Chapter 8 superior quiz with complete solutions

Chapter 8 superior quiz with complete solutions A valid listing agreement may be terminated for any of the following reasons, EXCEPT: - sale of the property - expiration of the individual listing agent's license - agreement of the parties - destruction of the premises -Answer-expiration of the individual listing agent's license According to North Carolina Real Estate Commission Rules, all of the following are required to be part of a listing agreement, EXCEPT: - signature of all parties - the licensee's license number - a definite termination date - an automatic renewal clause -Answer-an automatic renewal clause By entering into an exclusive agency listing agreement with a seller, a real estate brokerage firm: - is not entitled to receive a commission if another agency finds a buyer for the property - has become the seller's designated agent - has become the exclusive agent of the seller, but is not entitled to receive a commission if the seller finds a buyer for the property - has agreed to renegotiate the commission with the seller should another agency offer a lower commission rate -Answer-has become the exclusive agent of the seller, but is not entitled to receive a commission if the seller finds a buyer for the property. If a seller needs to net $50,000 after the sale of a property, what is the minimum acceptable sales price if the selling expenses include a 7% commission and $1,200 in additional expenses? - Answer-$55,053.76 A property owner lists a property for sale with a broker. The owner told the broker during the listing negotiations that he wanted $138,000 for the property, and anything above that amount the broker could keep as commission. The listing with this type of provision is known as: - gross listing - net listing - open listing - nonexclusive listing -Answer-Net listing The fact that the NC listing agreement and buyer agency agreement must be in writing is required by: - Statute of Frauds - Commission Rule - Conner Act - Contract law -Answer-Commission Rule A licensee has just discovered a roofing leak in one of his current listings even though the seller has indicated "no representation" on the Residential Property Disclosure Statement. The listing agent does not inform the selling agent of the defect and since the defect, is hidden, the selling agent does not discover or disclose the problem to the buyer. According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? - the listing agent - the listing agent and the buyer's agent - the seller and the listing agent - the seller -Answer-The listing agent Ricardo is showing the buyer a house in the capacity of seller sub-agent. Prior to being shown any house, the buyer indicates to Ricardo that it is essential he have a fence erected around the backyard of any house he purchases. Ricardo finds th