8 - Agency Contracts (Sales) and Related Practices (7/8)

Question 1

Listing Agreement

Answer 1

Between client and the FIRM

>Death of individual listing agent does not terminate the listing agreement, nor does expiration of agent’s license

Question 2

Automatic Renewal Clause

Answer 2

Not allowed in a listing agreement

Question 3

Exclusive Agency Agreemnt

Answer 3

Exclusive agent, but not entitled to receive a commission if the seller finds a buyer for the property

Question 4

Exclusive Right to Sell

Answer 4

Exclusive agent, entitled to receive a commission even if the seller finds a buyer for the property

Question 5

Net Listing

Answer 5

Brokerage commission to be an excess amount over a predetermined net amount to be received by the seller

Question 6

Listing agreement must be in writing at the time of the listing and buyer brokerage agreement must be in writing prior to submission of buyer’s offer, required by…

Answer 6

Commission rule

Question 7

Anti-trust laws

Answer 7

apply to activities between firms from collusion (e.g.), anti-competitive actions

Question 8

Earnest Money Deposits (handling…)

Answer 8

Must be deposited no later than 3 banking days after acceptance of contract

*When dealing with money, the rules all reference “banking” days