ASREB (Arizona School of Real Estate and Business)
Thorough Review and Complete Answers Ace your first
Attempt Updated 2025/2026
What would be considered a unilateral contract?
A. estate for years
B. option to buy
C. purchase contract
D. life estate - correct answer B. option to buy
John makes an offer to Joe and Joe makes a counter-offer. Joe does before the
counter-offer is accepted. What is the contract status?
A. valid
B. void
C. enforceable
D. bi-lateral - correct answer B. void
Jim makes an offer and Jill accepts. If Jill dies what is the contract status?
A. void
B. voidable
C. unenforceable
D. valid - correct answer D. valid
What would a contract be considered if it has no force and effect?
A. unenforceable
B. voidable
C. voidable by one party
,D. void - correct answer D. void
What type of listing did the broker obtain if he is only paid if he is the "procuring cause"?
A. exclusive right to sell
B. exclusive agency
C. open
D. exclusive right to sell/net - correct answer C. open
What is it called when any broker can sell a listing and receive a full commission?
A. exclusive right to sell
B. exclusive agency
C. net
D. open - correct answer D. open
(because ANY broker can sell)
A listing which employs many brokers and also allows the seller to sell without paying a
commission is called?
A. exclusive agency
B. exclusive right to sell
C. net listing
D. open listing - correct answer D. open listing
(open listing can employ many brokers)
An exclusive agency listing agreement?
A. can employ more than one broker
,B. offers the greatest protection for the broker
C. allows the seller to sell and not pay a commission
D. will not appear in multiple listing - correct answer C. allows the seller to sell and not
pay a commission
(cannot employ more than one broker)
What type of listing gives the broker the least protection?
A. open listing
B. exclusive agency
C. exclusive right to sell
D. net listing - correct answer A. open listing
least protection
The key factor of an exclusive right to sell listing is?
A. owner may sell and not pay a commission
B. broker is paid no matter who sells the property
C. more than one broker has the listing
D. the broker is only paid if the seller receives the required net amount - correct
answer B. broker is paid no matter who sells the property
Four real estate brokers form different companies were discussing the possibility of
establishing an office policy to list "for sale" all raw land at an 8% commission. Which of
the following is true?
A. the brokers are not guilty of anything because it would be an office policy
B. the brokers violated Reg Z.
C. the brokers are in violation of the Sherman Anti-Trust laws
, D. the brokers are in violation of RESPA - correct answer C. the brokers are in violation
of the Sherman Anti-Trust laws
The Sherman Antitrust Act regulates:
A. the sale of real estate across state lines
B. contracts that fall under the Statute of Frauds
C. brokerage firms agreeing to change their fees from a commission basis to each firm
charging the same flat rate
D. disclosure of finance charges on a loan - correct answer C. brokerage firms
agreeing to change their fees from a commission basis to each firm charging the same
flat rate
"R" was the listing broker for client "N". The listing expired and "N" is using "P" as their
broker. "R" knows "N" will accept $50,000 less than they are asking. Broker "R":
A. may never disclose this information
B. may disclose this information only with written permission from the seller and listing
agent
C. may disclose it because the agency terminated, and no fiduciary duty remains
D. may disclose it if asked by a buyer broker "R" now represents - correct answer B.
may disclose this information only with written permission from the seller and listing
agent
A broker is hired by a seller to sell the client's real property. The broker must obey which
of the following?
A. the concept of buyer beware
B. all lawful instructions of the client
C. all of the buyer's instructions
D. full disclosure to the buyer of any and all information - correct answer B. all lawful
instruction of the client
Thorough Review and Complete Answers Ace your first
Attempt Updated 2025/2026
What would be considered a unilateral contract?
A. estate for years
B. option to buy
C. purchase contract
D. life estate - correct answer B. option to buy
John makes an offer to Joe and Joe makes a counter-offer. Joe does before the
counter-offer is accepted. What is the contract status?
A. valid
B. void
C. enforceable
D. bi-lateral - correct answer B. void
Jim makes an offer and Jill accepts. If Jill dies what is the contract status?
A. void
B. voidable
C. unenforceable
D. valid - correct answer D. valid
What would a contract be considered if it has no force and effect?
A. unenforceable
B. voidable
C. voidable by one party
,D. void - correct answer D. void
What type of listing did the broker obtain if he is only paid if he is the "procuring cause"?
A. exclusive right to sell
B. exclusive agency
C. open
D. exclusive right to sell/net - correct answer C. open
What is it called when any broker can sell a listing and receive a full commission?
A. exclusive right to sell
B. exclusive agency
C. net
D. open - correct answer D. open
(because ANY broker can sell)
A listing which employs many brokers and also allows the seller to sell without paying a
commission is called?
A. exclusive agency
B. exclusive right to sell
C. net listing
D. open listing - correct answer D. open listing
(open listing can employ many brokers)
An exclusive agency listing agreement?
A. can employ more than one broker
,B. offers the greatest protection for the broker
C. allows the seller to sell and not pay a commission
D. will not appear in multiple listing - correct answer C. allows the seller to sell and not
pay a commission
(cannot employ more than one broker)
What type of listing gives the broker the least protection?
A. open listing
B. exclusive agency
C. exclusive right to sell
D. net listing - correct answer A. open listing
least protection
The key factor of an exclusive right to sell listing is?
A. owner may sell and not pay a commission
B. broker is paid no matter who sells the property
C. more than one broker has the listing
D. the broker is only paid if the seller receives the required net amount - correct
answer B. broker is paid no matter who sells the property
Four real estate brokers form different companies were discussing the possibility of
establishing an office policy to list "for sale" all raw land at an 8% commission. Which of
the following is true?
A. the brokers are not guilty of anything because it would be an office policy
B. the brokers violated Reg Z.
C. the brokers are in violation of the Sherman Anti-Trust laws
, D. the brokers are in violation of RESPA - correct answer C. the brokers are in violation
of the Sherman Anti-Trust laws
The Sherman Antitrust Act regulates:
A. the sale of real estate across state lines
B. contracts that fall under the Statute of Frauds
C. brokerage firms agreeing to change their fees from a commission basis to each firm
charging the same flat rate
D. disclosure of finance charges on a loan - correct answer C. brokerage firms
agreeing to change their fees from a commission basis to each firm charging the same
flat rate
"R" was the listing broker for client "N". The listing expired and "N" is using "P" as their
broker. "R" knows "N" will accept $50,000 less than they are asking. Broker "R":
A. may never disclose this information
B. may disclose this information only with written permission from the seller and listing
agent
C. may disclose it because the agency terminated, and no fiduciary duty remains
D. may disclose it if asked by a buyer broker "R" now represents - correct answer B.
may disclose this information only with written permission from the seller and listing
agent
A broker is hired by a seller to sell the client's real property. The broker must obey which
of the following?
A. the concept of buyer beware
B. all lawful instructions of the client
C. all of the buyer's instructions
D. full disclosure to the buyer of any and all information - correct answer B. all lawful
instruction of the client
