Course 2 Quiz 6

A contract in which each party promises to do something is known as a? A. Bilateral contract B. Implied contract C. Unilateral contract D. Open contract

Answer: A, Bilateral contract.

Net listings are illegal in California ? A. True B. False

Answer: B, false .

A short sale does not harm a homeowners credit score ? A. True B. False

Answer: B, False .

An agency relationship is created with the signing of the ? A. Purchase contract B. Listing contract C. Customer agreement D. Closing Statement

Answer: B, Listing contract .

A buyer brokers agreement is also known as a ? A. Net listing B. Option agreement C. Buyer listing agreement D. Exclusive buyer agreement

Answer: C , Buyer Listing agreement .

A listing agreement is a contract between the seller and the ? A. Real estate agent B. Customer C. Real Estate broker D. Client

Answer: C, Real Estate Broker .

Who is responsible for completing the ADVID form ? A. The seller B. The buyer C. The seller's agent D. The buyer's agent.

Answer: C, The seller's agent.

A listing contract include which of the following ? A. A start Date B. A broker commission C. A termination Date D. All The Above

Answer: D, All The Above .

A seller's attempt to sell their property whereby the liens are greater than the value of the property is known as ? A. Short Sale B. Foreclosure C. Lis pendens D. Option

Answer: A, Short sale .

Which of the following refers to a listing which provides that the agent may retain compensation for agent's services all sums received over and above a net price to the owner ? A. Net listing B. Exclusive Agency Agreement C. Exclusive Rights to sell agreement D. Open Listing

Answer: A, Net listing .

Real Estate agents typically earn higher commissions for short sales ? A. True B. False

Answer: A, True

A listing contract is an example of a bilateral contract ? A. True B. False

Answer: A, True .

An exclusive Authorization and right to sell contracts must have a termination date ? A. True B. False

Answer: A, True .

An open listing offers the least amount of protection to the broker ? A. True B. False

Answer: A, True .

In California, real estate commissions are always negotiable ? A. True B. False

Answer: A, True .

In every transaction, the real estate salesperson serve as the sub-agent to the real estate broker. A. True B. False

Answer: A, True .

The agency contract must be signed before a broker and seller enter into a listing contract ? A. True B. False

Answer: A, True .

To be enforceable a listing agreement must be in-writing ? A. True B. False

Answer: A, True.

An open listing in an example of an exclusive agreement ? A. True B. False

Answer: B , False.

Open listings are illegal in California ? A. True B. False

Answer: B, False .

Which of the following is an exclusive listing given to only one broker who is entitled to a commission if the broker effects a sale, but imposes no commission obligation on the owner if the owner finds a buyer themselves? A. Net listing B. Exclusive Agency Agreement C. Exclusive rights to sell agreement D. Open listing

Answer: B, Exclusive Agency Agreement . ( The first part of the sentence basically gives he answer away).

Which of the following is a contract in which a property owner employs a real estate broker to market the property described in the contract ? A. Implied Contract . B. Listing Contract . C. Independent contractor agreement. D. Open Contract .

Answer: B, Listing Contract

This is 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 ? A. Net listing B. Open Listing C. Exclusive Rights to sell agreement D. Exclusive Listing

Answer: B, Open listing.

Which of the following listings contacts is given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract? A. Exclusive Agency Agreement. B. Net using. C. Exclusive Authorization and right to sell contract D. Open listing .

Answer: C, Exclusive Authorization and right to sell contract .

Which of the following listing contracts offer the most protection to a broker ? A. Exclusive Agency Agreement B. Net listing C. Exclusive Authorization and right to sell Contract D. Open listing

Answer: C, Exclusive authorization and right to sell contract.

A right given for consideration to purchase or lease property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right is known as a ? A. Net Listing B. Exclusive contract C. Option D. Open listing

Answer: C, Option. ( A right given lets you know That its an option)

When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it, it is referred to as a ? A. Bilateral contract B. Implied contract C. Unilateral contract D. Open contract

Answer: C, Unilateral contract.

Which of the following contract are used between sellers and brokers ? A. Net listing B. Exclusive Agency agreement C. Exclusive right to sell agreement D. All The Above

Answer: D, All The Above.

Which of the following is an example of a Unilateral contract? A. Net listing B. Exclusive agency agreement C. Exclusive right to sell agreement D. Open listing

Answer: D, Open listing.