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Real Estate Brokerage Practices

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Questions and Answers

What is the scope of a sales agency in real estate brokerage?

Procurement of tenants for rental properties

Engagement to look for a buyer (correct)

Negotiation for exchange of properties

Procurement of loan secured by real estate

When is a contract perfected in real estate brokerage?

When there's a mere meeting of the mind (correct)

When both parties sign the contract

When the property is officially listed

When the negotiation is finalized

What does a listing contract in real estate brokerage refer to?

Authorization to procure loan secured by real estate

An agreement between multiple brokers for cooperation

A contract from the seller to a broker (correct)

Authority given by the seller/buyer to negotiate real estate

What is the role of a cooperating broker in real estate brokerage?

To assist in the sale when another broker has exclusive right Signup and view all the answers

In which step of brokerage does 'demonstration or tripping' occur?

Negotiation and closing Signup and view all the answers

Real Estate Brokerage

The act or practice whereby a natural or juridical person on behalf of a principal and for or in expectations of commission or fee, negotiates the sale, purchase, lease, exchange or mortgage. Scope of Brokerage  Sales Agency – engagement to look for a buyer Signup and view all the answers

A CONTRACT

is perfected when there’s a mere meeting of the mind. Signup and view all the answers

General Steps in Brokerage

Securing listing Signup and view all the answers

LISTING

The authority given by the seller/buyer, lessor/lessee, owner or borrower for the broker to negotiate the sale, purchase, lease, exchange, or mortgage of real estate, for a certain period of time, at a certain price and terms, for a stipulated rate of commission. Signup and view all the answers