What is a brokers cooperative compensation policy?
A Listing Broker and Seller enter into a contract whereby the Seller agrees to compensate the Listing Broker for services provided in the sale of the Seller’s home. Listing Broker makes an offer to Cooperating Brokers agreeing to compensate the Cooperating Broker for procuring the eventual buyer.
Which statement concerning brokerage agreements in Arkansas is true?
Which statement concerning brokerage agreements in Arkansas is TRUE? They may not be transferred to another brokerage without written permission of the principal and the listing brokerage firm.
What is Coop comp in real estate?
A cooperating broker is a non-listing third-party broker that finds a buyer for the property. In other words, a cooperating broker is the broker that finds a buyer, but is not listing that specific property.
What would be considered evidence of the agency relationship between broker and buyer?
A broker has an agency agreement with a buyer who wants to purchase a home that the broker has listed for a seller client. … What would be considered evidence of the agency relationship between broker and seller? Listing agreement. The listing agent is informed by the seller that, when it rains, the basement gets wet.
What is the primary purpose for Agency Disclosure?
The purpose of disclosure is to explain whether the broker represents the buyer or seller or is a dual agent (representing both) or a subagent (an agent of the seller’s broker). This allows the customer to understand to which party the broker owes loyalty.
Is a dual agent a good idea?
The bottom line is that dual agency is certainly a good thing for the agent but is typically a negative scenario for both the buyer and seller, as neither party is getting fair representation. This is an especially negative arrangement for inexperienced buyers and sellers who really need professional guidance.
Which is the best method to identify a property?
That’s why using a legal description is the most accurate way to identify real estate. A legal description can be long and look complicated, but it’s a more precise method of describing where a property is located.
What is negligent misrepresentation in real estate?
Negligent Misrepresentation- the real estate agent failed to use reasonable care when ascertaining the truth of a material defect, and the agent has an agency relationship with the party that was harmed.
What piece of information is missing from a blind ad?
What piece of information is missing from a blind ad? An ad that does not identify the advertiser as a broker is known as a blind a and is illegal in many states. Which form of advertisement works well for an agent that deals with specialized properties?
What do Realtors have to disclose?
Most states require a seller to disclose issues such as structural problems, damp, insect infestation or fixtures and appliances that don’t work, even if it’s a common practice for buyers to get building inspection reports before making an offer.
What is a cooperating agent commission?
In reality the cooperating commission is essentially a home buyer incentive that usually transfers to the buyer’s realtor – in whole or in part.
Do you have to disclose existing offers?
Answer: Yes, the Code of Ethics requires disclosure of accepted offers. Standard of Practice 3-6 provides a well-defined standard on this: “REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.”
What are the three primary areas of disclosure?
Angela covers the final three primary areas of disclosures for public companies: significant judgments, contract balances, and cost to obtain or fulfill a contract.
Which of the following is a common agency relationship?
The most common agency relationships are: Buyer’s Agency; Seller’s Agency; Dual Agency.
Which of the following would terminate an agency relationship?
Certain events: An agency relationship will automatically terminate upon the occurrence of certain events. Such events include death, insanity, or bankruptcy of either the principal or agent. A court of law will usually step in and terminate the agency relationship if one of the parties refuses to do so.