Unit 12: Listing Agreement (REPI)

If the seller's disclosure notice is NOT given before the execution of the contract, the purchaser may, within seven days after receiving the notice, terminate the contract A) for any reason. B) only if the buyer's loan is not approved. C) for just cause. D) only if the property does not pass inspections.

for any reason.

open listing

most often used in commercial or industrial real estate sales, the sellers retain the right to employ any number of brokers to act as their agents. if the seller sells the home without the help of the brokers they are not obligated to pay commission.

seller's disclosure notice

A notice required of most sellers of real property; must state latent structural defects or any other known structural defects

If a seller believes—but is not certain—that a friend wants to buy his house, what kind of agreement should he sign with a broker? A) An exclusive agency listing B) A buyer representation agreement C) An exclusive right-to-sell listing D) A net listing

An exclusive agency listing

When taking listing information, why must sales agents be careful what they write about such facilities as churches and schools? A) Proximity to schools might offend older or childless buyers B) Because of fair housing laws C) Proximity to the wrong church might offend some buyers D) Some buyers might be put off by the possibility congregation members (or school children) coming to their door to sell fundraising items

Because of fair housing laws

A seller of unimproved property located in a certificated service area of a utility service provider, must give written notice to a purchaser of which of the following? A) Both of these B) That extension of water or sewer services might require additional expense to the purchaser C) None of these D) That there might be a delay in the utility's ability to provide services

Both of these

Open listings can be used for any property, but MOST often are found where? A) Commercial/industrial sales B) HUD-owned properties C) Low-income neighborhood residential sales D) Residential sales

Commercial/industrial sales

The Texas Real Estate Commission recommends that brokers and sales agents considering online promotions or telemarketing campaigns do what? A) Initiate the campaign on a local trial bases, gauge returns and opt-out requests, and then consider whether to continue B) Contact the Texas Real Estate Commission to stay within guidelines C) Contact their local telephone carrier regarding regulations D) Contact appropriate legal counsel to stay within guidelines

Contact appropriate legal counsel to stay within guidelines

If a sales agent is at a parent school night and talks with other parents about "what they do for a living," at what point might the sales agent be obligated to provide an agency disclosure? A) If a parent happens to zero in on a specific property the sales agent has listed B) If the sales agent finds himself in a cluster of three or more parents discussing homes in a new development C) When another parent admits she is a sales agent for a competing company D) Never because it is a social, not business gathering

If a parent happens to zero in on a specific property the sales agent has listed

Under what conditions may a business fax unsolicited advertisements to other commercial enterprises? A) If the receiving enterprise has agreed to receive faxes or has made its fax number known through its website or other method B) If the businesses are in compatible fields (such as a commercial real estate company listing a property that another commercial company may have a buyer for) C) None, because commercial to commercial faxing has been outlawed D) If the business may reasonably assume the enterprise is interested in its services (such as a sandwich shop faxing its menu to local business offices)

If the receiving enterprise has agreed to receive faxes or has made its fax number known through its website or other method

In what kind of listing is information shared with other brokers? A) Net B) Multiple C) Closed D) Open

Multiple

When must the broker or the sales agent give the seller the Information About Brokerage Services form that explains agency positions? A) On the first substantive dialogue with the seller B) On or before a sales contract is signed C) At the time the listing agreement is signed D) Within three days after the initial meeting with the seller

On the first substantive dialogue with the seller

If a person places their phone number on the do-not-call registry, how many years does it stay on the list before it is eligible again for cold calling? A) Five years B) Three years C) Permanently D) Seven years

Permanently

Enforcement of the do-not-call list in Texas falls to which agency? A) The Texas Public Utility Commission B) The Texas Department of Business Regulation C) The Texas Real Estate Commission D) The Texas Communications Commissions

The Texas Public Utility Commission

A seller lists his home with a sales agent for a local large brokerage. Another sales agent working for the same brokerage brings a buyer. Is the seller obligated to pay a full commission under an exclusive right-to-sell agreement? A) No, only a "finder's fee" is owed the broker. B) The seller would be obligated to pay a commission to the broker, but the buyer also would be obligated to pay a commission to the broker. C) The listing agreement is the ruling document, meaning that the seller would owe the commission regardless of where the buyer came from. D) No, because the broker is the same, the commission is reduced by half.

The listing agreement is the ruling document, meaning that the seller would owe the commission regardless of where the buyer came from.

May sellers disclose the fact that a sex offender lives in a neighborhood? A) Yes. B) No, sellers are required to say silent on the question, but buyers are permitted to search offender registries. C) No, sex offenders are a protected class and may not be discriminated against. D) No, it is a violation of the offender's right to privacy.

Yes

Is it possible for consumers to discriminate against some telemarketing calls? A) Yes, consumers may stop out-of-state telemarketers but may continue to receive calls from in-state companies. B) Yes, consumers may direct individual companies to stop calling them. C) No, once on the list, all telemarketing calls must stop. D) Yes, consumers may stipulate, for instance, that calls from real estate agents are acceptable but calls from used car salesmen are not.

Yes, consumers may direct individual companies to stop calling them.

net listing

a listing agreement in which the broker's commission is the difference between the sale proceeds and the new amount desired by the owner of the property

If the broker has done nothing to market the property, the seller may be able to terminate the listing due to A) abandonment by the broker. B) cancellation by the broker. C) insanity of the broker. D) revocation by the broker.

abandonment by the broker.

The commission goes to the listing broker no matter who sells the property in A) an exclusive right-to-sell listing. B) an exclusive agency listing. C) an open listing. D) a multiple listing.

an exclusive right-to-sell listing.

Penalties for violating do-not-call regulations may be A) fines up to $100 per day that calls were made. B) fines up to $50 per call and one year in prison (first offense). C) fines up to $100 per day and loss of business phone for six months. D) fines up to $11,000 per call, or $16,000 if made from a robocall system.

fines up to $11,000 per call, or $16,000 if made from a robocall system.

The amount of commission is determined by A) the multiple listing service. B) negotiation between the seller and the broker. C) the Texas Real Estate Commission. D) what other brokers in the area charge.

negotiation between the seller and the broker.

An area of needless controversy that seems to come up regarding many listing is A) number of rooms and accurate measurements. B) property taxes and exemptions. C) name and address of current owners. D) zoning classification.

number of rooms and accurate measurements.

exclusive right-to-sell listing

only one broker is authorized to sell the property, but the owner MUST pay commission regardless of who sells the property

exclusive agency listing

only one broker is authorized to sell the property, but the owner doesn't have to pay commissions to the broker if they sell the property without the help of the broker

A listing contract contains the nature of the agency relationship with the seller, the date of possession, and A) the determination period. B) the protection period. C) the rejection period. D) the closing period.

the protection period.

If a seller of vacant land does NOT include in the contract a disclosure notice regarding the possible liability of the purchaser for additional taxes, the responsibility for additional taxes and interest belongs to A) the buyer. B) the seller. C) the real estate broker. D) the buyer and the seller equally.

the seller.

multiple listing contract

used by those brokers who are members of a multiple listing organization.