Unit 10 Quiz (in class quiz)
The listing agent received $2,800 commission on her 35% share of the total commission on the sale of a property that sold for $160,000. What was the commission rate? A. 10% B. 5% C. 7% D. 4.5%
B. 5%
Which of the following is NOT a valid basis for terminating a listing agreement? A. Sale of the property B. Death of the salesperson C. Agreement of the parties D. Destruction of the premises
B. Death of the salesperson
The provision in the listing agreement that gives the authority and obligates the broker to distribute the listing information to other brokers is a(n) A. Joint listing clause B. Multiple listing clause C. Net listing clause D. Open listing clause
B. Multiple listing clause
In some states, which of the following is prohibited? A. Exclusive-right-to-sell agreement B. Net listing C. Buyer agency agreement D. Open listing
B. Net listing
Which of the following is typically NOT found in the listing agreement? A. The price the seller is asking B. The date the broker will schedule an open house C. The commission to be paid to the listing broker D. The responsibilities of the broker
B. The date the broker will schedule an open house
If a seller needs to net $110,000 after the sale, how much must the property sell for if the selling costs include a 7% commission and $2,000 in other expenses? A. $119,840 B. $120,280 C. $120,430 D. $119,700
C. $120,430
A buyer has signed an agreement with a broker to compensate the broker even if the buyer purchases a property from a relative. This is called a(n) A. Open buyer agency agreement B. Exclusive-agency buyer agency agreement C. Exclusive buyer agency agreement D. Unenforceable agency agreement
C. Exclusive buyer agency agreement
A broker enters into a listing agreement with a seller under which the seller will receive $25,000 from the sale of a lot and the broker will receive any sale proceeds over this amount. This is called a(n) A. Gross listing B. Exclusive-agency listing C. Net listing D. Guaranteed sale listing
C. Net listing
The type of listing agreement that provides the least protection for the listing broker is the A. Exclusive-right-to-sell listing B. Exclusive-agency listing C. Open listing D. Net listing
C. Open listing
By executing a listing agreement with a seller, the real estate broker becomes A. A procuring cause B. Obligated to open a special trust account C. The agent of the seller D. Responsible for sharing commissions
C. The agent of the seller
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? A. The broker could suggest the seller have a formal appraisal done B. The broker could take the listing with the understanding that price reductions may be needed C. The broker must take the listing at the seller's price, because the seller is the client D. The broker may decline the listing
C. The broker must take the listing at the seller's price, because the seller is the client
Which of the following is NOT a type of buyer agency agreement? A. An exclusive buyer agency agreement B. An exclusive buyer agency agreement C. An open buyer agency agreement D. A net buyer agency agreement
D. A net buyer agency agreement
Which of the following is NOT a type of listing contract? A. Open B. Exclusive-agency C. Exclusive-right-to-sell D. MLS
D. MLS
Last month broker Renata took a listing on a property. She has now learned that her client has been declared incompetent. Her listing is A. Still binding, as it was taken before she learned of the problem B. Still binding, as Retana was acting in good faith C. The basis for a commission if Renata procures a buyer D. Terminated
D. Terminated
A property owner signed a 120 day listing agreement with a broker. Shortly thereafter, the seller was killed in an accident. The listing is A. Binding on the owners spouse or heir for the remainder of the term B. Still in effect as it was no fault of the broker C. Binding only if the broker can produce offers to buy the property D. Terminated automatically due to the death of the principal
D. Terminated automatically due to the death of the principal