Chapter 18 Quz

  1. A lsting agreemtn may be terminated for the following
    • The sales  of the property
    • Agreement of the parties
    • Destruction of the properties
    • NOTfor the death of a salesperson
  2. By executing a listing agreement with a seller, a realestate broker has become
    An agent of the seller
  3. THe provision in a listing agreement that gives additional authroity to the broker and obligates the broker to distribute the listing to the other brokers is
    A multiple listing clause
  4. What is the first step in a listing
    Present the Consumer Notice
  5. IN PA, in what type of listing must the broker include an extra clause, in bold type, explaining that the seller will owe the broker a comission no matter how the property is sold
    Exclusive-right-to-sell listing.
  6. The type of listing agreement that provides for the payment of a commission to the broker even though the owner makes the sale without the aid of the broker is called an
    Exclusive-right -to-sell listing.
  7. Property owners list their property for sale with a broker.  Duting negotiations, the owners told the broker that they wanted $138,00 for the propert and that anything above that amount, the broker could keep his comisison.  A listing with this type of provision is knows as
    A gross listing.
  8. Under which listing agreement can the pwners of listed property sell the property on their own withhout having to pay the listing broker a comisison?
    Both exclusive-agency listing and open listing.
  9. A property owner signed a 90-day listing agreement with a broker.  The owner was killed in accident befor the listing expired.  The listing is now
    Terminated automatically upon the death of the principal
  10. A listing contract in which the broker's commission is contingent on the broker being able to produce a buyer before the property is sold by the owner or another broker is called
    An open listing.
  11. A broker who represents a seller under an exclusive listing receives two offers for the property at the same time, one from one og his salespeoplle and one from a salesperson of a cooperating broker.  What should the broker do/
    Submit both offers at the same time.
  12. A broker listed a property for sale inder an exclusive-right-to-sell agreement.  Today, one of the broker's salespeople obtained an offer to purchase the property alon gwith a certified check for 5% of the purchase price as earnest money.  What should the salesperson do the the earnest money check?
    Give the money to the salesperson's broker for deposit in his trust account.
  13. All of the following are provisions of a listing agreement
    • The price the seller is asking for the property
    • The comission rate to be paid to the listing broker
    • The responsibilires of the broker
  14. The type of listing agreement that provides the least protection to the seller is the
    Open Listing
  15. In PA, how can a broker guide the seller to an appropriate asking price"
    Present a recent comparative market analysis
  16. The seller refused to pay a commission to the broker even though there was vakid listing agreement and the broker procured a buyer for the property.  What can the broker do?
  17. Under the exclusive-agency listing, the listing broker would not be entitled to a commission if
    The seller sells the property to a neighbor across the street who has her property listed with another broker
  18. All of the following are tyles of listing contracts
    • Open listing
    • Exclusive Agency
    • Exclusive Right to sell

    MLS contract is not a listing contract
  19. A listing agreement may be terminated by the following
    • Mutual agreement
    • Operation of the law
    • Because of impossibility of performance
    • NOT because the seller can't find another house to buy.
  20. The seller wants to net $65,000 on the sale of the house ofter paying the broker a fee of 6%.  What must the selling price be?
    $68,093
  21. A broker enters into a net listing agreement with a seller in which the seller will receive $12,000 from the sale of a lot and the broker is will receive any sale proceeds over that amount  This type of listing is a
    Net listing
  22. An owner who is intersted in selling hus house is usually concerned about how much money he can get when it sells.  A CMA may help the seller determine a realistic listing price.  The following is true
    A CMA contains a compliation of other similar properties that have sold
  23. Two different brokerage companies claimed that they were entitile to a commission from the sale of a property that was listed by one of the firms under an open listing agreement.  The broker who is entitled to the commisison is the one who
    Was the procuring cause of the sale.
  24. Who is responsible for completing the Seller Property Disclosure Statement?
    The seller.
Author
mgferraro
ID
316420
Card Set
Chapter 18 Quz
Description
Chapter 18 Quiz
Updated