Exam 12: Brokerage and Listing Contracts

It is common for real estate firms to identify submarkets,such as property types or particular sections of a city,in which they can specialize and concentrate their transaction activity.This practice is referred to as:

There are a number of different types of listing contracts that can be used when marketing a property.Which of the following types of listings requires the broker to be paid a commission if anyone,other than the owner,sells the property during the contract period?

According to the law of agency,real estate brokers are required to observe several duties as they act as an agent for an individual trying to buy or sell a property.Which of the following duties refers to a broker's obligation to be completely open and honest with the principal?

Real estate brokers serve as intermediaries by bringing buyers and sellers together in the real estate market.For this service,brokers are paid what is commonly referred to as a:

Modern real estate brokerage normally relies on a multiple listing service (MLS)through which brokers have access to each other's listings.Which of the following types of agency agreements is established with the use of a MLS?

Federal and state laws prohibit discrimination in housing.However,exemptions do exist depending on the particular type of property that is being considered.All of the following activities could be considered exempt in specific scenarios EXCEPT:

As an agent for the buyer or seller,a broker has 6 basic fiduciary responsibilities.Which of the following definitions best describes the responsibility of "Obedience"?