MLS TESTS COMPILATION BUNDLE 2026
AUTHENTIC ASSESSMENT PACK EXPERT
VERIFIED QUESTIONS AND ANSWERS
GRADED A+
⩥ Exclusive right-to-sell listing.
Answer: 1) Only one broker is authorized to sell, market the property
2) the broker receives a commission no matter who finds the buyer
3)Seller benefits because
-broker can use time and money actively marketing property, making a
sale more likely
⩥ Exclusive Agency Listing.
Answer: 1) Only one broker is authorized to sell, seller can sell the
property w/o no obligation to pay the broker
2) If the owner finds a buyer, no commission is owed
3) request usually means that the seller is reasonably confident of having
contacts needed to be able to sell the property directly & not listing
property w/broker to show the offer to sell is sincere
4)very risky for broker and odd b/c broker is tasked w/making effort to
market property only to be in competition w/ client to find buyer
,⩥ Open Listing (non-exclusive listing).
Answer: -An agreement between an owner and many brokers
-If a broker produces a ready willing, and able buyer, a commission is
due.
-However, the owner still has the right to sell his/her property and is not
obligated to pay a commission to anyone.
-terms must be negotiated and should be in writing to protect successful
broker's ability to collect agreed on fee from seller
⩥ Net listing.
Answer: -The seller will receive a new amount of money from any sale
w/ the excess going to the listing broker as commission
-broker is free to offer the property at any given price greater than that
net amount
-illegal in many states and discouraged in others
⩥ Multiple Listing Service (MLS).
Answer: A marketing organization composed of member real estate
professionals who agree to share their listing agreements with one
another in the hope of procuring ready, willing, and able buyers for their
properties more quickly than they could on their own. Most multiple
listing services accept exclusive right-to-sell or exclusive agency listings
from their member real estate professionals.
, -broker must have written consent of the seller to include the property in
an MLS
-some MLSs permit a broker up to 5 days before the listing must be
submitted to the service
-the offer is accepted when a cooperating broker brings a buyer to the
seller and a sale takes place
-a buyers representative or in some other capacity permitted by state law
all initial communication about a buyer's interest in a listed property is
broker to broker through MLS
⩥ A broker's agreement to represent a property seller may be terminated
for the following reasons:.
Answer: purpose fulfilled,
term expires,
eminent domain or property destroyed,
owner bankruptcy or foreclosure,
mutual agreement,
death or incapacitation
⩥ Expiration of listing period.
Answer: -All exclusive listings should specify a definite period during
which the broker is to be employed. Failing to specify termination date
can result in suspension or revocation of a real estate license
AUTHENTIC ASSESSMENT PACK EXPERT
VERIFIED QUESTIONS AND ANSWERS
GRADED A+
⩥ Exclusive right-to-sell listing.
Answer: 1) Only one broker is authorized to sell, market the property
2) the broker receives a commission no matter who finds the buyer
3)Seller benefits because
-broker can use time and money actively marketing property, making a
sale more likely
⩥ Exclusive Agency Listing.
Answer: 1) Only one broker is authorized to sell, seller can sell the
property w/o no obligation to pay the broker
2) If the owner finds a buyer, no commission is owed
3) request usually means that the seller is reasonably confident of having
contacts needed to be able to sell the property directly & not listing
property w/broker to show the offer to sell is sincere
4)very risky for broker and odd b/c broker is tasked w/making effort to
market property only to be in competition w/ client to find buyer
,⩥ Open Listing (non-exclusive listing).
Answer: -An agreement between an owner and many brokers
-If a broker produces a ready willing, and able buyer, a commission is
due.
-However, the owner still has the right to sell his/her property and is not
obligated to pay a commission to anyone.
-terms must be negotiated and should be in writing to protect successful
broker's ability to collect agreed on fee from seller
⩥ Net listing.
Answer: -The seller will receive a new amount of money from any sale
w/ the excess going to the listing broker as commission
-broker is free to offer the property at any given price greater than that
net amount
-illegal in many states and discouraged in others
⩥ Multiple Listing Service (MLS).
Answer: A marketing organization composed of member real estate
professionals who agree to share their listing agreements with one
another in the hope of procuring ready, willing, and able buyers for their
properties more quickly than they could on their own. Most multiple
listing services accept exclusive right-to-sell or exclusive agency listings
from their member real estate professionals.
, -broker must have written consent of the seller to include the property in
an MLS
-some MLSs permit a broker up to 5 days before the listing must be
submitted to the service
-the offer is accepted when a cooperating broker brings a buyer to the
seller and a sale takes place
-a buyers representative or in some other capacity permitted by state law
all initial communication about a buyer's interest in a listed property is
broker to broker through MLS
⩥ A broker's agreement to represent a property seller may be terminated
for the following reasons:.
Answer: purpose fulfilled,
term expires,
eminent domain or property destroyed,
owner bankruptcy or foreclosure,
mutual agreement,
death or incapacitation
⩥ Expiration of listing period.
Answer: -All exclusive listings should specify a definite period during
which the broker is to be employed. Failing to specify termination date
can result in suspension or revocation of a real estate license
