A salesperson who shows a property that has been listed with the salespersons broker.
allows broker to appoint licensees withing the office to be the actual agent of the client to the exclusion of all other licensees within the office. Doing this prevents dual agency.
Property condition disclosure
Unless exempted the seller prepares and signs it. The broker or salesperson should not prepare nor sign it. The seller should include previous problems and remedies taken to correct them, even if they happened years ago.
What was the lead based paint year?
If sellers are selling because of a negative influence in the neighborhood, does this need to be disclosed?
Does seller need to disclose fires or termites that happened years ago?
Does the licensee need to disclose a homicide or suicide that occurred in the listed property?
Do you have to disclose whether or not a person has/has had HIV?
No, because they are protected under handicapped laws.
What must a listing have?
An expiration date, or otherwise it's void.
Exclusive right to sell
Only one broker, seller has to pay commission regardless of who finds the buyer.
agency relationship between an investment property owner and a property manager.
When is commission earned?
When seller accepts an offer form a ready, willing, and able buyer.
When does a broker receive the commission?
Who can a broker share a commission with?
Another broker, even of another state as long as the out of state broker doesn't conduct negotiations in this state. Broker's own licensees.
Comprehensive Environmental response, compensation and liability act. Makes the seller, or the owner, liable for contamination found on the property.
Comes from the ground up and caused by decaying uranium in the earth. It is a known carcinogen.
Statute of Frauds
A state law that requires all real estate contracts to be written and signed to be enforceable. An oral sales contract is unenforceable through the legal system
Person giving the offer
person who receives the offer
When does an offer become a contract?
When accepted by the offeree.
When a party is drunk, underage, or mentally incompetent which party can void the contract?
The incompetent party only.
Statute of frauds
Requires all contracts be written and signed to be enforceable. Oral statements are unenforceable through the legal system.
Misrepresentation vs fraud
Fraud- intentional, causes contract to be voidable but is also grounds for lawsuit for damages.
Misrep- telling an untruth without intention causes a contract to be voidable.
Unenforceable means it cant be enforced in court. (EX: Oral sales contract) Voidable means it could be no good,
Gives the buyer the right to force the seller to deliver the deed.
The seller does not agree to make any repairs to the property being sold but must make all disclosures required by law unless the buyer waves them.
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