2.4 Employment Agreements and Other Contracts

Which of the following listings would NOT be entered into a multiple listing service?

• full service listing

• pocket listing

• entry only listing

• limited service listing

A contract grating the exclusive right to buy a property for a specified time period, price, and terms is a(an):

• option

• right of first refusal

• license

• lease

A clause in a lease in which the lessor agrees that the lessee shall have the right to purchase the property at the same price as offered by a prospective purchaser is called a(an):

• option clause

• right of first refusal

• equity of redemption

• reversionary right

The Sherman Antitrust Act regulates:

• sale of real estate across state lines

• contracts that fall under the Statue of Frauds

• brokerage firms agreeing to change their fees from a commission basis to each firm charging the same flat rate

• disclosure of finance charges in a loan

A listing whereby the broker is to be compensated only if he or she procures a ready, willing, and able buyer is known as:

• exclusive listing

• open listing

• exclusive agency listing

• net listing

A property owner and a 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(an):

• net listing

• exclusive agency listing

• exclusive right to sell listing

• open listing

If agent A takes an open listing for six months on March 1 and agent B takes an exclusive right to sell listing on March 15 for three months but agent A finds a buyer on April 15, what may occur?

• only agent A is owed a commission

• only agent B is owed a commission

• the seller may owe both agents a commission

• no commission is owed to either agent

Which of the following items is required to be in a listing?

• street address

• rate of commission

• termination date

• mortgage debt amount

A listing agreement where the broker will be paid even if the property is sold by another broker is a(an):

• open listing

• net listing

• exclusive right to sell listing

• pocket listing

In order to collect a commission under an exclusive right to sell listing, it is NOT necessary for a broker to prove which of the following?

• the listing was signed by the seller

• the listing was valid

• the broker was licensed at the time

• the broker was the procuring cause