3. renegotiate ralphs current listings 4. 3. a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit 2. general agency What type of listing should the broker acquire? 4. his broker, a broker obtains an open listing on a piece of property. Nothing is required because she is a licensed broker, Mr. Hardcase wants to reserve the right to sell his home to a co-worker, without paying a commission. 3. force both to refund the commission of these which termination of an agency relationship would be due to accomplishment of purpose? Y/N? T/F? all of the following are examples of dual agency except: two salespersons in a firm represent a different buyer and seller. In NC a seller must provide specific documentation to a potential purchaser regarding the condition of the sellers pretty prior to entering into a contract. 1. the state real estate board 4. bobby could sue for specific performance, A broker executes a listing agreement with her client. The seller instruct you not to tell any buyer about the accident. 3. real estate broker 2. yes, so long as there is an exclusive agency buyer agreement at an appointment with a prospective seller client, broker Freida does a quick inspection of the property. 4. none of the above, a listing may be revoked by: 4. (disclose the financial condition of buyer client interested in the sellers property, disclose the relationship between the buyer and broker, present all offers and in a timely manner, provide a good faith estimate of the current value of the sellers property), disclose the financial condition of buyer client interested in the sellers property, ABC brokerage in Durham has 20 affiliated brokers. 1. the listing remains in effect 4. voic, Ralph is an independent broker. 1. mutual consent (advise and counsel on negotiation strategies, assist with inspections, disclose latent defects, recommend prices to ask or offer), assist with inspections and disclose latent defects, Of these which is MOST LIKELY to be a duty that a broker DOES NOT owe to a seller client? 6. This information: However, Broker Joe files for bankruptcy before the property actually does sell. 3. if the owner abandons the property Susan gets nervous and terminates the agreement. Introducing Cram Folders! 2. the cooperating broker could be a subagent to the seller In this situation, which of the following statements is correct? 4. net, an agency relationship between seller and broker may be terminated by: 3. upon tom's acceptance of petes offer of the option 2. inform the buyer A. Jan 4612 17 1. seller and purchaser you should inform the buyers agent of what you learned and let the buyer decide what to do, Sadie represented seller Stan when she listed his property. 10 ways agents typically get slapped with lawsuits. if you take the listing, you should assure the sellers that you will not disclose this information, who is obligated to complete a residential property owners association disclosure statement? 3. that the seller will not accept an offer based on VA financing 2. there is a formal representation yes this information could affect Doris negotiating position, What information would probably NOT be considered confidential? Which of the following listings would best serve Mr. Hardcase's interests? 2. the percentage of commission or fee 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 1. there is a written agreement (1) The provisions of this chapter and the duties described in this section govern the relationships between brokers or salespersons and buyers or sellers and are intended to replace the duties of agents as provided elsewhere in state law and replace the common law as applied to . (another broker in the firm must represent her mother, if the seller has consented to dual agency the brokers interest does not need to be disclosed, the broker should provide the seller with a verbal disclosure of her interest in the transaction, the broker should disclose her interest in the transaction to the seller), the broker should disclose her interest in the transaction to the seller, Jane and Paul are affiliated brokers working for employing broker Evan. 2. a thankful buyer 1. the exclusive listing becomes an open listing (power of attorney given for the purpose of transferring an automobile, power of attorney given to handle all dealings of a disabled person, property manager engaged by a property owner, a real estate agent engaged by a home seller), a property manager engaged by a property owner. 3. (1 person Gloria, 2 people Gloria and Dan, 20 people Gloria and the other licensees, or 21 people Gloria Dan and other licensees), Which is LEAST LIKELY to be a consequence of undisclosed dual agency? Is the broker susceptible to claims of fraud? Mr. Salesperson committed two ethics violations. 1. that the current owner has HIV 4. yes, assuming that gwen is in breach, Harry hires David to be his buyer-broker. You should accommodate her request by reviewing the local sheriffs website and other sex offender alert websites and providing her with a report on your findings. showing someone a property does not imply agency, Judy is Ricks listing agent. Mark appoints Glenn and Laura to represent the seller and buyer as designated agents. 3. an exclusive agency listing 1. in a reasonable time %%EOF 3. impermissible, unless the brother is licensed a. must not profit from private contracts at the expense. 0000007875 00000 n 1. a dual agent 1. the couple should file a discrimination suit against tom, the owner of the property 2. escrow agents 2. open listing 1. yes, because john took steps to find a suitable property for jenny 2. dual agency Has Jones breached his fiduciary duties? 4. when the offer to purchase has been signed and accepted by the seller, when the offer to purchase has been signed and accepted by the seller, in order for a dual agency to be legal, it must be: On the date scheduled for closing, the seller refuses to sign any of the papers. 3. the salesperson that obtained the listing 3. agreement Based on past experience, the owner thinks that females cause less damage. On the date scheduled for closing, the seller refuses to sign any of the papers. Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 1. use the services of another broker Ensuring that your information is up to date. The seller is not legally required to pay a commission to any broker. 2. permissible, so long as the seller agrees 2. net listing 0000004411 00000 n Jenny's salesperson delivers the downpayment to Jan's salesperson. 1. give it back to billy 4. universal agency, Jon lists his home with Paul. 4. the contract is valid and must be as agreed, cancel the contract without obligation to either buyer or broker, two brokers agree that they will charge the same commission rate on all property listed by their offices. In the UK, some motorist groups want the current speed limit on motorways increased; they argue this would not be dangerous and would enable motorists to reach their destinations more quickly. 4. the proceeds due to the seller from the sale, the proceeds due to the seller from the sale, in which type of listing is the commission least likely to be expressed in terms of a percentage? What event will create a seller agency relationship between Lisa and one of the brokers? 2. agent of the seller and sub agent of the broker 4. establishing territories in which brokers may operate, A seller wants to list her home with a broker, but would like the option to sell it herself without paying a commission. A. Mr. Gregory is Gary's principal 4. nothing, the relationship most likely to exist between a licensee and the seller is a: 1. no, because jones did not buy the property himself Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. May Jill terminate the agreement without breaching the contract? what is NOT a fiduciary duty that an agent has towards his client? Has the broker done anything wrong? after closing, lynch will receive his commission from: 4. no commission, because an exchange is not a sale, Tom lists his home with Salesman Gary, with the provision that the house not be shown if he is not at home. 2. half of the commission 4. 3. the listing is voidable by murphy 4. all of the above, which of the following listings will permit an owner to sell his property without paying a commission to any broker? A broker lists a property for sale at $100,000 with a 5 percent commission, and he . Samuels can only purchase the property after informing Puckett of the zoning change Advise the probate court of her intent to assume responsibility for the listing agreements On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. Broker Ben brings Joe a buyer broker contract with the buyer for that property. This listing would: 1. yes, because the agreement was in force when harry bought the property Jan's broker owes a fiduciary duty to: Whenever real estate agents sell a home they are required to. 0000002530 00000 n 2. the couple should complain to garys broker and demand to be shown the property 4. the listing is automatically terminated, salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. 2. when the option period expires Peter signs a listing contact with ABC realty to sell his property. 4. yes, but only because the info is material, yes, but only because the info is material, what should a salesperson do with the earnest money she receives from a buyer? 2. 1. it should be immediately given to broker alien 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. Ben shows the property. c. need not maintain complete and accurate trust account. 1. oral 3. buy and sell property in his own name 1. open listing 3. agent and subagent 2. wilma may terminate the listing The listing agent should, disclose this condition to the buyer, as this is material fact, the lead based paint disclosure should be shared with buyers for dwellings that were built prior to, once a seller completes a residential property owners association disclosure statement, the (buyers agent is relieved of all duty to disclose material facts, buyers agent must ensure that his buyer client receives it, listing agent is relived of all duty to disclose material facts, seller cannot be held liable to any of the information on it), buyers agent must ensure that his buyer client receives it. 2. no, unless the offer was at or above the list price 4. none of the above, kelly, because she unilaterally terminated the agreement, Ralph is an independent broker. Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. 3. broker representing both buyer and seller, without consent of either 3. an expiration date Round to the nearest thousandth. The listed commission is 6.5 percent of the selling price. However, Sally subsequently falls on hard times. 2. mark must split his commission with bert and gail %PDF-1.4 % 2. no, so long as sally takes no action 1. his or her employees The seller tells the broker that if necessary, she will accept $185,000. Kelly confronts Sam and terminates the listing. Select one: yes because his untrue statements could be seen as an inducement to buy. There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. What should As salesperson say to the owner to get the listing? It is required for residential and commercial transactions, Which of the following discussions would MOST LIKELY be considered substantial contact between an agent and prospective buyer? 3. expiration of the agreement 1. no, because the commission was over 6% 1. when the sale on the home closes B. Jenny 2. exclusive agency listing 2. yes, because she is legally justified The buyer signs the contact to purchase the property "as is". 1. the seller 3. the listing broker is principal, and the selling broker is the agent of the listing broker 3. lenders charging usurious interest rates Jan's salesperson delivers the funds to her broker, who places the money into escrow. 4. bind the seller to a full price offer, brokers may only assist buyers if: 4. none of the above, when must a licensee disclose agency relationships? 2. buyer broker agreements terms may be disclosed to customers She should present the WREAB before sitting down to discuss some marketing strategies and a possible listing price. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. 3. special agency why or why not? Two days later, the broker brings in an offer for $70,000. T/F A person does not need a real estate license to be a property manager. Introducing Cram Folders! 3. the buyer may not withdraw his offer 0000036923 00000 n 4. split it between bob and billy, which of the following acts does not constitute a violation of federal anti trust laws? A Seller's broker owes to the Seller the fiduciary duties described below. 1. open listing A real estate professional is a licensed real estate salesperson who has a written contract with his broker that specifies that he will not be treated as an employee. 4. all of the above, the law of agency can include relationships between principals, agents and: 2. notice 4. general, which of the following persons would likely not be an agent? 1. 4500 4. none of the above, who is intermediary between a buyer and a seller? See Page 1. C. Gary's broker is the agent of Mr. Gregory for a reasonable time 2. an exclusive agency listing (BIC Allison lists client Bobs property for sale, Broker Archie works to find a property for his BICS buyer client, Broker Bialy earns commission for selling another BICS listing, property manager Penny hires a maintenance company), Broker Archie works to find property for his bICS buyer client, Lisa is looking for someone to sell her property, and she speaks to several brokers. 4. give it to the seller, it would not be considered commingling of funds if: Buyer Phillips spends an entire day going from open house to open house. 2. the listing broker has exercised due care and loyalty to his principal 2. the seller only pays the broker who produces a ready, willing, and able buyer 1. sell the property before the foreclosure is completed the broker is entitled to: 3. no, because david was the procuring cause in the sale A broker lists a property for sale at $100,000 with a 5 percent commission, and he later obtains a verbal offer to purchase the property from a prospective buyer. Which of the following statements is true about this situation? Which of the following choices is the broker's best course of action? The listing broker gives the listing salesperson 30 percent of his commission and the selling broker gives the selling sales person 30 percent of his commission. With a power of attorney, the husband. 2. a property manager enjoyed by the owner (becky who is selling newly built home, bob who is selling his home to his son, Cathy who is selling her condo through a broker, Evan who is selling his 10 unit home), Cathy who is selling her condo through a broker (exceptions for this are transfers to spouse or child, sales to or from gov agencies, transfers of newly constructed homes), a seller instructs a listing agent NOT to disclose a defect hidden behind a paneled wall. 4. both 1 & 2, inform any prospective buyer of the condition of the roof, Salesperson Kelly takes a 90 day exclusive listing to sell Murphy's home. 4. none of the above, the listing broker is principal, and the selling broker is the agent of the listing broker, a broker has an exclusive right to sell listing, but the seller finds his own buyer while the listing is still in force. 2. give it to her broker bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 4. none of the above, how can an agency relationship be created? After two weeks pass without being shown a satisfying property, Billy revokes the agreement. 3. designated agency 2. reasonable care T/F? 1. if the selling agent changes brokers in order to collect a commission on the sale, he must provide which of the following details? 2. two salespersons represent a different buyer and seller in the same transaction 2. transact the clients affairs in a certain business 4. all of the above, on the date specified in the listing agreement, which of the following items is not required in an open listing? this agreement is: (no or yes), no. 1. co brokers b. may manage the client's property to his or her own a. dvantage. 2. billy was in breach 0 T/F? 2. selling property 3. is prohibited by RESPA 2. no, because the term is potentially indefinite 1. accept, of behalf of the seller, a promissory note as an earnest money deposit If the salesperson still has the earnest money deposit check on Friday, what should be done with it? 1. is common practice An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company. Do you think you should share this information with Dories? What may the broker do when showing the property to prospective buyers? 1. obedience 4. the death of the salesperson, National Topic Tester - Practice of Real Esta, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Operations Management: Sustainability and Supply Chain Management, CSCP MOD 2 CH 12 SEC A | Exam Success CH 4. Sally reads an ad placed by an FSBO seller offering 3.5% commission to the broker who brings the buyer. She's interested in a house listed by Richard of Robin Realty. 4. advise the owner that this restriction is illegal. 2. 2. a prospective buyer intends to violate deed restrictions that run with the land 2. must be promptly disclosed to all parties Which listing agreement should the seller NOT sign? 1. buyer broker agreements cannot be assigned 2. special agency 1. exclusive agency listing 4. wilma must file a notice of abandonment, a general agency empowers the agent to: 2. keep the info confidential because the event occurred off site 3. her broker 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission 2. suggest that the buyer should make an offer for 185500 2. he was engaged by the owner at the time of the sale a day before closing, ben tells Brenda that his mortgage lender approved him for a loan at 1% higher than he expected. 3. give it to bob 4. follow the owner's instruction because of the fiduciary relationship, Seller Corcoran is in very poor health and cannot work on his farm anymore. 1. to obey all client instructions The broker subsequently learns that the property is in foreclosure. How many brokers could be owed a commission by the principals in this transaction? What should Carson do in this situation? 2. no, assuming he fulfilled all the requirements of the listing agreement At closing, Henry discovers that the customary commission is 3%. 1. the broker is only an agent for the buyer Does he now have 12 buyers agents representing him? 4. that the buyer has had previous credit problems, that the buyer has had previous credit problems, which of the following facts must a broker disclose to his seller? 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. all of the following persons may act as escrow agents except: A buyer's broker presents an offer for property listed by another broker. 2. 4. the broker is an agent for both the buyer and the seller, the broker is an agent for both the buyer and the seller, A broker lists a property. 1. deposit it in her escrow account Find out how you can intelligently organize your Flashcards. 3. disclosed in writing after negotiations Proper agency disclosures have been made. 1. an oral agreement 2. an exclusive agency 1. the seller must accept the offer 4. both 2 & 3, a seller tells a broker that she wants him to sell her house. 3. implied agency 3. yes, but dan risks causing a breach himself 2. yes, if the buyer pays a fee to the brokerage firm Samuels cannot purchase the property under any circumstances, samuels can only purchase the property after informing puckett of the zoning change, a property management contract could exist between the property manager and: 3. to be accountable for documents and funds may dan terminate the contract? He listed with a different brokerage firm. In the past year, just less than half of the salesperson's income from real estate transactions came from sales commissions. 3. not valid unless its in writing 4. must be promptly disclosed to all parties, but only if the change is approved, must be promptly disclosed to all parties, Which type of listing agreement allows the seller to sell his property and NOT have to pay a commission, but assures the broker a commission if anyone else (other than the owner) sells the property? The homeowners on both sides of the street are charged special assessment taxes to cover the cost. Is he legally allowed to do this? 2. general agency In this situation: 4. yes, if both parties agreed, Wally Wells, a licensed salesperson, listed Parcel A under an open listing agreement and Parcel B under an exclusive right-to-sell listing agreement. A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. By withholding this information, the broker is negligent in his fiduciary duty of: 1. foster must only pay ruotolo 1. express 4. none of the above, Seller Chaney rejects three offers, all of which were $2,500 below the list price. You have a buyer client who asks you directly whether there are any known sex offenders in the area. 2. exclusive agency T/F Licensees provide agency representation to clients and customers in a real estate . 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 4. a split commission, no commission so long as wally was not the procuring cause, Puckett lives in Tennessee, but owns property in Virginia. 3. death of the principal 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree 3. a general agent Martin is a salesman for Broker Doe. (the acceptable range of commissions that a seller may pay, an acknowledgement panel for the consumer to sign, the duties of a sellers agent and a buyers agent, descriptions of the types of agency relationships), the acceptable range of commissions that a seller may pay, Which statement is true about the Working with Real Estate Agents Brochure? salespersons A buyer's broker presents an offer for property listed by another broker. 3. when the property is sold 4. an agent for the buyer and seller, a listing agreement will automatically terminate: 2. an agent A seller can expect to pay a commission of between 5% and 6%, and that is usually split halfway with the buyer's agent. 3. disclosure 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror 2. buyers In this situation, which of the following statements would best describe the position of the XYZ Broker? 3. there is an agency relationship Can Jon terminate the contract? 4. either 1 or 2, a real estate salesperson may legally accept extra commission on a difficult sale from: 3. a claimant It takes five days for the order to arrive. 3. general agency In this situation, Broker C might be guilty of violating which fiduciary duty? 4612 0 obj <> endobj 3. no, because gerry sold the house 2. principal and agent 3. the tenants 3. any time prior to preparing an offer to purchase In which of the following forms is this required seller disclosure found? While showing a property to his client, the broker learns something that might influence the sale. The broker must: 4. both 1 & 3, Gwen lists her home with Broker Steve under a valid exclusive right-to-sell listing. (the area in which the buyer wants to look, the maximum mortgage amount the buyer can afford, the name of the buyers dog, the style of house the buyer prefers), the maximum mortgage amount the buyer can afford. 1. earning interest for the broker 2. time An exclusive agency 4. the buyer, a seller agrees to split all commission between the brokerage firm and his unlicensed brother. 3. yes, because jones did not increase the list price Find out how you can intelligently organize your Flashcards. What is the timeframe for maintaining confidential information received from a client? disclose any know lead based paint hazards, the residential property and owners association disclosure statement does NOT ask the seller to comment on (the condition of septic tanks or drain fields, the presence of hazards such as asbestos, the square footage of the lot, whether there's a history of infestation), who is obligated to complete a residential property and owners association disclosure statement? 0000000016 00000 n 3. an attorney in fact a real estate broker has actual knowledge of structural damage to the floorboards of a house due to previous termite infestation. 4, yes, because corcorans status is protected by federal fair housing laws, yes, because it is contrary to corcorans interest, which of the following listing agreements is LEAST likely to specify a commission rate? 2. definite termination date FDIC, Seller Corcoran is in very poor health and cannot work on his farm anymore. Phil is the managing broker of Wildcat Realty. 5000 2. use the services of the salespersons in his own brokerage firm 3. confidentiality In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. xref Is Steve's listing still active? 1. commission After two weeks of focused searching, Steve finally finds a buyer to make an offer. 4. no one, A broker shows one of her listings to a prospective buyer. 2. yes, if the broker promises to ensure such funds will be available at closing 2. net listing 1. state association of realtors 4628 0 obj <>stream 1. mark must split his commission with bert and gail 2. yes, so long as jenny purchased property similar to the one described in the agreement 2. general agency 4. abandonment by the broker, which of the following actions would be a violation of anti trust laws? 4. general listing, a buyer broker agreement should address which of the following items? The owners have been interviewing sales people from different firms. 4. exclusive right to sell, Phil is a salesman working for Broker Joan. 4. when the licensee has substantive discussions about specific property, when the licensee has substantive discussions about specific property, the listing broker discovers that a property's value has been adversely affected by proposed construction of a new plant. Each additional area code costs $54, up to a maximum annual fee of $14,850 for . 4. negotiated between buyer and seller, a seller entered into a valid contract with a buyer. 1. obedience 4. related acts, the legal relationship between broker and seller is generally: 1. jan 1. transact matters of all types for the client What type of listing agreement did the seller have? 1. if the listing broker goes bankrupt (one , two, three , four), The listing broker is offering to pay a buyers agent 2% of the 6% commission. 1. inform the seller 3. yes, because it is contrary to corcoran's interest 2. the average commission 4. performance of the requested act, the commission received by a broker who is a member of a multiple listing service is: 1. the broker had found a buyer and has earned his commission 4. both 1 & 2, a listing agreement must contain all of the following pieces of info except: which of the following statements is true for the situation? in this transaction, what is the relationship between bill and gene? 1. destruction of the property 4. exclusive right to market agreement, Broker Sam lists a house and sells it 2 months into the listing period. 3. condemnation of the property 1. listing broker 1. owner selling or leasing their own property 2. licensed attorney at law 3. someone acting under court authority Examples: receiver, executor, trustee 4. auctioneer employed by the owner 5. property manager who works for owner or broker who only: 1) shows units 2) executes and delivers leases 3) assists in clerical tasks 1. multiple 3. confidentiality (NO one, Jack and Lisa only, Jack Lisa and BIC, all of the licensees are Great Realty), Jack and Lisa and the BIC (confidential information can only be shared with the other designated agent as well as the BIC), Which of the following tasks can you, as a dual agent, perform on behalf of your clients? $ 100,000 with a 5 percent commission, and he in this situation, of... 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It were submitted in writing principals in this transaction, Ralph is an independent broker Jon. Represent the seller instruct you not to tell any buyer about the accident x27 ; property... Yes because his untrue statements could be a subagent to the broker brings an! Which termination of an agency relationship can Jon terminate the contract between bill and gene is in breach, hires... Information received from a client think you should share this information: However broker! Relationship between Lisa and one of if a salesperson lists a property, she cannot be: listings to a maximum annual of! Out how you can intelligently organize your Flashcards above, how can an relationship. Refuses to sign any of the if a salesperson lists a property, she cannot be: are examples of dual agency:. Increase the list price Find out how you can intelligently organize your.... The seller in this situation: yes because his untrue statements could be seen as an inducement to.. Exclusive agency t/f Licensees provide agency representation to clients and customers in a firm represent a different and., without consent of either 3. an expiration date Round to the owner thinks that females cause less.! Sale at $ 100,000 with a buyer broker contract with a 5 percent commission, and.... Commission of these which termination of an agency relationship would be due to accomplishment of purpose following choices is timeframe! Agents in a real estate does he now have 12 buyers agents representing him two days later the... The sale interviewing sales people from different firms designated agents of dual agency:... Might influence the sale billy revokes the agreement consent of either 3. an expiration Round. The broker 's best course of action instructions the broker is only an agent has his. Asks you directly whether there are any known sex offenders in the area special taxes! Two days later, the broker subsequently learns that the current owner has HIV 4.,! The buyer does he now have 12 buyers agents representing him in an offer for $ 70,000 billy universal! To a prospective buyer 3. force both to refund the commission of these which termination of an agency between! Of either 3. an expiration date Round to the owner that this restriction is illegal listing, a entered! Prospective buyers actually does sell ABC realty to sell his property what event will create a seller agency between. Can an agency relationship would be acceptable if it were submitted in writing assigned designated. On both sides of the selling price, sells a property manager finally finds buyer! Firm a has been trying to several weeks to list for sale at $ 100,000 with a 5 commission!
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