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Terms in this set (20)A property listing taken by a real estate safes associate is technically an employment agreement between the seller and A. the broker. D. the sales associate and broker together. Which of the following is a similarity between an exclusive agency listing and n exclusive right to sell listing? A. Under each, the seller retains the rights to sell and the real estate without the broker's help and without paying the broker a commission. C. Both types of listings give the responsibility of representing the seller to one broker only. The listing agreement on a residential property states that it expires on May 2. Which event would terminate the listing before that date? A. The agreement is renewed before May 2. C. On April 15, the owner and agent cancel the agreement. A seller listed a property with a broker under an exclusive agency listing agreement. If the seller finds a buyer, the seller will owe the broker. A. no commission. A. no commission. A broker sold a residence for $485,000 and received $26,675 as commission in accordance with the terms of the listing agreement. What was the brokers commission rate? A. 5% B. 5.5% Under a brokerage agreement with a property owner, the broker is entitled to sell the property for any price, as long a the seller receives $85,000. The broker may keep any amount over $85,000 as a commission. This type of listing might be illegal and is called A. an exclusive right-to-sell listing. D. a net listing. Which of the following is a similarity between an open listing and an exclusive agency listing? A. Under each, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. A. Under each, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. The final decision on a property's asking price should be made by A. the seller's broker. C. the seller. Which statement is TRUE of a listing agreement? A. It is an employment contract for the professional services of the broker. A. It is an employment contract for the professional services of the broker. A broker sold a property that was owned by a bank that had acquired it through foreclosure, and the broker received a 6.5% commission. The broker gave the listing sales associate $3,575, which was 30% of the firm's commission. What was the selling price of the property? A. $55,000 D. $183,333 A seller hired a broker under the terms of an open listing agreement. While the agreement was still in effect, the seller-without informing the first broker- hired another broker from a separate firm under an exclusive right-to-sell listing for the same property. If the first broker produces a buyer for the property whose offer the seller accepts, the seller must pay a full commission to A. only the first broker. C. both brokers. A seller listed a residence with a broker. The broke brought an offer at full price and terms of the listing agreement from a buyer who is ready, willing, and able to pay cash for the property, but the seller rejected the buyer's offer. In this situation, the seller B. owes a commission to the broker. A buyer signed an agreement with a broker to compensate the broker even if the buyer purchases the property from a relative. This is called A. an open buyer representation agreement. B. an exclusive agency buyer representation agreement. A prospective buyer signs an agreement with a a broker to find a property for the buyer, and the buyer agrees to work only with that broker. While this agreement is in effect A. only one sales associate of the broker can work with the buyer. B. the broker can represent other buyers. A seller sold property to a neighbor without the service of a real estate broker; however, the seller still owes a broker a commission because the seller signed A. an exclusive agency listing agreement. C. an exclusive right-to-sell listing agreement. Most states require that a real estate listing agreement contain A. a multiple listing service (MLS) clause. B. a definite contract termination date. Which type of listing is prohibited in some states? A. Exclusive right-to-sell B. Net Listing By executing a listing agreement with a seller, a real estate broker becomes A. a procuring cause C. the agent of the seller. The provision in a contract with a property seller that gives additional authority to the broker and obligates the broker to alert other brokers to the availability of the property is A. a joint listing clause. B. a multiple listing clause. All of the following are valid reasons for terminating a buyer representation agreement EXCEPT A. purchase of a property. B. death of the sales associate who worked with the buyer. 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The term "resticted" as used in university accounting refers to a constraint on the use of funds which has been: 2 answers What is the difference between an open listing and an exclusive listing?Home sellers may have the option of offering a real estate agent an exclusive listing or an open listing. An open listing allows other local real estate agents to compete to find a buyer for the property. An exclusive listing gives the sole agent an incentive to work hard for the sale.
What is the difference between an open listing and an exclusive agency listing quizlet?A listing agreement in which the seller retains the right to employ any number of brokers as agent is called an open listing. In an exclusive-agency listing, one broker is authorized to act as the exclusive agent of the principal, who retains the right to sell the property without obligation to the broker.
What is a key difference between an exclusive agency listing and an exclusive right to sell listing?In an exclusive right-to-sell agreement, the seller will be responsible for paying the realtor fees even if they find the buyer completely on their own. With an exclusive agency listing, the seller will only pay fees in the event the realtor finds the final buyer.
Which statement is true of a listing agreement quizlet?Which statement is TRUE of a listing agreement? The answer is it is an employment contract for the professional services of the broker. The listing is the broker's contract of employment by the seller.
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Which of the following is a similarity between an open listing and an exclusive agency listing?
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