Listing Agreements

Question 1

listing agreement

Answer 1

written contracts of employment in the case of a seller hiring a broker

Question 2

listing agreements must

Answer 2

state the rate/exact amount of commission to be earned by the broker

Question 3

definite termination date

Answer 3

the day on which a financial contract ends

must be included in listing agreements for the agreement to be valid

Question 4

the NJ statute of frauds stipulates that to be entitled to a commission on a real estate transaction,______

Answer 4

a broker must have a written authorization to act as a client’s broker

Question 5

if listing agreement is entered into orally,____

Answer 5

the broker must deliver a written memorandum of the agreement to the client within FIVE DAYS of the agreement

Question 6

open listing

Answer 6

a listing in which a seller agrees to pay a broker a commission only if the broker procures a buyer for the property

1/3 chance of making money (only if broker finds buyer)

Question 7

exclusive agency listing

Answer 7

agreement wherein listing broker or other broker sells the house, the listing broker makes a commission

If seller sells house without help, no commission

Question 8

exclusive right-to-sell listing

Answer 8

agreement in which broker gets commission when the house sold, no matter who sold it

Question 9

net listing

Answer 9

a listing based upon the amount of money the seller will receive if the property is sold.

illegal in NJ because broker can list at any price, give seller only what they wanted, and keep the rest

Question 10

multiple listing service

Answer 10

a database usually organized within a specific group for the purpose of sharing listings between brokers

95% of the time your listing is sold by another broker, makes sense to share

Question 11

how many MLS are in New Jersey currently?

Answer 11

8

Question 12

what are the advantages of the MLS?

Answer 12

1. brokers develop sizable inventory of potential properties
2. sellers get a large network of realtors seeing their listing
3. buyers have access to large selection of listings

Question 13

listing

Answer 13

the properties brokers and salespeople are authorized to offer for sale

Question 14

in the case of an exclusive-agency listing, if the seller finds a buyer with no help from the broker,_____

Answer 14

the seller retains the right to sell the property themselves without obligation to the broker

Question 15

who should sign listing agreements?

Answer 15

1. all legal owners of the listing property, their spouses, or their authorized agents
2. listing salesperson and/or broker

Question 16

all listing agreements must include a statement acknowledging ______

Answer 16

receipt by the seller of the CIS and a declaration of business relationship

Question 17

comparative market analysis (CMA)

Answer 17

a comparison of prices of recently sold homes that are similar in location, style, and amenities to the property of the listing seller

Question 18

reasons to terminate a listing

Answer 18

1. broker performed and sold the listing hby termination date
2. time period agreed up on has expired
3. abandonment by broker
4. revocation by broker
5. cancellation by broker
6. cancellation by mutual consent
7. bankruptcy, death, or insanity
8. destruction of property
9. change in property use by outside forces

Question 19

property information for listings

Answer 19

names and addresses of owners, description of property, dimensions of lot, neighborhood, school information, taxes, fees, financing, utility average payments, water information, zoning classification, flood zone information,

Question 20

responsibility for disclosure

Answer 20

1. use true tax figure
2. statements of rent/expenses
3. leases and security deposits
4. certificate of occupancy
5. flood zone info
6. restrictive ordinances

Question 21

negotiability of commission

Answer 21

commission rates are always negotiable