Real Estate Listing Types and Commissions

With what kind of listing does the seller employ only one broker?

• Open

• Net

• Single

• Exclusive Agency

In what kind of listing is information shared with other brokers?

• Open

• Net

• Multiple

• Closed

“Only if the listing broker was in any way a procuring cause in the transaction may the listing broker be entitled to a commission” does NOT apply to which listing?

• Exclusive right-to-sell listing

• Net listing

• Open listing

• Exclusive agency listing

Can a real estate licensee with an agency agreement with a buyer collect a commission on a deal with a seller who is unrepresented (for sale by owner)?

• Only if the buyer agreement states the buyer will compensate the agent

• Yes, if there is an agreement in writing to be compensated by either the buyer or the seller

• All of these

• Only if the seller agrees to a one-day listing agreement with a compensation clause

There are an assortment of reasons why sellers might “fire” their listing agent. What are legitimate reasons for listing agents to “fire” their client?

• Failure to consistently keep the property clean and “showable”

  
  

• All of these

  
  

• Failure to make full disclosures of serious property issues

  
  

• Repeated rejection of showing opportunities because of inconvenience

  
  

The parties to the listing contract are

• the seller and the buyer.

  
  

• the broker and the sales agent.

  
  

• the seller and the broker.

  
  

• the seller and the sales agent.

  
  

A seller of unimproved property located in a certificated service area of a utility service provider, must give written notice to a purchaser of which of the following?

• That there might be a delay in the utility's ability to provide services

  
  

• Both of these

  
  

• That extension of water

• That there might be a delay in the utility's ability to provide services

  
  

Because home builders are not required to provide property disclosures, should buyers also bypass home inspections?

• No, new homes can have serious flaws that can be detected in home inspections.

  
  

• Yes, the buyer can assume the home is built to code and without flaws.

  
  

• Yes, Texas law specifically denies the right of the buyer to inspect a new home.

  
  

• Buyers do not need home inspections on new properties because warranties will cover any issues.

  
  

Under Texas law, real estate agents are permitted to call individuals on the do-not-call list if they have had a previous business relationship with the person, have received permission to call the person, or

• if the real estate agent has listed within the past 24 hours a highly suitable property for the individual.

  
  

• if the individual receiving the call is unaware that other properties in the neighborhood are about to be sold because of undesirable elements about to move into the neighborhood.

  
  

• if the call is personally dialed and is not, in itself, an attempt to sell a property over the phone.

  
  

• have a Robocall license.

  
  

An abbreviated formula for finding the commission amount is T × % = Pt. The Pt of this equation stands for which of the following?

• Total

• Rate

• Part

  
  

• Percentage