301 Broker Relationships & Responsibilities Exam Questions with Correct Answers 100%
Verified By Experts| Latest Update Guaranteed Success
Listing Contract A property owner employs a real estate broker or firm to obtain a buyer for
his/her property.
Buyer Agency Contract A prospective buyer employs a real estate broker or firm to
represent the buyer in finding an acceptable property to purchase.
Before entering into an agency agreement with a prospective client, a broker should ask the
prospective client whether he or she already has an agency agreement with another broker.
No action between a broker and the broker's client is valid unless... the contract is reduced
to writing and signed by the party or by some other person lawfully authorized by the party to
sign.
Agency agreements with property owners must be in writing from the outset of the agency
relationship
Agency agreements with buyers allows a limited exception to written agency agreement by
permitting temporary ORAL buyer agency agreement
Requirements for Agency Agreements Signed by parties, Fixed termination date, Non-
discrimination clause
Most brokerage fees are split between two agents of different firms that co-broker the
transaction
An "In House" Sale results when the listing agent and selling agent work for the same firm
Basic Types of Listing Contracts are Full Service, Limited Service & Protection Agreement
, Three types of "Full Service" Listing Contracts Open, Exclusive Agency & Exclusive Right to
Sell
Full Service Listing Contracts are those in which the broker/firm will "list" a property and
perform a variety of services such as: listing property in MLS, advertising in media outlets, place
sign and lock box on the property, etc.
Open List Contract grants one or more broker/firm nonexclusive right to obtain a buyer for a
property. Rarely used today
Exclusive Agency Listing Contract grants one broker/firm the exclusive right to market and
sell, the owner retains the right to sell without paying a brokerage commission
Exclusive Right to Sell Listing Contract makes the employed broker the only agent of the
seller and also gives the broker the exclusive right to sell during the contract period.
Limited Service Listing Contract for sellers who desire a listing on MLS and who are willing to
show their own property, negotiate and complete the contracts. Although not preferred by
brokers, this perfectly legal
A Protection Agreement occurs when a buyer's agent contact an owner of a FSBO property
and negotiates a commission if the broker provides a buyer for the property.
Property Owned in Severalty by a Married Person an agent should obtain the signature of a
non-titled spouse on any listing agreement for a property owned in severalty by only one
spouse.
Owner has no right to terminate listing contract early, except if the broker is in breach of
contract
Verified By Experts| Latest Update Guaranteed Success
Listing Contract A property owner employs a real estate broker or firm to obtain a buyer for
his/her property.
Buyer Agency Contract A prospective buyer employs a real estate broker or firm to
represent the buyer in finding an acceptable property to purchase.
Before entering into an agency agreement with a prospective client, a broker should ask the
prospective client whether he or she already has an agency agreement with another broker.
No action between a broker and the broker's client is valid unless... the contract is reduced
to writing and signed by the party or by some other person lawfully authorized by the party to
sign.
Agency agreements with property owners must be in writing from the outset of the agency
relationship
Agency agreements with buyers allows a limited exception to written agency agreement by
permitting temporary ORAL buyer agency agreement
Requirements for Agency Agreements Signed by parties, Fixed termination date, Non-
discrimination clause
Most brokerage fees are split between two agents of different firms that co-broker the
transaction
An "In House" Sale results when the listing agent and selling agent work for the same firm
Basic Types of Listing Contracts are Full Service, Limited Service & Protection Agreement
, Three types of "Full Service" Listing Contracts Open, Exclusive Agency & Exclusive Right to
Sell
Full Service Listing Contracts are those in which the broker/firm will "list" a property and
perform a variety of services such as: listing property in MLS, advertising in media outlets, place
sign and lock box on the property, etc.
Open List Contract grants one or more broker/firm nonexclusive right to obtain a buyer for a
property. Rarely used today
Exclusive Agency Listing Contract grants one broker/firm the exclusive right to market and
sell, the owner retains the right to sell without paying a brokerage commission
Exclusive Right to Sell Listing Contract makes the employed broker the only agent of the
seller and also gives the broker the exclusive right to sell during the contract period.
Limited Service Listing Contract for sellers who desire a listing on MLS and who are willing to
show their own property, negotiate and complete the contracts. Although not preferred by
brokers, this perfectly legal
A Protection Agreement occurs when a buyer's agent contact an owner of a FSBO property
and negotiates a commission if the broker provides a buyer for the property.
Property Owned in Severalty by a Married Person an agent should obtain the signature of a
non-titled spouse on any listing agreement for a property owned in severalty by only one
spouse.
Owner has no right to terminate listing contract early, except if the broker is in breach of
contract
