section 6 exams Flashcards

section 6 exams Flashcards The listing agreement is contractually binding, but may be terminated without penalty under specific circumstances.The seller finding a buyer isn't one of those circumstances-not if the listing is an exclusive right-to-sell agreement.It's easy to confuse exclusive agency and exclusive right to sell. With exclusive agency, the seller retains the right to sell and avoids paying the commission.Mardee is representing Carol in the sale of her condo, and they've signed an exclusive agency listing agreement. If Carol finds her own buyer, does she owe Mardee a commission?One in which only the person who finds the buyer gets paid The seller has to live somewhere, right? If he's selling his current home, Chet has a chance to also represent him as a buyer when he purchases a new home.A detailed and accurate CMA will give an agent an idea of what the current market is willing to pay for a property.Pricing higher or lower can end up alienating the right buyer.A net listing commission involves commission of an indeterminate amount and depends on the sales price. Net listings are illegal in several states.It's easy to confuse these types of agency. With exclusive agency, the seller retains the right to sell and avoids paying the commission. Exclusive right-to-sell agreements prohibit the seller from selling the property without paying the listing agent.Yes, with both the listing broker and the seller's agreement in writing May listing agreements be terminated without penalty?Ensure the collection of the earnest money deposit from the buyer.Which of the following tasks must licensees perform for seller clients?Open listingPatsy's home has been on the market for five weeks.Currently two brokers have buyers getting ready to make offers. If Patsy accepts one of those offers, then the corresponding broker will be the only one to earn a commission. What type of listing does Patsy have?One of a licensee's tasks is to communicate all offers and counter-offers to the seller. This goes to the duties of disclosure, accounting, and reasonable skill and care.In a seller agency relationship, the licensee represents the seller. Only clients receive representation.A start and end date for the listing period An exclusive right-to-sell agreement must include ______.Think of an open listing agreement as a free-for-all. Only the licensee who locates the buyer will be paid. If the seller locates the buyer, no commission is owed.The two types of seller agency available in Tennessee are designated agency and standard seller agency.The seller's decision may have nothing to do with you. It's appropriate to ask the seller what you could have done differently to earn their business, however. This can help you with your next listing presentation.Sofia is Luciana's customer and Ned's client. Arturo is Ned's customer and Luciana's client.net listingThe seller specifies a price desired for the property and agrees to pay the broker any amount received above that price.

A representation relationship with an entire firm, rather than a single licensee, is traditional seller agency.The agent's scope is limited to real estate industry and practices. Any legal, tax, engineering, or survey expertise should be sought from and provided by professionals in those disciplines.Reviewing offers and explaining any special requests or requirements Which of these choices is an example of a listing agent negotiating on a seller's behalf?Exclusive Right to Sell (Seller Agency)A seller is represented by everyone at your brokerage, but you're providing assistance to the seller at this time. What type of agreement did the seller sign?These services are outside the agent's scope. What do listing agreements say about the seller's need for tax information or structural remediation?Communicate all offers and counter-offers to the sellersA licensee has several tasks to perform for seller clients.One of which is to ______.To spell out the agreement between the listing broker and the seller What is the purpose of a listing agreement?Exclusive right to sellWhen working with a seller, you sign a listing agreement that provides you with 100% assurance you will receive commission, provided the property sells during the listing term. What type of listing agreement did you sign?The licensee is permitted to list other properties for sale, even if they're competing properties.When a licensee represents a seller, which one of the following statements is true about the licensee's ability to list otherproperties that are for sale?A licensee must ensure the collection of the earnest money deposit from the buyer. Earnest money may be used as liquidated damages by the seller in the event of buyer default, so it's in the seller's best interest to ensure it's beendeposited.An express agreement is committed to writing. You can't list someone's property to sell without the seller's express written agreement.An open listing agreement provides the highest form of protection for the listing agent.Which of the following is true of agency agreements?The legal description can help identify the property being sold in case the property address isn't specific enough.The only valid reason listed here is listing agent abandonment, which is when the listing agent stops working on the listing.You should accept the outcome either way. After you've made a professional listing presentation and the seller has declined to use you as a listing agent, what's the best practice?Net listings are only related to the amount of compensation received and may be used with many types of listing agreements.To spell out the agreement between the listing broker and the seller In both open listings and exclusive agency listings the seller doesn't have to pay a listing agent commission if the seller finds a buyer herself.With an open listing, only the broker who brings the buyer earns a commission.Inform sellers of their responsibility to make all required property condition disclosures.Which one of the following tasks must a licensee perform for seller clients?The listing agreement spells out the contractual agreement between the seller and the listing broker. There's no

guarantee of payment because the agreement may expire before the property sells.The lot/land sales agreements allow the seller to call out mineral rights, water rights, crop rights, or other special

land considerations.If a listing agreement has ended, but it turns out that the eventual buyer of the property was introduced to, visited, or inquired about the property during the agreement period, the broker is still owed a commission.Different forms are in use in different areas, so you'll need to use the specific form provided by your broker or from the standard source in your state. All exclusive right to sell agreements will include a start and end date for the listing period.net listingWhich type of listing is the following?Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.Write "N/A" in the blanks.What's the best practice for handling blank areas of a listing agreement form that don't apply to a listing?What is an open listing agreement?Yes, with both the listing broker and the seller's agreement in writing May listing agreements be terminated without penalty?Legal description The eventual buyer inquired about the property during the agreement period.In which of these instances would a broker still be owed a commission, even after a listing agreement terminates?The eventual buyer inquired about the property during the agreement period. The seller accepted an offer, but it fell through due to a home inspection issue. The seller rejected an otherwise good offer because it was below list price.The broker terminated the agreement because the seller was too difficult to work with.Open, exclusive agency, or exclusive right to sellIn states where they're legal, on which type of listing or listings may a net listing be used?Property condition disclosure formsThe Tennessee exclusive designated agency listing agreement, like most listing agreements, holds the licensee not liable for ______.To inform the buyer that the agent represents the sellerWhat responsibility does a seller's agent have to the buyer?OpenJames, a seller, signed a listing agreement that allows him to contract with multiple agents, but only pay a commission to the agent who locates a buyer. This type of listing agreement is called ______.**A net listing commission involves commission of an indeterminate amount and depends on the sales price. Net listings are illegal in several states.Think of an open listing agreement as a free-for-all. Only the licensee who locates the buyer will be paid. If the seller locates the buyer, no commission is owed.An exaggeration of Michele's ability to sell the property."In this market, I can sell this house in two days!" Michele said to her seller client. What does this type of statement likely represent?No, because the listing agreement is contractually binding.Jared, a seller, has found his own buyer and wants to terminate his exclusive right-to-sell listing agreement with Sue, his listing broker. May he do so without penalty?