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Terms in this set [10]
Net
[Legal but unethical, page 272-273]
What type of listing is legal in California, but is considered illegal in some other states?
Exclusive agency
Net
Exclusive right-to-sell
Open
Agency representation
[Listing has a connotation of paying a commission, page 286]
What would be a word or words to use in a listing presentation that denotes a benefit?
Agency representation
Listing
Commission
Cost
Open
[It is unilateral contract and the agent has not agreed to use diligence, page 264]
Which of the following listings does NOT require the agent to use diligence to locate a buyer?
Net
Exclusive agency
Open
Exclusive right-to-sell
Binding arbitration of disputes.
[If not initialed, then the matter can go to the courts, page 281]
By initialing the dispute resolution clause in the exclusive right-to-sell listing the seller and broker agree to:
Arbitrate disputes if directed to by the court.
Binding arbitration of disputes.
Waive their rights to arbitrate.
Non binding arbitration of disputes.
Open listing
[Only requires for exclusive listings, page 264]
The broker did not give the principal a copy of the listing. The broker did not violate law or regulations because the listing was an:
Open listing.
Exclusive agency listing.
Exclusive right to sell net listing.
Exclusive right to represent listing.
All of these
[Contract requirements plus Statute of Frauds, page 263]
To be enforceable, which element is required in an exclusive right-to-sell listing?
Consideration
Writing
All of these
Lawful purpose
An exclusive listing without a termination date.
[Must have a definite termination date, page 266]
A listing where the licensee is subject to disciplinary action for demanding a fee would be:
An open listing.
A listing where the agent was not authorized to accept a deposit.
A listing having a safety clause.
An exclusive listing without a termination date.
Exclusive authorization and right to sell listing
[If another agent sells the listing by representing the buyer, both the buyer's agent and the listing agent are paid a commission, page 274]
A broker never saw, talked to, or corresponded with a buyer, yet earned a commission. What type of listing did the broker have?
Any of these
Exclusive authorization and right to sell listing
Exclusive authorization to acquire real property listing
Open listing
Listings of 1 to 4 residential units.
[Commission is negotiable and not set by law, page 277]
Written notice that the amount of commission is negotiable is required in:
Every nonresidential listing.
Every listing.
Every residential listing.
Listings of 1 to 4 residential units.
Either Open or Exclusive agency
[A commission paid only if agent makes sale, page 264-272]
Owner Adams has a listing in force with Broker Baker. Owner Adams sold the house without the aid of Broker Baker. What kind of listing did Broker Baker have if Owner Adams has no commission obligation to Broker Baker?
Open
Exclusive right-to-sell
Exclusive Open or Exclusive agency
Exclusive agency
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