Deck 12: Brokerage and Listing Contracts
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Deck 12: Brokerage and Listing Contracts
1
In determining the appropriate listing contract to be used, it is important to know whether a multiple listing service (MLS) will be employed. The MLS only accepts which of the following types of listing contracts?
A) Open listing
B) FSBO listing
C) Exclusive agency listing
D) Exclusive right of sale listing
A) Open listing
B) FSBO listing
C) Exclusive agency listing
D) Exclusive right of sale listing
D
2
As an agent for the buyer or seller, a broker has 6 basic fiduciary responsibilities. Which of the following definitions best describes the responsibility of "Obedience"?
A) Broker must follow the instructions of the principal to the limits of what is legal and ethical
B) Broker must keep principal informed of all changes in the financials of the negotiation
C) Broker must not convey information about principal's financial status or motivations
D) Broker must never subordinate the best interest of the principal to the interests of others, including himself/herself
A) Broker must follow the instructions of the principal to the limits of what is legal and ethical
B) Broker must keep principal informed of all changes in the financials of the negotiation
C) Broker must not convey information about principal's financial status or motivations
D) Broker must never subordinate the best interest of the principal to the interests of others, including himself/herself
A
3
State licensing laws generally prescribe two levels of real estate brokerage licensing: the broker license and the salesperson license. Which of the following responsibilities is an individual with a salesperson license permitted to do?
A) Own and operate a real estate brokerage business
B) Handle money in trust for clients
C) Negotiate listing contracts or contracts for sale
D) Complete legal documents used in sales and leases in their own name
A) Own and operate a real estate brokerage business
B) Handle money in trust for clients
C) Negotiate listing contracts or contracts for sale
D) Complete legal documents used in sales and leases in their own name
C
4
Blockbusting, which involves persuading an individual to sell her home by telling her that minority groups are moving into the neighborhood, is one form of discrimination in housing that is prohibited by which of the following acts of Congress?
A) Riegle Community Development and Regulatory Improvement Act
B) Secure and Fair Enforcement for Mortgage Licensing Act
C) Fair Housing Act (Title VIII of the Civil Rights Act)
D) Equal Credit Opportunity Act
A) Riegle Community Development and Regulatory Improvement Act
B) Secure and Fair Enforcement for Mortgage Licensing Act
C) Fair Housing Act (Title VIII of the Civil Rights Act)
D) Equal Credit Opportunity Act
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5
Real estate brokers serve as intermediaries by bringing buyers and sellers together in the real estate market. For this service, brokers are paid what is commonly referred to as a:
A) commission
B) licensing fee
C) recovery fee
D) listing fee
A) commission
B) licensing fee
C) recovery fee
D) listing fee
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6
According to the law of agency, real estate brokers are required to observe several duties as they act as an agent for an individual trying to buy or sell a property. Which of the following duties refers to a broker's obligation to be completely open and honest with the principal?
A) Disclosure
B) Confidentiality
C) Loyalty
D) Obedience
A) Disclosure
B) Confidentiality
C) Loyalty
D) Obedience
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7
In dual agency, conflicts of interest may arise since a single broker has both the listing contract with the seller and a buyer agency agreement with the purchaser. One way that states have attempted to deal with this issue is to develop a new type of brokerage relationship in which the broker assists the buyer and seller, but does not represent either party. This type of brokerage relationship is commonly referred to as:
A) unintended dual agency
B) universal agency
C) transaction brokerage
D) multiple listing
A) unintended dual agency
B) universal agency
C) transaction brokerage
D) multiple listing
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8
State licensing laws prescribe behavioral requirements with which licensees must comply to keep their licenses. Licensing laws generally seek to prevent brokers from partaking in all of the following activities EXCEPT:
A) Handling money in trust for clients
B) Taking kickbacks without the employer's knowledge
C) Offering the property at terms other than those specified by clients
D) Failure to submit all offers to the client
A) Handling money in trust for clients
B) Taking kickbacks without the employer's knowledge
C) Offering the property at terms other than those specified by clients
D) Failure to submit all offers to the client
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9
One of the traditional requirements for individuals who wish to obtain a brokerage license has been to demonstrate financial capacity to cover damage judgments brought against them by clients. In order to address this concern, some states have required licensees to first obtain:
A) Private mortgage insurance (PMI)
B) Errors and omission insurance
C) Deposit insurance
D) Hazard insurance
A) Private mortgage insurance (PMI)
B) Errors and omission insurance
C) Deposit insurance
D) Hazard insurance
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10
The importance of brokers in the real estate market is often overlooked. In the absence of a real estate broker, one would expect all of the following to be true EXCEPT:
A) The asking price would most likely be higher, on average, than in the case where a broker was involved because the seller is in total control of the sale
B) A seller would most likely rely on a "thinner" market (i.e. the seller has access to fewer prospective buyers)
C) It would be more difficult for an individual to buy a property
D) Buyers would be more inclined to negotiate prices downward by at least the value of a typical commission.
A) The asking price would most likely be higher, on average, than in the case where a broker was involved because the seller is in total control of the sale
B) A seller would most likely rely on a "thinner" market (i.e. the seller has access to fewer prospective buyers)
C) It would be more difficult for an individual to buy a property
D) Buyers would be more inclined to negotiate prices downward by at least the value of a typical commission.
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11
In acting as an agent for another person, the broker carries several special responsibilities, which by law must be adhered here to throughout the transaction process. These responsibilities constitute what is commonly referred to as a:
A) Subagency relationship
B) Dual agency relationship
C) Fiduciary relationship
D) Open listing relationship
A) Subagency relationship
B) Dual agency relationship
C) Fiduciary relationship
D) Open listing relationship
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12
Critical to any listing contract is the question of when the broker becomes entitled to a commission. Traditionally, the broker is still entitled to a commission in all of the following scenarios EXCEPT:
A) If the seller refuses to sell upon being presented with an offer meeting the original terms and conditions
B) If the seller cannot deliver the property for any reason due to his or her fault.
C) If both the buyer and seller sign a contract but then agree to cancel it.
D) If a contract is contingent upon the buyer obtaining financing and the buyer is unable to do so.
A) If the seller refuses to sell upon being presented with an offer meeting the original terms and conditions
B) If the seller cannot deliver the property for any reason due to his or her fault.
C) If both the buyer and seller sign a contract but then agree to cancel it.
D) If a contract is contingent upon the buyer obtaining financing and the buyer is unable to do so.
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13
Real estate brokers operate under the law of agency, which gives a broker the right to act for a principal in trying to buy or sell a property. In the basic principal-agent relationship of real estate brokerage, real estate brokers act in the capacity of a:
A) Universal agent
B) General agent
C) Special agent
D) Undercover agent
A) Universal agent
B) General agent
C) Special agent
D) Undercover agent
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14
It is common for real estate firms to identify submarkets, such as property types or particular sections of a city, in which they can specialize and concentrate their transaction activity. This practice is referred to as:
A) internet marketing
B) open listing
C) discount brokerage
D) market segmentation
A) internet marketing
B) open listing
C) discount brokerage
D) market segmentation
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15
Although the function of commercial brokerage is the same as that of residential brokerage, the activities of commercial brokers usually differ considerably from those of residential brokers due to fundamental differences in these two markets. All of the following statements regarding commercial brokerage are true EXCEPT:
A) Relative to residential transactions, commercial transactions tend to be larger
B) The parties in commercial mortgage transactions are typically less knowledgeable than those in residential transactions.
C) An important part of the commercial broker's service is to provide the prospective buyer with reports that enable him to complete due diligence for the property
D) Commercial brokers are often required to lower their commission in order to negotiate compromises between buyers and sellers when they reach an impasse over price.
A) Relative to residential transactions, commercial transactions tend to be larger
B) The parties in commercial mortgage transactions are typically less knowledgeable than those in residential transactions.
C) An important part of the commercial broker's service is to provide the prospective buyer with reports that enable him to complete due diligence for the property
D) Commercial brokers are often required to lower their commission in order to negotiate compromises between buyers and sellers when they reach an impasse over price.
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16
All 50 states have licensing laws that regulate persons and companies that engage in the brokerage business. Interpreting and enforcing state licensing laws falls under the responsibilities of which of the following parties?
A) Broker
B) Real estate commission
C) National Association of Realtors
D) Salesperson
A) Broker
B) Real estate commission
C) National Association of Realtors
D) Salesperson
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17
Modern real estate brokerage normally relies on a multiple listing service (MLS) through which brokers have access to each other's listings. Which of the following types of agency agreements is established with the use of a MLS?
A) Single agency agreement
B) Subagency agreement
C) Dual agency agreement
D) Designated agent agreement
A) Single agency agreement
B) Subagency agreement
C) Dual agency agreement
D) Designated agent agreement
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18
Federal and state laws prohibit discrimination in housing. However, exemptions do exist depending on the particular type of property that is being considered. All of the following activities could be considered exempt in specific scenarios EXCEPT:
A) Refusing to sell or rent to a person because of race.
B) Refusing to sell or rent based on familial status (i.e. having children).
C) Refusing to sell or rent to persons based on age.
D) Refusing to sell or rent a single-family home based on religion provided the owners do not employ the services of a broker or agent.
A) Refusing to sell or rent to a person because of race.
B) Refusing to sell or rent based on familial status (i.e. having children).
C) Refusing to sell or rent to persons based on age.
D) Refusing to sell or rent a single-family home based on religion provided the owners do not employ the services of a broker or agent.
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19
There are a number of different types of listing contracts that can be used when marketing a property. Which of the following types of listings requires the broker to be paid a commission if any other broker, or even the owner, sells the property during the contract period?
A) Open listing
B) Single listing
C) Exclusive agency listing
D) Exclusive right of sale listing
A) Open listing
B) Single listing
C) Exclusive agency listing
D) Exclusive right of sale listing
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20
The recent emergence of discount brokerage services has had a modest effect on the price of brokerage services. The average commission that a broker could expect to receive today would most likely range between:
A) 1-2%
B) 3-4%
C) 5-6%
D) 7-10%
A) 1-2%
B) 3-4%
C) 5-6%
D) 7-10%
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21
Amy is trying to decide whether or not it would be beneficial to employ the services of a real estate broker in order to facilitate the sale of her home. She has estimated that the marketing costs and opportunity cost associated with time spent dealing with prospective buyers amounts to $5,000. If Amy were to sell the house on her own for $200,000, but a broker would have been able to negotiate a higher price of $206,350, what commission rate should Amy have been willing to accept from a real estate broker to make her indifferent between selling the house on her own and hiring a real estate broker?
A) 2.4%
B) 3.1%
C) 5.0%
D) 5.5%
A) 2.4%
B) 3.1%
C) 5.0%
D) 5.5%
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22
There are a number of different types of listing contracts that can be used when marketing a property. Which of the following types of listings requires the broker to be paid a commission if anyone, other than the owner, sells the property during the contract period?
A) Open listing
B) FSBO listing
C) Exclusive agency listing
D) Exclusive right of sale listing
A) Open listing
B) FSBO listing
C) Exclusive agency listing
D) Exclusive right of sale listing
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23
Suppose that a recent purchase of a residential home has been facilitated equally by a listing agent and a buyer broker. Based on your understanding of how commissions are determined, which of the following scenarios best describes who would be entitled a commission upon sale of the property (Note: For simplicity, you can assume the seller did not procure the buyer on their own)?
A) Only the listing broker
B) Only the buyer broker
C) Both the listing broker and the buyer broker
D) Neither the listing broker nor the buyer broker
A) Only the listing broker
B) Only the buyer broker
C) Both the listing broker and the buyer broker
D) Neither the listing broker nor the buyer broker
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24
Which of the following duties refers to a broker's obligation to never subordinate the best interest of their principal to the interests of others?
A) Disclosure
B) Confidentiality
C) Loyalty
D) Obedience
A) Disclosure
B) Confidentiality
C) Loyalty
D) Obedience
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25
Which of the following duties refers to a broker's obligation to represent the interests of their principals to the best of their ability in the same way they would represent themselves, acquiring and applying the necessary knowledge and information about relevant laws and regulations, the market, and subject property?
A) Disclosure
B) Accounting
C) Loyalty
D) Skill and care
A) Disclosure
B) Accounting
C) Loyalty
D) Skill and care
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26
Christopher has hired a real estate broker to help facilitate the sale of his home. Realizing that Christopher is most likely going to realize a loss on his investment due to the recent decline in housing values in his neighborhood, the broker has agreed to charge Christopher a lower commission rate as long as Christopher enters into an exclusive right of sale listing contract. If Christopher ends up selling his house for $364,583 and takes home $350,000 after paying the real estate broker's commission, what was the commission rate that the broker ended up charging?
A) 4.0%
B) 4.2%
C) 8.0%
D) 14.6%
A) 4.0%
B) 4.2%
C) 8.0%
D) 14.6%
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27
Which of the following duties refers to a broker's obligation to keep the principal informed about financial aspects of their assignment?
A) Disclosure
B) Accounting
C) Loyalty
D) Skill and care
A) Disclosure
B) Accounting
C) Loyalty
D) Skill and care
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28
There are three basic types of listing contracts. These include all of the following EXCEPT:
A) Open-listing
B) Exclusive agency listing
C) Exclusive right of sale listing
D) Multiple listing
A) Open-listing
B) Exclusive agency listing
C) Exclusive right of sale listing
D) Multiple listing
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29
Jonathan recently sold his home and was able to take home $423,000 after paying the real estate broker's commission of 6%. If the buyer was ultimately found through a buyer broker, the dollar commission will need to be split between the listing broker and buyer broker. If the buyer broker is entitled to 40% of the commission, what is her share of the commission rounded to the nearest dollar?
A) $10,800
B) $13,500
C) $16,200
D) $27,000
A) $10,800
B) $13,500
C) $16,200
D) $27,000
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30
In an open-listing contract, an individual broker is entitled to a commission if:
A) anyone, including the seller sells the property
B) anyone, excluding the seller sells the property
C) she procures the buyer of the property
D) she markets the property, but it does not sell
A) anyone, including the seller sells the property
B) anyone, excluding the seller sells the property
C) she procures the buyer of the property
D) she markets the property, but it does not sell
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31
Jim has hired a real estate broker to help facilitate the sale of his home. If the broker requires a commission of 6%, how much will Jim clear from the sale (after the commission has been paid) if he is able to sell his house for $478,723 (Assume that Jim has already paid off his mortgage)?
A) $424,528
B) $450,000
C) $478,723
D) $507,446
A) $424,528
B) $450,000
C) $478,723
D) $507,446
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32
Suppose you are interested in selling your home and would like to clear a net value of $300,000. If you have agreed to pay your broker a commission of 5.5% (no matter who ultimately is responsible for finding the buyer), what price must you sell the home for in order to meet your net profit (rounded to the nearest dollar)?
A) $282,540
B) $300,000
C) $316,500
D) $317,460
A) $282,540
B) $300,000
C) $316,500
D) $317,460
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