National Pearson VUE Real Estate Exam Prep with Complete Solutions

A broker lists a property and begins marketing it. The seller sells the property to a neighbor and upon closing pays the broker a full commission. What type of listing agreement did the brokerage firm have with the seller? A) Exclusive agency B) Exclusive agency with a "seller may not sell" contingency C) Open D) Exclusive right to sell - ANSWER-Exclusive right to sell Only in an exclusive right-to-sell listing will the broker still get paid even if someone else sells the property. The document used to establish the duties of both the property manager and the property owner is known as a - ANSWER-management contract. This document establishes the obligations of the property manager to manage the property. An exclusive right-to-lease contract gives a brokerage firm the right to lease the property, a lease agreement is what is signed between the tenant and property manager. A radioactive material that is often found in homes and is known to cause lung cancer is - ANSWER-radon. Radon, which is released from the ground, can settle into basements and crawl spaces. An example of a physical characteristic is - ANSWER-immobile Land characteristics are immobile—they cannot be moved, are indestructible, and are nonhomogeneous. Land does not have liquidity, known also as a liquid asset. Which of the following is TRUE about the federal lead-based paint law? - ANSWER-It requires the listing broker to give the disclosure to the buyer. The answer is it gives the buyer the option to waive the lead-based paint inspection. The lead-based paint disclosure is the seller's obligation, not the broker's; the seller does not need to inspect, test, or remove lead-based paint. Brokers are obligated to make sure the parties are in compliance. A contract with someone who has been declared incompetent by a court is - ANSWER-void.