Unit 12 - Listing Agreement

All of the following would terminate an agency relationship except

-nonpayment of the commission by the seller

Which statement best describes the sellers 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.

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

A net listing

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 brokers contract that reserve the sellers right to sell directly to a buyer with no commission liability is

And exclusive agency listing

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

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

A seller hired Nathan, a broker, under the terms of an open listing. While that listing was still in affect, 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 excepts that offer and the seller must pay

Full commission to both Nathan and Fred

A listing agreement that runs for ASAP. And automatically renews itself for another listing. After the initial period ends is

Illegal in Texas

Which statement is true of a listing contract?

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

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 Alejandras services, he will owe Aljandra

No commission

Gayle listed her residence with a real estate broker. The broker wrote 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 buyers offer. And this situation Gayle

Owes a commission to the broker.

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

The broker

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

The minimum earnest money required by the seller

The listing price for a property should be determined by

The seller

Which statement describes a 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.