Chapter 11 Flashcards
To a real estate broker, the listing property owner is know as:
A: agent
B: fiduciary
C: prospect
D: principal
D: principal
After showing the property to a prospect, the broker with an exclusive agency listing should:
A: make a record of it in the brokers file
B: notify the seller of the prospects identity
C: send office memo to the buyer
D: wait until the prospect makes a deal with seller
The answer says it should be B
but I don’t think that is right.
Ask your coworker what the answer is.
Which type of listing give 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
C: an exclusive right to sell listing
IF Betty Broker holds two listings, an open l listing on one property and an exclusive listing on another, and one week after both listing expire the two owners get together and exchange properties without previously being shown the properties, Betty Broker may:
A: sue for full commissions 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.
D: receive no commission from their listing.
Upon completion of a sale, the selling broker was paid $6000. 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 sale contract
C: determined by the employment agreement between the broker and the salesperson
the commission paid to the salesperson is negotiable
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 $63,000
C: persuade the buyer to make a $65,000 offer
D: persuade the buyer to go to another broker
C: persuade the buyer to make a $65,000 offer
as the sellers agent, the broker should argue for the best price.
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
C: open listing
Don’t confuse open listing with multiple listing. In a multiple listing only ONE BROKER is employed
Except under specific conditions, an agent may serve only one principal at a time. However, a 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
B: Open Listing
Open listing -a listing given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing, and able to meet the terms fo the listing.
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
B: his employing broker
A listing agreement in which the owner promises to pay a commission under all circumstances of sale except if he sells the property himself is known as :
A: an exclusive right to sell
B: an exclusive agency
C: a net listing
D: a sole and exclusive listing
B: an exclusive agency
The exclusive agency agreement allows the owner alone to find a buyer w/out paying a commission. If any other broker procures a buyer, the listing broker is entitled to the commission
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
D: None of the above
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
C: an OPEN LISTING
Open Listing- a listing given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing, and able to meet the terms fo the listing.
