Test 2 - Chapter 12 - Real Estate Brokerage and Listing...

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Chapter 8Which of the following notions best explains the continued existence of the real estate brokerageindustry?Complexity, size, and long-term nature of transactionsA local brokerage firm that pays a fee and a percentage of gross receipts in order to be affiliated with anational brokerage firm is called afranchiseThe broker-owner agency relationship may be terminated without liability when which of the followingoccurs?The parties mutually agree to terminateA buyer’s agent owes a prospective sellerfair dealing, but no loyalty.A state license is required for anyone whosells property for other peopleWhen the parties agree to terms on a specific property, a contract spelling out the agreement is drawnup and signed bythe buyer and the seller.The primary function of the real estate brokerage industry is toa and bThe listing is the written agreement betweena property owner and a real estate broker.Which of the following types of listing agreements allows the seller to avoid paying a commission if hesells the property without the assistance of a broker?Exclusive agencyThe contract that defines the relationship between the property owner and the real estate broker is thelisting agreementWhich of the following statements about an open listing is NOT correct?The listing broker is alwaysentitled to the stated commissionWhen a single broker represents both parties in a real estate transaction, a _____ agency may existdualThe process of evaluating a potential buyer's ability to purchase a listed property is calledqualifyingWhich of the following arrangements does not qualify as an agency relationship in real estatetransactions?A seller has a relative unlock a property so a prospective buyer can examine it.Violations of state laws regulating the real estate profession may lead toa and bThe primary difference between a real estate broker and a real estate sales associate is thatreal estatesales associates must work for licensed real estate broker rather than operate their own brokerageoperation.In an agency relationship between a seller and a broker, the broker is a(n) _____ of the seller and mustprotect the seller's best interests at all times.FiduciaryThe commission paid in the real estate brokerage industry is usuallypercentage of the gross sales priceAn agent does NOT owe the duty ofloyalty to the customer’s best interests.Which of the following statements apply to a provision in a listing agreement stating that the broker isentitled to a commission when a ready, willing and able buyer is found and introduced to the seller?Abroker may earn a commission even though no sale occursThe most common type of listing agreement used today is theexclusive right-to-sell listingThe illegal practice of encouraging owners to sell their properties for lower prices when minoritiesbegin moving into a neighborhood is known asblockbustingWhich of the following terms refers to the illegal practice of showing minority buyers only those

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