Quiz Ch. 24-30

Question 1

A _______ is a written employment contract between a client and a licensed real estate broker.

Answer 1

listing agreement

Question 2

Under an _______, a client can enter into listings with as many brokers as they want without becoming obligated to pay more than one fee.

Answer 2

open listing

Question 3

The function of a __________ is limited to solicitingm identifying and referring potential real estate clients to brokers, agents, or principals in exchange for a fee.

Answer 3

finder

Question 4

The primary document used to negotiate the transaction between a buyer and seller is a:

Answer 4

purchase agreement

Question 5

The ________, contained in all purchase agreements, states the existence or nonexistence of each broker’s fiduciary agency with the various parties to the transaction.

Answer 5

agency confirmation provision

Question 6

An Agency Law Disclosure is provided each time any broker prepares a purchase agreement or:

Answer 6

lease for more than one year.

Question 7

An ________ is an idividual’s opinion or estimmate of a properties value on a specific date.

Answer 7

appraisal

Question 8

The ________ of a property is the highest price on the date of valuation a willing seller and buyer would agree to, both having full knowledge of the property’s various issues.

Answer 8

fair market value

Question 9

A process employing an independent agent to manage the closing of a real estate transaction through the exchange of documents and money between two parties is referred to as:

Answer 9

escrow.

Question 10

The specific duties of the escrow officer in a particular transaction are documented in:

Answer 10

escrow instructions.