SU # 18__Listing - Agreement & Compensation Issues Flashcards
What are some possible red flags you may discover when collecting information on a property?
An older furnace
An older roof
A damp basement
What types of site information should you capture? (See screen 5 for other correct answers.)
Lot dimensions
Waterfront footage
Zoning code and jurisdiction
Where in the listing agreement would you find information about the Fair Housing Act?
On the last page of the agreement after the signatures under General Provisions.
What is one very good reason NOT to take a listing?
If the seller indicates in any way that he or she will restrict your showings based on any of the protected classes.
Home warranties are:
illegal in Illinois.
a good selling point.
required by HUD homes.
required for VA financing.
a good selling point.
Which of the following might be a “red flag” when taking a listing?
Damp Basement
New Roof
Swimming Pool
Security Cameras
Damp Basement
Which of the following would not appear as an “interior feature” on the listing?
Floor coverings
Roof Type
Number of Bathrooms
Heating System
Roof Type
Commencement date can best be described as ____.
the date when the brokerage files the agreement.
the date when the property is shown in the MLS listings.
the date when the listing agreement is approved by the mortgage lender.
the date when the listing agreement was signed.
the date when the listing agreement was signed.
In what section of the listing agreement would you find property exemptions?
Additional Terms and Property Information
Dual Representation
Seller’s Information
General Provisions
Additional Terms and Property Information
Which of the following statements violates antitrust laws?
Our agency charges a rate of 4.5%.
Commission rate is not set.
Each agency has its own commission rate.
Standard commission is 4.5%
Standard commission is 4.5%
In what section of the listing agreement would you find reference to fair housing?
Personal Property
General Provisions
Home Warranties
Possession
General Provisions
When starting a listing, what question is the most important?
“What commission are you expecting to pay?”
“What is your listing price?”
“Are you currently listed with another brokerage?”
“How long do you want to list the property?”
“Are you currently listed with another brokerage?”
In what section of the listing agreement does the seller provide his responsibilities?
Minimum Services
Possession
Seller Obligations
Representation
Seller Obligations
Which of the following information would you not collect for a listing?
Listing Price
Owner’s Name
Spouse’s Maiden Name
Street Number
Spouse’s Maiden Name
