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Real Estate (NJ) > (Ch. 11) Listings > Flashcards

(Ch. 11) Listings Flashcards

1
Q
  1. To a real estate broker, the listing property owner is known as:

(A) agent.
(B) fiduciary.
(C) prospect
(D) principal

A

(D)

The principal may also be referred to as the “client”

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2
Q
  1. After showing the property to a prospect, the broker with an exclusive agency listing should:

(A) make a record of it in the broker’s files.
(B) notify seller of the prospect’s identity
(C) send office memo to buyer.
(D) wait until prospect makes a deal with seller

A

(B)

To avoid the situation where the seller sells to a buyer with whom the broker has formerly worked, the broker should “register”the prospect by giving written notice.

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3
Q
  1. Which type of listing gives a broker the greatest protection?

(A) An open listing
(B) A net listing
(C) An exclusive right to sell listing
(D) An exclusive agency listing

A

(C)

With an exclusive right to sell listing, the I broker had the right to a commission if the property is sold by anyone, including the owner, during term of the contract.

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4
Q

4.If Betty Broker holds two listings, an open listening on one property and an exclusive listing on another, and one week after both listings expire the two owners get together and exchange properties without previously being shown the properties, Betty Broker may:

(A) sue for full commission on both
(B) sue for commission on the open listing.
(C) demand full commission on the exclusive listing
(D) receive no commission from their listing

A

(D)

She was not the procuring cause.

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5
Q
  1. Upon completion of sale, the selling broker was paid $6,000. The portion paid to the salesperson responsible for the sale would be:

(A) always 50%
(B) established by the Board of Realtors
(C) determined by the employment agreement between the broker and the salesperson
(D) specified in the sales Contract

A

(C)

The commission paid to the salesperson is negotiable

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6
Q
  1. A property is listed with a broker at $65,000. The owner tells the broker that he is willing to sell for $62,000. A buyer is willing to sign an offer for $62,000, but indicates he will pay up to $65,000. The broker should:

(A) refuse to submit the $62,000 offer.
(B) suggest compromise of $63,500.
(C) persuade the buyer to make a $65,000 offer
(D) persuade the buyer to go to another broker.

A

(C)

As the seller’s agent, the broker should argue for the best price

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7
Q
  1. Warren gave a listing to Great Benefits Realtors, Expert Realty Co. and All Star Real Estate Agency. The type of listing he gave them was a (an):

(A) exclusive agency listing
(B) exclusive right to sell listing
(C) open listing
(D) multiple listing

A

(C)

Don’t confuse open listing with multiple listing. In a multiple listing only

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8
Q
  1. Except under specific conditions, an agent may serve only one principal may have more than one agent. Which of the following would best describe such a situation?

(A) Multiple listing
(B) Open listing.
(C) Exclusive agency
(D) Exclusive right to sell

A

(B)

MLS involved a situation where the exclusive listing agent pools hid listing with other member brokers.

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9
Q
  1. In a multiple listing, a salesperson who negotiates a sale is directly responsible to:

(A) the listing broker
(B) his employing broker
(C) the cooperating salesperson
(D) the seller

A

(B)

The salesperson is directly responsible to his or her employing broker and is a sub agent for the seller

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10
Q
  1. A listing agreement in which the owner promised to pay a commission under all circumstances of sale except if he sells the property himself is know as:

(A) an exclusive right to sell
(B) an exclusive agency
(C) a net listing
(D) a sole and exclusive listing

A

(B)

The exclusive agency agreement allows the owner alone to find a buyer without paying a commission. If any other broker is entitled to the commission

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11
Q
  1. The usual listing gives the broker authority to:

(A) sign a contract for the seller
(B) reject offers less than the list price
(C) convey title
(D) None of the above

A

(D)

As a special agent, the broker’s authority is limited to finding a buyer or a tenant

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12
Q
  1. An owner who wants to employ more than one broker should give each broker:

(A) a multiple listing
(B) an exclusive agency
(C) an open listing
(D) a net listing

A

(C)

Net listings are prohibited. With a multiple listings or exclusive agency, only one broker is employed

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13
Q
  1. Which statement is FALSE regarding an exclusive agency listing agreement?

(A) The owner must receive a copy when the agreement is signed
(B) The listing broker is not required to cooperate with other brokers
(C) It must have a definite, unqualified termination date
(D) The owner may employ only one broker.

A

(B)

In this case the owner wants to deal only with prospective buyers or tenants

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14
Q
  1. An exclusive agency contract:

(A) is only terminated if the property is sold by the seller
(B) must be in writing
(C) can be listed by the owner with more than one broker
(D) does not require a termination date

A

(B)

An exclusive agency must be written. The other statements are false.

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15
Q
  1. In an exclusive right to sell, the property owner:

(A) can still sell the property himself without obligation to pay a fee
(B) would pay a commission even if the property were not sold
(C) is obligated to pay the listing broker a commission even if another broker finds a buyer
(D) can list the property with more than one broker

A

(C)

No commission is due if the property does not get sold

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16
Q
  1. When a broker has an exclusive right to sell listing:

(A) the seller may sell the property himself without obligation to pay the broker his commission
(B) the broker receives a commission regardless of whether the property is sold
(C) the broker is entitled to his fee no matter who procures a buyer for the property.
(D) only the broker who procures the buyer is entitled to a fee

A

(C)

With an exclusive right to sell listing, the I broker had the right to a commission if the property is sold by anyone, including the owner, during term of the contract.

17
Q
  1. Broker Smith had a listing on a house which contains a provision that the house is to be sold in an “as is” condition. Smith learns of a major hidden defect in the property and, when showing a prospective purchaser, should:

(A) advise the buyer of the defect
(B) point out that house will be sold in an “as is” condition
(C) mention the defect to the buyer only if asked
(D) inform the buyer that the seller had told him of no defects

A

(A)

The broker must advise the buyer about property defects

18
Q
  1. Which of the following events will NOT result in termination of the listing contract?

(A) Death of seller
(B) Bankruptcy of broke
(C) Insanity of seller
(D) Marriage of seller

A

(D)

Death, insanity or bankruptcy of the property owner or agent will terminate the listing, but not marriage

19
Q
  1. A listing agreement may be terminated by:

(A) the expiration of the time limit contained in this listing
(B) mutual agreement
(C) revocation by the property owner
(D) All of the above

A

D

A listing agreement is an agency agreement and can be terminated for any of the rea- sons stated

20
Q
  1. After the sale, the listening broker refused to split the commission with the selling broker. Who is responsible to pay the selling broker?

(A) The listor
(B) The listing broker
(C) The seller
(D) The MLS

A

B

This is a contractual dispute.

21
Q
  1. In an exclusive agency listing, if the owner finds a buyer for the property, the broker would get:

(A) full commission
(B) 1/3 commission
(C) no commission
(D) 1/2 commission

A

C

See explanation to #10.

22
Q
  1. An owner wishes to list her property but does not want to pay a commission if she finds the buyer herself. She should negotiate which of the following?

(A) Open listing
(B) Exclusive agency listing
(C) Neither (A) nor (B)
(D) Either (A) or (B)

A

D

Both listings achieve the owner’s objective.

23
Q
  1. An unconfirmed oral listing is:

(A) unlawful
(B) unenforceable
(C) a violation of the statute of limitations
(D) usually submitted to the MLS

A

B

An oral listing is unenforceable

24
Q
  1. Which of the following statements is true?

(A) A definite termination date must be provided in all exclusive listings
(B) The term “Multiple Listing” is the listing of property with a number of different brokers
(C) There is only one type of exclusive listing
(D) To be enforceable the listing must be signed by the buyer

A

A

The listing is signed by the broker and the client.

25
Q

In a typical real estate transaction, the buyer’s agent is:

(A) the listing broker
(B) the participating broker
(C) the listing broker and selling broker
(D) neither broker

A

B

Generally, brokers do not offer or accept sub-agency as a business relationship Thus, the participating (cooperating) broker is usually the buyer’s agent.

Real Estate (NJ) (30 decks)

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