Listing Agreements: Main Features and Parties
52 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What type of service agreement may involve granting a single broker the exclusive right to sell a property?

  • Open listing
  • Exclusive right-to-sell (correct)
  • Net listing
  • Exclusive agency

    • In a net listing, who receives all sale proceeds above the minimum price?

  • Buyer
  • Owner
  • Procuring cause
  • Broker (correct)

    • What type of agreement creates a fiduciary relationship between a buyer and their representative?

  • Buyer agency agreement (correct)
  • Multiple listing agreement
  • Exclusive agency agreement
  • Open listing agreement

    • Who can agents delegate their duties to according to the text provided?

    <p>Other agents or brokers</p> Signup and view all the answers

    What might incur liability for commission or damages when revoking a listing?

    <p>Revocation during the period</p> Signup and view all the answers

    Which type of agreement must contain an expiration date and other valid listing requirements?

    <p>Buyer agency agreement</p> Signup and view all the answers

    What is discouraged and may even be illegal in real estate transactions?

    <p>Net listings</p> Signup and view all the answers

    Who is owed commission in case of a dispute among agents based on procuring cause?

    <p>'Procuring cause' agent</p> Signup and view all the answers

    'Limited services agreements' in real estate require licensees to disclose that they are acting as what type of representative?

    <p>'Limited service' representative</p> Signup and view all the answers

    What are the main features of a listing agreement?

    <p>Defines the responsibilities of the broker and client</p> Signup and view all the answers

    Who acts as a fiduciary for the listing broker's client?

    <p>Subagent</p> Signup and view all the answers

    What are the fiduciary duties imposed on the agent towards the client?

    <p>Fidelity, obedience, transparency, prudence, diligence, and accountability</p> Signup and view all the answers

    What is the type of agency agreement where the broker is prohibited from contracting for the client without explicit authorization?

    <p>Limited agency agreement</p> Signup and view all the answers

    In which type of contract are oral listings considered valid and enforceable?

    <p>Unilateral contract</p> Signup and view all the answers

    What is the salesperson's role in relation to the broker?

    <p>Subagent of the client</p> Signup and view all the answers

    Which party is responsible for actions performed by brokers within their scope of authority?

    <p>Customer</p> Signup and view all the answers

    What are the fiduciary duties imposed on the agent towards the client?

    <p>Fidelity, care, disclosure, accountability</p> Signup and view all the answers

    In a limited agency agreement, what is the broker prohibited from doing without explicit authorization?

    <p>Contracting for the client</p> Signup and view all the answers

    What defines the responsibilities of each party involved in a listing agreement?

    <p>The fiduciary duties</p> Signup and view all the answers

    What is the primary distinction between a client and a customer in a real estate transaction?

    <p>Fiduciary relationship with the agent</p> Signup and view all the answers

    In what capacity does a salesperson act in relation to the broker?

    <p>Subagent and fiduciary</p> Signup and view all the answers

    What type of contract must be written to be enforceable in some states for listings?

    <p>'Exclusive' listing contracts</p> Signup and view all the answers

    What type of service contract is not assignable according to the text provided?

    <p>'Exclusive' listing agreements</p> Signup and view all the answers

    Which party in a real estate transaction is considered a non-fiduciary principal?

    <p>'Customer'</p> Signup and view all the answers

    What is the basis for agent compensation in real estate transactions?

    <p>'Commissions' as per schedule after splits with cooperating brokers</p> Signup and view all the answers

    What type of agreement defines a legal relationship where a salesperson acts as an agent and fiduciary for the broker?

    <p>'Limited' agency agreement</p> Signup and view all the answers

    What type of service agreement is discouraged and may even be illegal in real estate transactions?

    <p>Net listing</p> Signup and view all the answers

    Which type of agency agreement involves granting a single broker the exclusive right to sell a property?

    <p>Exclusive right-to-sell</p> Signup and view all the answers

    When revoking a listing, what might incur liability for commission or damages?

    <p>Renting the property before revocation</p> Signup and view all the answers

    In real estate, which party negotiates compensation with the principal?

    <p>Agent</p> Signup and view all the answers

    What type of listing allows the procuring cause to receive a commission, but not if the client secures a customer?

    <p>Open listing</p> Signup and view all the answers

    Which type of agreement requires licensees to disclose that they are acting as a limited service representative?

    <p>Limited services agreement</p> Signup and view all the answers

    What type of agreement creates a fiduciary relationship between a buyer and their representative?

    <p>Buyer agency agreement</p> Signup and view all the answers

    What happens in exclusive agency agreements in real estate?

    <p>Broker receives commission if property is sold during the period</p> Signup and view all the answers

    What is the role of salespeople and other brokers according to the text provided?

    <p>To perform only tasks authorized by the agent and verify owner and property data</p> Signup and view all the answers

    How is compensation handled in case of a dispute among agents based on procuring cause?

    <p>It is owed to the agent with the procuring cause based on results obtained from finding a customer</p> Signup and view all the answers

    What does a listing agreement establish between the broker and client?

    <p>Unique agency relationship</p> Signup and view all the answers

    Who acts as a fiduciary for the listing broker's client?

    <p>Subagent</p> Signup and view all the answers

    What are the fiduciary duties imposed on the agent towards the client in real estate transactions?

    <p>Transparency, prudence, diligence</p> Signup and view all the answers

    In real estate, what type of contract must be written to be enforced in some states?

    <p>Exclusive contract</p> Signup and view all the answers

    Who is responsible for actions performed by brokers within their scope of authority?

    <p>Seller</p> Signup and view all the answers

    What is the legal relationship between a salesperson and a broker in real estate transactions?

    <p>Subagent and fiduciary</p> Signup and view all the answers

    What type of agent is a salesperson in relation to the client?

    <p>'Subagent of the client'</p> Signup and view all the answers

    What is the primary basis for agent compensation in real estate transactions?

    <p>'Commission split'</p> Signup and view all the answers

    What type of contract prohibits brokers from contracting for the client without explicit authorization?

    <p>'Limited agency agreement'</p> Signup and view all the answers

    What role does a subagent play in a real estate transaction?

    <p>Acts as an agent for the listing broker</p> Signup and view all the answers

    What is the primary purpose of an exclusive right-to-sell service agreement in real estate?

    <p>To ensure a single broker receives a commission upon the sale of the property</p> Signup and view all the answers

    In a net listing agreement, who receives the sale proceeds above the minimum price?

    <p>The broker handling the sale</p> Signup and view all the answers

    Which type of service agreement in real estate is discouraged and may even be illegal?

    <p>Net listing agreement</p> Signup and view all the answers

    What type of contract must contain an expiration date and be in writing to be enforceable for listings in some states?

    <p>Exclusive right-to-sell agreement</p> Signup and view all the answers

    What is the essential characteristic of an open listing service agreement in real estate?

    <p>It allows multiple brokers to compete to sell the property</p> Signup and view all the answers

    What is the distinguishing feature of a limited services agreement in real estate transactions?

    <p>It discloses that licensees are acting as limited service representatives</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser