Real Estate Brokerage

A seller who lives in a small town has posters made up advertising his house for sale . He posts them on telephone poles around the neighborhood . On the poster , he indicates that he will pay 3 % to any broker who brings him a buyer . What type of listing might this be considered ? A. exclusive agency B. exclusive right to sell C. net listing D. open listing

D

Licensee K of listing agency ABC Realty has concluded a lengthy and detailed negotiation with licensee J of buyer agency XYZ Realty . After the closing of this transaction , which is the most likely scenario ? A. The seller will pay both K and J. B. ABC Realty will pay both K and J. C. XYZ Realty will pay both K and J. D. ABC Realty will pay K ; XYZ Realty will pay J.

D

Seller L will pay 4 % of the sales price of her home . to the listing brokerage and 3 % to a cooperating com brokerage . ABC Brokerage earns $ 5,340 in commission when its client buys L's house . Find the sales price of the property ( rounded to the nearest dollar ) . A. $ 76,286 B. $ 104,785 C $ 133,500 D. $ 178,000

D

What mandates how much a real estate broker can charge for a commission ? A. multiple listing service membership regulations B. National Association of REALTORS® bylaws C. state licensing law D. There are no mandates .

D

J lists his home with PDQ Realty , allowing them to put a sign in the yard , list it in MLS , and advertise it in the local newspaper . During the listing period , J sells the home to his brother and is not obligated to pay PDQ any commission . What type of listing did J have with PDQ ? A. exclusive agency B. net listing C. nonexclusive right to sell D. open listing

A

A homeowner just sold his house for $ 462,700 . His listing agreement with Tops Realty indicates that he will pay 7.5 % commission based on the sales price when the transaction closes . Tops is paying 45 % of that to selling brokerage Uptown Real Estate . Selling sales associate J gets 60 % of Uptown's commission . How much did J earn ? A. $ 6,246.45 B. $ 9,369.68 C. $ 11,451.83 D. $ 19,086.38

B

A property manager becomes an agent of a property owner by signing a A. listing agreement B. management agreement . C. power of attorney . D. specialized statement .

B

A seller lists her house with New Age Realty . The next day , she goes to work and mentions listing her house . A co - worker expresses interest in the listing . Which co - worker makes an acceptable offer to the seller ? listing would entitle the broker to a commission if the A. exclusive agency B. exclusive right to sell C. net listing D. open listing

B

Broker M listed a property for sale . He negotiated 5 % commission on the first $ 200,000 , 4 % commission on the next $ 300,000 , and 6 % commission on any amount over half a million dollars . The property sold for $ 600,000 . What is M's commission ? A. $ 26,600 B. $ 28,000 C. $ 30,000 D. $ 32,000

B

In the multiple listing service , it states that the listing broker will pay 4 % to a buyer's broker . Buyer's broker Searns a total of $ 5,660 commission . What was the sales price of the property ? A. $ 80,858 B. $ 141,500 C. $ 186,667 D. $ 226,400

B

T is a licensee at Lakeside Realty , where she has a 55 % -45 % commission split with her broker . Her buyer bought a house for $ 432,000 . The listing broker offered 3 % to a cooperating broker . How much did T earn on the sale ? A. $ 5,832 B. $ 7,128 C. $ 7,776 D. $ 9,504

B

An open buyer agency agreement means that a broker earns commission A. if any broker introduces her buyer client to the property he ultimately buys . B. only if her buyer client purchases a property that she has listed . C. only if she introduces her buyer client to the property he ultimately buys D. no matter who introduces her buyer client to the property he ultimately buys .

C

Broker A lists P's home for sale on the MLS . There is no offer of cooperation mentioned . Broker J has a buyer client who is interested in P's home . J presents an offer to P , which P accepts . P is paying 7 % commission . How much of the commission must P pay J ? A. 7 % B. 3.5 % C. nothing D. impossible to tell

C

Generally speaking , a broker has earned her commission A. at the closing table . B. when the listing agreement is signed . C. when a ready , willing , and able buyer is found on terms acceptable to the seller . D when a sales contract is signed .

C

Licensee M receives a commission of $ 11,268 . He has a 50 % -50 % split with his broker . The sales price of the property is $ 375,600 . What rate of commission did the broker charge ? A. 3 % B. 4.5 % C. 6 % D. 12 %

C

N just sold her house for $ 186,000 . The commission rate in the listing agreement was 6.5 % . How much commission did she owe from the sale of the house A. $ 7,558 B. $ 11,160 C. $ 12.090 D. $ 28,615

C

Of these , which is LEAST LIKELY to be negotiable in a listing agreement ? A. the broker's cooperation with other brokers B. the commissions C. whether there is an end date D. the scope of activities permitted

C

Seller S calls a real estate agent to list his home . S tells the agent that he wants $ 156,000 in his pocket at closing and the agent can have the rest for the commission . What type of listing would this be ? A. exclusive agency B. exclusive right to sell C. net listing D. open listing

C

What is the most common way to create an agency relationship between a home seller and a broker ? A. buyer broker agreement B. by implication C. listing agreement D. oral contract

C

You are currently associated with Ace Realty . They recently changed the commission structure and so you're looking for a new broker . You decide to go to work for Tip Top Real Estate . On your last day at Ace , you have three active listings . What happens to them ? A. Ace can agree to sell the listings to Tip Top . B. Ace has the option to let you take the listings with you if you agree to the commission split . C. The listings remain at Ace . D. You can take them with you to Tip Top .

C