ch 10 TEST2

which of the following is a similarity between an exclusive agency listing and an exclusive right to sell listing ?

Both types of listings give the responsibility of representing the seller to one broker only.

which statement is TRUE of a listing agreement ?

It is an employment contract for the professional services of the broker

which of the following is NOT a type of listing contract

MLSA

the listing agreement on a residential property states that it expires on May 2. Which event would terminate the listing before that date ?

On April 15, the owner and agent cancel the agreement

when may a brokers agreement to represent a property buyer be terminated?

The broker and buyer mutually agree to cancel the agreement.

which of the following is a similarity between an open listing and an exclusive agency listing

Under each, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure.

most states require that a real estate listing agreement contain

a definite contract termination date

the provision in a contract with a property seller that gives additional authority to the broker and obligates the broker to alert other brokers to the availability of the property is

a multiple listing clause

which of the following is NOT a type of buyer agency agreement

a net buyer agency agreement

under a brokerage agreement w a property owner the broker is entitled to sell the property for any price as long as the seller receives $85k. the broker may keep any amount over $85k as commission. this type of listing might be illegal and is called

a net listing

a buyers agent who receives a check from the sellers agent is receiving compensation based on

a percentage of a list price

a listing agreement generally includes

a termination clause

a listing agreement is

an employment contract between the seller and broker

a buyer signed an agreement w a broker to compensate the broker even if the buyer purchases

an exclusive buyer presentation agreement

A seller sold property to a neighbor without the services of a real estate broker; however, the seller still owes a broker a commission because the seller signed

an exclusive right-to-sell listing agreement.

a broker just explained the value of signing an exclusive agency listing w a broker who is a member of the multiple listing serviceX the broker is tryoint to overcome the misconceptions of the seller who asked about

an open listing

there are five different brokerage signs in the front yard. evidently the seller has signed

an open listing

in a buyer representation agreement the broker acts as the agent of the buyer and must protect the buyers interest

at all points in the transaction

commission amount MUST

be in listing agreement

A seller hired a broker under the terms of an open listing agreement. While that agreement was still in effect, the seller—without informing the first broker—hired another broker from a separate firm under an exclusive right-to-sell listing for the same property. If the first broker produces a buyer for the property whose offer the seller accepts, the seller must pay a full commission to

both brokers

A property listing taken by a real estate sales associate is technically an employment agreement between the seller and the

broker

a part of a listing agreement that stipulates that the property owner will pay the listing broker a commission if the broker was the procuring cause of a sale that is completed after the listing expired

broker protection clause

an employment contract by which the broker is employed as a purchasers agent to find a suitable property

buyer representation agreement

which of the following is NOT a valid basis for terminating a listing agreement

death of the salesperson

a broker is retiring and wants to submit the firms listing to another broker. how can the broker do this ?

each seller must agree to a new listing w the new broker

a listing agreement with a single broker under which the seller retains the right to sell the property independently without being obligated to pay a commission

exclusive agency listing

a buyer has signed an agreement w a broker to compensate the broker even if the buyer purchases a property from a relatives this is called a

exclusive buyer agency agreement

a listing agreement under which the seller must pay the broker a commission regardless of who sells the property

exclusive right to sell

in which of these types of listing agreements is the broker appointed as the sellers only agent ?

exclusive right to sell and exclusive agency listings

Because a listing agreement is a personal service contract between a broker and seller, the broker may transfer the listing to another broker with or without the seller's consent.

false

a listing agreement in which the seller retains right to employ any number of brokers as agents is called a multiple listing

false

a listing agreement is a contract for the sale of a real estate

false

the listing price is always identical to the actual sale price

false

verbal agreement by the seller is adequate for a broker to list the property in a milky i ple listing service (MLS)

false

a buyer representation agreement is not an employment contract

falsw

an optional item in the listing contract that protects the buyer against the expense of certain types of repairs (such as plumbing, electrical and heating systems) after the sale is completed

home warranty program

language in a listing agreement that states the broker and seller agree not to sue one another for any incorrect inform supplied by one to the other

indemnification (hold harmless) wording

an employment contract for a brokers serviced for a property seller

listing agreement

a meeting with a property owner at which a sales associate described marketing efforts the brokerage will make to bring about a sale of the property as quickly as possible

listing presentation

the provision in the listing agreement that gives the authority and obligates the broker to distribute the listing info to other brokers is a

multiple listing clause

a marketing organization whose broker members make their own exclusive listings available to other brokers

multiple listing service (MLS)

Which type of listing is prohibited in some states?

net listing

a broker enters into a listing agreement w a seller under which the seller will receive &25k from the sale of a lot, and then broker will receive any proceeds over that amount. This is called a

net listing

in some states which of the following prohibited

net listing

what kind of listing agreement is illegal in many states because of the potential for conflict of interest between a brokers fiduciary responsibilitys to the seller and the brokers profit motive ?

net listing

a seller listed a property w a broker under an exclusive agency listing agreement if the seller finds a buyer the seller will owe the broker

no commission

which of the following would a licensee NOT do before having a buyer sign an agency agreement ?

obtain financial info from the buyer

The type of listing agreement that provides the least protection for the listing broker is the

open listing

a listing agreement in which the seller may employ multiple brokers, retain the right to market the property independently and is obligated to compensate only the broker who produced a buyer if any

open listing

an owner listed a home for sale with a broker. when the owner sold the home without the brokers sssitance she did not owe anyone a commission. which of the following is the type of listing that the broker and the owner most likely signed

open listing

a seller listed a residence w a broker. The broker brought an offer at full price and terms of the listing agreement from a buyer who is ready, willing,!/&; able to pay cash for the property but the seller rejected the buyers offer. In this situation the seller

owes a commission to the broker

who are the parties to a listing agreement

seller and broker

an example of personal property that a seller may take away from the property and therefore MUST be identified on the listing agreement is

stacked firewood

In most states, a broker's license can be suspended or revoked if the broker

takes a listing that does not include a date on which the listing expires.

last month broker Renatat took a listing on a property. She has now learned that her client has been declared incompetent . her listing is

terminated

a property owner signed a 120 day listing agreement w a broker. shortly thereafter the seller was killed in an accident. the listing is

terminated automatically due to the death of the principal

a property seller should object if the agent wants info on

the age of the seller

by exciting a listing agreement w a seller the real estate broker becomes

the agent of the seller

by executing a listing agreement w a seller, a real estate broker becomes

the agent of the seller

a prospective buyer signs an agreement w a broker to find a property for the buyer and then buyer agrees to work only w that broker. Awhile this agreement is in effect

the broker can represent other buyers

a. broker has done a CMA for the seller but the seller wants to price the property at an unrealistic price. Which of the following would NOT be true ?

the broker must take the listing at the sellers price bc the seller is the client

which of the following is typically NOT found in the list it's agreement

the date the broker will schedule an open house

a valid reason for terminating a buyer representation agreement is

the death of a broker

the final decision on a property's asking price should be made by

the seller

a listing agreement will be terminated if

there is nobody interested in the property in the first month it's on a market

a broker protection clause in a listing contract provides for payment of a commission to the listing broker if the owner sells the property within a certain number of days after the listing celeries and to a broker introduced buyer

true

a buyer representation agreement is not an employment contract

true

automatic extension clause in exclusive listing agreements are generally prohibited or discouraged

true

in an exclusive agency listing one broker is authorized to act as the exclusive agent of the principal, who retains the right to sell the property without obligation to the broker

true

in an exclusive right to sell listing the seller must pay the brokers commission even if the seller finds a buyer without the brokers assistance

true

seller disclosures of property conditions usually cover structural, mechanical, and other conditions that the buyer needs to know to make an informed decision

true

the parties to a listing agreement are a broker and seller

true