chp 6 Flashcards
Bilateral Contract – A contract in which each party promises to do something.
Bilateral Contract – A contract in which each party promises to do something.
Bilateral Contract –
A contract in which each party promises to do something.
Unilateral Contract – When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.
Unilateral Contract – When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.
Unilateral Contract –
When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.
Listing Contract – A contract in which a property owner employs a real estate broker to market the property described in the contract.
Listing Contract – A contract in which a property owner employs a real estate broker to market the property described in the contract.
Listing Contract –
A contract in which a property owner employs a real estate broker to market the property described in the contract.
Non-Exclusive Listing (Open Listing) – a listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property.
Non-Exclusive Listing (Open Listing) – a listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property.
Non-Exclusive Listing (Open Listing) –
a listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property.
Net Listing – A listing which provides that the agent may retain as compensation for agent’s services all sums received over and above a net price to the owner.
Net Listing – A listing which provides that the agent may retain as compensation for agent’s services all sums received over and above a net price to the owner.
Net Listing –
A listing which provides that the agent may retain as compensation for agent’s services all sums received over and above a net price to the owner.
Option – A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right.
Option – A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right.
Option –
A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right.
Exclusive Agency Agreement – A listing given to only one broker (exclusive) who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker.
Exclusive Agency Agreement – A listing given to only one broker (exclusive) who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker.
Exclusive Agency Agreement –
A listing given to only one broker (exclusive) who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker.
Exclusive Agreement (Exclusive Right to Sell Listing Agreement) – A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract.
Exclusive Agreement (Exclusive Right to Sell Listing Agreement) – A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract.
Exclusive Agreement (Exclusive Right to Sell Listing Agreement) –
A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract.
A contract in which each party promises to do something is known as a…?
ABilateral contract
BImplied contract
CUnilateral contract
DOpen contract
Bilateral contract
When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it, it is referred to as a…?
ABilateral contract
BImplied contract
CUnilateral contract
DOpen contract
Unilateral contract
A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right is known as a…?
ANet listing
BExclusive contract
COption
DOpen listing
Option
Which of the following is an exclusive listing given to only one broker who is entitled to a commission if the broker effects a sale, but imposes no commission obligation on the owner if the owner finds a buyer themselves…?
ANet Listing
BExclusive Agency Agreement
CExclusive Right to Sell Agreement
DOpen Listing
Exclusive Agency Agreement
An open listing offers the least amount of protection to the broker…?
AT (True)
BF (False)
true
which of the following is an example of a unilateral contract…?
ANet listing
BExclusive agency agreement
CExclusive right to sell agreement
DOpen listing
Open listing
Which of the following contracts are used between sellers and brokers…?
ANet listing
BExclusive agency agreement
CExclusive right to sell agreement
DAll of the above
All of the above
Net listings are illegal in California…?
AT (True)
BF (False)
false
Which of the following listing contracts is given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract…?
AExclusive Agency Agreement
BNet Listing
CExclusive Authorization and Right to Sell Contract
DOpen Listing
Exclusive Authorization and Right to Sell Contract
Which of the following listing contracts offer the most protection to a broker…?
AExclusive Agency Agreement
BNet Listing
CExclusive Authorization and Right to Sell contract
DOpen Listing
Exclusive Authorization and Right to Sell contract
A seller’s attempt to sell their property whereby the liens are greater than the value of the property is known as a…?
AShort sale
BForeclosure
CLis pendens
DOption
Short sale
To be enforceable, a listing agreement must be in-writing…?
AT (True)
BF (False)
true
Which of the following is a contract in which a property owner employs a real estate broker to market the property described in the contract…?
AImplied contract
BListing contract
CIndependent contractor agreement
DOpen contract
Listing contract
An Exclusive Authorization and Right to Sell contract must have a termination date…?
AT (True)
BF (False)
true
A listing contract must include which of the following…?
AA start date
BA broker commission
CA termination date
DAll of the above
all of the above
The agency contract must be signed before a broker and seller enter into a listing contract…?
AT (True)
BF (False)
true
In every transaction, the real estate salesperson serves as the sub-agent to the real estate broker…?
AT (True)
BF (False)
true
In California, real estate commissions are always negotiable…?
AT (True)
BF (False)
true
ho is responsible for completing the AVID form…?
AThe seller
BThe buyer
CThe seller’s agent
DThe buyer’s agent
he seller’s agent
A short sale does not harm a homeowner’s credit score…?
AT (True)
BF (False)
false
The seller is responsible for paying the broker’s commission in a short sale…?
AT (True)
BF (False)
false
Real estate agents typically earn higher commissions for short sales…?
AT (True)
BF (False)
true
A Buyer Broker Agreement is also known as a…?
ANet Listing
BOption Agreement
CBuyer Listing Agreement
DExclusive Buyer Agreement
Buyer Listing Agreement
This is a listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property…?
ANet listing
BOpen listing
CExclusive Right to Sell Agreement
DExclusive listing
Open listing
A listing agreement is a contract between the seller and the…?
AReal estate agent
BCustomer
CReal estate broker
DClient
Real estate broker
A listing contract is an example of a bilateral contract…?
AT (True)
BF (False)
true
An agency relationship is created with the signing of the…?
APurchase contract
BListing contract
CCustomer agreement
DClosing statement
Listing contract
An open listing is an example of an exclusive agreement…?
AT (True)
BF (False)
false
Open listings are illegal in California…?
AT (True)
BF (False)
false
