Unit 1 Chapter 18 Review

Question 1

What is an MLS?

Answer 1

An organization of member brokers who agree to cooperate in the sale of properties listed by other brokers in exchange for a share of the broker’s resulting commission

Question 2

To provide the MLS with the necessary information about the property being sold, should the listing broker submit the listing agreement itself?

Answer 2

No. Instead, the listing agent should submit the information either on a state-provided form or in another means as agreed upon by local brokers or the Board of REALTORS.

Question 3

When an amendment is made to a listing agreement, what happens to the terms of the original listing agreement?

Answer 3

All other terms and conditions of the original listing agreement remain unchanged.

Question 4

What is required for a listing agreement to be modified after it has been signed by all parties?

Answer 4

The written consent of all parties

Question 5

List three circumstances under which a listing agreement can terminate.

Answer 5

Broker helped seller find ready, willing, and able buyer

Expiration date of agreement arrived

Parties mutually or individually agree to end relationship