Chapter 12 - Listing Agreement (REPI)

Lead based paint can be found in buildings built prior to:

1978

Listing Contract

A contract in which a property owner employs a real estate broker to market the property described in the contract.

Non-Exclusive Listing (Open Listing)

A listing contract given to one or more brokers in which the broker(s) get no commission when the owner sells the property.

Exclusive Agreement (Exclusive Right to Sell Listing Agreement)

A listing contract given to only one broker who is entitled to commission no matter what.

Exclusive Agency Agreement

A listing contract which is given to one Broker, who is entitled to a commission if they secure a buyer. They don't get a commission when the Principal finds the buyer themselves.

Net Listing

A listing which provides that the agent may retain as compensation for agent's services all sums received over and above a net price to the owner.

Which of the following listing contracts serves as a unilateral contract? A. Open listing B. Exclusive Agency Agreement C. Exclusive Right to Sell Agreement D. All of the above

A. Open Listing

The T-47 Residential Real Property Affidavit verifies that which of the following documents is up to date? A. Property Survey B. Seller Disclosure Notice C. Floor Plans D. Site Map

A. Property survey

Insurance companies may deny coverage on a property if which of the following occurs: A. The property is occupied full-time B. The property will remain vacant C. The property is mortgaged D. The property is burdened by an easement

B. The property will remain vacant

If a seller breaches the contract, and the sales price is not determinable, the broker's compensation should be based on which of the following: A. A percentage of the assessed value B. A percentage of the market value C. A percentage of the listing price D. A percentage of the investment value

C. A percentage of the listing price

If an additional contract item does not belong in the Special Provisions, it will most likely get listed in the:

Contract Addendum

Which of the following may appear on a survey? A. Improvements B. Driveways C. Fences D. All of the above

D. All of the above

If a dispute between the seller and the agent cannot be resolved through negotiations, the dispute should be resolved using the following method: A. Civil Action B. Litigation C. Arbitration D. Mediation

D. Mediation

Sarah is in the process of selling her house. What must Sarah complete, which states the condition of various items and appliances in the house?

Seller Disclosure Notice

This document gets completed by the seller and lists the condition of various items and appliances in the house:

Seller Disclosure Notice