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Terms in this set (24)
What document is a legally binding contract that creates an agency relationship authorizing a broker to serve as their agent for a principal in a real estate transaction?
What's the major difference between an exclusive right-to-sell listing and an exclusive agency listing?
With exclusive right-to-sell, the broker has the exclusive right to market the property and receive a commission, regardless of who procures the buyer. With exclusive agency, the owner retains the right to find a buyer and sell the property without owing the exclusive broker a commission.
What's an important thing to remember about the enforceability of listing agreements?
They must be in writing to be enforceable.
What are some internet sites that showcase groups of listings by region or state?
What does "effecting a completed transaction" mean?
Finding a customer who is not only ready, willing, and able, but one who makes an acceptable offer.
A listing agreement may terminate in many ways. List and define those ways.
Performance. All parties perform; the intended outcome.Infeasibility. It's not possible to perform under the terms of the agreement.Mutual agreement. Both parties agree to cancel the listing.Revocation. Either party cancels the listing, with or without the right.Abandonment. The broker does not attempt to perform.Breach. The terms of the listing are violated.Lapse of time. The listing expires.Invalidity of contract. The listing does not meet the criteria for validity.Incapacitation or death of either party.Involuntary title transfer. Condemnation, bankruptcy, foreclosure.Destruction of the property.
What's the most desirable way to terminate a listing?
By fulfillment of the contract
What form states how the agent will be compensated?
Buyer Tenant Representation Agreement
What is not required by the Information About Brokerage Services (IABS) form, which explains in general terms the positions of seller representation, sub-agency, buyer representation, and the intermediary position?
Any signatures, dates, or licensee names
What section of the listing agreement outlines the broker's rights to a commission if the seller later sells the property to one of the broker's prospects after the contract expires?
In what section of the listing agreement does the seller agree to hold the broker harmless for any personal injury to any person or any loss or damage to the property?
Limitation of Liability - Paragraph 14
In a listing agreement, what does the paragraph about Seller's Representations talk about?
The seller certifies that there are no known defects or adverse claims that exist on the property and the seller has the legal right to convey the property.
What's the name of the addendum to the exclusive right-to-sell agreement that makes it an exclusive agency listing?
Exclusive Agency Addendum to Listing
Which of the following is required by law before parties may enter a real estate agency contract?
Both Legal Consent and Legal Capacity
None of the options
Both Legal Consent and Legal Capacity
What is required if a property is subject to a private transfer fee?
The property code requires the seller to notify the buyer in writing of the obligation to pay such fees.
Home sellers or real estate agents must give home buyers or lessors a copy of what EPA publication?
Protect Your Family From Lead in Your Home
If the seller fails to provide the buyer with a signed statutory notice relating to the tax rate, bonded indebtedness, or standby fee of the district prior to final execution of the contract, the seller may owe ______________________.
$5,000 in damages after closing
In which section of a disclosure form do the buyers check a box indicating they waive their right to conduct a risk assessment?
A seller's disclosure notice is not required for which of the following transfers?
Sale of new residence if the residence has never been lived in prior to the sale.
Which statement best defines a multiple listing service (MLS)?
An organization of brokers within a specified geographical area who agree to distribute and share listing information
Which document should the buyer sign to protect against unknown mandatory membership fees in a property owners association?
TREC Form 36-8 - Addendum for Property Subject to Mandatory Membership in a Property Owners Association
In order for a person to qualify as an excluded prospect,
the owner must provide the name, address and phone number of those prospects in writing to the broker.
Who is required to complete a Seller's Disclosure of Property Conditions?
To what types of properties do lead-based paint disclosures apply?
Properties built prior to 1978
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