Listing Agreements: Main Features and Parties

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What type of service agreement is granted to a single broker and requires a written contract with an expiration date?

Open listing

Net listing

Exclusive right-to-sell (correct)

Exclusive agency

In a net listing agreement, what happens with the sale proceeds?

All proceeds are shared equally between the owner and the broker

All proceeds go to the owner

All proceeds above a minimum price go to the broker (correct)

All proceeds go to the MLS

What must be included in a limited services agreement?

Licensee acting as a limited service representative and providing services as listed (correct)

Agreement must not be in writing

Services not listed in the agreement

Licensee acting as a full-service representative

Which party negotiates compensation in real estate transactions?

Agent and seller Signup and view all the answers

What are some causes for termination of agreements in real estate transactions?

Performance, Incapacitation, Destruction of property Signup and view all the answers

In an open listing agreement, who receives the commission?

Procuring cause Signup and view all the answers

What do buyer agency agreements create between the buyer and representative?

Fiduciary relationship Signup and view all the answers

What power do clients hold in terms of revoking listings?

'Revocation during period' power Signup and view all the answers

In the context of agent performance, what tasks are agents allowed to delegate?

'Authorized' tasks and duties to salespeople and brokers Signup and view all the answers

Which type of listing is discouraged and may even be illegal due to its structure?

Net listing Signup and view all the answers

What is a main feature of listing agreements?

Establishing a fiduciary relationship Signup and view all the answers

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

Subagent Signup and view all the answers

What are the responsibilities of a salesperson in the broker-agent relationship?

Fiduciary of the client Signup and view all the answers

In which type of agreement is the broker prohibited from contracting for the client without explicit authorization?

Limited agency agreement Signup and view all the answers

Which party in a transaction is a non-fiduciary principal?

Customer Signup and view all the answers

What kind of listings must be written to be enforced in some states?

Exclusive listings Signup and view all the answers

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

Customer Signup and view all the answers

What kind of contract is an oral listing?

Valid and enforceable Signup and view all the answers

What is the employment status of a salesperson in the broker-agent relationship?

Client's subagent Signup and view all the answers

How are commissions paid to agents typically structured?

As per schedule after splits with cooperating brokers Signup and view all the answers

What are the main features of listing agreements?

Imposes fiduciary duties on the agent Signup and view all the answers

What type of relationship does a listing broker have with either buyer or seller clients?

Fiduciary Signup and view all the answers

What are the obligations of a client in a fiduciary relationship?

Transparency and accountability Signup and view all the answers

What is the status of a salesperson in the broker-agent relationship?

Subagent of the client Signup and view all the answers

What type of contract is an oral listing according to the text?

Invalid and unenforceable Signup and view all the answers

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

Contracting for the client Signup and view all the answers

What does a subagent do in the context of a real estate transaction?

Acts as a fiduciary for either buyer or seller clients Signup and view all the answers

What type of duties does a customer have in a transaction?

Care and honesty Signup and view all the answers

What are the scope of authority for the agent according to the text?

Limited by explicit authorization Signup and view all the answers

What do clients become responsible for?

Only actions within their scope of authority Signup and view all the answers

What type of service agreement is granted to a single broker and requires a written contract with an expiration date?

Exclusive right-to-sell Signup and view all the answers

In a net listing, what happens with the sale proceeds?

All proceeds above a minimum price go to the broker Signup and view all the answers

Which type of listing is discouraged and may even be illegal due to its structure?

Net listing Signup and view all the answers

What power do clients hold in terms of revoking listings?

Revocation may incur liability for commission or damages Signup and view all the answers

In which type of agreement is the broker prohibited from contracting for the client without explicit authorization?

Limited services agreement Signup and view all the answers

What must be included in a limited services agreement?

Statement that licensee is acting as a limited service representative Signup and view all the answers

What is the primary responsibility of an agent when it comes to verifying data?

Verifying owner and property data Signup and view all the answers

Which party negotiates compensation in real estate transactions?

Listing agent Signup and view all the answers

In which type of service agreement is the broker granted exclusive rights but the owner can also sell without commission obligation?

Exclusive agency Signup and view all the answers

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

Buyer agency agreement Signup and view all the answers

Listing Agreements: Main Features and Parties

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Questions and Answers

What type of service agreement is granted to a single broker and requires a written contract with an expiration date?

In a net listing agreement, what happens with the sale proceeds?

What must be included in a limited services agreement?

Which party negotiates compensation in real estate transactions?

What are some causes for termination of agreements in real estate transactions?

In an open listing agreement, who receives the commission?

What do buyer agency agreements create between the buyer and representative?

What power do clients hold in terms of revoking listings?

In the context of agent performance, what tasks are agents allowed to delegate?

Which type of listing is discouraged and may even be illegal due to its structure?

What is a main feature of listing agreements?

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

What are the responsibilities of a salesperson in the broker-agent relationship?

In which type of agreement is the broker prohibited from contracting for the client without explicit authorization?

Which party in a transaction is a non-fiduciary principal?

What kind of listings must be written to be enforced in some states?

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

What kind of contract is an oral listing?

What is the employment status of a salesperson in the broker-agent relationship?

How are commissions paid to agents typically structured?

What are the main features of listing agreements?

What type of relationship does a listing broker have with either buyer or seller clients?

What are the obligations of a client in a fiduciary relationship?

What is the status of a salesperson in the broker-agent relationship?

What type of contract is an oral listing according to the text?

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

What does a subagent do in the context of a real estate transaction?

What type of duties does a customer have in a transaction?

What are the scope of authority for the agent according to the text?

What do clients become responsible for?

What type of service agreement is granted to a single broker and requires a written contract with an expiration date?

In a net listing, what happens with the sale proceeds?

Which type of listing is discouraged and may even be illegal due to its structure?

What power do clients hold in terms of revoking listings?

In which type of agreement is the broker prohibited from contracting for the client without explicit authorization?

What must be included in a limited services agreement?

What is the primary responsibility of an agent when it comes to verifying data?

Which party negotiates compensation in real estate transactions?

In which type of service agreement is the broker granted exclusive rights but the owner can also sell without commission obligation?

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

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