55. c. risk. a. tenancy at will. reasonable notice to make necessary or agreed repairs. a. commercial banks. a. all housing. However, many state a fee the seller will be charged if the agreement is canceled before . A real estate sale generally involves three separate sales. A selling agent brings buyers to the table and represents the buyer. protection as to b. to volunteer information so that they need not be asked. d. seek an attorney's help to determine if it is legal. a. set forth duties imposed by law. The fact that buyers often have second thoughts about buying is If you really dont know the answer to a question the buyers are asking, just say you dont knowand put it on them to find out the answer. b. include the essential element of a contract. ", Even when disclosure isn't requiredGeorgia, for example, doesn't require the disclosure of homicide or suicide unless the seller is directly askedsellers may want to err on the side of informing the buyer of a death on the property. 27. d. periodic tenancy. a. using property only for its intended lawful purpose. Which of the following is not a conventional loan I think, as a seller, it makes a lot of sense to disclose that you have multiple offers to all buyers, Shorey says. Even after you accept one buyers offer, the negotiation process is still far from over. c. an agent of the seller. A valid listing of real estate must a. b. a loan without a prepayment penalty. "Selling a New York Home: What Are My Disclosure Obligations?". price indicated by the Comparative Market b. increase their security deposit to protect the landlord. b. costs to sell. b. ask if they can mail the caller some information on the property. The sales person receives $2800 commission on her 35% share of the total commission on the sale of a property that sold for $160,000. Receiving more than one offer on your home feels like a dream, but navigating the murky waters of offer disclosure and negotiation can be overwhelming. (Hint: Determine the break-even in sales dollars first. b. short-term loans until permanent loans can be arranged. c. gross income must exceed total housing costs by 28 percent. 60. c. both a and b d. inducement closing. 5. The seller was subsequently sued by the buyer for not disclosing these important notes.". If a previous occupant's child drowned in the swimming pool because the pool didn't have a safety fence, for example, the seller would need to disclose the death even if the safety issue has been remedied. 7%. d. all of the above. b. blockbusting. in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. In general, sellers should disclose any known facts about the physical condition of the property, existence of dangerous materials or conditions, lawsuits or pending matters that may affect the. Rational buying motives include c. supervising all purchasing. Texas Constitution and Statutes. Deposit it into his client trust account a. in cases of emergency. That way, they cant say they werent informed of a problem. A closing technique that involves a story of a similar situation Plus, respectfully responding to offers within the traditional 48-hour window makes for a happier buyer who might be more willing to negotiate. to 25. b. physical and mental handicaps. b. is legal but unethical. When Im the listing agent, I sign a contract with the seller where we agree on how to handle offers that come in [upfront], Shorey explains. c. avoiding defacing or damaging property. Disclose the existence of multiple offers to the buyers, including specific amounts and terms. "Multiple Listing Service (MLS): What Is It. 20. a. steering. b. it creates immediate traffic, showing the owners you are working Sellers should disclose anything and everything they can think of, says Adam Buck, a certified real estate specialist with the Frutkin Law Firm in Arizona. likely be a b. include an adequate description of the leased property. The acronym IREM stands for Making a decision on an offer in a time crunch can be stress-inducing, but dont let the hours run away with the offer. If you need legal help with a real estate contract or negotiation scenario, please consult a skilled lawyer in your area. Loans for First-Time Homebuyers: How to Finance, Buying a Foreclosed House: Top 5 Pitfalls, 8 Things to Consider Before Buying a Two-Family House, Home Appraisal: What it is, How it Works, FAQ, Buying a Home: 8 Important Seller Disclosures, Clear Title: Definition and Importance in Real Estate. The initials "APR" in a real estate ad stand for The broker should c. lawfully organizing a tenant association. 87. You cant be held responsible for not disclosing this defect if its discovered by the buyer a few months after closing. And if you're the buyer? Texas law requires sellers to disclose the presence of hazardous or toxic waste, asbestos, urea-formaldehyde insulation, radon gas, lead-based paint, and previous use of the premises for the manufacture of methamphetamine. "They want to disclose the existence of offers, but not the price, terms, or contingencies of the . offer received 40. d. neither a nor b, 14. One common problem area in disclosure? d. all of the above, 23. a. involve the children of the prospective buyer. d. all of the above, 47. And if they push you for exact figures on something like square footage, make sure you properly attribute where those numbers came from. d. "What is it about this area that you like? The nomenclature is confusing, to be sure, but the "ing" puts them on the other side of the fence from the seller's agent. A tenancy where no agreement was made as to rent or time period Similar to knowing what you want out of the sale, you should also know how you want to handle the sale of your home before it even takes place. a. certified property manager. When it comes to disclosure, the seller has three options: Most sellers choose the second option, Shorey explains. When an agent's authority arises from custom in the industry, it is identified as c. commercial banks. 18. A property owner wishing to be contacted by persons who want to buy and not by agents who want a listing, would advertise for. a. positive-choice close. North Carolina requires sellers to disclose noises, odors, smoke, or other nuisances from commercial, industrial, or military sources that affect the property. would be on their behalf. Accepting an offer doesnt mean the end of negotiations. of the following is not one of these three a. name tags. c. Federal Home Loan Mortgage Corporation (FHLMC). However, a skilled real estate agent can help you develop a smart and ethical strategy. (Just remember to do your research on local regulations, and check with your Realtor, real estate agent, and/or real estate attorney so you can know youre totally covered.) If you're a buyer, don't just check the local disclosure laws. Under the seller's agency, a real estate agent agrees to promote the seller's best interests . When either the buyer or the seller makes a counteroffer, it voids all previous offers. Also, they can help the seller know how to make their home more attractive. a. a death on the property by murder even after three years. Some offers may include a time is of the essence clause, which means if you dont respond to an offer within a reasonable window, the offer is void. A buyer's agent is a type of real estate agent, but their role compared to a listing/seller's agent is quite different. New York States Property Condition Disclosure Act requires sellers to notify buyers about whether the property is located in a flood plain, wetland, or agricultural district; whether it has ever been a landfill site; if there have ever been fuel-storage tanks above or below ground on the property; if and where the structure contains asbestos; if there is lead plumbing; whether the home has been tested for radon, and whether any fuel, oil, hazardous, or toxic substance has been spilled or leaked on the property. ", National Association of Realtors. c. zoning changes. d. all of the above, 58. HomeLight, Inc. 100 1st Street, Suite 2600, San Francisco, CA 94105. d. none of the above. "How would you use this workroom?" a. restricted mobility. d. seller's obligations. In showing property, an effective and professional sales technique If, in showing a property, the salesperson said, "In my opinion, this house is absolutely the greatest in the world," the salesperson a. estate for years. b. that a prior owner had AIDS. Buying a home "as is" may speed up the homebuying process. b. long-term debt cannot exceed 28 percent of gross income. d. all of the above. A swift closing process? 15. b. keep the confidence of his buyer while presenting the $150,000 offer. Advantages to calling prospective buyers as soon as you obtain a They can help find a suitable listing, arrange for showings, and answer any questions the potential buyer may have. The Civil Rights Act of 1968 has been expanded to provide discriminatory a. non-interference clause. a. price. Texas Real Estate Commission. b. complaining to a public agency about building defects. Some states' disclosure laws attempt to prevent this problem. Telling buyers that theres competition for the home could discourage them from making additional offers. 2. a. an employee of the owner. An owner should be informed by the listing salesperson 32. A multiple offer scenario happens when two or more buyers make offers on a home at around the same time. Traditionally, in residential sales, prior to the emphasis on buyer agency, the broker considers the buyer to be, 3. A lease clause whereby the tenant agrees to relieve the landlord The seller has just informed the listing agent that he does not want the property shown to any Orientals or other minority buyers. Disclosing multiple offers does come with its own inherent risks. What Is Comparative Market Analysis (CMA) in Real Estate? Michigan requires sellers to disclose farms, farm operations, landfills, airports, shooting ranges, and other nuisances in the vicinity, but Pennsylvania leaves it up to the buyer to determine the presence of agricultural nuisances. Stay Safe. d. positive choice. While most disclosure requirements are governed by the states, the federal government mandates one: the disclosure that lead-based paint may be present on any property constructed before 1978. Even if youve had an appraiser check out your home, you may have no idea how many square feet it truly is because, as it turns out, theres no single agreed-upon way to measure a home. d. neither a nor b, 66. Who can change signed escrow instructions? Some general rules for display advertising include Steve and Hans Wydler co-lead the Wydler Brothers real estate team affiliated with Long & Foster in Bethesda and McLean, and are authors of " Inside the Sell: Top Agents Reveal Unspoken Secrets and. When a listing is taken, the seller would be referred to as, 4. What's the Problem With Calling a Listing Agent to See a House? They, therefore, sell the house to a buyer "as is" but do not disclose plumbing problems. Californias Natural Hazards Disclosure Act requires sellers to disclose whether the property is in a seismic hazard zone and could thus be subject to liquefaction or landslides after an earthquake. d. all of the above, 49. You may also be required to disclose problems with drainage or grading, zoning, pending litigation, changes made without permits, boundary disputes, and easements. Duties of a property manager typically include Wed love to give you a concrete answer. That can be difficult when they're technically representing sellers. The purpose of the California Subdivided Lands law is to c. estate for years. a. sex. About the Author: The above Real Estate information on real estate commission and agent bonuses were provided by Bill Gassett, a Nationally recognized leader in his field.Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-625-0191.
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