Chpt. 11, Client Representation Agreements

Question 1

A listing agreement under which a seller must pay the broker a commission regardless of who sells the property

Answer 1

Exclusive right to sell listing

Question 2

A listing agreement with a single broker under which the seller retains the right to sell the property independently without being obligated to pay a commission

Answer 2

Exclusive agency listing

Question 3

A listing agreement in which the seller may employ multiple brokers, retain the right to sell the property independently without being obligated to pay commission

Answer 3

Open listing

Question 4

A marketing organization whose broker members make their own exclusive listings available to other brokers

Answer 4

Multiple listing service

Question 5

A meeting with a property owner where a sales associate describes the marketing efforts that the brokerage will make to bring about a sale of the property as quickly as possible

Answer 5

Listing presentation

Question 6

An employment contract where the broker is employed as a purchasers agent to find a suitable property

Answer 6

Buyer representation agent

Question 7

Language in a listing agreement that states the broker and seller agree not to sue one another for any incorrect information supplied by one to the other

Answer 7

Indemnification wording

Question 8

An optional item in the listing contract that protects the buyer against the expense of certain types of repairs ( such as plumbing, electrical and heating systems) after the sale is completed

Answer 8

Home warranty program

Question 9

A part of a listing agreement that stipulates that the property owner will pay the listing broker a commission if the broker was the procuring cause of the sale that is completed after the listing expired

Answer 9

Broker protection clause

Question 10

An employment contract for a broker’s services for a property seller

Answer 10

Listing agreement