Chapter 12: Listing Agreement (REPI)

A broker is entitled to a commission after they...?

Find a ready, willing, and able buyer

Lead based paint can be found in building 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 given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property.

Exclusive Agency Agreement

A listing given to only one broker (exclusive) who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker.

Exclusive Agreement (Exclusive Right to Sell Listing Agreement)

A listing given to only one broker who is entitle to the commission if anyone sells the property during the term of the listing contract.

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.

Sub-agents in a transaction are typically compensated by which of the following means...?

A percentage of sales price

If a seller breaches the contract, and the sales price is not determinable, the broker's compensation should be base on which of the following...?

A percentage of the listing price

When is broker entitled to a commission...?

All of the above: After they find a buyer who is will and capable of paying all cash; after they find a ready, willing, and able buyer; after they find a buyer who is willing to buy and qualified to obtain a mortgage.

Which of the following may appear on a survey...?

All of the above; Improvements, driveways, fences

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

Contract Addendum

If a broker acts as an intermediary in a transaction, they also serve as a...?

Dual Agent

This type of contract gives the broker the greatest chance at receiving a commission...?

Exclusive Rights to Sell Agreement

What is a listing broker allowed to disclose to a buyer...?

Material facts about the property

If a dispute between the seller and the agent cannot be resolved through negotiations, the dispute should be resolved using the following method...?

Mediation

A broker's compensation is...?

Negotiable

Which if the following will most likely make it more difficult to market a property...?

Not listing the property on MLS

Which of the following contracts serves as a unilateral contract...?

Open Listing

The T-47 Residential Real Property Affidavit verifies that which of the following documents is up to date...?

Property Survey

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

If an additional contract item does not belong in the contract Addendum, it will most likely get listed in the...?

Special Provisions

Insurance companies may deny coverage on a property if which of the following occurs...?

The property will remain vacant