Agency Law And Listing Agreements

Question 1

In a listing agreement the seller is also known as the

Answer 1

Client or principal

Question 2

A client or principle is owed and what from their agent

Answer 2

Owed fiduciary duties

Question 3

A third-party in a real estate transaction is known as the

Answer 3

Customer

Question 4

A customer is owed honesty and full disclosure of all

Answer 4

Material facts

Question 5

What type of listing gives the broker the least protection

Answer 5

An open listing

Question 6

What type of contract is an open listing

Answer 6

Unilateral contract

Question 7

What type of listing gives the broker the most protection

Answer 7

An exclusive right to sell

Question 8

All listings must have

Answer 8

A beginning and ending date

Question 9

Legal exaggeration is considered

Answer 9

Puffing

Question 10

A listing is a personal service contract between

Answer 10

The broker (agent) and seller (principal)

Question 11

Dual agency is when a brokerage company represents both the buyer and the seller in the same transaction. Dual agency is legal as long as all parties

Answer 11

Agree in writing

Question 12

What type of information learned during the course of a listing cannot be used by the agent at a later day even if the listing has expired

Answer 12

Confidential

Question 13

When an owner hires one broker but may sell the property for sale by owner and not pay commission it is called

Answer 13

Exclusive agency listing

Question 14

A net listing is illegal in some states because

Answer 14

The broker may undervalue the property

Question 15

In an exclusive agency listing commission would be paid to

Answer 15

MLS agents and subagents

Question 16

Agent tells a buyer “best house in the area! “. This is called?

Answer 16

Puffing

Question 17

If an agent makes a person think their their agent this is called

Answer 17

Implied agency

Question 18

Does bankruptcy terminate a listing

Answer 18

Yes

Question 19

A broker speaks for a seller without authority, this is called

Answer 19

Ostensible

Question 20

Care, obedience, loyalty, accountability, confidentiality and disclosure are all known as

Answer 20

Fiduciary duties

Question 21

Can a listing agreement list of the places of worship in the area

Answer 21

No

Question 22

What happens to a brokerages listings when the brokerage company is sold

Answer 22

All listings are re-signed in the name of the new company

Question 23

When a sales person leaves company a and now works for company b, what happens to the commissions on any previous contracts from broker A

Answer 23

You get paid on them

Question 24

The brokers right to a commission is established

Answer 24

The listing agreement

Question 25

Two agents from different branches of the same company represent the buyer and seller and a transaction is this dual agency?

Answer 25

Yes, fiduciary would be owed to the buyer and seller

Question 26

If the listing agent gives confidential information to another broker this would be

Answer 26

A breach of fiduciary duties

Question 27

What three things are agency law comprised of

Answer 27

Tradition, common law and court cases