have the option of being referred to another designated agent who will serve as the agent of the buyer.
Contemporaneous
197
If a broker is preparing or making contemporaneous offers or contracts to purchase or lease the same property, the broker must…
Provide written disclosure to all clients
198
A(n) ___ agreement is a contract between a broker and a seller or buyer.
Broker employment agreement
199
A broker cannot turn over a broker employment agreement to another broker without…
The principal’s written consent
200
If either party cancels a broker employment agreement contract, one party may be ___ to the other.
Liable for damages
201
If a principal fails to fulfill the terms of the broker employment agreement, they may be ___ to the broker.
Liable for damages
202
Upon closing of a sale, an employment agreement’’s purpose has been fulfilled, and therefore the agreement may be ___.
canceled
203
If an agreement’s term expires without a successful transfer, the employment agreement may be ___.
Canceled
204
If a property is destroyed an employment agreement may be ___.
canceled
205
If a force outside of the client’s control changes the property, such as a zoning change, what happens to the employment agreement?
canceled
206
If the title to the property is transferred by operation of law, such as bankruptcy or foreclosure, the employment agreement is ___.
Canceled
207
An employment agreement may be canceled upon mutual agreement to ___.
end the agreement
208
If the sponsoring broker or client dies or becomes incapacitated, the employment agreement ___.
may be canceled
209
If either party breaches the contract of an employment agreement, the agreement is ___.
terminated
210
If either party of the employment agreement breaches the contract, the party responsible for the breach / cancelation may be ___ to the other.
liable
211
In Illinois, what two duties does the broker still owe to the principal, even after termination, expiration, or completion of a brokerage agreement?
1) Accounting for all monies and property relating to the transaction
2) Confidentiality
212
To acquire an inventory of property to sell, brokers must obtain ___
listings
213
A(n) ___ can enhance the odds of the property selling.
Multiple listing service
214
A(n) ___ provision gives the broker additional authority and obligation to distribute the listing to other members of the organization.
Multiple listing service (MLS)
215
A broker employment agreement is a contract between a ___ and a ___ or ___
Between a broker and a buyer or seller
216
A broker cannot turn over a brokerage agreement to another broker without...
the principal's written consent
217
If a property owner refuses to cooperate with the broker's reasonable requests, such as allowing the broker to show the property to a prospective buyer, they could be ___ to the broker.
Liable
218
If a property owner refuses to proceed with a completed sales contract, they could be ___ to the broker.
Liable
219
If either party cancels a contract, one party may be ___ to the other
liable
220
A(n) ___ compares the prices of recently sold properties that are similar to the seller's property
CMA
221
What can be used to help a seller determine a reasonable listing price?
CMA or appraisal
222
The approximate amount a seller will ___ from a sale is calculated by subtracting the broker's commission, and other seller expenses (attorney, title search, etc) and any existing liens (such as mortgage) from the sales price.
net
223
___ of the broker's agency relationships and agency policies are required.
Disclosure
224
The seller is expected to ___ with legally required disclosures of property conditions.
comply
225
In Illinois, buyer agency is regulated by ___.
Illinois Agency Laws
226
A best practice for a broker representing a buyer is to conduct a(n) ___ to determine the buyer's needs & goals, financial capabilities, and motivation
counseling session
227
Qualifying ___ services include needs/financial capabilities assessment, property selection, and viewing properties
Buyer
228
The ___ process also includes the agent preparing a CMA for them on the selected property then preparing and negotiating the offer that ultimately leads to a contract between both parties.
Buying
229
In IL, all brokerage agreements must be ___ and must provide for ___.
in writing; minimum services
