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Chapter 11 Quiz
Listings
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To a real estate broker, the listing property owner is known as:
1 point
(A) agent.
(B) fiduciary.
(C) prospect.
(D) principal.
Clear selection
After showing the property to a prospect, the broker with an exclusive agency listing should:
1 point
(A) make a record of it in the broker’s files.
(B) notify seller of the prospect’s identity.
(C) send office memo to buyer.
(D) wait until prospect makes a deal with seller.
Clear selection
Which type of listing gives a broker the greatest protection?
1 point
(A) An open listing.
(B) A net listing.
(C) An exclusive right to sell listing.
(D) An exclusive agency listing.
Clear selection
If Betty Broker holds two listings, an open listing on one property and an exclusive listing on another, and one week after both listings expire the two owners get together and exchange properties without previously being shown the properties, Betty Broker may:
1 point
(A) sue for full commissions on both.
(B) sue for commission on the open listing.
(C) demand full commission on the exclusive listing.
(D) receive no commission from their listing.
Clear selection
Upon completion of a sale, the selling broker was paid $6,000. The portion paid to the salesperson responsible for the sale would be:
1 point
(A) always 50%.
(B) established by the Board of Realtors.
(C) determined by the employment agreement between the broker and the salesperson.
(D) specified in the sales contract.
Clear selection
A property is listed with a broker at $65,000. The owner tells the broker that he is willing to sell for $62,000. A buyer is willing to sign an offer for $62,000, but indicates he will pay up to $65,000. The broker should:
1 point
(A) refuse to submit the $62,000 offer.
(B) suggest compromise of $63,500.
(C) persuade the buyer to make a $65,000 offer.
(D) persuade the buyer to go to another broker.
Clear selection
Warren gave a listing to Great Benefits Realtors, Expert Realty Co. and All Star Real Estate Agency. The type of listing he gave them was a (an):
1 point
(A) exclusive agency listing.
(B) exclusive right to sell listing.
(C) open listing.
(D) multiple listing.
Clear selection
Except under specific conditions, an agent may serve only one principal at a time. However, a principal may have more than one agent. Which of the following would best describe such a situation?
1 point
(A) Multiple listing.
(B) Open listing.
(C) Exclusive agency.
(D) Exclusive right to sell.
Clear selection
In a multiple listing, a salesperson who negotiates a sale is directly responsible to:
1 point
(A) the listing broker.
(B) his employing broker.
(C) the cooperating salesperson.
(D) the seller.
Clear selection
A listing agreement in which the owner promises to pay a commission under all circumstances of sale except if he sells the property himself is known as:
1 point
(A) an exclusive right to sell.
(B) an exclusive agency.
(C) a net listing.
(D) a sole and exclusive listing.
Clear selection
The usual listing gives the broker authority to:
1 point
(A) sign a contract for the seller.
(B) reject offers less than the list price.
(C) convey title.
(D) None of the above.
Clear selection
An owner who wants to employ more than one broker should give each broker:
1 point
(A) a multiple listing.
(B) an exclusive agency.
(C) an open listing.
(D) a net listing.
Clear selection
Which statement is FALSE regarding an exclusive agency listing agreement?
1 point
(A) The owner must receive a copy when the agreement is signed.
(B) The listing broker is not required to cooperate with other brokers.
(C) It must have a definite, unqualified termination date,
(D) The owner may employ only one broker.
Clear selection
An exclusive agency contract:
1 point
(A) is only terminated if the property is sold by the seller.
(B) must be in writing.
(C) can be listed by the owner with more than one broker.
(D) does not require a termination date.
Clear selection
In an exclusive right to sell, the property owner:
1 point
(A) can still sell the property himself without obligation to pay a fee.
(B) would pay a commission even if the property were not sold.
(C) is obligated to pay the listing broker a commission even if another broker finds a buyer.
(D) can list the property with more than one broker.
Clear selection
When a broker has an exclusive right to sell listing:
1 point
(A) the seller may sell the property himself without obligation to pay the broker his commission.
(B) the broker receives a commission regardless of whether the property is sold.
(C) the broker is entitled to his fee no matter who procures a buyer for the property.
(D) only the broker who procures the buyer is entitled to a fee.
Clear selection
Broker Smith has a listing on a house which contains a provision that the house is to be sold in an "as is" condition. Smith learns of a major hidden defect in the property and, when showing a prospective purchaser, should:
1 point
(A) advise the buyer of the defect.
(B) point out that the house will be sold in an “as is” condition.
(C) mention the defect to the buyer only if asked.
(D) inform the buyer that the seller has told him of no defects.
Clear selection
Which of the following events will NOT result in termination of the listing contract?
1 point
(A) Death of seller.
(B) Bankruptcy of broker.
(C) Insanity of seller.
(D) Marriage of seller.
Clear selection
A listing agreement may be terminated by:
1 point
(A) the expiration of the time limit contained in the listing.
(B) mutual agreement.
(C) revocation by the property owner.
(D) All of the above.
Clear selection
After the sale, the listing broker refused to split the commission with the selling broker. Who is responsible to pay the selling broker?
1 point
(A) The listor.
(B) The listing broker.
(C) The seller.
(D) The MLS.
Clear selection
In an exclusive agency listing, if the owner finds a buyer for the property, the broker would get:
1 point
(A) full commission.
(B) 1 /3 commission.
(C) no commission,
(D) 1 /2 commission.
Clear selection
An owner wishes to list her property but does not want to pay a commission if she finds the buyer herself. She should negotiate which of the following?
1 point
(A) Open listing.
(B) Exclusive agency listing.
(C) Neither (A) nor (B).
(D) Either (A) or (B).
Clear selection
An unconfirmed oral listing is:
1 point
(A) unlawful.
(B) unenforceable.
(C) a violation of the statute of limitations.
(D) usually submitted to the MLS.
Clear selection
Which of the following statements is true?
1 point
(A) A definite termination date must be provided in all exclusive listings.
(B) The term “Multiple Listing” is the listing of property with a number of different brokers.
(C) There is only one type of exclusive listing.
(D) To be enforceable the listing must be signed by the buyer.
Clear selection
In a typical real estate transaction, the buyer’s agent is:
1 point
(A) the listing broker.
(B) the participating broker.
(C) the listing broker and selling broker.
(D) neither broker.
Clear selection
A listing given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing. 11-289
1 point
Exclusive Agency
Net Listing
Open Listing
Commission
Clear selection
A listing that provides that the agent may retain all sums received over and above a net price to the owner as compensation for his services. A prohibited practice in New Jersey. 11-290
1 point
Exclusive Agency
Commission
Net Listing
Open Listing
Clear selection
A written instrument giving one agent the right to sell property for a specified time, but reserving the right of the owner to sell the property himself without the payment of a commission. 11-289
1 point
Net Listing
Open Listing
Exclusive Agency
Exclusive Right to Sell Listing
Clear selection
An agent's compensation for performance of the duties of his agency; in real estate practice, a percentage of the selling price of the property, or percentage of rentals, etc. 11-289
1 point
Net Listing
Open Listing
Exclusive Agency
Commission
Clear selection
A written agreement between owner and agent giving the agent the right to collect a commission if the property is sold by anyone during the term of the agreement. 11-289
1 point
Net Listing
Exclusive Agency
Exclusive Right to Sell Listing
Open Listing
Clear selection
An arrangement among brokers whereby they share their listings. 11-290
1 point
Multiple Listing Service (MLS)
Net Listing
Exclusive Right to Sell Listing
Open Listing
Clear selection
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