Unit 10 Flashcards - house All of the following are typically found ...

Unit 10 Flashcards the date the real estate professional will schedule an open house All of the following are typically found in a listing agreement EXCEPTA)the price the seller is asking for the property.B)the date the real estate professional will schedule an open house.C)the responsibilities of the broker.D)the commission rate to be paid to the listing broker.individuals having a legal interest in the propertyAll parties identified in the contract must sign a listing agreement, includingA)any third-party advisors of the seller.B)the seller's attorney.C)the broker's errors and omissions insurance agent.D)individuals having a legal interest in the property.the selling price of the property and resulting net proceedsThe seller's main concern in listing the property typically isA)the length of the listing agreement.B)the broker's commission.C)the selling price of the property and resulting net proceeds.D)the responsibility to prepare the property for showings.the open listingThe listing agreement that allows the property seller to employ multiple brokers isA)the net listing.B)the open listing.C)the exclusive right-to-sell listing.D)the exclusive agency listing.the exclusive right-to-sell listingThe form of listing that insures that the listing broker will earn a commission regardless of who sells the property isA)the open listing.B)the exclusive agency listing.C)the net listing.D)the exclusive right-to-sell listing.an exclusive right-to-sell listing agreement A seller sold property to a neighbor without the services of a real estate broker; however, the seller still owes a broker a commission because the seller signedA)an exclusive right-to-sell listing agreement.B)a net listing agreement.C)an open listing agreement.D)an exclusive agency listing agreement.a built-in dishwasherAn example of personal property that a seller may take away from the property and, therefore, MUST be identified on the listing agreement isA)a built-in dishwasher.B)the door key.C)stacked firewood.D)a ceiling light fixture.owes a commission to the brokerA seller listed a residence with a broker. The broker brought an offer at full price and terms of the listing agreement from a buyer who is ready, willing, and able to pay cash for the property, but the seller rejected the buyer's offer. In this situation, the sellerA)must sell the property.B)owes a commission to the broker.C)is liable to the buyer for specific performance.D)is liable to the buyer

for compensatory damages.an open listingThere are five different brokerage signs in the front yard.Evidently, the seller has signedA)an exclusive-agency listing.B)an exclusive-right-to-sell listing.C)a net listing.D)an open listing.the broker must sign over the listings to the new brokerA broker is retiring and wants to submit the firm's listings to another broker. How can the broker do this?A)The new

broker has to sign an acceptance agreement.B)The broker must sign over the listings to the new broker.C)Each seller must agree to a new listing with the new broker.D)Each sales associate must sign over the listings to the new broker.

no commissionA seller listed a property with a broker under an exclusive agency listing agreement. If the seller finds a buyer, the seller will owe the brokerA)a partial commission.B)no commission.C)the full commission.D)only reimbursement for the broker's costs.The age of the sellerWhat information is NOT needed for a listing agreement?A)The age of the sellerB)The dimensions of the lotC)The most recent property taxesD)The possibility of seller financing death of the sales associate who worked with the buyerAll of the following are valid reasons for terminating a buyer representation agreement EXCEPTA)purchase of a property.B)death of the sales associate who worked with the buyer.C)death of the broker.D)agreement of the parties.specified in the listing agreementIn an agreement to represent the seller in a sale of real estate, the listing broker's ability to place a sign on the property, advertise it for sale, and show the property to prospective buyers should beA)discussed as part of the listing presentation but need not be included in the listing agreement.B)specified in the listing agreement.C)detailed in a separate marketing agreement.D)understood by the seller without having to be mentioned.$183,333A broker sold a property that was owned by a bank that had acquired it through foreclosure, and the broker received a 6.5% commission. The broker gave the listing sales associate $3,575, which was 30% of the firm's commission. What was the selling price of the property?A)$95,775B)$183,333C)$152,580D)$55,000 an offer to purchaseAny of these will terminate a listing agreement EXCEPTA)performance.B)abandonment by broker.C)an offer to purchase.D)expiration.

5.5%A broker sold a residence for $485,000 and received $26,675 as commission in accordance with the terms of the listing agreement. What was the broker's commission rate?A)6%B)6.5%C)5.5%D)5% both the listing agreement and the offer are terminatedThe listing broker about to present an offer to a seller receives a message that the seller has died. Due to the seller's death,A)both continue until there is no one left to perform.B)the listing agreement is terminated, but the purchase offer continues.C)both the listing agreement and the offer are terminated.D)the purchase offer is terminated, but the listing agreement continues.an open listingA broker just explained the value of signing an exclusive agency listing with a broker who is a member of the multiple listing service. The broker is trying to overcome the misconceptions of the seller who asked aboutA)a net