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22 Cards in this Set
- Front
- Back
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A listing taken by a real estate salesperson is technically an employment agreement between the seller and the:
a. broker b. local multiple listing service c. salesperson d. salesperson and broker together |
a. broker
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Which of the following is a similarity between an exclusive-agency listing and an exclusive-right-to-sell listing?
a. Under each, the seller retains the right to sell the the real estate without the broker's help and without paying the broker a commission. b. under each, the seller authorizes only one particular salesperson to show the property. c. both types of listings give the responsibility of representing the seller to one broker only d. both types of listings are open listings |
c. both types of listings give the responsibility of
representing the seller to one broker only |
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The listing agreement on a residential property states
that it expires on May 2. Which event would NOT terminate the listing? a. the agreement is not renewed prioer to May 2 b. the owner dies on April 29 c. on April 15, the owner tells the listing broker that the broker's marketing efforts are not satisfactory d. the house is destroyed by fire on April 25 |
c. on April 15, the owner tells the listing broker that
the broker's marketing efforts are not satisfactory |
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A seller has listed a property under an exclusive-agency listing with a broker. If the seller finds a buyer, the seller will owe the broker:
a. no commission b. the full commission c. a partial commission d. only reimbursement for the broker's costs |
a. no commission
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A broker sold a residence for $185,000 and received
$12,950 as commission in accordance of the terms of the listing. What was the brokers commission rate? a. 6% b. 7% c. 7.25 % d. 7.5 % |
b. 7%
$12,950 divided by $185,000 = 7% |
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Under a listing agreement, the broker is entitled to
sell the property for any price, as long as the seller receives $85,000. The broker may keep any amount over $85,000 as a commission. This type of listing is called: a. exclusive-right-to-sell listing b. exclusive-agency listing c. open listing d. net listing |
d. net listing
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The final decision on a property's listed price
should be made by the: a. listing agent b. appraised value c. seller d. seller's attorney |
c. seller
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Which statement is TRUE of a listing contract?
a. it is an employment contract for the professional services of the broker b. it obligates the seller to transfer the property if the broker procures a ready, willing and able buyer c. it obligates the broker to work diligently for the seller and the buyer d. it automatically binds the owner, the broker, and the MLS to its agreed provisions |
a. it is an employment contract for the professional
service of the broker |
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A broker sold a property and received a 6.5% commission. The broker gave the listing salesperson
$3,575, which was 30% of the firm's commission. What was the selling price of the property? a. $55,000 b. 95,775 c. 152,580 d. 183.333 |
d. 183,333
3,757 divided by .30 = 11,916.666 11,916.666.divided by .065 = 183,333 |
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A buyer has signed an agreement with a broker to compensate the broker even if the buyer purchases the property from a relative. This is called an:
a. open buyer agency agreement b. exclusive-agency buyer agency agreement c. exclusive buyer agency agreement invaled agreement |
c. exclusive buyer agency agreement
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A seller signs a listing agreement with a broker to sell a home. The agreement states that the broker will receive a 7% commission. The home sells for $220.00.
What is the net amount that the seller will receive from the sale? a. $15,400 b. $204,600 c. $205,678 d. $220,000 |
b. $204,600
.07 x $220,000= %15,400 $220,00 minus $15,400=$204,600 |
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A seller has sold property to a neighbor without the services of a real estate broker. However, the seller still owes the broker a commission because the seller signed a(an):
a. exclusive-agency listing b. open listing c. exclusive-right-to-sell listing d. net listing |
c. exclusive right-to-sell listing
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Most states require that listing agreements contain
a (an): a. multiple listing service clause b. definite contract termination date c. automatic extension clause d. broker protection clause |
b. definite contract termination date
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Which type of lsting is prohibited in some states
a. exclusive-right-to-sell listing b. net listing c. buyer agency agreement d. open listing |
b. net listing
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By executing a listing agreement with a seller, 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 the commission |
c. the agent of the seller
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The provision in a listing agreement that gives additional authority to the broker and obligates the broker to distribute the listing to other brokers is a (an):
a. joint listing clause b. multiple listing clause c. net listing clause d. open listing clause |
b. multiple listing clause
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All of the following are valid bases for terminating a listing agreement EXCEPT:
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
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Which listing is one authorized broker agent receiving a commission:
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exclusive-right-to-sell listing
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Which listing is where there is one authorized agent,
brokers receive a commission only if they are the procuring cause and seller retains the right to sell w/o obligation |
exclusive-agency listing
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Which listing is where there are multiple agents and
only the selling agent is enitled to a commission. The seller retains the right to sell independently w/o obligation |
open agency
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Listing agreements may be terminated for the following reason:
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when agreement is fulfilled
when the term expires property is destroyed, zoning change if title to the property is transferred by operation of law, such as bankruptcy or foreclosure mutual agreement to cancel if broker or seller become incapacitated |
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This clause provides that the property owner will pay the listing broker a commission if, within a specified number of days after the listing expires, the owner transfers the property to someone the broker originally introduced to the owner
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broker protection clause
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