WRA Chapter 3 Quiz with verified solutions | Already Passed

What authority does a listing licensee have under the WB-1? Sign the listing on the listing firm's behalf. Whose employment terms are governed by a listing agreement? The listing firm. What must a valid listing contract include? A description of the property. Which statement is true of the extension of the listing provision in the WB-1 Residential Listing Contract? Buyers who negotiate directly with sellers are automatically protected buyers for the listing firm. A home is listed for $100,000 and sells for $90,000. If the firm's commission is 7% of the sale price, what did the firm earn on this transaction? 6,300. Over the past year, a seller has paid $850 in condominium association fees of which $600 has been used. According to the listing contract, what happens to the surplus at closing? It stays with the association