Ch 2: Listing Requirements

Question 1

6 elements of a listing agreement

Answer 1

1. Property Description
2. Terms of sale
3. Broker’s authority
4. Promise of compensation
5. Termination date
6. In Writing and Signed by Seller

Question 2

Real property is usually identified by its ___ description

Answer 2

legal

Question 3

Why is a street address generally not enough to identify real property

Answer 3

They don’t indicate property boundaries

Question 4

The ____ software can usually fill in the legal description

Answer 4

MLS

Question 5

How and where would you include a property’s full description if it is too long to fit on the form?

Answer 5

As an attachment at the end of the form

Question 6

A copy of the property’s legal description can be attained from 1) ____ or 2) _____

Answer 6

1) title insurance company

2) county tax records online

Question 7

a. makes an offer that meets the seller’s stated terms
b. makes any reasonable offer to purchase
c. offers to pay at least the appraised value of the property
d. makes an earnest money deposit

Answer 7

a.) Makes an offer that meets seller’s stated terms