Exam 12: Real Estate 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:

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:

State licensing laws generally prescribe two levels of real estate brokerage licensing: the broker license and the salesperson license.Which of the following responsibilities is an individual with a salesperson license permitted to do?

Although the function of commercial brokerage is the same as that of residential brokerage,the activities of commercial brokers usually differ considerably from those of residential brokers due to fundamental differences in these two markets.All of the following statements regarding commercial brokerage are true EXCEPT:

In determining the appropriate listing contract to be used,it is important to know whether a multiple listing service (MLS)will be employed.A MLS only accepts which of the following types of listing contracts?

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?

Critical to any listing contract is the question of when the broker becomes entitled to a commission.Traditionally,the broker is still entitled to a commission in all of the following scenarios EXCEPT:

The importance of brokers in the real estate market is often overlooked.In the absence of a real estate broker,one would expect all of the following to be true EXCEPT:

In acting as an agent for another person,the broker carries several special responsibilities,which by law must be adhered here to throughout the transaction process.These responsibilities constitute what is commonly referred to as a:

One of the traditional requirements for individuals who wish to obtain a brokerage license has been to demonstrate financial capacity to cover damage judgments brought against them by clients.In order to address this concern,some states have required licensees to first obtain:

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:

Real estate brokers operate under the law of agency,which gives a broker the right to act for a principal in trying to buy or sell a property.Which of the following types of agents is authorized by the principal to act primarily within the confines of a business or employment relationship?

Blockbusting,which involves persuading an individual to sell her home by telling her that minority groups are moving into the neighborhood,is one form of discrimination in housing that is prohibited by which of the following acts of Congress?

The recent emergence of discount brokerage services has had a modes effect on the price of brokerage services.The average commission that a broker could expect to receive today would most likely range between:

State licensing laws prescribe behavioral requirements with which licensees must comply to keep their licenses.Licensing laws generally seek to prevent brokers from partaking in all of the following activities EXCEPT:

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?

In dual agency,conflicts of interest may arise since a single broker has both the listing contract with the seller and a buyer agency agreement with the purchaser.One way that states have attempted to deal with this issue is to develop a new type of brokerage relationship in which the broker assists the buyer and seller,but does not represent either party.This type of brokerage relationship is commonly referred to as:

In recent years,many U.S.investors have expanded their purchases of real estate into foreign countries,and many foreign investors have held interests in U.S.real estate.This is an example of what is commonly referred to as ________________ of real estate markets.

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 any other broker,or even the owner,sells the property during the contract period?

All 50 states have licensing laws that regulate persons and companies that engage in the brokerage business.Interpreting and enforcing state licensing laws falls under the responsibilities of which of the following parties?