WorksheetsChapter 12: Listing Agreements: An Overview
Total questions: 13
Worksheet time: 7mins
The type of listing that assures a broker of compensation for procuring a customer regardless of the procuring party, is a(N)
exclusive right to sell agreement
exclusive agency agreement
open listing
net listing
An owner agrees to pay a broker for procuring a tenant unless it is the owner who finds the tenant. This is an example of a(n)
exclusive right to sell agreement
exclusive agency agreement
open listing
net listing
A property owner agrees to pay a broker a commission, provided the owner receives a minimum amount of proceeds from the sale at closing. This is an example of a(n)
exclusive right to sell agreement
exclusive agency agreement
open listing
net listing
The most significant difference between an owner representation agreement and a buyer representation agreement is
the client
the commission amount
agency law applications
contract law applications
A multiple listing authorization gives a broker what authority?
to list the owners property in a multiple listing service
to sell several properties for the owner at once
to sell
to delegate the listing responsibilities to other agents
A broker is hired to procure a customer for a client. In order to earn compensation, the agent must procure a customer who
has seen the property and reviewed all docu
is ready, willing, and able to trans
has completed an acceptable
will successfully complete the transaction at closing
One of the most important action an owner's agent is authorized to perform under an exclusive listing agreement is
showing the property
assisting the customer in evaluating the relative merits
authorizing price adjustments in a timely manner
executing the sale or lease agreement
An agent's performance of due diligence concerning a listing can best be described as
initiating the marketing plan on or before a deadline
expending an amount of effort that is commensurate with the nature and size of the transaction
ascertaining the facts about the client and the property at the onset of the listing period
helping customers satisfy their needs to the extent they are entitled
The amount of a real estate broker's commission is
established amount compet
established through neg
established by the Board of Reala
established by state real estate license law
A client suddenly decides to revoke an exclusive right to sell listing midway through the listing term. The reason state: the client did not like the agent. In this case,
the client is criminally liable for discrimination on the basis of the cause for can
the client may be liable for a commission and marketing expenses
the agent can sue the client for specific performance, even if no customer ha
the agent has no recourse but to accept the revocation
A "protection period" clause in an exclusive listing provides that
the owner is protected from all liabilities arising from the agent's actions performed within the agents scope of duties
the agent has a claim to a commission if the owner sells or leases to a party within a certain time following the listing's expiration
agents are entitled to extend a listing agreement's term if the transaction is imminent
an owner is not liable for a commission if a prospective customer delays in completing an acceptable offer
To be valid, a listing agreement
must be in writint
may be oral
must be an express agreement
must be enforceable
To be valid, a listing agreement
must be in writing
may be oral or w
must be an express ag
must be enforceable
