Real Estate Unit 10 Quiz

What is a listing agreement?

• A contract for the professional services of a real estate broker

• A contract for buying a new property

• A contract for renting a property

• A contract for selling a car

Which type of listing agreement allows multiple brokers to be employed?

• Exclusive Right to Sell

• Exclusive Agency

• Open Listing

• Closed Listing

In an exclusive right-to-sell listing, who receives a commission?

• Only the broker who sells the property

• The listing broker, regardless of who sells the property

• The buyer

• The seller

What must a seller do if the property is sold during the listing agreement period?

• Pay the broker a commission

• Cancel the listing agreement

• Find a new broker

• Reduce the property price

What is an exclusive agency listing?

• A listing where multiple brokers are employed.

• A listing where the seller retains the right to sell without paying a broker.

• A listing where the broker is the exclusive agent but the seller can sell independently.

• A listing where the broker receives a net amount exceeding the seller's stated net proceeds.

In an open listing, what is the seller obligated to do?

• Pay a commission to any broker who lists the property.

• Pay a commission only to the broker who finds a buyer.

• Pay a commission to all brokers involved.

• Pay no commission to any broker.

Why is a net listing illegal in many states?

• It allows the seller to receive more than the net amount.

• It creates a conflict of interest between the broker's fiduciary responsibility and profit motive.

• It requires the seller to pay multiple commissions.

• It limits the seller's ability to negotiate the sale price.

What is required for a broker to include a property in an MLS?

• The broker must have the written consent of the seller.

• The broker must pay a fee to the MLS.

• The broker must be the exclusive agent.

• The broker must have a net listing agreement.

What is one of the benefits of MLS membership for brokers?

• Limited access to property listings

• Instant access to information about listed properties

• Restricted communication with buyers

• No access to mortgage loan information

What happens if a listing is canceled by the broker?

• The seller may be entitled to sue the broker for damages

• The broker automatically receives a bonus

• The listing is transferred to another broker without consent

• The seller loses all rights to the property