Unit 12: Listing Agreement (REPI)

Question 1

Identify the limitations on an agent’s placing cold calls or sending fax and email advertisements to market real estate.

Answer 1

Even though a consumer is registered on the state’s “No Call List,” real estate license holders
are allowed to solicit over the telephone (unless they have been asked not to call) if:
- the company has an established business relationship (EBR) with a customer—that is,
they have been involved in a business transaction within the 18 months before the call; or
- the company has received an inquiry from the person within three months of the call; or
- the company has written permission from the consumer; and
- under Texas law, the call is not made by an automated telephone dialing system and the
solicitation requires a face-to-face presentation to complete the sales transaction.

Question 2

exclusive agency listing

Answer 2

A listing contract under which an
owner appoints a real estate broker as his exclusive agent for
a designated period to sell a property, on the owner’s stated
terms, for a commission. The owner reserves the right to
sell without paying anyone a commission if the owner sells
to a prospect who has not been introduced or claimed by
the broker.

Question 3

exclusive right-to-sell listing

Answer 3

A listing contract under which
an owner appoints a real estate broker as her exclusive
agent for a designated period of time to sell a property
on the owner’s stated terms and agrees to pay the broker
a commission when the property is sold, whether by the
broker, the owner, or another broker.

Question 4

multiple listing contract

Answer 4

An exclusive listing (generally an
exclusive right to sell) with the additional authority and
obligation on the part of the listing broker to distribute the
listing to other brokers in a multiple listing service.

Question 5

net listing

Answer 5

A listing based on the net price the seller
will receive if the property is sold. Under a net listing, the
broker is free to offer the property for sale at the highest
price obtainable in order to increase the commission.
This type of listing is outlawed in many states; it is not
recommended in Texas.

Question 6

open listing

Answer 6

A listing contract under which the broker’s
commission is contingent on the broker’s producing a
ready, willing, and able buyer before the property is sold by
the seller or another broker.

Question 7

Seller’s Disclosure Notice

Answer 7

A notice required of most

sellers of real property; must state latent structural defects or any other known structural defects.