Chapter 8

Question 1

A federal program that allows homeowner’s to register their residential phone numbers to eliminate , with some exceptions, unsolicited phone calls from telemarketers

Answer 1

Do Not Call Registry

Question 2

The listing given to one broker only, who is entitled to commission if the broker or any agent finds a buyer; no commission if the seller finds a buyer

Answer 2

Exclusive Agency

Question 3

a relationship in which the agent represents only the interests of the buyer, not the seller

Answer 3

Exclusive Buyer Agency

Question 4

a listing given to one broker only who is entitled to commission if anyone sells the property during the term of the listing contract

Answer 4

Exclusive Right To Sell

Question 5

a clause in a listing contract protecting the broker’s commission entitlement for a specified time after expiration of the contract

Answer 5

Extender Clause

Question 6

commission arrangement in which the broker takes a listing based on specified payment of money by the seller to the broker at the time of listing

Answer 6

Flat Fee Listing

Question 7

an organized method of sharing or pooling listing by member brokers

Answer 7

Multiple Listing Service (MLS)

Question 8

not a type of listing but a method of establishing the listing broker’s commission as all money above a specified net amount to the seller (keep the change)

Answer 8

Net Listing

Question 9

establishes a buyer agency relationship but does not require the buyer to pay or assume the payment of a brokerage fee

Answer 9

Nonexclusive Buyer Agency Agreement (oral)

Question 10

a listing given to one or more brokers where the broker procuring a sale gets commission

Answer 10

Open Listing

Question 11

provides for seller to pay the full commission to broker for any sale to registered prospects within the specified period after the termination of the contract

Answer 11

Override Clause (extender clause)

Question 12

the commission being earned by the party who is the primary factor in introducing the property as well as the predominant factor in concluding the transaction while not being violation of the laws of agency

Answer 12

Procuring Cause of Sale

Question 13

any agreement that serves to protect the agent’s rights to be paid a commission

Answer 13

Protection Agreement

Question 14

describes a buyer who is ready to buy, willing to buy, and financially able to pay the asking price

Answer 14

ready, willing, and able

Question 15

a small monetary compensation paid by the buyer up front for an agent’s services

Answer 15

Retainer fee