Comprehensive Study 1 Up to Date Content
Real estate brokerage Latest
Questions and Graded Answers
Sellers secure the services of a broker through a ______
Ans: listing agreement
buyers secure the services of a broker through a _________,
sometimes called a buyer representation agreement or a
buyer brokerage agreement
Ans: buyer agency agreement
Tenants may secure the services of brokers to find property
to rent with a _______
Ans: brokerage agreement
Landlords secure the services of a licensed property
manager through a ___________, which is also a type of
brokerage agreement. Landlords could also contract with
brokers to find tenants
Ans: property management agreement
Which contract would NOT be considered a brokerage
agreement?
A. amy signs a contract with Billy to find an apartment for her
to lease
B. Brad signs a contract with Carol to purchase her house
C. Cathy signs a contract with Dennis to manage one of his
properties
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D. Dusty signs a contract with Ernest to market his house for
sale
Ans: B
Lisa wants to sell her house, so she signs an exclusive right
of sale agreement with broker Lori of Lakeside Real Estate.
Lisa promises to pay Lakeside a commission when the house
sells. This is an example of a bilateral contract. true or false
Ans: true
an open listing is likely to result in better service since there
are more brokers working for the seller.
true or false
Ans: false. it's more likely that exclusive listing
agreements result in better service for sellers than
open listing agreements because the broker's claim to
a commission is more secure
In a typical listing agreement, the agent's promise is
A. delivering a ready and willing buyer
B. due diligence in marketing the property for sale
C. finding a prospective buyer
Ans: A
Harry wants to sell his house, so he signs an open listing
agreement with Joe of Lots-O-Wealth Realty. Harry promises
to pay Joe a commission only if he finds a ready, willing, and
able buyer. This is an example of a bilateral contract. true or
false
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Ans: false. this is a unilateral contract
Which type of listing provides the greatest opportunity for
an agent to get paid?
A. exclusive agency
B. exclusive right to sell
C. open
Ans: B
The listing broker will receive commission for the sale
unless the owner sells it himself.
A. exclusive agency
B. exclusive right to sell
C. net listing
D. open listing
Ans: A
Regardless of who sells the property, the listing broker will
receive commission
A. exclusive agency
B. exclusive right to sell
C. net listing
D. open listing
Ans: B
the seller sets a price he's willing to accept; the broker
receives any excess amount s commission
Up to Date Content
Real estate brokerage Latest
Questions and Graded Answers
Sellers secure the services of a broker through a ______
Ans: listing agreement
buyers secure the services of a broker through a _________,
sometimes called a buyer representation agreement or a
buyer brokerage agreement
Ans: buyer agency agreement
Tenants may secure the services of brokers to find property
to rent with a _______
Ans: brokerage agreement
Landlords secure the services of a licensed property
manager through a ___________, which is also a type of
brokerage agreement. Landlords could also contract with
brokers to find tenants
Ans: property management agreement
Which contract would NOT be considered a brokerage
agreement?
A. amy signs a contract with Billy to find an apartment for her
to lease
B. Brad signs a contract with Carol to purchase her house
C. Cathy signs a contract with Dennis to manage one of his
properties
Up to Date Content
,Comprehensive Study 2 Up to Date Content
D. Dusty signs a contract with Ernest to market his house for
sale
Ans: B
Lisa wants to sell her house, so she signs an exclusive right
of sale agreement with broker Lori of Lakeside Real Estate.
Lisa promises to pay Lakeside a commission when the house
sells. This is an example of a bilateral contract. true or false
Ans: true
an open listing is likely to result in better service since there
are more brokers working for the seller.
true or false
Ans: false. it's more likely that exclusive listing
agreements result in better service for sellers than
open listing agreements because the broker's claim to
a commission is more secure
In a typical listing agreement, the agent's promise is
A. delivering a ready and willing buyer
B. due diligence in marketing the property for sale
C. finding a prospective buyer
Ans: A
Harry wants to sell his house, so he signs an open listing
agreement with Joe of Lots-O-Wealth Realty. Harry promises
to pay Joe a commission only if he finds a ready, willing, and
able buyer. This is an example of a bilateral contract. true or
false
Up to Date Content
, Comprehensive Study 3 Up to Date Content
Ans: false. this is a unilateral contract
Which type of listing provides the greatest opportunity for
an agent to get paid?
A. exclusive agency
B. exclusive right to sell
C. open
Ans: B
The listing broker will receive commission for the sale
unless the owner sells it himself.
A. exclusive agency
B. exclusive right to sell
C. net listing
D. open listing
Ans: A
Regardless of who sells the property, the listing broker will
receive commission
A. exclusive agency
B. exclusive right to sell
C. net listing
D. open listing
Ans: B
the seller sets a price he's willing to accept; the broker
receives any excess amount s commission
Up to Date Content
