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Chapter 6 Quiz

2019.04.13 21:21 Views : 541

1 of 10 - An agent must give a copy of the listing agreement to the sellers:
At the time the agent presents an offer.
 
At the time the agreement is signed.
When the seller pays commission.
After the agent has had time to make copies at the office.
You answered correctly
2 of 10 - Which of the following forms is non-standard and should be prepared by a broker to give to sellers?
Natural Hazards Disclosure
Water Heater Compliance
 
Estimated Seller's Proceeds
 
Defective Furnaces in California
You answered incorrectly
The Defective Furnaces in California form is not a standard form, but one that the broker prepares to give to the seller to explain that the Consumer Product Safety Commission has issued a warning for a certain type of attic furnace which has been known to cause fires.
3 of 10 - When the broker and seller agree that the broker can receive commission for a specified number of days after the listing expires if selling to a "named" party on a list, it's referred to by what term?
Security clause
Non-penalty clause
 
Safety clause
Effective period
You answered correctly
4 of 10 - The Lead-Based Paint Disclosure is required for homes built:
 
Before 1978
Before 1976
After 1980
After 1975
You answered correctly
5 of 10 - Which is true of an exclusive-authorization-to-acquire-property agreement?
The buyer must pay the broker a commission.
The broker will owe fiduciary responsibilities to the seller as well as the buyer.
 
It must specify a definite termination date.
Commission is never involved.
You answered correctly
6 of 10 - Which kind of listing gives one broker the right to sell, but allows the owner to sell the property and not owe a commission to the broker?
Non-exclusive agency
 
Exclusive agency
Exclusive-right-to-sell
Net
You answered correctly
7 of 10 - Which of the following statements is not true about a net listing?
 
Sets a limit on the commission a broker can earn.
Is generally viewed as unprofessional.
Is illegal in many states.
Allows a broker to have as a commission anything above the minimum the seller sets.
You answered correctly
8 of 10 - Which of these documents is for sellers only and not for buyers?
Smoke Detector Statement of Compliance
Real Estate Transfer Disclosure
 
Residential Listing Agreement
Seller’s Affidavit of Nonforeign Status and/or California Withholding Exemption
You answered correctly
9 of 10 - In the listing agreement, a seller can choose to decline/disapprove all but which of the following items?
Sign in yard
 
Broker compensation to other brokers
 
Posting to MLS
Lockbox
You answered incorrectly
Subparagraph D of the standard listing agreement states that the broker has informed the seller of the firm's policy regarding cooperating brokers and how commissions are divided. There is no option for the seller to decline this policy; however, the seller can decline to have a sign placed in the yard, to have the listing posted to MLS, and/or to have a lockbox installed on the property.
10 of 10 - All of the following are valid listing agreements. Which one is illegal in many states?
Exclusive agency.
Open.
Exclusive-right-to-sell.
 
Net.
You answered correctly

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