chapter 13

1. In Arizona, a broker must be able to prove employment by a seller in order to be assured of collecting a commission. Proof of employment is a(n)

A. deposit receipt.

B. escrow agreement.

C. listing contract.

D. purchase contract.

• a

• b

• c

• d

1. A listing agreement is a mutual agreement between a broker and a principal and is considered a(n)

A. contract of sale.

B. agreement of sale.

C. purchase contract.

D. authorization to sell.

• a

• b

• c

• d

1. A listing agreement provides for the payment of a commission to the broker even if the owner sells the property without the broker’s help. This type of listing agreement is called a(n)

A. net listing.

B. exclusive agency listing.

C. exclusive right to sell listing.

D. open listing.

• a

• b

• c

• d

1. A property owner and broker agree to a listing agreement that provides for the owner to receive a specified amount from the sale and the broker to receive anything above that amount. This type of listing is called a(n)

A. net listing.

B. exclusive agency listing.

C. exclusive right to sell listing.

D. open listing.

• a

• b

• c

• d

1. What is NOT required in a valid listing agreement?

A. signature of the principal

B. material terms

C. provisions for automatic renewal

D. inception and expiration dates

• a

• b

• c

• d

1. Which contract addresses the payment of a retainer?

A. listing agreement

B. purchase contract

C. counteroffer

D. addendum

• a

• b

• c

• d

1. The commission amount is by agreement between the seller and the broker; this is according to

A. Fair Housing Act.

B. Sherman Antitrust Act.

C. Statute of Frauds.

D. Statute of Limitations.

• a

• b

• c

• d

1. A comparative market analysis is performed by reviewing

A. recently sold properties only.

B. similar properties.

C. recently sold properties and other properties currently on the market.

D. the appraiser’s notes.

• a

• b

• c

• d

1. Which of the following is NOT a way that a listing agreement can be terminated?

A. revocation

B. renunciation

C. destruction of a property

D. insanity, death, or bankruptcy of the agent

• a

• b

• c

• d

1. Brokers are required to keep copies of contracts for a period of

A. 1 year.

B. 3 years.

C. 5 years.

D. 10 years.

• a

• b

• c

• d