Section 14: Unit 1/Exam

Mitch, your seller client, asked you about the tax ramifications of selling his townhome. What's your best response?

"That's not my area of expertise. You should ask your tax advisor."

In the MAR's Exclusive Right to Sell Residential Brokerage Agreement, what does the Lead-Based Paint section contain?

A notice that sellers of properties built before 1978 must provide lead hazard disclosures

Which of the following could a listing agreement be considered?

An employment contract between a licensee representing the brokerage company and a seller

Which of the following statements about when you must present the Consent for Dual Agency form to the seller is true?

As part of completing the listing agreement and again if a dual agency situation arises and you need the seller to reaffirm their consent

In which type of listing agreement does a seller contract with one listing agent but reserve the right to locate the buyer and only pay the listing agent if an agent locates the buyer?

Exclusive agency

Kirby has a listing agreement with Bob. If Kirby or another agent locates the buyer, Kirby gets his listing commission. However, if Bob locates the buyer, Kirby does not earn a commission. What type of listing agreement do they have?

Exclusive agency

Property disclosure statement

Identifies any defects or information about the condition of the property known by the seller.

Jared, a seller, has found his own buyer and wants to terminate his exclusive right-to-sell listing agreement with Sue, his listing broker. Can he do so without penalty?

No, because the listing agreement is contractually binding.

Consent for dual agency

Seller agrees or does not agree to be represented by a designated or dual agent.

Lead disclosure form

States if the property contains lead-based paint or lead-based paint hazards.

According to Maryland disclosure guidelines, upon which of the following events is it NOT appropriate to give the buyer the opportunity to review the seller's disclosure/disclaimer statement?

The day of the home inspection

Which of the following is a legitimate and legal way that an exclusive right-to-sell listing agreement may terminate without the seller owing a commission?

The listing agent stops working on the listing.

Burt terminated his exclusive right-to-sell listing agreement with Scott, his listing broker, without cause. Burt may legally do this as long as he's ______.

Willing to pay Scott's commission anyway

listing agreement (listing contract)

binding contract entered into by the seller of a property and you, as the seller's listing agent.

exclusive agency agreement

option for sellers and landlords who want to reserve the right to find a buyer or tenant themselves, and avoid paying a brokerage fee, but who still want to make sure their property receives the broadest possible market exposure.

exclusive right to sell agreement

provides the highest service to the seller and the most protection for the broker's commission.

Open Listing Agreements

unilateral agreements in which a seller may contract with many real estate licensees to locate a buyer.