Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PEOPLE GAVE ME WRONG ANSWERS. PLease help multiple choice Buyer Anderson signs an OREA Buyer Representation Agreement with ABC Realty Inc. Anderson does not want

PEOPLE GAVE ME WRONG ANSWERS. PLease help multiple choice

image text in transcribed

Buyer Anderson signs an OREA Buyer Representation Agreement with ABC Realty Inc. Anderson does not want to pay commission, but is interested in purchasing a home at 99 Mill Street that is being sold by the owner privately. Anderson's salesperson discusses this with Stewart, the property owner, who agrees to 17 sign the OREA Seller Customer Service Agreement with ABC Realty Inc and pay ABC Realty the ful commission of 2.5%. The agreement runs from May 12th to May 30th with a holdover period ending on July 31st. Anderson views the property on May 15th and makes an offer the same day that is accepted on May 16th. The August 2nd completion date is fast approaching but Stewart has not found another home to move into. Would ABC Realty Inc. be owed commission and why, from Stewart the owner of 99 Mill Street, if the transaction never closes because Stewart cannot find another home to move into? Yes, because the buyer indicated he did not want to pay a commission, the seller is obligated, regardless of who caused the sale not to close No, because the seller was selling privately when Anderson saw the property, the seller is not obligated to pay commission unless the sale closes. Yes, because the Seller Customer Service form signed by Stewart would obligate him to pay a commission if the reason the sale did not complete was his fault. No, because the closing date agreed to in the Agreement of Purchase and Sale is after the holdover period identified in the Seller Customer Service Agreement. a b c d Mary Brown has signed a Listing Agreement with ABC Realty Inc. and Nick Sheldon is the listing salesperson. Simon Ng has signed a buyer customer service agreement with the same brokerage, but is being provided customer services by a different salesperson at ABC Realty Inc If Simon wanted to make an offer on Mary's property, what does the Real Estate and Business Brokers Act, 2002, require ABC Realty Inc. to do regarding the disclosure of the relationships the broke both Mary and Simon? 18 rage has with a Before any offer is presented, ABC Realty Inc. is required to obtain a written acknowledgement from both b Before any offer is signed, ABC Realty Inc. is required to obtain written acknowledgement that it is providing c Before Simon is asked to sign an offer, ABC Realty Inc. must obtain written permission from Mary allowing d Before any offer is presented to either Simon or Mary, ABC Realty Inc. is required to provide a written Mary and Simon that they are working under multiple representation customer services to both Mary and Simon. the brokerage to provide customer services to Simon disclosure which identifies the nature of the relationship ABC Realty Inc. has with both

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Reward And Benefits Audit

Authors: Michael Armstrong

1st Edition

1907766081, 978-1907766084

More Books

Students also viewed these Accounting questions