Section 2 - Chapter 6

Question 1

Brokerage Agreements are

Answer 1

employment contracts for personal professional services of the sponsoring broker, not transfer of real estate

Question 2

Listing Agreements are

Answer 2

employment contracts between broker and seller

Question 3

Buyer Representation Agreement

Answer 3

employment contract: establishes rights and responsibilites of sponsoring broker

Question 4

Management Contract

Answer 4

sets up relationship between broker and rental property

Question 5

Exclusive brokerage contracts must be in

Answer 5

writing, not oral

Question 6

Principal

Answer 6

the buyer or seller being represented by the broker

Question 7

exclusive right-to-sell listing agreements

Answer 7

one broker is appointed as seller’s sole agent - gets paid no matter who/how sells

Question 8

exclusive agency agreement

Answer 8

sell through that broker or seller can sell on own without having to pay broker

Question 9

open listing agreement

Answer 9

seller can employe numerous brokers

Question 10

option listing

Answer 10

broker can buy the property at some point in the future

Question 11

a CMA is

Answer 11

comparative market analysis (based on other homes listed and expired, not necessarily sold)

Question 12

Market Value is

Answer 12

the most probably price a property would sell for in a normal market under normal conditions

Question 13

Listing agreements have these 5 disclosures:

Answer 13

material facts, interest, special compensation, earnest money & purchaser default, property condition

Question 14

Buyer agency agreements include:

Answer 14

exclusive, exclusive agency