The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
SHARE:
- Share this article on Facebook Facebook
- Share this article on Twitter Twitter
- Share this article on LinkedIn Linkedin
- Share this article via email Email
On This Page
On This Page Jump to Menu List
On This Page
Prev Next
andresr/Getty Images
7 min read Published September 22, 2022
Written byKacie Goff
Written by Kacie GoffArrow RightPersonal Finance Contributor
Kacie Goff is a personal finance and insurance writer with over seven years of experience covering personal and commercial coverage options. She writes for Bankrate, The Simple Dollar, NextAdvisor, Varo Money, Coverage, Best Credit Cards and more. She's covered a broad range of policy types — including less-talked-about coverages like wrap insurance and E&O — and she specializes in auto, homeowners and life insurance.
- Connect with Kacie Goff on LinkedIn Linkedin
- Get in contact with Kacie Goff via Email Email
Kacie Goff
Edited byRebekah Personius
Edited by Rebekah PersoniusArrow RightInsurance Editor
Rebekah Personius is an insurance editor for Bankrate. She coordinates the creation of educational insurance content that helps people make informed insurance decisions. Rebekah has worked in the insurance space for over a year with homeowners dealing with claim resolution after large scale losses in widely affected areas. Although her expertise is primarily centered around Property & Casualty claims, she has worked with compliance and industry experts on auto, life, home and renters insurance content since January 2020. In her down time, Rebekah enjoys staying active, learning about investing, and studying everything related to psychology. She is also currently working to finish her bachelor’s degree in Business Management through Western Governors University.
QuestionAnswer A buyer's agent who is calling to set up a showing on a listed property should disclose the fact that she represents the buyer so that the listing agent can avoid: a. paying a commission b. disclosing material facts d. divulging confidential info C A licensee acting on behalf of a property owner is best described as: a. fiduciary b. dual agent c. ratified d. impied agent A A listing agreement between a real estate brokerage firm and a seller is known as what form of agency? a. special b. universal c. general d. exclusive A A person who hires or appoints an agent is called the: a. customer b. principal c. attorney in fact d. fiduciary B As a listing agent, what obligations do you owe to an unrepresented buyer? a. loyalty and honesty b. honesty and fairness c. loyalty, fairness and honesty d. fairness only B In a single agency relationship, a real estate broker represents: a. only a buyer or seller, not both b. both buyer and seller c. buyer only d. seller only A The relationship between a real estate agent and his or her client is which of the following? a. universal agency b. general agency c. dual agency d. fiduciary D The type of agency in which an agent has legal authority to act in place of the principal is known as: a. specific agency b. special agency c. universal agency d. general agency C Specific Agency Special Agency A form of agency that gives the agent the broadest powers to act for the principal. Universal Agency General Agency The type of agency which is typical in property management, in which the agent has limited authority to bind the principal is known as: a. special b. general c. universal d. specific B When a real estate agents represents more than one party in a transaction and this representation is with knowledge and written consent of all parties: a. revoked license b. dual agency and revoked license c. dual agency d. singhe agency C Which form of agency gives the agent the broadest pwoers to act for the principal? a. universal agency b. general agency c. special agency d. all grant the same powers A TRUE OR FALSE An exclusive agency listing permits the owner to sell witout being liable for a commission. TRUE TRUE OR FALSE A broker may never recover a commission if the contract was accepted after the lsiting expired? FALSE The borker can receive a commission if he procures the buyer during the listing periond and seller accepts offer after listing period expires. TRUE OR FALSE The amount of a broker's commission for the sale of a home is limited by law. FALSE Type of listing that permits the owner to sell without being liable for a commission. Exclusive agency listing T earn a commission, a listing broker with any exclusive listing must procure a ready, willing and able buyer at the seller's listing terms and: a. close the sale b. deomonstrate procuring cause c. arrange financing d. nothing else A broker is entitled to a commission regardless of who sells the property during the listing period if he or she has which of the following listings? a. open b. exclsive right to sell c. all of these d. net B The listing that provides the broker will be paid a commission regardless of who sells the property, including the owner. Exclusive right to sell listing A broker listing that commission will be paid if sold "by you, by me, or by anyone esle" is: a. open listing b. does not comply with the statute of frauds c. exclusive agency listing d. exclusive right to sell listing D A listing that allows an owner to list concurrently with more than one brokerage firm is: a. net listing b. illegal c. exclusive agency d. open listing D A broker with an exclusive listing has a contractual obligation to distribute the listing among certain other brokers. Multiple listing- a multiple listing service is an organization of brokers who have agreed to exchange listings. A multiple listing service is: a. organization for exchanging information and sharing fees b. advertising service for listings c. referral service d. type of listing B The MLS allows brokerage firms to exchange property info and set cop op fees for the sale of property. A salesperson for ABC realty has moved to XYZ realty. What happens to the listings the salesperson took at ABC realty? a. they belong to abc b. listings transfer to xyz c. listings are void d. belong to salesperson so transfer to xyz A A salesperson wants to show a property twice in one day. The second time she: a. should call the listing broker again b. should call again if she doesn't know the listing agent c. must call again only if it's for another buyer d. no need 2 call A Can you revoike a contract before expiration date on an exclusive right to sell employement contract? Yes but the seller could be liable for damages. A seller gave two firms an open listing on her home. Firm #1 advertised but did not show, Firm #2 showed the property but seller sold it to a friend instead. Which is true: a. seller owes nothing to either firm b. firm 2 is due compensation A Only the party procuring the buyer gets paid in an open lisitng. All of the following are true of an exclusive agency listing contract except: a. it always requires paying a commission b. it is bilateral c. must be written d. must have an ending date A Exclusive listing vs exlusive right to sell All of the following are true of an exlcusive agency listing EXCEPT: a. listing must be in writing b. there must be a definite termination date c. owner must pay brokerage a commission if anyone else sells d. owner must pay even if he sells D All of the following would terminate a listing EXCEPT: a. death of listing agent b. destruction by tornado c. bankruptcy of listing brker d. expiration of time A An agency listing agreement between owner and broker: a. does all of these b. contains responsibility of broker & owner c. creates fiduciary d. employment contract A Exclusive listing contracts are all of the following EXCEPT: a. bilateral b. unilateral c. express d. terminated upon death of principal B If a brokerage produces a ready, willing & able buyer at seller's terms & seller refueses to sell, the commission: a. must be negotiated b. is earned by broker c. is paid by the buyer d. is not earned B If a sale fails to close because of a failure on the buyer's part, the listing broker's commission: a. is not earned b. is paid by the buyer c. must be awarded by the court d. is paid by the seller A Membership in a multiple listing service is an advantage to: a. sellers, buyers & brokers b. buyers only c. brokers only d. sellers only A The length of a safety clause in a listing agreement is etermined by: a. negotiation between seller and broker b. the real estate commission c. state law d. local ordinance A The principal broker at xyz realty has told her salespeople to try and only sign listings that give the most protection: a. exlusive agency b. open listing c. exclusive right to sell d. net listings C The type of listing that allows more than one brokerage firm to list the property is known as: a. open listing b. exclusive right to sell c. exclusive agency d. nonexclusive listing A To be enforceable, a listing must be: a. dated b. open ended c. written d. written or oral C To earn a commission, a listing broker with any exclusive listing must procure a ready, willing and able buyer at the seller's listing terms and: a. arrange financing b. nothing else c. close the sale d. demonstrate procuring cause C
What is an exclusive right to sell listing quizlet?
In an exclusive right to sell listing, the seller agrees to pay the agent a commission regardless of who finds the buyer. This is the type of listing agreement that is used most often. To be enforceable by the broker, a listing agreement must be in writing and signed by the seller.
Which best describes an exclusive right to sell listing?
Exclusive Right-to-Sell Listing
With this type of listing agreement, one broker is authorized as the seller's sole agent and has exclusive authorization to represent the property. While the listing agreement is in effect, the broker receives a commission no matter who sells the property.
What does exclusive right to sell mean?
An exclusive right to sell listing agreement is a contract between the listing agent and the property owner. The contract will specify that the listing agent will be the only agent you hire and will be guaranteed to receive the commission when your house sells.
Which of the following statements is true of a listing agreement?
Which statement is TRUE of a listing agreement? The answer is it is an employment contract for the professional services of the broker. The listing is the broker's contract of employment by the seller.