Chapter 10

Question 1

The fee charge to the client by the broker can be an amount or a percentage

Answer 1

Brokerage fee

Question 2

The money is paid to the company by the listing brokerage

Answer 2

Buyer agent commission

Question 3

The form used for creating agency with a buyer

Answer 3

Buyer broker agency agreement and agency disclosure

Question 4

An event with a party to a contract fails to fulfill the terms of the agreement

Answer 4

Default

Question 5

Allows for the principal or branch broker to a point another agent to a given client if an agent is unable to provide services to the client

Answer 5

Designated agency

Question 6

Documents that must be signed and executed in order to re-convey the property to the new buyer

Answer 6

Documents of conveyance

Question 7

States that the sellers lender or mortgage may call the entire unpaid balance of the loan immediately due if the seller participates in certain types of transitions that trigger that

Answer 7

Due on sale clause

Question 8

A contract agreement under which the listing broker acts as the agent

Answer 8

Exclusive agency listing

Question 9

The form used for creating agency with the seller

Answer 9

Exclusive right to sell listing agreement and agency disclosure

Question 10

During this period the seller can’t list the property with another brokerage

Answer 10

Exclusive right to sell

Question 11

The form used to disclose that a seller is unrepresented by an agent when an agent is representing a buyer

Answer 11

For sale by owner commission agreement, and agency disclosure

Question 12

The sale of a US property by a nonresident foreign person is subject to foreign tax with holding certain exceptions

Answer 12

Foreign investment in real property tax act

Question 13

A form that must be used when a buyer and seller are served by the same broker

Answer 13

Limited agency consent agreement

Question 14

A title that has no inferences such as mortgages or other wise has these waived by the buyer so that the property can be sold

Answer 14

Marketable title

Question 15

When an owner allows multiple companies to advertise the property and whichever one brings, the buyer is owed a commission

Answer 15

Open listing

Question 16

The person recorded on public real estate records as the owner of the property

Answer 16

Owner of record

Question 17

Number of months after the expiration of the agreement in which a client must pay the broker fee to the broker under the prior agreement

Answer 17

Protection period

Question 18

The seller fills out this form to convey the seller’s knowledge of the condition of the property to the broker

Answer 18

Sellers property condition disclosure

Question 19

Length of the time during which the agreement is in effect

Answer 19

Term of agreement

Question 20

Duty in which a limited agent may not disclose to either party information likely to weaken the bargaining position of the other

Answer 20

Duty of neutrality

Question 21

Personal property of the seller that is not being sold with the property

Answer 21

Personal property