Principals 1, Unit 12: Listing agreements

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.

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 buyer.

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

1978.

Open listings can be used for any property, but MOST often are found where?

Commercial/industrial sales

With what kind of listing does the seller employ only one broker?

Exclusive agency

If a sales agent is at a parent school night and talks with other parents about "what they do for a living," at what point might the sales agent be obligated to provide an agency disclosure?

If a parent happens to zero in on a specific property the sales agent has listed

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

Under what conditions may a business fax unsolicited advertisements to other commercial enterprises?

If the receiving enterprise has agreed to receive faxes or has made its fax number known through its website or other method

Because home builders are not required to provide property disclosures, should buyers also bypass home inspections?

No, new homes can have serious flaws that can be detected in home inspections.

Must real estate properties for sale be listed only on TREC-approved real estate sites?

No, TREC only has authority over license holders.

If a property is being transferred through a will to a family member, is a disclosure necessary?

No, a property transferred via a will does not need a disclosure.

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.

Which sellers must provide a seller's disclosure notice to a buyer on or before the effective date of a contract?

Seller of residential property of not more than one unit

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

The Texas Public Utility Commission

Which of these is considered telemarketing?

The answer is all of these. Any kind of sales effort by use of electronic means is considered telemarketing under Texas law. Rules for print or verbal statements are covered elsewhere in the regulations.

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

The answer is 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.

Should a buyer agent discourage a buyer from looking at property that does NOT make a seller disclosure notice readily available?

The buyer agent should neither encourage nor discourage the buyer but should advise extreme caution.

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

If a seller lists property with a broker who is a member of a multiple listing service, which of the following applies?

The listing broker may offer differing amounts of compensation to subagents and to buyer agents.

Is it possible for consumers to discriminate against some telemarketing calls?

Yes, consumers may direct individual companies to stop calling them.

May sellers disclose the fact that a sex offender lives in a neighborhood?

Yes.

If the broker has done nothing to market the property, the seller may be able to terminate the listing due to

abandonment by the broker.

The commission goes to the listing broker no matter who sells the property in

an exclusive right-to-sell listing.

An area of controversy that might come up regarding a listing is

number of rooms and accurate measurements.

The parties to the listing contract are

the seller and the broker.