Employment Agreements Flashcards
The listing agreement is between the property owner and the
a. broker
b. salesperson
A.
The listing agreement that allows for the broker to be paid a commission regardless of who sells the property is the
a. open listing
b. exclusive agency listing
c. exclusive right to sell listing
d. net listing
C.
NOTES!
The seller appoints the listing broker as the seller’s exclusive agent and agrees to pay the listing broker a commission if that broker finds buyer, if another broker finds a buyer, or even if the seller sell the property
**Offers the MOST protection for the broker
A listing in which cooperation and compensation are not offered to competing companies is a ? listing
a. multiple listing
b. Pocket listing
c. exclusive listing or one company exclusive
d. net listing
C.
A listing that is not shared with other licensees is a
a. exclusive listing
b. pocket listing
c. open listing
d. exclusive agency listing
B.
A listing which the broker will be paid only if she finds a buyer is a
a. open listing
b. pocket listing
c. one company exclusive
d. net listing
A.
Which of the following elements is not essential to a binding contract
a. lawful object
b. legally competent parties
c. monetary consideration
d. meeting of the minds
C. monetary consideration
VALID CONSIDERATION NOT JUST MONETARY
LOVE AND AFFECTION TOOOO
**MONEY OR OTHER VALUABLES SUCH AS CONTRIBUTED LABOR,
AN OWNER SELL THE PROPERTY HIMSELF AND WILL NOT OWE A COMMISSION IN ALL OF THE FOLLOWING LISTINGS EXCEPT
A. OPEN LISTING
B. OPEN NET LISTING
C. EXCLUSIVE AGENCY LISTING
D. EXCLUSIVE RIGHT TO SELL LISTING
B.
NET LISTING - Seller agrees to take a specified amount a net proceeds, and the broker may retain the amount of sales price above the net amount. LEGAL IN AZ BUT FROWNED UPON BC BROKERS CAN EASILY TAKE ADVANTAGE OR UNKNOWLEDGEABLE SELLERS
If a person who has an option to buy a commercial property wishes to extend the term of the option, they are most likely to be required to
a. obtain a right of refusal
b. wait until the option expires
c. sell the option in order to extend the term
d. pay additional consideration
D.
A clause in a lease in which the lessor agrees that the lessee shall have the right to purchase the property at the same price as offered by a prospective purchaser is called a
a. option clause
b. right of first refusal
c. equity of redemption
d. reversionary right
B.
