Chapter 12 Flashcards
During the term of the Exclusive Right-to-Sell listing, can the seller lease his property without informing the Broker?
A. Yes
B. No
B. No
How is the length of the listing term decided?
A. The sales agent picks the date they feel best.
B. The seller picks the date the feel best.
C. By the market conditions and broker’s policy
D. The buyer picks the date they feel best.
C. By the market conditions and broker’s policy
Sally is selling her home and has listed it with a broker. She is required to give a Seller’s Disclosure Notice form to the buyer. The most likely person to fill out this form is the:
A. Broker
B. Inspector
C. Buyer
D. Seller
D. Seller
Is it a requirement of the listing agreement for the seller to allow a lockbox to be placed on the property for access by other agents, brokers, and prospective buyers?
A. Yes
B. No
B. No
The Texas Real Estate License Act states that the listing agreement must be in writing and signed by the broker.
A. True
B. False
B. False
All of the following must be included in a listing agreement to make it valid EXCEPT:
A. Definite termination date
B. In writing
C. Have 60 days as the minimum number of days for the listing
D. Signed by the seller(s)
C. Have 60 days as the minimum number of days for the listing
An exclusive listing contract with a definite termination date is NOT terminable by:
A. Sale of the property
B. Death of the listing salesperson
C. Expiration
D. Mutual agreement
B. Death of the listing salesperson
Which type of agency provides full power to act on behalf of a person or business?
A. Special agent
B. Universal agent
C. General agent
D. Implied agent
B. Universal agent
How do most brokerages derive their profits?
A. From commissions charged to their clients
B. From sales agents’ labor
C. From the set fees required by law
D. From property management agreements
A. From commissions charged to their clients
Which statement is NOT true regarding the DTPA?
A. Seller takes advantage of “consumers” lack of knowledge, ability, experience, or capacity to a grossly unfair degree.
B. Representing that goods are original or new if they are deteriorated, reconditioned, reclaimed, used, or secondhand.
C. Deceptive trade practices result in civil prosecution.
D. Deceptive trade practices result in criminal prosecution.
C. Deceptive trade practices result in civil prosecution.
Which statement about listing agreements is NOT true?
A. Employment contract
B. Only a broker can act as an agent to list, sell or rent another person’s real estate
C. Listing agreements must be in writing.
D. Listing agreement is executed by the broker.
D. Listing agreement is executed by the broker.
Which section of the Texas Property Code requires the Seller’s Disclosure Notice?
A. Section 2.001 of the Texas Property Code
B. Section 1.008 of the Texas Property Code
C. Section 5.008 of the Texas Property Code
D. Section 8.005 of the Texas Property Code
C. Section 5.008 of the Texas Property Code
The KEY term(s) in this video is that the buyer has the ____________________ to terminate the contract.
A. Option
B. Capacity
C. Choice
D. Unrestricted right
D. Unrestricted right
Which statement about TREC Rule 535.16 Listings; Net Listings is NOT true?
A. A broker is obligated under a listing contract to negotiate the best possible transaction for the principal.
B. The use of a net listing places an upper limit on the principal’s expectancy and places the broker’s interest above the principal’s interest with reference to obtaining the best possible price.
C. A real estate licensee is obligated to provide a broker price opinion or comparative market analysis on a property when negotiating a listing or offering to purchase the property for the licensee’s own account as a result of contact made while acting as
D. If a net listing is used, the listing agreement must assure the principal of not less than the principal’s desired price and does not limit the broker to a specified maximum commission.
D. If a net listing is used, the listing agreement must assure the principal of not less than the principal’s desired price and does not limit the broker to a specified maximum commission.
The length of time for the listing term is predetermined.
A. True
B. False
B. False
