When a real estate agent has produced a buyer who is ready willing and able the agent has generally done what?
Definition of “Ready, willing, and able buyer”
In a property having a listing contract, if the real estate broker secures a client who is a ready, willing, and able buyer, then he or she is entitled a commission.
When the real estate agent has produced a buyer who is ready willing and able?
California law is solidly settled that a real estate broker earns a commission when the broker procures a ready, willing, and able purchaser who offers to buy the property on the terms set by seller in the listing agreement.
When an agent finds a prospective buyer the first thing the agent should do is?
Explanation: An agent’s first task in servicing the listing is usually to enter the listing information in the MLS. Once the listing information is submitted, other agents in the MLS will know the property is available and can begin showing it.
What is the arrangement called when the agent is accountable only to the buyer?
Net sale. In-house sale. What is the arrangement called when the agent is accountable only to the buyer? Buyer’s agent.
What does buyer ready mean?
“Ready, Willing, and Able” is a term often used in listing agreements to describe the type of buyer that the real estate broker is seeking to find. … A buyer that is “ready” will either have done or will be doing the legwork to get loan approval, contract parties for due diligence, and be in a position to make an offer.
What is a ready willing and able buyer?
When a prospective buyer is fully prepared to render the consideration required to consummate a transaction, that person is said to be “read, willing, and able” or, simply, “ready willing and able.” Specifically, the term often arises in the context of real estate brokers, who do not receive compensation for a sale …
What is a ready willing and able buyer quizlet?
The word able in the expression ready, willing, and able refers to the. financial ability of the buyer to complete a transaction.
When a buyer makes an offer on terms other than those set forth in the listing agreement?
When a buyer makes an offer on terms other than those set forth in the listing agreement: D A buyer who makes an offer that does not meet the seller’s terms is not “ready and willing,” and therefore the seller does not become liable for the broker’s commission.
Who is an agent quizlet?
One who acts on behalf of another in a business transaction. Works under another agent with the principal’s permission to perform some of the acts of agency. Agents are also sub agents of their broker.
Can buyer and seller talk directly?
Can A Buyer And Seller Communicate Directly? While it is unethical for a REALTOR to speak to another agent’s client, there is nothing wrong with a buyer and seller communicating directly. They are not held to the same ethical standards. It is completely ok for a buyer and seller to directly speak to each other.
Is Realtor the same as real estate agent?
Real estate agents have a professional license to help people buy, sell, and rent real estate. … A Realtor is a licensed real estate agent or broker (or other real estate professional) who is a member of the National Association of Realtors (NAR). Members must comply with NAR’s strict Code of Ethics.
What does owner Agent mean?
Owners agent means a person bearing documentation from the registered owner officially authorizing them to possess or operate the vehicle.
What is an agent called who represents only one person in the transaction either the buyer or the seller subagent designated agent dual agent single agent?
What is the definition of a single agent? An agent who represents only one person in the transaction, either the buyer or the seller.
What is an agent called who represents only one person in the transaction either the buyer or the seller?
SINGLE AGENCY Single agency is a practice where the firm represents only one client in the transaction (the buyer or the seller). SUB- AGENCY A sub-agent is a licensee who works for one firm, but is engaged by the principal broker of another firm to perform agency functions on behalf of the principal broker’s client.
Who is the principal and who is the agent?
The principal is the party who authorizes the other to act in their place, and the agent is the person who has the authority to act on behalf of the principal. It’s important to vet potential agents. Businesses must only hire agents who are trustworthy and well-qualified to do the job they are hired to do.