chapter 12

illegal in Texas

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

an exclusive agency listing

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

the broker

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

full commission to both Nathan and Fred

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

a net listing

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 sell the residence for as much as possible and keep the difference as a commission. The broker agrees, thus creating

the minimum earnest money required by the seller

All of the following provisions are usually included in listing agreements in Texas, EXCEPT

nonpayment of the commission by the seller

All of the following would terminate an agency relationship EXCEPT

owes a commission to the broker

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

no commission

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

the seller

The listing price for a property should be determined by

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 BEST describes the seller's Disclosure Notice?

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

Which statement is TURE of a listing contract?

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

a multiple listing

both give the responsibility of representing the seller to one broker only

which statement describes a similarly between an exclusive agency listing and an exclusive right to sell listing

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

which statement describes a similarly between an open listing and an exclusive agency listing