Chapter 5 – Representing the Seller

Question 1

The _____________ is defined as the payment agreed upon between a buyer and a seller with respect to a trade in real estate.

Answer 1

sale price

Question 2

The Data Input form is the form that __________________________.

Answer 2

sets out the detailed particulars of the property, and is used by other salespeople to draw up a legal and binding offer to purchase.

Question 3

Commission must be calculated in ____________, so long as it is not based on the difference between the price ___________ and ___________.

Answer 3

in any method, at which real estate is listed for sale, the actual sale price of it

Question 4

What is the SREC mandated form that must be used when dealing with a re-sale condominium unit, in addition to the mandated Residential Contract of Purchase and Sale?

Answer 4

Schedule “C”

Question 5

Under the Seller’s MLS® Brokerage Contract, upon successful sale of the seller’s property, the buyer’s deposit money will most often be retained by the _______________ brokerage until closing.

Answer 5

seller’s

Question 6

A registrant is required to treat a third party customer with __________ and ____________.

Answer 6

honesty, due care

Question 7

The Association of Saskatchewan REALTORS® form that can be used when a registrant is acting on behalf of both the buyer and the seller in a single transaction is the __________.

Answer 7

Limited Dual Agency Acknowledgement Form

Question 8

The _____________ form must be used when a registrant acts on behalf of an immediate family member.

Answer 8

Disclosure of Interest in Trade

Question 9

When attempting to discover facts pertaining to a property, a salesperson will be held to the standard of a _______________ registrant.

Answer 9

prudent

Question 10

TRUE or FALSE? A written agency agreement is not required when a registrant lists a mere posting.

Answer 10

FALSE