Question 1

Choose the one most appropriate answer for each.
-a listing that gives a broker a nonexclusive right to find a purchaser

Accepted Answer

A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC 
A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC

Question 2

Choose the one most appropriate answer for each.
-a person empowered to act by and on behalf of the principal

Accepted Answer

A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC 
A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC

Question 3

A listing is automatically terminated upon the death of the seller.

Accepted Answer

A) True 
 B)False

Question 4

A listing agreement authorizes the broker to

Accepted Answer

A)  find a buyer. 
B)  sell the property. 
C)  convey the property. 
D)  hypothecate the property. 
A)  find a buyer. 
B)  sell the property. 
C)  convey the property. 
D)  hypothecate the property.

Question 5

Choose the one most appropriate answer for each.
-a listing where the broker charges for time by the hour and for out-of -pocket expenses to market a property

Accepted Answer

A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC 
A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC

Question 6

In an area where the multiple listing commission split is 50/50, a broker sells another broker's 6% listing for $105,000. How much commission will the selling broker receive?

Accepted Answer

A)  $1,896 
B)  $2,790 
C)  $3,150 
D)  $6,300 
A)  $1,896 
B)  $2,790 
C)  $3,150 
D)  $6,300

Question 7

With a net listing, the sales commission is a fixed dollar amount.

Accepted Answer

A) True 
 B)False

Question 8

In whose name does a salesperson take a listing?

Accepted Answer

A)  His broker's 
B)  His own name 
C)  The seller's 
D)  The Real Estate Commission 
A)  His broker's 
B)  His own name 
C)  The seller's 
D)  The Real Estate Commission

Question 9

A listing for which the commission is the difference between the sales price and a minimum price set by the seller is called a(n)____________________ listing.

Accepted Answer

The answer of A listing for which the commission is...

Question 10

Choose the one most appropriate answer for each.
-one who, for a fee, acts as an agent for others in negotiating contracts or sales

Accepted Answer

A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC 
A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC

Question 11

A listing agreement is a(n)____________________ contract between a property owner and a real estate broker.

Accepted Answer

The answer of A listing agreement is a(n)____________________ contract between...

Question 12

A licensed salesperson has an open listing with Sara and an exclusive listing with Kelley. One week after both listings expire, Sara and Kelley sell their homes to each other. With no more information available, the licensee would claim a commission from both parties.

Accepted Answer

A) True 
 B)False

Question 13

A real estate licensee draws $1,000 per month from her broker against future commissions. Last year, she sold $2,000,000 worth of property. If she makes 3% gross commissions on all sales, how much did she earn last year?

Accepted Answer

A)  $48,000 
B)  $55,000 
C)  $60,000 
D)  $72,000 
A)  $48,000 
B)  $55,000 
C)  $60,000 
D)  $72,000

Question 14

A flat-fee broker is an example of a ____________________ broker.

Accepted Answer

The answer of A flat-fee broker is an example of...

Question 15

An open listing allows the owner to list the property with several brokers at the same time.

Accepted Answer

A) True 
 B)False

Question 16

Choose the one most appropriate answer for each.
-the broker who is the primary cause of a transaction

Accepted Answer

A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC 
A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC

Question 17

Choose the one most appropriate answer for each.
-a broker who charges a preset brokerage fee that is collected whether the property sells or not

Accepted Answer

A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC 
A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC

Question 18

From the broker's point of view, one of the least desirable listings is an

Accepted Answer

A)  net listing. 
B)  exclusive right to sell. 
C)  open listing. 
D)  exclusive agency listing. 
A)  net listing. 
B)  exclusive right to sell. 
C)  open listing. 
D)  exclusive agency listing.

Question 19

Choose the one most appropriate answer for each.
-an acronym that describes a division of the National Association of REALTORS® whose members specialize in buyer agency

Accepted Answer

A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC 
A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC

Question 20

A buyer's broker would use an exclusive right to ____________________ listing agreement.

Accepted Answer

The answer of A buyer's broker would use an exclusive...

Exam 19: The Principal-Broker Relationship: Employment

Choose the one most appropriate answer for each. -a listing that gives a broker a nonexclusive right to find a purchaser

Choose the one most appropriate answer for each. -a person empowered to act by and on behalf of the principal

A listing is automatically terminated upon the death of the seller.

A listing agreement authorizes the broker to

Choose the one most appropriate answer for each. -a listing where the broker charges for time by the hour and for out-of -pocket expenses to market a property

In an area where the multiple listing commission split is 50/50, a broker sells another broker's 6% listing for $105,000. How much commission will the selling broker receive?

With a net listing, the sales commission is a fixed dollar amount.

In whose name does a salesperson take a listing?

A listing for which the commission is the difference between the sales price and a minimum price set by the seller is called a(n)____________________ listing.

Choose the one most appropriate answer for each. -one who, for a fee, acts as an agent for others in negotiating contracts or sales

A listing agreement is a(n)____________________ contract between a property owner and a real estate broker.

A licensed salesperson has an open listing with Sara and an exclusive listing with Kelley. One week after both listings expire, Sara and Kelley sell their homes to each other. With no more information available, the licensee would claim a commission from both parties.

A real estate licensee draws $1,000 per month from her broker against future commissions. Last year, she sold $2,000,000 worth of property. If she makes 3% gross commissions on all sales, how much did she earn last year?

A flat-fee broker is an example of a ____________________ broker.

An open listing allows the owner to list the property with several brokers at the same time.

Choose the one most appropriate answer for each. -the broker who is the primary cause of a transaction

Choose the one most appropriate answer for each. -a broker who charges a preset brokerage fee that is collected whether the property sells or not

From the broker's point of view, one of the least desirable listings is an

Choose the one most appropriate answer for each. -an acronym that describes a division of the National Association of REALTORS® whose members specialize in buyer agency

A buyer's broker would use an exclusive right to ____________________ listing agreement.

Nature and Description of Real Estate

Rights and Interests in Land

Forms of Ownership

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

Real Estate Sales Contracts

Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Taxes and Assessments

Title Closing and Escrow

Real Estate Leases

Real Estate Appraisal

Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Condominiums, Cooperatives, Puds, and Timeshares

Property Insurance

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Real Estate and the Economy

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