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Terms in this set (40)A listing agreement may be terminated for all but which of the following reasons except? Death of the agent who took the listing If a broker as agent with an exclusive listing receives two offers for the same house at the same time—one from his salesperson and one from the salesperson of a cooperating broker—the broker should submit both offers By executing a listing agreement with a seller, a licensed broker has: agreed to use diligence in procuring a buyer After a listing has expired, the original listing broker may be paid a commission under the terms of the holdover clause in the original contract if: - the broker had worked with the purchaser before the expiration date The Exclusive Right-to-Sell listing contract gives the listing broker the right to: collect deposits from the purchasers Listing information may be added outside the body of a contract as an attachment Regarding the broker/seller relationship under the terms of an Exclusive Right-to-Sell listing contract, which of the following statements are true? The broker can take the listing without being an agent of the seller Exclusive Right-to-Sell contracts list specific services the broker will offer. Those services: are not limited to those preprinted on the contract The amount of commission a listing broker offers to cooperating brokers: is inserted into the listing contract A seller hired broker N under the terms of an open listing. While that listing was still in effect, the seller without informing broker N, hired broker K under an exclusive right-to-sell listing for the same property. If broker N produces a buyer for the property whose offer the seller accepts, then the seller must pay a: full commission to both broker N and broker K In the event that the seller and broker have a dispute about the Exclusive Right-to-Sell Listing Contract, which of the following is true? Both agree to mediation before proceeding to arbitration or litigation A real estate broker filling out a listing agreement finds that there is not enough room for the legal description. The broker may: Attach the legal description; information may be added outside the body of the contract The seller was dissatisfied with her broker and contacted another broker. She found there were five days left on the listing. The second broker may: take the listing now, to become effective upon the expiration of the current listing and verification of the expiration Under the approved listing agreement, the broker is responsible for: damage caused by the broker's negligence If a defaulting buyer forfeits an earnest money deposit, based on the language of the Exclusive Right-to-Sell Listing Contract: It is negotiable according to the contract The broker has taken a listing agreement for six months starting June 1, on September 15 the seller decides he does not want to sell the home. Which of he following is true? The seller has withdrawn the listing and may be subject to reimbursing some broker expenses As per the Exclusive Right-to-Sell Listing Contract, fixtures listed on the approved form will be included: If attached on the date of the listing unless specifically excluded by the seller The licensee is holding an Exclusive Right-to-Sell Listing contract, he: Has permission to work with other sellers The Exclusive Brokerage Listing Addendum attached to an Exclusive Right-to-Sell Agreement Allows the seller to negotiate a sale and not pay the broker The broker's commission for certain disclosed buyers is protected by the "holdover clause" in the approved Right-to-Sell Listing Contract. Which of the following correctly describes the length of protection afforded by this clause? for a negotiated time unless the seller lists the property with another broker after expiration and the "Will Not" box is checked What legal duties does a seller's agent have to an unrepresented buyer? Fair and honest dealing and disclosure of material facts about the property The authority to act for a seller in the sale of real estate is given to the real estate broker by means of a: listing contract Which monetary encumbrances should be listed by the seller when completing the Exclusive-Right-to-Sell Listing Contract? all encumbrances known to the seller Which of the following is true with regard to the Seller's Property Disclosure form that is mentioned in an Exclusive-Right-to-Sell listing form? The seller may decline to provide the disclosure but still must disclose latent material defects Which of the following is true in describing how a dispute about the Exclusive-Right-to-Sell Listing Contract between seller and broker would be resolved? Both must agree to mediation before proceeding to arbitration or litigation The listing contract that provides the most protection for the broker is a(n): exclusive right-to-sell listing According to the Exclusive-Right-to-Sell Listing Contract, which of the following is true with regard to fixtures listed on the approved form? they are included if attached on the date of the listing unless specifically excluded by the seller Lily listed her house for sale with a broker on February 1st. The listing agreement was to last for five months but in April she decided that the house was no longer for sale. Which of the following statements is true? Lily has withdrawn the broker's authority to sell the property and may be subject to reimbursing some broker expenses If a defaulting buyer forfeits an earnest money deposit, based on the language of the Colorado Exclusive Right-to-Sell Listing Contract: It is negotiable according to the contract What happens if a defaulting buyer forfeits an earnest money deposit, according to the Exclusive Right-to-Sell Listing Contract? It is negotiable according to the contract The listing broker, AAA Realty, shows a house to the Smiths two days before the listing expires. The listing has a 30-day holdover period, no box was checked in the Holdover clause in the Listing Contract. The buyers call the broker back four days after seeing the house and want to buy it. The sellers have listed the house with another broker, Rogers Realty. The sellers accept the offer of the Smith's from AAA realty to buy the house. Which of the following is true? AAA gets the selling (buyers) commission and Rogers Realty gets the listing commission When can you talk to a seller about listing his house if the house is listed with another broker? Anytime, if the seller approaches you first An Exclusive Right-to-Sell Listing contract establishes which of the following agreements? That the broker and the seller will submit to mediation prior to litigation Kevin, a real estate broker, sold a property and received a 6-1/2% commission. Kevin gave the selling broker 30% of the commission, or $3,575. What was the selling price of the property? $183,333 ($3,575 / 30% = $11,916.666 / 6.5% = $183,333.32) A broker has a listing on a house that contains a provision that the house is to be sold in "as-is" condition. The broker learns of a major hidden defect in the property. When showing the property to a prospective purchaser, the broker should: advise the buyer of the defect According to the Exclusive Right-To-Sell listing agreement - when the Transaction Broker option is selected, the listing broker must disclose to any possible buyer: All material facts about the property the broker knows The Commission approved written listing contract: must have a definite termination date An agent lists a property using the Colorado Exclusive Right-to-Sell Listing Contract and checked the "Will Not" box in the Holdover Clause. Just before the listing expired, a buyer views the property. Wanting to retain the rights to this buyer, the listing agent provides the buyer's name in writing to the seller. After the listing expires, the seller lists with another agent and the buyer's agent submits an offer on the property. If accepted, would the old listing agent receive a listing commission? No, the new listing broker earned the listing side commission All of the following are true regarding the Exclusive Right-to-Sell listing contract except: more than one listing contract may be executed for the same time period, for the same property All of the following would permit a listing agreement to be terminated except: the seller found out that the broker was listing other homes and as such was not "exclusive" Students also viewedContracts & Regulations 5 Test (No Test For 6)28 terms shawn_bedel Chapter 17- QUIZ27 terms ericajane2016Plus CONTRACTS AND REGULATIONS 530 terms kmale00 Contracts 520 terms Jacque_Fitzpatrick Sets found in the same folder
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Which of the following is true with regard to the sellers property disclosure form that is mentioned in an exclusive right to sell listing form?
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