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Listing Contracts – Practice Quiz Nội dung chính When an agent obtains a listing the first thing she should do is quizlet? When an agent refers to someone as a customer it means quizlet? What type of agency is created by the contract between the principal and the agent quizlet? What determines the amount a client’s firm will earn in a real estate transaction? Terms in this set (61) The answer is all of these. A listing may be terminated by death of the principal broker or seller, bankruptcy of the principal broker or seller, destruction of the property, performance (producing a ready, willing, and able buyer), mutual consent of the principal broker and seller, or expiration of the listing period. Because listings create agency relationships, death of either party will terminate the listing, and the heirs are not bound to the contract. Bankruptcy and destruction of the property would make performance impossible, so they, too, terminate the listing. Sets with similar terms trang chủ Subjects Expert solutions Create Log in Sign up Upgrade to remove ads Only SGD 41.99/year Flashcards Learn Test Match Flashcards Learn Test Match CB – Quizz Terms in this set (15) Sharon is a buyer looking for a home. She knows Tim, a buyers’ agent, but is not sure she’ll want to work with him exclusively, but wants to look at a few houses first. Which statement BEST describes her situation. She must first sign a Buyer Agency Agreement BEFORE she makes her first offer. An agency relationship can be terminated by: I. mutual agreement of the parties II. completion of the objective All the above When a broker is paid a commission by a seller, even though the seller found the buyer, the broker holds a/an exclusive right-to-sell listing contract The clause in a listing contract which protects a broker from the possibility that a seller and prospective purchaser will postpone the ultimate purchase to avoid the payment of a commission is a/an broker protection clause Broker Horning, a sole owner of a real estate brokerage firm, listed a residential property under a valid written listing agreement. After the sale was completed, the owner refused to pay the broker’s fee. Which of the following can Horning do? She can take the seller to court and sue for the commission Jennings give an exclusive right to sell listing to Homes Realty at a price of $60,000. An agent with ABC Realty submits an o cepted by Jennings. Two months later, Jennings, without reason, refuses to close. In this case I. trang chủ Realty is entitled to a commission because the firm found a ready, willing, and able buyer on terms stated in the listing. II. trang chủ Realty is entitled to a commission even though ABC Realty was the procuring cause of the sale All the above An agent earns commission of the following schedule. 6% on the first $200,00 of selling price; 5% on the next $100,000; and 4% on any amount in excess of $300,000 selling price. How much more would he earn from a $350,000 sale than from a $270,000 sale? 350,000 (-50,000) 270,000 (-70,000) 12,000 6% 12,000 5,000 5% 3,500 5% 2,000 4% 1,900 15,500 Paula lists her property with Broker Coleman and expresses a desire to net $59,500 from the sale. At what price must the property sell for Paula to net this amount after paying approximately $1,900 in closing cost and a 5% brokerage fee to Coleman? 64,631.58 (95% X 61,400) = 59,500 + 1,900 = 61,400 A seller and broker signed a listing agreement The written contract stated that upon expiration, if neither party notifies the other of their intent to terminate the agency, the contract will renew itself for the same period. The listing agreement is I. Iegally valid and binding contract evidenced by the signatures of the parties. II. in compliance with the Commission’s rules and regulations Neither I or II A broker who is entitled to collect a commission when the sellers sell their own property has a/an exclusive – right – to sell listing contract with the sellers A broker lists a property for sale at $10,000 with a 5% commission and obtains a verbal offer from a prospective buyer. The seller indicates to the broker that the offer is acceptable if submitted in writing but before it can be put into writing the purchaser backs out. The broker is entitled to no commission Which of the following is/are true regarding independent contractor status? Independent contractors pay their own social security taxes Which of the following statements about federal antitrust law is correct? Price fixing, is any broker collaboration in setting fees Boycotting is any group of brokers joining to avoid certain service providers, such as appraisers, attorneys, home inspectors, etc. A broker stating that the MLS or real estate licensing authority sets communication rates is violating federal antitrust laws. All of the above The Do Not Call and CAN-SPAM laws: giảm giá with rules for maintaining contact with consumers A new licensee signs a contract with a brokerage firm indicating she is a contract employee. The broker-in- charge gives licensees with the firm a one week paid vacation each year as well as reimbursements for dinner with clients. From the perspective of the IRS, the licensee is an employee Sets with similar terms Florida Real Estate Cram 9 100 terms EricGoetsch Unit 1- Real Estate Law & Practice FINAL 172 terms cimarrona License Law and Math Practice Exam 50 terms bwishman License Law and Math Practice Exam 50 terms Kayvan_Fallah Sets found in the same thư mục Real Estate Math Formulas 29 terms Jwinters93 Chapter 20: MATH & REAL ESTATE 79 terms Fritzjoannak Real Estate: Calculations 335 terms carsonbcobb NC Realestate Laws and Rules 42 terms iCloer15 Other sets by this creator Contract Theory #16 – NC Modern Real Estate Book 15 terms Daisy_Anderson3 General Agency Concepts #14 – NC Modern RE Book 10 terms Daisy_Anderson3 NC Real Estate Law & Brokerage Practice 224 terms Daisy_Anderson3 Agency Relationship #12- NC Modern RE Book 12 terms Daisy_Anderson3 Recommended textbook solutions Information Technology Project Management: Providing Measurable Organizational Value 5th EditionJack T. 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Dye 177 solutions Other Quizlet sets Pharm Quiz 13 139 terms abigail_waldron9 chapter 9 (PP notes) 47 terms koenigar6873 Life On Earth – Chapter 3 (Biological Molecules) 48 terms Leighton_Ellison Geology Quiz 4 25 terms Gabby_Perez32 Related questions QUESTION A drawer who is induced by an imposter to issue a check in the name of an impersonated payee can avoid payment on the check to an innocent holder. 15 answers QUESTION The principle that the holder of a negotiable instrument who cannot qualify as a holder in due course (HDC), but who derives his or her title through an HDC, acquires the rights of an HDC. 3 answers QUESTION Chapter 13 bankruptcy is also known as 7 answers QUESTION The agreement that specifies rules for the group of financial institutions who assist an underwriter in the sale of a new securities issue but do not have responsibility for any unsold securities is a(n) 13 answers When an agent obtains a listing the first thing she should do is quizlet? Explanation: An agent’s first task in servicing the listing is usually to enter the listing information in the MLS. Once the listing information is submitted, other agents in the MLS will know the property is available and can begin showing it. When an agent refers to someone as a customer it means quizlet? If a license holder refers to someone as a customer, it means that person does not have an agency relationship with the license holder. It would be to the advantage of both the agent and the customer if they formed an agency relationship. By doing so, the customer would be turned into a client. What type of agency is created by the contract between the principal and the agent quizlet? –Expressed Agency – An actual agency created by written or oral agreement between the principal and the agent. What determines the amount a client’s firm will earn in a real estate transaction? What determines the amount a client’s firm will earn in a real estate transaction? Explanation: A firm’s commission is negotiable between the parties. The agency agreement determines the firm’s commission.

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