Check Your Understanding-Answers
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What does the safety clause in the listing agreement do?
Allows the broker to receive a commission under certain conditions if he or she sells the property within a specified number of days after the listing contract expires.
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What does the security and insurance clause of the listing agreement address?
This section states that the broker is not responsible for loss or damage to the property, even with a lockbox present. The seller must take steps to safeguard any valuables and obtain insurance to cover the risks.
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What does the paragraph in the listing agreement titled "Entire Contract" deal with?
This paragraph states that the agreement supersedes all previous discussions, negotiations and agreements between the seller and the broker. Therefore, anything that is not written into the agreement is not part of the agreement.
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What does the Water Heater Statement of Compliance address?
It's a mandatory seller disclosure dealing with the law requiring water heaters to be strapped, braced or anchored to resist earthquake motion.
