Flashcards in Real Estate Sales Licensing - Notes & Facts for Brief Study Deck (171)
When a buyer enters into a lease - purchase....
the buyer is OBLIGATED TO BUY THE PROPERTY ON A SPECIFIC DATE.
When a salesperson has a buyer sign a "buyer brokerage agreement" it must have what?
A beginning and ending date
What is Intentional misrepresentation?
A false statement made with the intention of inducing another party
What should the salesperson do is PERSONAL PROPERTY is included in a sale?
Take an inventory
If a sales contract is signed by one spouse, what is the status?
Unenforceable against both.
When a purchase contract is signed under duress, the contract is?
An illusory contract is?
What is an illusory contract?
Seems to be a contract... buy may not be.
In a listing agreement the seller is also known as what?
Client or Principal
What is a client (or principal) owed from their agent?
What is a third party in a real estate transaction?
What listing gives the broker the least protection
What type of listing gives the broker the greatest protection
Exclusive Right to Sell
All listings must have what?
Beginning and End date
What is a dual agency
When the brokerage company represents both the buyer and seller.
Legal as long as all parties AGREE IN WRITING
What is an Exclusive Agency Listing
Owner hires one broker but may sell the property for sale by owner and not pay a commission
In an exclusive agency listing who would a commission be paid to?
MLS agents and sub-agents
Why is a net listing illegal in some states
Because a broker may undervalue the property
What is implied agency
Of an agent makes a person think they're their agent
When would a listing be terminated
What is it called when a broker speaks for a seller without their authority?
What are an Agents Fiduciary Duties?
Reasonable CARE and Skill
How is the broker's right to a commission established
the Listing Agreement
When does a mechanics lien take priority
the day the work began
How long does a general contractor have to file after their Notice of Completion?
120 days to file their lien.
(The sub-contractor also has 120 days)
How long does a Mechanics Lien stay Valid?
Six Months from the fay of recordation - a lawsuit must be filed within six months for the lien to remain valid
Who may file a Mechanic's Lien?
Provider of Materials
If a tenant imroves a property and fails to pay the contractor, the Mechanics Lien will....
encumber the tenant's leasehold interest
What does the Arizona Homestead Exemption protect.?
Protects the Equity in a personal residence up to $150,000.