Listing Agreement (REPI) (12)

Similarity between an open listing and an exclusive agency listing

Under both, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure

A multiple listing

allows the broker to distribute the listing information to other brokers for cooperation and compensation

A listing contract requiring that all other brokers honor the listing broker's contract but reserve the seller's right to sell directly to a buyer with no commission liability is

an exclusive agency listing

Gayle listed her residence with a real estate broker. The broker brought an offer at full price from ready willing and able buyers, in accordance with the terms of the listing agreement However, Gayle changed her mind and rejected the buyer's offer. In this situation Gayle

owes a commission to the broker

Cause to terminate an agency relationship

-Expiration of the time period stated in the listing -Death or incapacity of the broker -Destruction of the improvements on the property

Provisions included in listing agreements in Texas

-the rate of commission -the date the agreement commences and the date it terminates -a protection period

Seller's Disclosure Notice

A buyer must receive a copy of the disclosure on or before the effective date of the contract, or the buyer may terminate the contract for any reason within seven days after receiving the notice

Which statement describes a similarity between an exclusive agency listing and an exclusive right-to-sell listing?

Both give responsibility of representing the seller to one broker only

True of a listing agreement

It is an employment contract for the personal and professional services of the broker

A seller lists his residence with a broker and stipulates that he wants to receive $85,000 from the sale but that the broker can cell the residence for as much as possible and keep the difference as commission. The broker agrees, thus creating

a net listing

A seller hired Nathan, a broker, under the terms of an open listing. While that listing was still in effect, the seller - without informing Nathan- hired Fred under an exclusive right-to-sell listing for the same property. If Nathan produces a buyer for the property and the seller accepts that offer, then the seller must pay

full commission to both Nathan and Fred

A listing agreement that runs for a set period and automatically renews itself for another listing period after the initial period ends is

illegal in Texas

Nick has his property under an exclusive agency listing with broker Alejandra. If Nick sells his property himself during the term of the listing without using Alejandra's services, he will owe Alejandra

no commission

A listing taken by a real estate sales agent is an agreement between the seller and

the broker

The listing price for a property should determined by

the seller