Chapter 6 Part 2
A short sale does not harm a homeowner's credit score...?
(False)
An open listing is an example of an exclusive agreement...?
(False)
Net listings are illegal in California...?
(False)
Open listings are illegal in California...?
(False)
The seller is responsible for paying the broker's commission in a short sale...?
(False)
A listing contract is an example of a bilateral contract...?
(True)
An Exclusive Authorization and Right to Sell contract must have a termination date...?
(True)
An open listing offers the least amount of protection to the broker...?
(True)
In California, real estate commissions are always negotiable...?
(True)
In every transaction, the real estate salesperson serves as the sub-agent to the real estate broker...?
(True)
Real estate agents typically earn higher commissions for short sales...?
(True)
The agency contract must be signed before a broker and seller enter into a listing contract...?
(True)
To be enforceable, a listing agreement must be in-writing...?
(True)
A listing contract must include which of the following...?
A start date,A broker commission,A termination date
A contract in which each party promises to do something is known as a...?
Bilateral contract
A Buyer Broker Agreement is also known as a...?
Buyer Listing Agreement
Which of the following is an exclusive listing given to only one broker who is entitled to a commission if the broker effects a sale, but imposes no commission obligation on the owner if the owner finds a buyer themselves...?
Exclusive Agency Agreement
Which of the following listing contracts is given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract...?
Exclusive Authorization and Right to Sell Contract
Which of the following listing contracts offer the most protection to a broker...?
Exclusive Authorization and Right to Sell contract
Which of the following contracts are used between sellers and brokers...?
Exclusive right to sell agreement
An agency relationship is created with the signing of the...?
Listing contract
Which of the following is a contract in which a property owner employs a real estate broker to market the property described in the contract...?
Listing contract
Which of the following refers to a listing which provides that the agent may retain as compensation for agent's services all sums received over and above a net price to the owner.
Net Listing
This is a listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property...?
Open listing
Which of the following is an example of a unilateral contract...?
Open listing
A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right is known as a...?
Option
A listing agreement is a contract between the seller and the...?
Real estate broker
A seller's attempt to sell their property whereby the liens are greater than the value of the property is known as a...?
Short sale
Who is responsible for completing the AVID form...?
The seller's agent
When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it, it is referred to as a...?
Unilateral contract