P of RE

Question 1

written employment contract between a client and a licensed RE broker

Answer 1

license agreement

Question 2

the person employed by a client to provide RE services in expectation of compensation will always be

Answer 2

broker

Question 3

who is the holder of the listing

Answer 3

broker

Question 4

the right to a fee for the agent is on which form

Answer 4

agent and broker agreement

Question 5

agent of the agent refers to who

Answer 5

RE agent

Question 6

what sets the scope of the authority and sets the broker as the representative of the client

Answer 6

listing agreement

Question 7

in the listing agreement the promise from the client to pay the brokers fee is met with what promise from the broker

Answer 7

promise to use due diligence

Question 8

specifies the scope of activities in the listing agreement

Answer 8

employment relationship

Question 9

imposed on the broker by law in the listing agreement - fiduciary duties

Answer 9

agency relationship

Question 10

this must be in writing and signed by the client in order to collect a fee

Answer 10

listing agreement

Question 11

variations of listing agreements - 3

Answer 11

extent of representation, types of services to be performed, events which trigger payment of a fee

Question 12

categories of listing agreements 2

Answer 12

exclusive or open

Question 13

best contract to protect your fee

Answer 13

exclusive right to sell or buy

Question 14

a promise for a promise

Answer 14

bilateral agreement

Question 15

nonexclusive listing aka

Answer 15

open listing

Question 16

full listing offer aka

Answer 16

open listing

Question 17

open listings aka

Answer 17

unilateral contract

Question 18

parties are not required to act beyond fiduciary duties in this unilateral agreement

Answer 18

open listing

Question 19

this type of listing is stated and only with sellers (price paid-sellers net figures=brokers fee)

Answer 19

net listing

Question 20

option to buy property at predetermined price

Answer 20

option listing

Question 21

primary document used to negotiate a real estate transaction between buyer and seller

Answer 21

purchase agreement

Question 22

list 3 categories of purchase agreements

Answer 22

1-4 residential, non 1-4, land acquisition

Question 23

mandatory purchase agreement forms

Answer 23

agency law disclsoure (RPI 305) and transfer disclosure statement (RPI 304)

Question 24

generic PA forms

Answer 24

purchase agreements, listing agreements, marketing package cost sheet

Question 25

when does property tax year begin

Answer 25

july 1

Question 26

> 100 <1000 esrcow

Answer 26

treble payments

Question 27

the scope of activities the broker and the brokers agents are to undertake in the employment of a client

Answer 27

employment relationship

Question 28

scope of activities imposed on the broker by law arising out of the representation authorized by the employment

Answer 28

agency relationship

Question 29

client signs with broker for period of employment. broker gets fee if house is obtained in that contractual timeline

Answer 29

exclusive right to sell listing

Question 30

if the broker achieve clients objective before anyone else can

Answer 30

open listing

Question 31

buyer or tenants offer to buy or lease on terms identical to the employment terms in the owners listing agreeement with broker

Answer 31

full listing offer

Question 32

agents fee is set as all sums received exceeding a net price created by owner

Answer 32

net listing

Question 33

variation of the exclusive right to sell listing in which the seller grants the broker an option to buy the prop at a preset price if the pro doesn’t sell during listing period

Answer 33

option listing

Question 34

variation of erts listing in which the broker agrees to buy the property if it doesnt sell during listing period

Answer 34

guarantee sale listing

Question 35

written employment agreement by broker and prospective buyer employing the broker in which a fee is paid during the lsiting period once sold

Answer 35

exclusive right to buy listing

Question 36

property acrquired by a mortgage holder through foreclosure

Answer 36

REO

Question 37

period of time after agreement period ends that ensures broker receives their fee. What kind of agreement?

Answer 37

safety clause - listing