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

for any reason

In what kind of listing is information shared with other brokers?

multiple

Which ultimately decides the listing price of the property?

seller

An agency relationship may be terminated for a number of reasons. Which would NOT be just cause for terminating a listing agreement?

the death of the listing sales agent

According to surveys, what is the strongest venue for selling real estate?

the internet

Sellers and landlords must disclose to buyers and tenants any knowledge of lead-based paint in properties built before

1978

After mold damage to a property has been remediated, a seller is required to give a copy of the certificate of mold remediation to a buyer. For how many years does this obligation extend?

5

Under what conditions may a seller refuse to pay a listing broker?

If the listing broker failed to meet the terms of the listing contract, such as widely market the property, negotiate effectively, or generally show a lack of competence in the transaction

When must the broker or the sales agent give the seller the Information About Brokerage Services form that explains agency positions?

On the first substantive dialogue with the seller

The governing body of a municipality or county has undertaken an improvement project, such as landscaping, erecting fountains, or installing special lighting, that benefits a definable part of the community. In turn, the owners of those properties pay an annual assessment to cover the costs and maintenance. If a property being sold is subject to such an assessment, the purchaser must be given

a notice of obligations related to public improvement district (PID)

A listing contract is

a unilateral contract

There are an assortment of reasons why sellers might "fire" their listing agent. What are legitimate reasons for listing agents to "fire" their client?

all of these Listing a property does not mean the sales agent is shackled to the owner. If the owner does not behave in a serious and businesslike manner to get the property sold, the listing agent may have grounds to terminate the listing.

What is a real estate advertisement under TREC rules?

an advertisement is any form of communication by or on behalf of a license holder designed to attract the public to use real estate brokerage services

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?

an exclusive agency listing

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

both employ one broker only

Penalties for violating do-not-call regulations may be

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

The amount of commission is determined by

negotiation between the seller and the broker

Do you have to be a licensed real estate broker or sales agent to sell real estate in Texas?

no, an unlicensed friend, neighbor, or even stranger can sell property but may not be compensated for the services

Must telemarketers identify themselves via caller IDs?

telemarketers are required to transmit their phone number to caller IDs, and their names if possible

Enforcement of the do-not-call list in Texas falls to which agency?

the Texas Public Utility Commission

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

the seller

The parties to the listing contract are

the seller and the broker

Can a real estate licensee with an agency agreement with a buyer collect a commission on a deal with a seller who is unrepresented (for sale by owner)?

yes, if there is an agreement in writing to be compensated by either the buyer or the seller