52 Questions
What type of service agreement may involve granting a single broker the exclusive right to sell a property?
Exclusive right-to-sell
In a net listing, who receives all sale proceeds above the minimum price?
Broker
What type of agreement creates a fiduciary relationship between a buyer and their representative?
Buyer agency agreement
Who can agents delegate their duties to according to the text provided?
Other agents or brokers
What might incur liability for commission or damages when revoking a listing?
Revocation during the period
Which type of agreement must contain an expiration date and other valid listing requirements?
Buyer agency agreement
What is discouraged and may even be illegal in real estate transactions?
Net listings
Who is owed commission in case of a dispute among agents based on procuring cause?
'Procuring cause' agent
'Limited services agreements' in real estate require licensees to disclose that they are acting as what type of representative?
'Limited service' representative
What are the main features of a listing agreement?
Defines the responsibilities of the broker and client
Who acts as a fiduciary for the listing broker's client?
Subagent
What are the fiduciary duties imposed on the agent towards the client?
Fidelity, obedience, transparency, prudence, diligence, and accountability
What is the type of agency agreement where the broker is prohibited from contracting for the client without explicit authorization?
Limited agency agreement
In which type of contract are oral listings considered valid and enforceable?
Unilateral contract
What is the salesperson's role in relation to the broker?
Subagent of the client
Which party is responsible for actions performed by brokers within their scope of authority?
Customer
What are the fiduciary duties imposed on the agent towards the client?
Fidelity, care, disclosure, accountability
In a limited agency agreement, what is the broker prohibited from doing without explicit authorization?
Contracting for the client
What defines the responsibilities of each party involved in a listing agreement?
The fiduciary duties
What is the primary distinction between a client and a customer in a real estate transaction?
Fiduciary relationship with the agent
In what capacity does a salesperson act in relation to the broker?
Subagent and fiduciary
What type of contract must be written to be enforceable in some states for listings?
'Exclusive' listing contracts
What type of service contract is not assignable according to the text provided?
'Exclusive' listing agreements
Which party in a real estate transaction is considered a non-fiduciary principal?
'Customer'
What is the basis for agent compensation in real estate transactions?
'Commissions' as per schedule after splits with cooperating brokers
What type of agreement defines a legal relationship where a salesperson acts as an agent and fiduciary for the broker?
'Limited' agency agreement
What type of service agreement is discouraged and may even be illegal in real estate transactions?
Net listing
Which type of agency agreement involves granting a single broker the exclusive right to sell a property?
Exclusive right-to-sell
When revoking a listing, what might incur liability for commission or damages?
Renting the property before revocation
In real estate, which party negotiates compensation with the principal?
Agent
What type of listing allows the procuring cause to receive a commission, but not if the client secures a customer?
Open listing
Which type of agreement requires licensees to disclose that they are acting as a limited service representative?
Limited services agreement
What type of agreement creates a fiduciary relationship between a buyer and their representative?
Buyer agency agreement
What happens in exclusive agency agreements in real estate?
Broker receives commission if property is sold during the period
What is the role of salespeople and other brokers according to the text provided?
To perform only tasks authorized by the agent and verify owner and property data
How is compensation handled in case of a dispute among agents based on procuring cause?
It is owed to the agent with the procuring cause based on results obtained from finding a customer
What does a listing agreement establish between the broker and client?
Unique agency relationship
Who acts as a fiduciary for the listing broker's client?
Subagent
What are the fiduciary duties imposed on the agent towards the client in real estate transactions?
Transparency, prudence, diligence
In real estate, what type of contract must be written to be enforced in some states?
Exclusive contract
Who is responsible for actions performed by brokers within their scope of authority?
Seller
What is the legal relationship between a salesperson and a broker in real estate transactions?
Subagent and fiduciary
What type of agent is a salesperson in relation to the client?
'Subagent of the client'
What is the primary basis for agent compensation in real estate transactions?
'Commission split'
What type of contract prohibits brokers from contracting for the client without explicit authorization?
'Limited agency agreement'
What role does a subagent play in a real estate transaction?
Acts as an agent for the listing broker
What is the primary purpose of an exclusive right-to-sell service agreement in real estate?
To ensure a single broker receives a commission upon the sale of the property
In a net listing agreement, who receives the sale proceeds above the minimum price?
The broker handling the sale
Which type of service agreement in real estate is discouraged and may even be illegal?
Net listing agreement
What type of contract must contain an expiration date and be in writing to be enforceable for listings in some states?
Exclusive right-to-sell agreement
What is the essential characteristic of an open listing service agreement in real estate?
It allows multiple brokers to compete to sell the property
What is the distinguishing feature of a limited services agreement in real estate transactions?
It discloses that licensees are acting as limited service representatives
Learn about the main features and parties involved in listing agreements, including the legally binding nature of the agreement, unique agency relationships, responsibilities, fiduciary duties, and the scope of authority for agents.
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