Seller Agency

Question 1

Express Agency

Answer 1

the most clear and understandable way to create agency with a seller. By taking the time to complete a listing agreement, having the seller initial each page and sign the last page, the licensee and the seller now know that they are entering into a relationship

Question 2

broker-lawyer committee

Answer 2

which has six attorneys and six real estate brokers and a member of the public. These are highly visible people who are active in the state and have been selected for the purpose of adjusting real estate forms to be used within the guidelines of current laws.

Question 3

When a licensee meets with a seller, there are three choices on how the property can be listed.

Answer 3

Exclusive Right to Sell
Exclusive Agency
Open Listing

Question 4

The first time written documents exchanged property in Texas is when which government made land grants to a large group of people?

Answer 4

Spanish

Question 5

Which agency relationship is the most clear and understandable way to create agency with a seller?

Answer 5

Express Agency

Question 6

Once agency is created, whether express or implied, all of the fiduciary duties are to be given to whom?

Answer 6

The Client

Question 7

Name the three forms of information obtained from the MLS that would form the specifics for a market analysis.

Answer 7

1. Sold Properties
2. Current Listings
3. Expired Listings

Question 8

There may be other licensees trying to get the same property listed, so the listing presentation must be what?

Answer 8

Strong and Confident

Question 9

What does the term “caveat emptor” mean?

Answer 9

Let the Buyer Beware

Question 10

If the seller is being represented by the broker and the buyer is also obtaining help from this office, which type of real estate sale is this?

Answer 10

In-House Sale

Question 11

When there is no MLS system, a document that is an agreement between brokers on commission would be completed and agreed to when?

Answer 11

Before showing property to the buyer

Question 12

Ready Buyer

Answer 12

A buyer who makes an offer contingent upon selling another property is not ready

Question 13

Willing Buyer

Answer 13

A buyer who makes an offer but needs to wait to see if his transfer to the area before closing is not willing.

Question 14

Able Buyer

Answer 14

A buyer who makes an offer but cannot obtain a mortgage loan is not able.

Question 15

Before signing the listing agreement

Answer 15

the listing agent must provide the seller with a written statement required by TRELA which describes the services that the seller may expect from the seller’s agent, a buyer’s agent, or an intermediary.

Question 16

The best way to grow your real estate clientele begins with getting what?

Answer 16

Listings

Question 17

A listing agent must provide the seller with a written statement required by TRELA which describes the services that the seller may expect from the seller’s agent, a buyer’s agent, or an intermediary when?

Answer 17

Before signing the listing agreement

Question 18

During the completion of a listing agreement, disclosures can be made in which two places?

Answer 18

The listing agreement or an addendum to the listing agreement

Question 19

The CMA is a natural part of the listing presentation. CMA stands for what?

Answer 19

Comparative Market Analysis

Question 20

The primary focus of marketing today by top real estate sales producers

Answer 20

is to find sellers who want to sell. If a licensee has listings, buyers will come.

Question 21

Express Agency

Answer 21

is the clearest and most understandable way to create agency with a seller.

Question 22

Implied Agency

Answer 22

occurs with the seller when the licensee does not write an agreement.

Question 23

Once agency is created

Answer 23

whether express or implied, all of the fiduciary duties are to be given to the client.

Question 24

When a licensee meets with a seller, there are three choices on how the property can be listed:

Answer 24

Exclusive Right to Sell
Exclusive Agency
Open Listings

Question 25

in-house sale

Answer 25

in which the seller is being represented by the broker and the buyer is also obtaining help from this office. A broker would like to have an in-house sale, but it is more important to get the property sold so that the client’s needs are met.

Question 26

Disclosures can be made

Answer 26

either in the listing agreement or in an addendum to the listing agreement.

Question 27

The listing agreements in Texas are written

Answer 27

in such a way that all it takes to earn a commission is for the broker to present the seller with a ready, willing, and able buyer.

Question 28

Who can sue for a commission

Answer 28

Only a broker can sue for a commission.

Question 29

Exclusive Right to Sell

Answer 29

The broker is entitled to the agreed upon commission no matter who sells the property, even if the seller brings the buyer. This agreement offers maximum protections to the broker.

Question 30

Exclusive Agency

Answer 30

Will only become a reality if the seller wants to compete against the agent and try to sell the property at the same time as the licensee.

Question 31

Open Listing

Answer 31

A unilateral contract which gives the seller or buyer the right to engage any number of brokers as agents.

Question 32

A thorough market analysis

Answer 32

will help secure the listing agreement.