A verbal agreement to pay a commission if a buyer is found for the property is known as:
an invalid listing.
an exclusive right listing.
an open listing.
an exclusive agency listing.
What is the purpose of the Contingent Upon Sale Addendum?
To add a condition to the Residential Purchase and Sale Agreement that requires an additional property of the Seller’s to be sold
To condition a separate transaction on the success of the current transaction
To add a condition to the Residential Purchase and Sale Agreement that requires the Buyer’s current property to be sold
To condition commission payment on a successful sale
If price of a buyer’s desired property is included in the Broker Representative Agreement, it should be:
A range that the agent deems appropriate
A narrow range that meets the buyer’s wants or qualifications
A broad range that meets the buyer’s wants or qualifications
An exact amount that meets the buyer’s wants or qualifications
Which of the following is NOT a requirement of a provision for an exclusive agency representation?
Not contain a provision that requires the client to notify the broker of their intention to cancel exclusivity if the agreement is terminated
Be orally agreed to by both the client and the broker
Be signed by both the client and the broker or their authorized representatives
Have in its terms a definite, specified, and complete termination
If the Buyer’s Due Diligence condition exists in a Residential Purchase and Sale Agreement, what is the Buyer required to do?
Make all potential issues involving the transaction known in writing
Ensure that the sale goes through by using due diligence
Have due diligence in all future negotiations or transactions
Inspect the property to ensure that they are satisfied with the condition and have no issues
An agent representing both the buyer and the seller in a real estate transaction may do all of the following EXCEPT:
collect the full commission offered in the listing agreement.
refuse to disclose to the seller that the buyer is willing to pay more than the offered price.
advise and assist the buyer in price negotiations.
refuse to disclose to the buyer that the seller will accept a lower price than the listed price.
