unit 10

Question 1

What is a fiduciary employment contract?

Answer 1

its when an owner/seller hires a brokerage firm to act as a special agent

Question 2

negotiable commssion clause says:

Answer 2

commissions are always negotiable as required by the sherman antitrust act

Question 3

Do listing contracts have to have a definite beginning and end?

Answer 3

yes!

AUTOrenewal is not allowed

Question 4

What is a Exclusive right to sell listing?

Answer 4

brokerage gets paid if the property sells, regardless of who finds the buyer

Question 5

What is an exclusive agency?

Answer 5

the seller has no liability to pay the brokerage if the seller find the buyer

Question 6

What is an open/non exclusive contract?

Answer 6

only the brokerage the procures the buyer gets paid

Question 7

Termination of agency contracts

Answer 7

full performance, closing, or expiration of contract
death or bankrupcy of principal or brokerage firm not sales associate
destruction of improvements

Question 8

What are home warranty plans?

Answer 8

these cover exsting homes

terms and lengtha re dermined by the contract with the warranty company

Question 9

New construction warranties are?

Answer 9

required by state stature
covers defects due to faulty installation
does not cover damage from outside forces