Real Estate Sales Licensing - Notes & Facts for Brief Study Flashcards Preview

AZ Real Estate (ASREB) 5/2017 > Real Estate Sales Licensing - Notes & Facts for Brief Study > Flashcards

Flashcards in Real Estate Sales Licensing - Notes & Facts for Brief Study Deck (171)
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61

When a buyer enters into a lease - purchase....

the buyer is OBLIGATED TO BUY THE PROPERTY ON A SPECIFIC DATE.

62

When a salesperson has a buyer sign a "buyer brokerage agreement" it must have what?

A beginning and ending date

63

What is Intentional misrepresentation?

A false statement made with the intention of inducing another party

64

What should the salesperson do is PERSONAL PROPERTY is included in a sale?

Take an inventory

65

If a sales contract is signed by one spouse, what is the status?

Unenforceable against both.

66

When a purchase contract is signed under duress, the contract is?

Voicable

67

An illusory contract is?

Unenforceable

68

What is an illusory contract?

Seems to be a contract... buy may not be.

69

In a listing agreement the seller is also known as what?

Client or Principal

70

What is a client (or principal) owed from their agent?

Fiduciary duties

71

What is a third party in a real estate transaction?

Customer

72

What listing gives the broker the least protection

Open listing

73

What type of listing gives the broker the greatest protection

Exclusive Right to Sell

74

All listings must have what?

Beginning and End date

75

What is a dual agency

When the brokerage company represents both the buyer and seller.
Legal as long as all parties AGREE IN WRITING

76

What is an Exclusive Agency Listing

Owner hires one broker but may sell the property for sale by owner and not pay a commission

77

In an exclusive agency listing who would a commission be paid to?

MLS agents and sub-agents

78

Why is a net listing illegal in some states

Because a broker may undervalue the property

79

What is implied agency

Of an agent makes a person think they're their agent

80

When would a listing be terminated

Bankruptcy

81

What is it called when a broker speaks for a seller without their authority?

Ostensible

82

What are an Agents Fiduciary Duties?

CARLOAD:
Confidentiality
Accountability
Reasonable CARE and Skill
Loyalty
Obedience
Advocacy
Disclosure

83

How is the broker's right to a commission established

the Listing Agreement

84

When does a mechanics lien take priority

the day the work began

85

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)

86

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

87

Who may file a Mechanic's Lien?

General Contractor,
Sub-Contractor,
Architect,
Engineer
Provider of Materials

88

If a tenant imroves a property and fails to pay the contractor, the Mechanics Lien will....

encumber the tenant's leasehold interest

89

What does the Arizona Homestead Exemption protect.?

Protects the Equity in a personal residence up to $150,000.

90

What does the Arizona Homestead NOT protect?

a person against any action they voluntary entered into, secured liens, or rights of the government.