real estate Chapter 6

the type of listing agreement that provides for payment of the commission to the broker even though the owner makes the sale without the broker's aid is called a A exclusive right to sell listing. B open listing. C exclusive agency listing. D opinion listing.

A exclusive right to sell listing A exclusive right to sell listing, if the property is sold while the listing is in effect, the seller must pay the broker commission regardless of who sells the property page 89

a listing contract in which payment of the commission is contingent on the broker being able to produce a buyer before the property is told by the owner or another broker is called a A open listing B net listing C exclusive right to sell listing D exclusive agency listing

A open listing In an open listing, the seller retains the right to employ any number of brokers as Asians. The brokers can act simultaneously, and the seller is obligated to pay a commission only to that broker who successfully produces a ready, willing, and able buyer page 89

all of the following reasons are valid basis for terminating a listing agreement except A sale of the property. B death of the salesperson. C agreement of the parties D destruction of the premises.

B death of the salesperson. a listing agreement is a personal service agreement between a broker and a seller, not between a salesperson and a seller. Page 88

the provisions in a listing agreement that give additional authority to the broker and obligates the broker to distribute the listing to other brokers is a A joint listing cause .B multiple listing clause. C net listing clause. D open listing clause.

B multiple listing clause. An MLS capital is a marketing organization who brokers members make their own executive listings available through other brokers page 89

some property owners list their property for sale with a broker. During the listing negotiations, they tell the broker they want $138,000 for the property and anything above that mount the broker can keep as a commission. A listing with this type of provision is known as a A gross listing B net listing C open listing D non executive listing

B net listing A net listing specifies that the seller will receive a net amount from any sale with the excess going to the listing broker as a commission page 90

all the fallen are typically found in a listing agreement except A the price the seller is asking for the property B the date the broker will schedule an open house C the commission rate to be paid to the listing broker B the responsibilities over the broker

B the date the broker will schedule an open house All listing contracts tend to require similar information type of listing agreements, brokers authorities and responsibilities, names of all the parties to have the contract, brokerage firms, list price, real and personal property, description of property, commission, termination of the contract etc. page 92

by executing a listing agreement with a seller, a real estate broker becomes A a procuring cause. B obligated to open a special trust account. C the agent of the seller. D responsible for sharing commission.

C the agent of the seller. As an agent, the broker is authorized to represent the principal and a listing page 88

a broker who has done a proper competitive market analysis discussed the probable market value of the property with the seller, and the seller wants an unrealistic price on the property. All of the following arch through except A the broker should suggest the sellers had a formal appraisal done B the broker should take the listing with the understanding that price reductions may be needed C space the broker must take the listing at the proposed seller price D the broker may decline to take the listing at the high price

C the broker must take the listing at the proposed sellers price Whether a CMA or a formal appraisal is used, the figure sought is the property's market value, and while it is the property owners privilege to set whatever listing price the owner chooses a broker should consider rejecting any listing that is severely out of line page 98

under which the following listen agreements can owners of listed property sell the property on their own without having to pay the listing broker commission? A exclusive right to sell listing B exclusive agency listing C open listing D both B and C

D both B and C And an executive agency listing, one broker is authorized to act as the exclusive agent of the principal. However, the seller retains the right to sell the property without obligation to the broker. In an open listing, the seller retains the right to employ any number of brokers as agents. If the seller personally sells the property without the aid of any brokers, the seller is not obligated to pay a commission page 89

last month, broker Wanda took a listing on a property. She now learns that her client has been declared incompetent by the courts. Her listing now is A binding as the broker was acting in good faith. B still valid. C basis for commission if the broker produces a buyer D terminated

D terminated A listing agreement may be terminated if either party dies or becomes incapacitated page 90

a property owner signed a 90 day listing agreement with a broker. The owner was killed in an accident before the listing expired. Now the listing is A binding on the owner spouse for the remainder of the 90 days B still in effect as the owner intentions was clearly define C binding only if the broker can produce offers to purchase the property D terminated automatically because of the death of the principal

D terminated automatically because of the death of the principal A listing agreement may be terminated if either party dies or becomes incapacitated