unit quiz chapter #9

jake lists his home with PDQ realty, allowing PDQ to put a sign in the yard, list it in MLS, and advertise in in the local newspaper. during the listing period, the owner sells the home to his brother and is not obligated to pay PDQ any commission. what type of listing did he have with PDQ?

exclusive agency

ursula lists her house with new age realty. the next day, she mentions it at work, and a co-worker expresses interest. which type of listing would entitle the listing broker to a commission if ursula's co-worker makes an acceptable offer?

exclusive right to sell

a licensee finds what appears to be a ready, willing, and able buyer. the deal falls through at closing because the buyer could not obtain the necessary financing, and the seller was nit able to deliver clear title. does the seller still owe commission to the listing broker?

no, because there was no ready, willing, and able buyer

an open buyer agency agreement means that a broker earns commission

only if they introduce their buyer client to the property they ultimately buy

luke is mark's listing agent. mark agrees that luke can pay 3% to a cooperating broker. licensee lisa introduces buyer customer bev to mark's property. when bev decides to make an offer on the house, she calls luke directly. luke refuses to pay lisa any commission. lisa argues that she is the ________ and is entitled to commission.

procuring cause

a seller lists a property for $220,000. assuming the listing agreement is typical, the broker would NOT be entitled to commission if the seller

rejects a $215,000 offer from a financially qualified buyer

you are currently associated with ace realty. they recently changed the commission structure and so you're looking for a new broker. you decide to go to work for tip top real estate. on your last day at ace, you have three active listings. what happens to them?

the listing agreements remain at ace

a seller agrees to pay 6% of the sales price of their home to listing broker mountain realty. mountain realty will pay half of that to valley realty for finding a ready, willing, and able buyer. at closing, valley realty receives $6,600. what was the sales price of the property?

$220,000

a licensee has a 55%-45% commission split with their broker. their buyer bought a house for $432,000. the listing broker offered 3% to a cooperating broker. how much did the licensee earn on the sale?

$7,128

a licensee who receives a commission of $11,268 has a 50%-50% split with their broker. the sales price of the property is $375,600. what rate of commission did the broker charge?

6%