Real Estate Pratice Exam
Terms
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- Mandatory - must be given to all parties and first contact or first discussion orally / writing - ONLY provides information
- Info. about Brokerage Services
- Seller to fill out this form (NO help from agent) - Seller's KNOWLEDGE of the condition or property - NOT a warranty, must have inspection.
- Seller's Disclosure of Property Condition - Mandated by Texas Property Code (Sec. 5.008)
- Any fact that is relevant to a reasonable person - Agents must disclose all of this to everyone are
- Material Facts
- Listing agreements are ALWAYS in the name of the
- Broker / Company Name
- When the broker is GUARANTEED commission - if the agent brings in a buyer "ready, willing and able" at the listing price and the owner fails to sell - broker is due a commission - this is what type of listing
- Exclusive Right to Sell
- Broker is agent for "marketing" only - Broker gets commission only if is "procuring cause" - but owner retains right to sell w/o obligation is what type of listing
- Exclusive Agency
- Open to all agents - FSBO - owner retains right to sell w/o comm. obligation - must get comm. agreement each time agent shows property is what type of listing
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Open Listing -
For Sale by Owner - FSBO - Owner wants to set a price and broker can keep the diff. between the sales proceeds and such "net" amount as commission. Strict measure to insure seller knows value of property - Market Value - risky procudure!
- Net Listing
- Essentials to Listing Agreement are (6)
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Signatures of owners
Legal description
Difinite termination date
Commission Agreement
In writing
Remember - listings are property of broker - not assignable - Termination of Agency - Listing Agreements are (8)
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Fulfillment/performance by broker
Expiration of time
Revocation by Owner/Renunciation by Agenty (potential damage liablitly)
Mutual consent
Bankruptcy - title goes to receiver
Death or incapacity of either party
Destruction of property
Change in property use by law - Commission Requirements are (3)
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Must have a valid TREC license
Comm. Agreement in WRITING - signed by authorized party
Broker gives buyer Title Notice in WRITING - Agent's authority to do acts necessary and proper to accomplish express agency is
- Implied Authority
- Notification of agent same as actually notifying principal is
- Imputed Notice
- Notification to one agent of the firm "imputes" such notification to all agents in firm is
- Constructive Notice
- Based on IRS - (1) Written Contract (2) Real Estate License (3) Payment based on performance and/or production is an
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Independent Contractor
otherwise an Employee