chp 6 Flashcards by reyna sanchez

Bilateral Contract – A contract in which each party promises to do something.

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Bilateral Contract –

A contract in which each party promises to do something.

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Unilateral Contract – When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.

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Unilateral Contract –

When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.

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Listing Contract – A contract in which a property owner employs a real estate broker to market the property described in the contract.

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Listing Contract –

A contract in which a property owner employs a real estate broker to market the property described in the contract.

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Non-Exclusive Listing (Open Listing) – a listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property.

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Non-Exclusive Listing (Open Listing) –

a listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property.

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Net Listing – A listing which provides that the agent may retain as compensation for agent’s services all sums received over and above a net price to the owner.

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Net Listing –

A listing which provides that the agent may retain as compensation for agent’s services all sums received over and above a net price to the owner.

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Option – A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right.

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Option –

A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right.

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Exclusive Agency Agreement – A listing given to only one broker (exclusive) who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker.

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Exclusive Agency Agreement –

A listing given to only one broker (exclusive) who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker.

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Exclusive Agreement (Exclusive Right to Sell Listing Agreement) – A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract.

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Exclusive Agreement (Exclusive Right to Sell Listing Agreement) –

A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract.

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A contract in which each party promises to do something is known as a…?
ABilateral contract
BImplied contract
CUnilateral contract
DOpen contract

Bilateral contract

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When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it, it is referred to as a…?
ABilateral contract
BImplied contract
CUnilateral contract
DOpen contract

Unilateral contract

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A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right is known as a…?
ANet listing
BExclusive contract
COption
DOpen listing

Option

Which of the following is an exclusive listing given to only one broker who is entitled to a commission if the broker effects a sale, but imposes no commission obligation on the owner if the owner finds a buyer themselves…?
ANet Listing
BExclusive Agency Agreement
CExclusive Right to Sell Agreement
DOpen Listing

Exclusive Agency Agreement

An open listing offers the least amount of protection to the broker…?
AT (True)
BF (False)

true

which of the following is an example of a unilateral contract…?
ANet listing
BExclusive agency agreement
CExclusive right to sell agreement
DOpen listing

Open listing

Which of the following contracts are used between sellers and brokers…?
ANet listing
BExclusive agency agreement
CExclusive right to sell agreement
DAll of the above

All of the above

Net listings are illegal in California…?
AT (True)
BF (False)

false

Which of the following listing contracts is given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract…? AExclusive Agency Agreement BNet Listing CExclusive Authorization and Right to Sell Contract DOpen Listing

Exclusive Authorization and Right to Sell Contract

Which of the following listing contracts offer the most protection to a broker…? AExclusive Agency Agreement BNet Listing CExclusive Authorization and Right to Sell contract DOpen Listing

Exclusive Authorization and Right to Sell contract

A seller’s attempt to sell their property whereby the liens are greater than the value of the property is known as a…? AShort sale BForeclosure CLis pendens DOption

Short sale

To be enforceable, a listing agreement must be in-writing…? AT (True) BF (False)

true

Which of the following is a contract in which a property owner employs a real estate broker to market the property described in the contract…? AImplied contract BListing contract CIndependent contractor agreement DOpen contract

Listing contract

An Exclusive Authorization and Right to Sell contract must have a termination date…? AT (True) BF (False)

true

A listing contract must include which of the following…? AA start date BA broker commission CA termination date DAll of the above

all of the above

The agency contract must be signed before a broker and seller enter into a listing contract…? AT (True) BF (False)

true

In every transaction, the real estate salesperson serves as the sub-agent to the real estate broker…? AT (True) BF (False)

true

In California, real estate commissions are always negotiable…? AT (True) BF (False)

true

ho is responsible for completing the AVID form…? AThe seller BThe buyer CThe seller's agent DThe buyer's agent

he seller's agent

A short sale does not harm a homeowner's credit score…? AT (True) BF (False)

false

The seller is responsible for paying the broker's commission in a short sale…? AT (True) BF (False)

false

Real estate agents typically earn higher commissions for short sales…? AT (True) BF (False)

true

A Buyer Broker Agreement is also known as a…? ANet Listing BOption Agreement CBuyer Listing Agreement DExclusive Buyer Agreement

Buyer Listing Agreement

This is a listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property…? ANet listing BOpen listing CExclusive Right to Sell Agreement DExclusive listing

Open listing

A listing agreement is a contract between the seller and the…? AReal estate agent BCustomer CReal estate broker DClient

Real estate broker

A listing contract is an example of a bilateral contract…? AT (True) BF (False)

true

An agency relationship is created with the signing of the…? APurchase contract BListing contract CCustomer agreement DClosing statement

Listing contract

An open listing is an example of an exclusive agreement…? AT (True) BF (False)

false

Open listings are illegal in California…? AT (True) BF (False)

false