Chapter3Quiz

A contract by which a principal employs an agent/broker to do certain things for the principal, usually finding a buyer for his or her property, is called a

• Court order

• Purchase offer

• purchasing contract

• Listing

In California a listing agreement

• Is an employment contract

• Must be in writing to be enforceable

• Is both A and B

• Is neither A nor B

although agents ordinarily represent owners and sellers, they may be employed occasionally to represent buyers in

• Negotiating leaseholds

• Obtaining mortgage loans

• Purchasing business opportunities

• All of the foregoing activities

the type of listing in which the owners would be held liable for a commission even if they themselves sold the property is called a(n)

• Exclusive agency listing

• Exclusive right to sell listing

• Multiple listing

• Open listing

The listing which is most likely to give rise to charges of misrepresentation or fraud is the

• Multiple listing

• Open listing

• Net listing

• Exclusive listing

"Pocket buyer" refers to a buyer

• With deep pockets, meaning lots of money

• Who is prepared to buy a property before it's listed with a broker

• Who is a friend or relative of the broker

• All of the above

A "safe harbor" clause is usually found in the most preferred type of listing, which is the

• Open listing only

• Exclusive right to sell listing

• Net listing

• Multiple listing

If you leave the employ of a broker and go work for another broker

• Your listings stay with your old broker

• Your listings are your own and go with you to your new brokerage

• You must split your commission between your old and new broker

• None of the above

A commission is earned by the broker when all terms of the contract have been fulfilled and they have produced a buyer who is

• Ready to buy

• Able to buy

• Willing to buy

• All of the above

How a house appears when compared to the rest of the neighborhood is called

• Landscape lookablility

• Curb appeal

• Comparative shopping rating

• Paint and plaster appeal