3.5 Flashcards
(15 cards)
A Listing Agreement usually authorizes the broker to offer the property in the _______.
MLS
True or False:
The buyer must agree to dual agency, or the listing agent can’t work with them.
False
In the ______, the seller must decide whether the broker will or will not be arranging the closing services.
listing agreement
True or False:
Individual fiduciary duties may be performed by the Facilitator, but only if they are specifically listed as broker obligations.
True
The Buyer Representation Agreement applies to the sale of _______.
all real property
The types of listing contracts in Minnesota are Exclusive Right to Sell, Seller Facilitator, Exclusive Agency, and _______.
Open Listing
True or False:
The Buyer Representation Agreement may apply to the purchase of a commercial property or farm property.
True
True or False:
The Buyer Representation Agreement applies strictly to the purchase of residential property.
False
In the Exclusive Right to Represent Buyer, the buyer is entering into this relationship with the ________.
brokerage
True or False:
The only arrangement for the compensation to a buyer’s agent is made with the seller, per the offer of compensation stated in MLS.
False
True or False:
Besides a facilitator agreement, there is no such thing as a non-exclusive contract to represent buyer.
False
Within the realm of seller agency, how many types of listings are there?
3
With an Exclusive _______ contract, the broker receives commission if the property sells within the listing period.
Right to Sell
With an Exclusive _______ contract, the broker only receives commission if they sell the property, and the seller may sell the property free of broker involvement or necessity to pay the broker
Agency
True or False:
In the Listing Agreement, the seller is agreeing to pay a commission only if the sale successfully closes.
False
