40 Questions
What type of service agreement is granted to a single broker and requires a written contract with an expiration date?
Exclusive right-to-sell
In a net listing agreement, what happens with the sale proceeds?
All proceeds above a minimum price go to the broker
What must be included in a limited services agreement?
Licensee acting as a limited service representative and providing services as listed
Which party negotiates compensation in real estate transactions?
Agent and seller
What are some causes for termination of agreements in real estate transactions?
Performance, Incapacitation, Destruction of property
In an open listing agreement, who receives the commission?
Procuring cause
What do buyer agency agreements create between the buyer and representative?
Fiduciary relationship
What power do clients hold in terms of revoking listings?
'Revocation during period' power
In the context of agent performance, what tasks are agents allowed to delegate?
'Authorized' tasks and duties to salespeople and brokers
Which type of listing is discouraged and may even be illegal due to its structure?
Net listing
What is a main feature of listing agreements?
Establishing a fiduciary relationship
Who acts as a fiduciary for the listing broker's client?
Subagent
What are the responsibilities of a salesperson in the broker-agent relationship?
Fiduciary of the client
In which type of agreement is the broker prohibited from contracting for the client without explicit authorization?
Limited agency agreement
Which party in a transaction is a non-fiduciary principal?
Customer
What kind of listings must be written to be enforced in some states?
Exclusive listings
Which party is responsible for actions performed by brokers within their scope of authority?
Customer
What kind of contract is an oral listing?
Valid and enforceable
What is the employment status of a salesperson in the broker-agent relationship?
Client's subagent
How are commissions paid to agents typically structured?
As per schedule after splits with cooperating brokers
What are the main features of listing agreements?
Imposes fiduciary duties on the agent
What type of relationship does a listing broker have with either buyer or seller clients?
Fiduciary
What are the obligations of a client in a fiduciary relationship?
Transparency and accountability
What is the status of a salesperson in the broker-agent relationship?
Subagent of the client
What type of contract is an oral listing according to the text?
Invalid and unenforceable
In a limited agency agreement, what is the broker prohibited from doing without explicit authorization?
Contracting for the client
What does a subagent do in the context of a real estate transaction?
Acts as a fiduciary for either buyer or seller clients
What type of duties does a customer have in a transaction?
Care and honesty
What are the scope of authority for the agent according to the text?
Limited by explicit authorization
What do clients become responsible for?
Only actions within their scope of authority
What type of service agreement is granted to a single broker and requires a written contract with an expiration date?
Exclusive right-to-sell
In a net listing, what happens with the sale proceeds?
All proceeds above a minimum price go to the broker
Which type of listing is discouraged and may even be illegal due to its structure?
Net listing
What power do clients hold in terms of revoking listings?
Revocation may incur liability for commission or damages
In which type of agreement is the broker prohibited from contracting for the client without explicit authorization?
Limited services agreement
What must be included in a limited services agreement?
Statement that licensee is acting as a limited service representative
What is the primary responsibility of an agent when it comes to verifying data?
Verifying owner and property data
Which party negotiates compensation in real estate transactions?
Listing agent
In which type of service agreement is the broker granted exclusive rights but the owner can also sell without commission obligation?
Exclusive agency
What type of agency agreement creates a fiduciary relationship between the buyer and representative?
Buyer agency agreement
Learn about the main features of listing agreements, which are legally binding agreements between brokers and clients. Explore the different parties involved, their roles and responsibilities, and the unique agency relationships established. Understand the fiduciary duties imposed on agents and the scope of authority specified in these agreements.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
