Principle of Real Estate- Unit 12 Quiz

Nick has his property under an exclusive agency listing with broker Alejandra. If Nick sells his property himself during the term of the listing without using alejandras services, he will owe Alejandra A. No commission b. The full commission C. A partial commission D. Only reimbursement for the brokers costs.

A

The listing price for a property should be determined by A. The seller. B. The sales agent C. The broker's competitive market analysis (CMA) D. The appraised value.

A

Which statement describes a similarity between an open listing and an exclusive agency listing? A. Under both, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. B. Both listings grant a commission to any licensed broker who finds a buyer for the seller's property C. Both are net listings D. Under both, the broker earns a commission regardless of who sells the property, as long as it is sold within the listing period.

A

Which statement is TRUE of a listing contract? A. It is an employment contract for the personal and professional services of the broker B. It obligates the seller to convey the property if the broker procures a ready, willing, and able buyer. C. It obligates the broker to work diligently for both the seller and the buyer D. It is a TREC-promulgated form.

A

A listing agreement that runs for a set period and automatically renews itself for another listing period after the initial period ends is A. Commonly used in conjunction with a multiple listing B. Illegal in Texas. C. Known as an open listing D. A unilateral offer of sub agency.

B

A listing contract requiring that all other brokers honor the listing broker's contract but reserve the seller's right to sell directly to a buyer with no commission liability is A. An open listing B. An exclusive agency listing C. An exclusive right to sell listing D. A net listing

B

A listing taken by a real estate sales agent is an agreement between the seller and A. The sales agent B. The broker C. The sales agent and broker equally D. The local multiple listing service.

B

A seller lists his residence with a broker and stipulates that he wants to receive $85,000 from the sale but that the broker can sell the residence for as much as possible and keep the difference as a commission. The broker agrees, thus creating A. An open listing B. A net listing. C. An exclusive right to sell listing D. An exclusive agency listing

B

Gayle listed her residence with a real estate broker. The broker brought an offer at full price from ready, willing, and able buyers, in accordance with the terms of the listing agreement. However, Gayle charged her mind and rejected the buyer's offer. In this situation, Gayle A. Must sell the property. B. Owes a commission to the broker C. Is liable to the buyers for specific performance, D. Is liable to the buyers for compensatory damages.

B

Which statement BEST describes the sellers disclosure Notice A. Sellers of residential property (single-family or multi family housing) must provide the disclosure to a buyer B. A buyer must receive a copy of the disclosure on or before the effective date of the contract, or the buyer may terminate the contract for any reason within seven days after receiving the notice. C. The seller has a duty to disclose death by natural causes or suicide that occurred on the property D. Only visible structural defects need to be disclosed.

B

A multiple listing A. Involves more than one parcel of real estate B. Is the same as an open listing C. Allows the broker to distribute the listing information to other brokers for cooperation and compensation D. Allows the broker to offer the property for sale at the highest price possible and retain as the commission any amount over and above the amount over and above the amount requested by the seller.

C

All of the following provisions are usually included in listing agreements in Texas, EXCEPT

C

All of the following would terminate an agency relationship EXCEPT A. Expiration of the time period stated in the listing B. Death or incapacity of the broker C. Non payment of the commission by the seller D. Destruction of the improvements on the property

C

Which statement describes a similarity between an exclusive agency listing and an exclusive right-to-sell listing? A. Under both types of listings, the sellers retain the right to sell their real estate without the broker's help and without paying the broker a commission. B. Both are open listings C. Both give the responsibility of representing the seller to one broker only. D. Under both, the seller authorizes only one particular sales agent to show the property.

C

a seller hired by Nathan, a broker, under the terms of an open listing. While that listing was still in effect, the seller—without informing Nathan— hired Fred under an exclusive right-to-sell listing for the same property. If Nathan produces a buyer for the property and the seller accepts that offer, then the seller must pay A. Full commission only to Nathan B. Full commission only to Fred C. Full commission to both Nathan and Fred. D. Half commission to both Nathan and Fred.

C