Study Listing Agreements Flash Cards

 
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Listing Agreements

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Which is a similarity between an exclusive-agency listing and an exclusive-right-to-sell listing?
Both employ one broker only
A listing contract contains the terms of MLS information, the date of possession, and the
Protection period
A seller wants to get $90,000 from the sale of the property. The broker sells the property for $110,000, making a $20,000 commission. This is an example of a
net listing
A homeowner gives open listings to three brokers. The brokers
each have the opportunity to earn the whole commission
Which ultimately decides the listing price of the property?
seller
If a disclosure notice regarding membership in a homeowners' association is NOT given before the effective date of the contract, the buyer may terminate the contract by showing just cause within the earlier of seven days after receiving the notice or the date of closing? T/F?
T
The amount of commission is determined by
negotiation by the seller and broker
With what kind of listing does the seller employ only one broker?
Exclusive agency
Sellers and landlords must disclose to buyers and tenants any knowledge of lead-based paint in properties built prior to
1978
The parties to the listing contract are the
Seller and buyer
Items, such as a free-standing refrigerator or gardening tools, that the seller agrees to leave with the real estate are personal property and should be included in the listing contract T/F?
T
A listing contract is
A contract of employment
If property being sold is located within a municipal utility district, the seller must give the buyer a statutory notice relating to the bonded indebtedness and the tax rate of the district T/F?
T
The commission goes to the listing broker no matter who sells the property in a
Exclusive Right-To-Sell Listing
In what kind of listing is information shared with other brokers?
Multiple
If the Seller's Disclosure Notice is NOT given prior to the execution of the contract, the purchaser may, within seven days after receiving the notice, terminate the contract
for any reason
If a seller of vacant land does NOT include in the contract a disclosure notice regarding the possible liability of the purchaser for additional taxes, the responsibility for additional taxes and interest belongs to
The Seller
Death or incapacity of the broker who had taken the listing would terminate a listing contract T/F?
T
In an exclusive-right-to-sell listing, only one broker is specifically authorized to act as the exclusive agent of the seller, but the seller is NOT obligated to pay a commission to the broker unless the broker has been the procuring cause of the sale T/F?
F
Sellers of vacant land must include in the sales contract a Notice of Additional Tax Liability that warns of the purchaser's possible liability for additional taxes T/F?
T
A net listing is a listing agreement in which the broker's commission, or net profit, is determined when the listing is taken T/F?
F
A listing contract contains the names and signatures of the buyer and seller as well as the listing price of the property T/F?
F
It is NOT necessary to gather a lot of information on a property when taking a listing—the important thing is to set up the listing and then acquire further information as you are able T/F?
F
If the seller fails to provide the notice, Addendum for Unimproved Property Located in a Certificated Service Area of a Utility Service Provider, the purchaser may terminate the contract and, in some cases, sue the seller for damages and reasonable attorney's fees T/F?
T
A buyer holds sole responsibility for determining and understanding the extent of all obligations related to membership in a property owners' association T/F?
F
Prior to executing a contract on property located in the Gulf Coast Counties, the seller must disclose the rate of shoreline erosion in the vicinity of the property
F
The broker can terminate the listing agreement by canceling it T/F?
T
Noncooperation of the seller can result in the termination of an agency relationship T/F?
T
Lead-based paint disclosures are NOT required on houses exclusively for the elderly or handicapped, unless there are children living there T/F?
T
It is a common courtesy for the seller to let potential buyers know about any problems the house has T/F?
F
In the case of a homestead property that is the separate property of one spouse, only the spouse owning the separate property needs to sign the listing contract T/F?
F
Verifiable written information supplied by others can be a broker's defense in a lawsuit involving the Texas Deceptive Trade Practices Act T/F?
T
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