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65 Cards in this Set
- Front
- Back
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What happens if the broker cancels the listing or otherwise defaults? |
the client may sue the broker for money damaes |
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Once an owner enters into a contract with an excluded prospect, |
the BROKER has no obligation to continue to provide services |
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An open listing is often considered to be |
a unilateral contract |
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If the client revokes the listing after the broker has already earned a commission, |
the client must pay the commission, no matter what type of listing it was |
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Which type of listing provides the most incentive for a broker to market a property? |
exclusive right to sell |
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A seller’s disclosure notice is not required for which of the following transfers? |
Sale of new residence if the residence has never been lived in prior to the sale. |
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What are the two principal determinants of procuring cause? |
Being first to find the customer and being the one who induces the customer to complete the transaction |
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What action might a seller take if a broker defaults on a listing agreement? |
The client can collect damages up to $1,500 from the broker for breach of contract. |
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What form is used to inform the buyer that a property is located in a propane gas system service area? |
fORM 47-0 |
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If brokers are to receive commissions, what is the required form for the listing? |
In writing and is required to be signed by the seller who promises to pay the commission |
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If a property is located in a certificated area, there may be special costs or charges that the buyer will be required to pay |
before he or she can receive water or sewer service.` |
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What act refers to verifying the accuracy of the statements in the listing regarding the property, the owner, and the owner's representations? |
due diligence |
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Pick the feature which is NOT acceptable for a suitable customer: |
Impossibility to pay the price |
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According to which type of listing agreement the client is liable at least for the broker's costs if the property sells during the term of the revoked listing? |
the exclusive agency listing agreement |
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Who is required to complete a Seller's Disclosure of Property Conditions? |
The Seller |
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How does Texas view automatic extension in exclusive listings? |
It is against Texas law. |
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Which of the following does the Section 5.008 of the Texas Property Code mandate with regard to property disclosure? |
The notice must be read substantially similar to the Texas promulgated form OP-H |
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Many multiple listing contracts obligate the listing broker to |
submit the listing to the MLS within a specified period of time. |
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net listings |
are legal in Texas |
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If a property is located in a certificated area, there may be special costs or charges that the buyer will be required to pay |
before he or she can receive water or sewer service. |
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Who is required to complete a Seller's Disclosure of Property Conditions? |
the seller |
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In what section of the listing agreement would you find information regarding the beginning and ending dates for the listing? |
terms |
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Which type of listing is a non-exclusive contract? |
the open listing agreement |
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Which of the following does the Section 5.008 of the Texas Property Code mandate with regard to property disclosure? |
The notice must be read substantially similar to the Texas promulgated form OP-H |
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Which type of listing provides the most incentive for a broker to market a property? |
exclusive right to sell |
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In what section on the Seller's Disclosure of Information on Lead-Based Paint Hazards form must all parties sign the disclosure? |
THE CERTIFICATION OF ACCURACY |
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According to which type of listing agreement the client is liable at least for the broker's costs if the property sells during the term of the revoked listing? |
the exclusive agency listing agreement |
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Once an owner enters into a contract with an excluded prospect, |
the broker has no obligation to continue to provide services. |
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If brokers are to receive commissions, what is the required form for the listing? |
In writing and is required to be signed by the seller who promises to pay the commission |
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How much time does an owner have to notify the broker if he or she receives or accepts an offer from an excluded prospect? |
immediately |
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Which act sets procedures for disclosing the presence of lead-based paint when selling properties built before 1978? |
The Residential Lead-Based Paint Hazard Reduction Act of 1992 |
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Which statement is true about the Property Condition Disclosure? |
it is required by law |
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What is the status of a listing agreement if the property is destroyed by fire? |
the listing agreement is terminated |
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How does a net listing create a conflict of interest? |
It violates the broker’s fiduciary responsibility of putting the client’s interests above his or her own. |
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In Texas, if a net listing is used, the listing agreement must assure |
the principal of not less than the principal's desired price and limits the broker to a specified maximum commission. |
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What form is used to inform the buyer that a property is located in a propane gas system service area? |
Form 47-0 |
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If the client revokes the listing after the broker has already earned a commission, |
the client must pay the commission, no matter what type of listing it was. |
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Both principals to the listing agreement |
have the POWER to revoke the contract at any time. |
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Which type of listing gives the seller the right to engage any number of brokers as agents? |
the open listing agreement |
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net listings |
are legal in texas |
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Which of the following does the Section 5.008 of the Texas Property Code mandate with regard to property disclosure? |
The notice must be read substantially similar to the Texas promulgated form OP-H |
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If the client revokes the listing after the broker has already earned a commission, |
the client must pay the commission, no matter what type of listing it was. |
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Which statement best defines a multiple listing service (MLS)? |
An organization of brokers within a specified geographical area who agree to distribute and share listing information |
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What is the most desirable way to terminate a listing? |
fulfillment of the contract |
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What are the two principal determinants of procuring cause? |
Being first to find the customer and being the one who induces the customer to complete the transaction |
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What type of information is included in the "Broker’s Authority" section of a listing agreement? |
What a broker is allowed to do with regard to advertising and marketing the property |
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Which type of listing is least attractive to a broker? |
Open |
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Which document should the buyer sign to protect against unknown mandatory membership fees in a property owners association? |
TREC Form 36-7 - Addendum for Property Subject to Mandatory Membership in a Property Owners Association |
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What is the period of time called that allows a broker the right to a commission if, after the contract expires, the seller should later sell the property to one of the broker’s prospects? |
protection period |
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Which statement is true about the Property Condition Disclosure? |
required by law |
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According to which type of listing agreement the client is generally not liable for any payment if revoked prior to performance? |
open listing agreement |
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If the client revokes the listing after the broker has already earned a commission, |
the client must pay the commission, no matter what type of listing it was. |
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- In what section of a listing agreement would you find information acknowledging that the seller has the legal right to convey the property?
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sellers representations
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Which is the main distinguishing characteristic of the exclusive agency listing agreement? |
The seller does not owes the broker the commission if he himself finds the buyer |
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Which type of listing is the most attractive to a broker? |
The exclusive right to sell listing agreement |
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In what section of the listing agreement would you most likely find items that will be included or excluded in the sale? |
property |
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On what type of document would you likely see a reference to a key box? |
a listing agreement |
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According to which type of listing agreement the client is generally not liable for any payment if revoked prior to performance? |
open listing agreement |
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In Texas, all listings must have a(n) |
time period specified in the listing agreement. |
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A Property Condition Disclosure is |
a representation of what the seller knows about the property. |
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What act refers to verifying the accuracy of the statements in the listing regarding the property, the owner, and the owner's representations? |
due diligence |
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Who can seek compensation directly from a client? |
a broker |
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How does a net listing create a conflict of interest? |
It violates the broker’s fiduciary responsibility of putting the client’s interests above his or her own. |
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Which kind of listing is considered to be illegal in some states? |
net |
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Which of the following statements is NOT the owner’s responsibility? |
To enter into a contract with an excluded prospect |
