Session 10 - Listings

Front 1

The individual who hires the agent to represent his interest is the:

Back 1

Principal / client

Front 2

The one who has the authority to represent another in the real estate transaction is the:

Back 2

Agent. We owe them a fiduciary responsibility and confidentiality.

Front 3

The living agreement creates an agency relationship between the principal / client and the agent. This is a:

Back 3

Special Agency relationship

Front 4

Procuring cause:

Back 4

The cause that created the sale

Front 5

Describe Open Listing:

Back 5

Many Brokers,

Commission goes to the broker who sells

Front 6

Describe an Exclusive Agency Listing

Back 6

One Broker,

Commission goes to the broker unless the seller sells the property himself

Front 7

Describe an Exclusive Right to Sell Listing

Back 7

One Broker,

Commission goes to listing broker regardless of who sells the property.

Front 8

What type of listing agreement will allow the broker to be paid a commission regardless of who sells the property?

Back 8

Exclusive right to sell

Front 9

What type of listing agreement allows the seller to hire numerous brokers?

Back 9

Open Listing

Front 10

What type of listing agreement allows the seller to sell the property himself and not pay a commission?

Back 10

Either an Exclusive Agency or Open listing.

Front 11

Under which type of listing, will the seller receive a predetermined amount from the sale:

Back 11

A Net Listing

Front 12

The most desirable listing for a broker is?

Back 12

Exclusive Right to Sell

Front 13

Because of the potential for fraud, this type of listing is illegal in many states:

Back 13

A Net Listing

Front 14

An agreement between a broker and a seller to market the seller's property in exchange for a commission is a:

Back 14

Listing Agreement, bi-lateral contract

Front 15

Which listing is a unilateral agreement?

Back 15

Open Listing

Front 16

Under an Open Listing, the only agent who is paid is considered the:

Back 16

Procuring cause

Front 17

The listing agreement creates what type of agency relationship?

Back 17

Special Agency

Front 18

What is the organization of brokers who agree to share listing information called?

Back 18

MLS; Multiple Listing Service

Front 19

If an agent places an ad for a parcel of property and puts only their name and phone number, it is considered a:

Back 19

Blind Ad; (illegal in AZ)

Front 20

All advertising must include:

Back 20

Broker's Name

Front 21

Who is responsible for all advertising?

Back 21

Designated Broker

Front 22

What do agents prepare to assist the seller in determining the listing price?

Back 22

CMA; Comparative Marketing Analysis.

Front 23

Arizona law requires that the designated broker review and initial all contracts within:

Back 23

10 business days of the date signed.

Front 24

Conracts must be kept for:

Back 24

5 years from termination of contract

Front 25

Offers are proposals that never resulted in a meeting of the minds. They are retained for:

Back 25

1 year

Front 26

Listings belong to:

Back 26

Designated Broker

Front 27

If a salesperson leaves the employing brokerage, the listings:

Back 27

Designated Broker

Front 28

Offers are presented through the:

Back 28

Listing Broker

Front 29

Brokers must keep all contracts for:

Back 29

5 years

Front 30

Rejected offers are kept for:

Back 30

1 year

Front 31

Brokers must review all contracts within what timeframe:

Back 31

10 business days

Front 32

The lien secures the liened property as:

Back 32

Collateral

Front 33

The Creditor placing the lien is called the:

Back 33

Lienor

Front 34

The debtor who owns the property is called:

Back 34

Lienee

Front 35

Outstanding real estate taxes and special assessments take priority over all other liens. The priority of the remaining liens is usually described by:

Back 35

Date and time they were recorded

Front 36

Recording gives:

Back 36

Legal (constructive) Notice

Front 37

Subordination Agreement:

Back 37

To change the priority of liens, a written agreement can be made between lienholders

Front 38

Subrogation:

Back 38

obtaining legal rights from another party

Front 39

The type of lien that attaches to all debtor's property is a:

Back 39

General Lien

Front 40

Real estate taxes are considered a:

Back 40

Specific Lien

Front 41

Liens that are created intentionally are

Back 41

Voluntary Liens

Front 42

Liens that are created by law are:

Back 42

Statutory, involuntary liens

Front 43

The priority of liens is by:

Back 43

Date and time recorded

Front 44

Where are liens recorded?

Back 44

County of residence

Front 45

If two lien holders wish to change priority position what do they sign?

Back 45

Subordination agreement

Front 46

Lis Pendens

Back 46

(Pending litigation). A notice in the public records of a pending lawsuit involving real estate.

Front 47

Are these liens voluntary or involuntary; are they general or specific?

Mortgage

Back 47

Specific, Voluntary

Front 48

Are these liens voluntary or involuntary; are they general or specific?

Judgment

Back 48

General, Involuntary

Front 49

Are these liens voluntary or involuntary; are they general or specific?

Real Estate Tax

Back 49

Specific, Involuntary

Front 50

Are these liens voluntary or involuntary; are they general or specific?

Mechanic's Lien

Back 50

Specific, Involuntary

Front 51

Are these liens voluntary or involuntary; are they general or specific?

Vendor's Lien

Back 51

Specific, Involuntary

Front 52

The priority of liens is determined by:

Back 52

date & time of recording

Front 53

What type of lien would be filed if the seller fails to deliver title to the buyer?

Back 53

Vendee's Lien

Front 54

When does a mechanic's lien need to be filed?

Back 54

within 120 days of the job completion

Front 55

What is the term for a public notice of a pending lawsuit on real estate?

Back 55

Lis Pendens

Front 56

The seller who is acting as a lender in a land contract

Back 56

Vendor

Front 57

The buyer in a land contract

Back 57

Vendee

Front 58

the creditor placing the lien:

Back 58

Lienor

Front 59

The debtor who owns the property

Back 59

Lienee

Front 60

Notice of pending litigation

Back 60

Lis Pendens

Front 61

The court holds onto a debtor's property until lawsuit is settled

Back 61

Writ of attachment

Front 62

The court instructs the sheriff to seize and sell debtor's property

Back 62

Writ of execution

Front 63

Printed words on standardized forms:

Back 63

Boiler Plate

Front 64

Earned when the agent finds a ready, willing and able buyer:

Back 64

Commission

Front 65

the cause that created the sale:

Back 65

Procuring

Front 66

Charge against the property for debt of property owner:

Back 66

Lien

Front 67

Define Boilerplate:

Back 67

The standard language appearing on the standard form.

Front 68

An Open Listing is what type of contract?

Back 68

Unilateral

Front 69

Define Open Listing

Back 69

The seller may employee any number of brokers at the same time. The seller will owe a commission only to the broker who is the procuring cause.

Front 70

Define Exclusive Agency Listing

Back 70

The seller employs only one broker. The broker is not entitled to a commission if the owner sells the property.

Front 71

Define Exclusive right-to-sell listing

Back 71

The seller employs one broker. If the property sells, the listing broker will be paid a commission regardless of who sells the property.

Front 72

Both the Exclusive-Ageny and the Exclusive-right to sell listing are what kind of contracts?

Back 72

Bi-Lateral

Front 73

Describe a Net Listing:

Back 73

Not based on a percentage of the selling price, but rather states the amount that the seller is to receive (the net amount) from the sale of the property. The broker sets the asking price. (legal in AZ but not in most states)

Front 74

Define CMA:

Back 74

The Comparative Market Analysis is similar to an appraisal, but also different. The CMA includes active, expired and closed transactions, typically 3 months back. An Appraisal only includes sold transactions, typically 6 months back.

Front 75

When does the real estate agent earn their commission?

Back 75

When they find a ready, willing and able buyer.

Front 76

When does the real estate agent get paid?

Back 76

Commission is paid when all closing paperwork has been recorded.

Front 77

Describe Listing Termination by: Performance

Back 77

When the broker has successfully sold the property; when the agreement's purpose is fulfilled, such as when a ready, willing and able buyer is found.

Front 78

Describe Listing Termination by: Expiration

Back 78

The listing agreement will specify a definite period of time. when this time period is over, the listing agreement is terminated.

Front 79

Define Broker protection Clause:

Back 79

This provides that even after the listing has expired, the listing broker is entitled to a commission if the property is sold to anyone introduced to the property during the listing period. This clause will not be enforced if the seller relates with a new broker.

Front 80

Describe Listing Termination by: Abandonment

Back 80

If the broker has done nothing to market the property, the seller may be able to terminate the listing.

Front 81

Describe Listing Termination by: Revocation

Back 81

The seller can revoke the listing but may be liable to the broker for damages.

Front 82

Describe Listing Termination by: Renunciation

Back 82

The broker can renounce the listing but may be liable to the owner for damages.

Front 83

Describe Listing Termination by: Death or Insanity

Back 83

If either of these occur for the seller or the broker, the listing is terminated. If with of these occur for the ages, the listing remains in effect.

Front 84

Describe Listing Termination by: Destruction of the Property

Back 84

Destruction of the property makes it impossible to perform.

Front 85

Describe Listing Termination by: Mutual Consent

Back 85

The parties may mutually agree to end the listing.

Front 86

Describe Listing Termination by: Change in Use

Back 86

If the use of the property changes significantly, the listing may be terminated.

Front 87

Describe Listing Termination by: Transfer of Title by Operation of Law

Back 87

If the property is taken by Eminent Domain or if either the seller or the broker file bankruptcy. If the agent files bankruptcy it has no effect on the listing.

Front 88

Judgments, estate taxes and IRS taxes are all examples of general or specific Liens?

Back 88

General

Front 89

Mechanic's liens, mortgage liens, real estate tax liens are all examples of general or specific liens?

Back 89

Specific

Front 90

define Statutory liens:

Back 90

Created by statute such as a real estate tax lien

Front 91

define Equitable liens:

Back 91

Created by a court ordered judgment such as a delinquent charge account.