Texas Principles of Real Estate 1 - Chapter 12
Find a ready, willing, and able buyer
A broker is entitled to a commission after they...? Find a ready, willing, and able buyer Show the property to a prospective buyer Market the property All of the above
Client
A listing contract exists between the real estate broker and the...? Client Real estate salesperson Customer All of the above
Exclusive Right to Sell Listing Agreement
A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract is referred to as this type of listing...? Net Listing Open Listing Non-Exclusive Listing Exclusive Right to Sell Listing Agreement
Non-Exclusive Listing
An open listing is also referred to as a/an...? Non-Exclusive Listing Net Listing Exclusive Agency Agreement Exclusive Right to Sell Agreement
Dual agent
If a broker acts as an intermediary in a transaction, they also serve as a...? Single agent Dual agent General agent Universal agent
Mediation
If a dispute between the seller and the agent cannot be resolved through negotiations, the dispute should be resolved using the following method...? Civil Action Litigation Arbitration Mediation
A percentage of the listing price
If a seller breaches the contract, and the sales price is not determinable, the broker's compensation should be based on which of the following...? A percentage of the assessed value A percentage of the market value A percentage of the listing price A percentage of the investment value
Contract addendum
If an additional contract item does not belong in the Special Provisions, it will most likely get listed in the...? Contract addendum Contract bulletin Contract notice form HUD-1 form
The property will remain vacant
Insurance companies may deny coverage on a property if which of the following occurs...? The property is occupied full-time The property will remain vacant The property is mortgaged The property is burdened by an easement
1978
Lead based paint can be found in buildings built prior to...? 1964 1978 1988 1991
Seller Disclosure Notice
Sarah is in the process of selling her house. What must Sarah complete, which states the condition of various items and appliances in the house...? Seller Disclosure Notice HUD-1 Form Property Condition Disclosure Personal Property Notice
A percentage of the sales price
Sub-agents in a transaction are typically compensated by which of the following means...? A percentage of the sales price A percentage of the listing price A percentage of the appraised value A percentage of the assessed value
Property survey
The T-47 Residential Real Property Affidavit verifies that which of the following documents is up to date...? Property survey Seller Disclosure Notice Floor plans Site Map
Seller Disclosure Notice
This document gets completed by the seller and lists the condition of various items and appliances in the house...? HUD-1 Form Seller Disclosure Notice Property Condition Disclosure Personal Property Notice
Exclusive Agency Agreement
This type of listing is given to only one broker who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker...? Non-Exclusive Agreement Net Listing Exclusive Agency Agreement Open Listing
Net Listing
This type of listing provides that the agent may retain as compensation for the agent's services all sums received over and above a net price to the owner...? Net Listing Open Listing Exclusive Agency Agreement Exclusive Right to Sell Agreement
Material facts about the property
What is a listing broker allowed to disclose to a buyer...? Confidential information about the seller The lowest price the seller is willing to accept Material facts about the property All of the above
Listing Contract
What is the name of the employment contract between a client and an agent...? Listing Contract Purchase Contract Sales Contract Escrow Contract
All of the above
When is a broker entitled to a commission...? After they find a buyer who is willing and capable of paying all cash After they find a ready, willing, and able buyer After they find a buyer who is willing to buy and qualified to obtain a mortgage All of the above
Texas Association of Realtors
Which entity produces the most commonly used Exclusive Right to Sell agreement in Texas...? Texas Association of Realtors National Association of Realtors Real Estate Commission Texas Bar Association
All of the above
Which of the following is a type of contract used between brokers and sellers...? Exclusive Right to Sell Agreement Open Listing Exclusive Agency Agreement All of the above
Open listing
Which of the following listing contracts serves as a unilateral contract...? Open listing Exclusive Agency Agreement Exclusive Right to Sell Agreement All of the above
All of the above
Which of the following may appear on a survey...? Improvements Driveways Fences All of the above
Not listing the property on the MLS
Which of the following will most likely make it more difficult to market a property...? Listing the property on the MLS Notifying other agents in the office about the property Using a 'For Sale' sign in the front yard Not listing the property on the MLS