Chapter 6
A contract by which each party promises to do something is known as
bilateral contract
a buyer broker agreement is also known as
buyer listing agreement
A short sale does not harm a homeowners credit score
false
Which of the following contracts are used between sellers and brokers?
Net listing exclusive agency agreement exclusive right to sell agreement
Which of the following listing contracts is given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract
exclusive authorization exclusive right to sell contract
which of the following listing contracts offer t he most protection to a broker
exclusive authorization exclusive right to sell contract
An open listing is an example of an exclusive agreement
false
Net listings are illegal in California
false
open listings are illegal in California
false
the seller is responsible for paying the brokers commission on a short sale
false
an agency relationship is created with the signing of a
listing contract
which of the following is a contact in which a property owner employs a real estate broker to market the property described in the contract
listing contract
which of the following refers to a listing which provides that the agent may retain as compensation for agent services all sums received over and above a net price to the owner
net listing
Which of the following is an exclusive listing given to only one broker who is entitled to a commission if the broker effects a sale, but imposes no commission obligation on the owner if the owner finds a buyer themselves...
open listing
this is a listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property
open listing
which of the following is an example of a unilateral contract
open listing
A right given for a consideration to purchase or lease a property upon specified terms within a specified time without obligating the party who receives the right to exercise the right is known as...
option
a listing agreement is a contract between the seller and the
real estate broker
who is responsible for completing the AVID
sellers agent
A sellers attempt to sell their property whereby the liens are greater than the value of the property is known as
short sale
a listing contract must include which of the following
start date broker commission termination date
Open listing offers the least amount of protection to the broker...
true
a listing contract is an example of a bilateral contract
true
an exclusive authorization and right to sell must have a termination date
true
in california real estate commissions are always negotiable
true
in every transaction the real estate salesperson serves as the sub-agent to the real estate broker
true
real estate agents typically earn higher commissions for short sales
true
the agency contract must be signed before a broker and seller enter into the listing contract
true
to be enforceable, a listing agreement must be in writing
true
When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it, it is referred to as a
unilateral contract