Chapter 12 - Listing Agreement (REPI)

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

Mediation

Lead based paint can be found in buildings built prior to...? 1964 1978 1988 1991

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 entitled 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.

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 percentage of the assessed value A percentage of the market value A percentage of the listing price A percentage of the investment value

A percentage of the listing price

Sub-agents in a transaction are typically compensated by which of the following means...? A percentage of the sales price A percentage of the listing price A percentage of the appraised value A percentage of the assessed value

A percentage of the sales price

When is a broker entitled to a commission...? After they find a buyer who is willing 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 All of the above

All of the above

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

All of the above

If an additional contract item does not belong in the Special Provisions, it will most likely get listed in the...? Contract addendum Contract bulletin Contract notice form HUD-1 form

Contract addendum

If a broker acts as an intermediary in a transaction, they also serve as a...? Single agent Dual agent General agent Universal agent

Dual Agent

This type of listing is given to only one broker 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...? Non-Exclusive Agreement Net Listing Exclusive Agency Agreement Open Listing

Exclusive Agency Agreement

A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract is referred to as this type of listing...? Net Listing Open Listing Non-Exclusive Listing Exclusive Right to Sell Listing Agreement

Exclusive Right to Sell Listing Agreement

What is the name of the employment contract between a client and an agent...? Listing Contract Purchase Contract Sales Contract Escrow Contract

Listing Contract

What is a listing broker allowed to disclose to a buyer...? Confidential information about the seller The lowest price the seller is willing to accept Material facts about the property All of the above

Material facts about the property

An open listing is also referred to as a/an...? Non-Exclusive Listing Net Listing Exclusive Agency Agreement Exclusive Right to Sell Agreement

Non-Exclusive Listing

Which of the following will most likely make it more difficult to market a property...? Listing the property on the MLS Notifying other agents in the office about the property Using a 'For Sale' sign in the front yard Not listing the property on the MLS

Not listing the property on the MLS

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

Open Listing

The T-47 Residential Real Property Affidavit verifies that which of the following documents is up to date...? Property survey Seller Disclosure Notice Floor plans Site Map

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 HUD-1 Form Property Condition Disclosure Personal Property Notice

Seller Disclosure Notice

This document gets completed by the seller and lists the condition of various items and appliances in the house...? HUD-1 Form Seller Disclosure Notice Property Condition Disclosure Personal Property Notice

Seller Disclosure Notice

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

The property will remain vacant