Unit 10 Flashcards
(25 cards)
Broker Smith has a listing on a house which contains a provision that the house is to be sold in
an “as is” condition. Smith learns of a major hidden defect in the property and when showing a
prospective purchaser, shoud:
a) advise the buyer of the defect.
b) point out that the house will be sold in an “as is” condition.
c) mention the defect to the buyer only if asked.
d) inform the buyer that the seller has told him of no defects.
a) advise the buyer of the defect.
Which of the following events will NOT result in termination of the listing contract?
a) Death of seller.
b) Bankurptcy of broker.
c) Insanity of seller.
d) Marriage of seller.
d) Marriage of seller.
A listing agreement may be terminated by:
a) the expiration of the time limit contained in the listing.
b) mutual agreement.
c) revocation by the property owner.
d) All of the above.
d) All of the above.
After the sale, the listing broker refused to split the commission with the selling broker. Who is
responsible to pay the selling broker?
a) The listor.
b) The listing broker.
c) The seller.
d) The MLS.
b) The listing broker.
In an esclusive agency listing. If the owner finds a buyer for the property, the broker would get:
a) full commission.
b) 1/3 commission.
c) no commission.
d) 1/2 commission.
c) no commission.
An owner wishes to list her property but does not want to pay a commission if she finds the
buyer herself. She should negotiate which of the following?
a) Open listing.
b) Exclusive agency listing.
c) Neither (A) or (B).
d) Either (A) or (B).
d) Either (A) or (B).
An unconfirmed oral listing is:
a) unlawful.
b) unenforceable.
c) a violation of the statute of limitations.
d) usually submitted to the MLS.
b) unenforceable.
Which of the following statements is true?
a) A definite termination date must be provided in all exclusive listings.
b) The term “Multiple Listing” is the listing of property with a number of different brokers.one
type of exclusive listing.
c) There is only one type of exclusive listing.
d) To be enforceable the listing must be signed by the buyer.
a) A definite termination date must be provided in all exclusive listings.
In a typical real estate transaction, the buyer’s agent is:
a) the listing broker.
b) the participating broker.
c) the listing broker and selling broker.
d) neither broker.
b) the participating broker.
To a real estate broker, the listing property owner is known as:
a) agent.
b) fiduciary.
c) prospect.
d) principal.
d) principal.
After showing the property to a prosect, the broker with an exclusive agency listing should:
a) make a record of it in the broker’s files.
b) notify seller of the prospect’s identity.
c) send office memo to buyer.
d) wait until prospect makes a deal with seller.
b) notify seller of the prospect’s identity.
Which type of listing gives a broker the greatest protection?
a) An open listing.
b) A net listing.
c) An exclusive right to sell listing.
d) An exclusive agency listing.
c) An exclusive right to sell listing.
If Betty Broker holds two listings, an open listing on one property and an exclusive listing on
another, and one week after both listings expire the two owners get together and exchange properties without previously being shown the properties. Betty Broker may:
a) sue for full commissions on both.
b) sue for commission on the open listing.
c) demand full commission on the exclusive listing.
d) receive no commission from their listing.
d) receive no commission from their listing.
Upon completion of a sale, the selling broker was paid $6,000. The portion paid to the salesperson responsible for the sale would be:
a) always 50%.
b) established by the Board of Realtors.
c) determined by the employment agreement between the broker and the salesperson.
d) specified in the sales contract.
c) determined by the employment agreement between the broker and the salesperson.
A property is listed with a broker at $65,000. The owner tells the broker that he is willing to sell
for $62,000. A buyer is willing to sign an offer for $62,000, but indicates he wil pay up to
$65,000. The broker shoud:
a) refuse to submit the $62,000 offer.
b) suggest compromise of $63,500
c) persuade the buyer to make a $65,000 offer.
d) persuade the buyer to go to another broker.
c) persuade the buyer to make a $65,000 offer.
16) Warren gave alisting to Great Benefits Realtors, Expert Realty Co. and All Star Real Estate Agency. The type of listing he gave them was a (an):
a) exclusive agency listing.
b) exclusive right to sell listing.
c) open listing.
d) multiple listing.
c) open listing.
Except under specific conditions, an agent may serve only one principal at a time. However, a
principal may have more than one agent. Which of the following would best describe such a situtation?
a) Multiple listing.
b) Open listing.
c) Exclusive agency.
d) Exclusive right to sell.
b) Open listing.
In a multiple listing, a salesperson who negotiates a sale is directly responsible to:
a) the listing broker.
b) his employing broker.
c) the cooperating salesperson.
d) the seller.
b) his employing broker.
A listing agreement in which the owner promises to pay a commission under all circumstances of sale except if he sells the property himself is known as:
a) an exclusive right to sell.
b) an exclusive agency.
c) a net listing.
d) a sole and exclusive listing.
b) an exclusive agency.
The usual listing gives the broker authority to
a) sign a contract for the seller.
b) reject offers less than the list price.
c) convey title.
d) None of the above.
d) None of the above.
An owner who wants to employ more than one broker should give each broker:
a) a multiple listing.
b) an exclusive agency.
c) an open listing.
d) a net listing.
c) an open listing.
Which statement is FALSE regarding an exclusive agnecy listing agreement?
a) The owner must receive a copy when the agreement is signed.
b) The listing broker is not required to cooperate with other brokers.
c) It must have a definite, unqualified termination date.
d) The owner may employ only one broker.
b) The listing broker is not required to cooperate with other brokers.
An exclusive agency contract:
a) is only terminated if the property is sold by the seller.
b) must be in writing.
c) can be listed by the owner with more than one broker.
d) does not require a termination date.
b) must be in writing.
In an exclusive right to sell, the property owner:
a) can still sell the property himself without obligation to pay a fee.
b) would pay a commission even if the property were not sold.
c) is obligated to pay the listing broker a commission even if another broker finds a
buyer.
d) can list the property with more than one broker.
c) is obligated to pay the listing broker a commission even if another broker finds a
buyer.
