Listing Presentations & Contracts Flashcards
The broker’s promise to use diligence in finding a buyer
(a) makes the listing a unilateral contract.
(b) makes the listing voidable by the owner.
(c) makes the listing a bilateral contract.
(d) none of these.
(c) makes the listing a bilateral contract.
Mr. Seller signs an open listing on his home with five different brokers. In this case,
(a) each broker has an opportunity to earn the entire commission.
(b) the brokers will split the commission five ways regardless of who sells it.
(c) the owner must pay a full commission to all five brokers when it sells.
(d) the owner must pay the first broker to take the listing no matter who sells it.
(a) each broker has an opportunity to earn the entire commission.
If the owner enters into an exclusive agency listing and thereafter sells the property through his own efforts
(a) no commission is payable.
(b) the broker is entitled to 50 percent of his commission.
(c) the broker is entitled to full commission.
(d) none of the above.
(a) no commission is payable.
Which of the following accurately describes a listing agreement which allows the broker to either find a prospective buyer, or purchase the home himself/herself?
(a) exclusive authorization and right to sell
(b) open listing
(c) net listing
(d) option listing
(d) option listing
On the last day of a 90-day exclusive listing, broker Jones submits a list of names of people with whom he negotiated to the seller. Broker Jones accidentally left out Adams’ name. One week later, the owner sells to Adams. Which of the following is correct?
(a) Adams is liable for the full commission.
(b) The owner is liable for the full commission.
(c) The owner is liable for half of the commission.
(d) The owner is not liable for any commission.
(d) The owner is not liable for any commission.
A safety clause in a listing requires the broker to submit the names of all prospective buyers with whom he/she negotiated within three calendar days of expiration of the listing. The list would also include a buyer who was shown and physically entered the property during the listing period.
A broker brought in an offer but the listing agreement did not include an authorization to accept a deposit. Which of the following is correct?
(a) The authorization is implied.
(b) The broker cannot accept the deposit.
(c) If the broker accepts the deposit, he/she would do so as the agent of the buyer.
(d) None of the above.
(c) If the broker accepts the deposit, he/she would do so as the agent of the buyer.
If the scope of authority of a real estate broker is limited to just producing a buyer, the broker does not have the authority to collect a deposit on behalf of the seller. When an agent does collect a deposit in this case, the agent is acting as agent for the buyer (offeror) and not the seller.
If the broker and seller agree to subparagraph A of the dispute resolution clause of the listing contract,
(a) they must resolve all disputes through mediation.
(b) they agree to try mediation first, but are not required to resolve the dispute through mediation.
(c) they are giving up their rights to litigate all matters in court.
(d) the escrow officer would settle any disputes that arise.
(b) they agree to try mediation first, but are not required to resolve the dispute through mediation.
The exclusive-right-to-represent buyer’s agreement sets forth the
(a) type of property that the buyer wishes to purchase.
(b) general location the buyer desires.
(c) buyer’s price range.
(d) all of the above.
(d) all of the above.
Proper preparation for a listing presentation includes doing research on current and expired listings. In addition to raw data on comparables, you should
(a) pull microfiche records on current listings.
(b) drive by current, expired, and sold listings in the area.
(c) interview all property owners within a one block radius.
(d) consult with city officials to discover code violations in the neighborhood.
(b) drive by current, expired, and sold listings in the area.
On your first visit with the property owners, prior to making your listing presentation, it is important to
(a) set up a follow-up appointment.
(b) ask siblings to leave the room.
(c) ascertain the owners’ motivation for selling.
(d) get your broker on the phone in case they ask questions you cannot answer.
(c) ascertain the owners’ motivation for selling.
If the owners react positively to your listing presentation, it may be time to try and get the listing agreement signed. The choice given to the owners at this point should be
(a) a choice between two positives.
(b) to list or not list.
(c) a choice between a positive and a negative.
(d) a choice between two times to meet in your office to sign the agreement.
(a) a choice between two positives.
A trial closing tries for an agreement to sign the listing. The choice should not be to list or not to list. As an example, the question…“Would you want me to serve as your marketing agent for 90 days or should we make it 120 days?” This type of question gives owners a choice between two positives, not between a positive and a negative.
Which of the following is an effective way to respond to an owner asking you to reduce your fee because of varying commission rates in your area?
(a) Tell them your fee is fixed by your broker and cannot be reduced.
(b) Tell them that commission rates are fixed by law.
(c) Explain that firms offering lower fees have a lower sales record.
(d) Reassure them that you will add your fee to the listing price.
(c) Explain that firms offering lower fees have a lower sales record.
After you obtain the listing, be sure to
(a) leave a copy of the Estimated Seller’s Proceeds form.
(b) leave a copy of your competitive market analysis.
(c) thank the owners.
(d) all of the above.
(d) all of the above.
Before you accept an exclusive buyer agency agreement, it is a good idea to
(a) find out if the buyer is motivated to buy.
(b) determine if the buyer has the resources and/or credit to purchase.
(c) find out if the buyer has needs you can reasonably fulfill.
(d) all of the above.
(d) all of the above.
An exclusive right-to-sell listing must include which of the following elements to be enforceable?
(a) Consideration
(b) Writing
(c) Lawful purpose
(d) All of the above
(d) All of the above
