section 6 exams
An exaggeration of Michele's ability to sell the property.
"In this market, I can sell this house in two days!" Michele said to her seller client. What does this type of statement likely represent?
In both types of listings, the seller won't owe a commission if she finds the buyer herself.
5. Which of the following scenarios accurately describes the similarities between an open listing and an exclusive agency listing?
Communicate all offers and counter-offers to the sellers
A licensee has several tasks to perform for seller clients. One of which is to ______.
Exclusive Right to Sell (Seller Agency)
A seller is represented by everyone at your brokerage, but you're providing assistance to the seller at this time. What type of agreement did the seller sign?
You should accept the outcome either way.
After you've made a professional listing presentation and the seller has declined to use you as a listing agent, what's the best practice?
A start and end date for the listing period
An exclusive right-to-sell agreement must include ______.
If the home is his own, he's likely to be purchasing a new one, so Chet has a chance to land two transactions.
At a listing appointment, licensee Chet asks Sam, the seller, if his property is his own home or an investment property. Why would Chet ask this?
Yes, because exclusive right to sell means Bernie gets paid no matter who finds the buyer
Bernie is representing Oscar in the sale of Oscar's home. They have signed an exclusive right to sell listing agreement. If Oscar finds his own buyer, does he owe Bernie a commission?
Willing to pay Scott's commission anyway
Burt terminated his exclusive right-to-sell listing agreement with Scott, his listing broker. Burt may legally do this as long as he's ______.
The seller
In a seller agency relationship, who does the licensee represent?
Legal description
In addition to the property address, what other information helps identify the property in the listing agreement?
Open, exclusive agency, or exclusive right to sell
In states where they're legal, on which type of listing or listings may a net listing be used?
The eventual buyer inquired about the property during the agreement period.
In which of these instances would a broker still be owed a commission, even after a listing agreement terminates?
The eventual buyer inquired about the property during the agreement period.
In which of these instances would a broker still be owed a commission, even after a listing agreement terminates? • The eventual buyer inquired about the property during the agreement period. • The seller accepted an offer, but it fell through due to a home inspection issue. • The seller rejected an otherwise good offer because it was below list price. • The broker terminated the agreement because the seller was too difficult to work with.
Open
James, a seller, signed a listing agreement that allows him to contract with multiple agents, but only pay a commission to the agent who locates a buyer. This type of listing agreement is called ______.
Exclusive agency
Janice wants to sell her townhome, and her neighbor is considering buying it. While waiting to find out if her neighbor is going to buy, Janice wants to market her home and receive the best representation possible. What type of listing agreement will save Janice the cost of a commission if her neighbor does ultimately decide to buy?
No, because the listing agreement is contractually binding.
Jared, a seller, has found his own buyer and wants to terminate his exclusive right-to-sell listing agreement with Sue, his listing broker. May he do so without penalty?
No, because Carol found her own buyer.
Mardee is representing Carol in the sale of her condo, and they've signed an exclusive agency listing agreement. If Carol finds her own buyer, does she owe Mardee a commission?
Yes, with both the listing broker and the seller's agreement in writing
May listing agreements be terminated without penalty?
Sofia is Luciana's customer.
Ned represents Sofia in the sale of her townhome. Luciana represents Sofia's buyer, Arturo. What is Sofia's relationship to Luciana?
Open listing
Patsy's home has been on the market for five weeks. Currently two brokers have buyers getting ready to make offers. If Patsy accepts one of those offers, then the corresponding broker will be the only one to earn a commission. What type of listing does Patsy have?
Open listing
Patsy's home has been on the market for five weeks. Currently two brokers have buyers getting ready to make offers. If Patsy accepts one of those offers, then the corresponding broker will be the only one to earn a commission. What type of listing does Patsy have?
Property condition disclosure forms
The Tennessee exclusive designated agency listing agreement, like most listing agreements, holds the licensee not liable for ______.
Mineral rights
The listing agreements to sell lots or land provide a section for the seller to list the conveyance of any ________.
net listing
The seller specifies a price desired for the property and agrees to pay the broker any amount received above that price.
Designated and standard seller
What are the two types of seller agency in Tennessee?
These services are outside the agent's scope.
What do listing agreements say about the seller's need for tax information or structural remediation?
The seller specifies a price desired for the property and agrees to pay the broker any amount received above that price.
What is a net listing?
One in which only the person who finds the buyer gets paid
What is an open listing agreement?
To spell out the agreement between the listing broker and the seller
What is the purpose of a listing agreement?
To inform the buyer that the agent represents the seller
What responsibility does a seller's agent have to the buyer?
Comparative market analysis
What's a CMA?
Write "N/A" in the blanks.
What's the best practice for handling blank areas of a listing agreement form that don't apply to a listing?
Prepare a detailed comparative market analysis and base the price on recent comparable sales.
What's the best strategy for pricing a home?
The licensee is permitted to list other properties for sale, even if they're competing properties.
When a licensee represents a seller, which one of the following statements is true about the licensee's ability to list other properties that are for sale?
Exclusive right to sell
When working with a seller, you sign a listing agreement that provides you with 100% assurance you will receive commission, provided the property sells during the listing term. What type of listing agreement did you sign?
The seller specifies a price desired for the property and agrees to pay the broker any amount received above that price.
Which of the following best describes a net listing?
The listing agent stops working on the listing.
Which of the following is a legitimate and legal way that an exclusive right-to-sell listing agreement may terminate without the seller owing a commission?
They require a seller's written permission to post.
Which of the following is true about lockboxes?
They often involve a conflict of interest.
Which of the following is true about net listings?
An open listing agreement provides the highest form of protection for the listing agent.
Which of the following is true of agency agreements?
In both types of listings, the seller won't owe a commission if she finds the buyer herself.
Which of the following scenarios accurately describes the similarities between an open listing and an exclusive agency listing?
Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.
Which of the following scenarios best describes a net listing?
Ensure the collection of the earnest money deposit from the buyer.
Which of the following tasks must licensees perform for seller clients?
Reviewing offers and explaining any special requests or requirements
Which of these choices is an example of a listing agent negotiating on a seller's behalf?
Inform sellers of their responsibility to make all required property condition disclosures.
Which one of the following tasks must a licensee perform for seller clients?
net listing
Which type of listing is the following? Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.