| A | B |
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| A broker and an owner discussed several types of listing agreements and decided upon an exclusive right to sell. The broker drafted the listing, but the owner didn't sign it. The broker subsequently produced a willing buyer and demanded the commission from the owner based upon the exclusive right to sell. The commission is: | not due because the agreement wasn't signed by the owner to be enforceable |
| A broker listed a widow's property for a 7% commission. Later, the widow discovered that the broker had been listing other property at a 6% fee. Based on these facts: | broker has done nothing wrong |
| A broker sold an apartment building to a syndicate in which the broker was a member w/o informing the seller of his interest. Before closing, the owner discovered the broker's interest & refused to sell. What will probably result if the broker files suit to collect a commission? | release of the owner's obligation to pay a commission |
| A broker who desires to be compensated if another person sells the property during the listing period should acquire a/an: | exclusive right to sell listing |
| A broker with an open listing can help protect her commission by: | notifying the prospect that any purchase must be made through her |
| A broker would be LEAST likely to advertise a/an: | open listing |
| A commission is earned by a broker when the: | broker finds a ready, willing and able buyer |
| A licensee who acts as the broker for a corporation is a/an: | designated broker |
| A listing is a contract between the: | seller and broker |
| A listing which requires the seller to pay the listing broker a commission if the property is sold is a/an: | exclusive right to sell |
| A property is listed by broker Tom at $92,500 with $30,000 down. Broker Jim brought a full price cash offer that the owner rejected. Broker Jim is entitled to: | nothing |
| A salesperson can be compensated for an act within the scope of the real estate law by: | his or her own broker |
| a salesperson has acted in an unethical manner. His broker: | may be liable for a failure to supervise |
| A salesperson is the representative of the: | broker |
| A salesperson knows that the buyer's closing costs on a specific sales transaction are likely to be $1,500. The buyer wants to make an offer, but is concerned about coming up with enough money for the down payment and the closing costs. In order to help the buyer decide to make the offer, the salesperson says that the seller usually pays all the closing costs. This comforts the buyer and he makes the offer, only to find out later about the $1,500 in closing costs that he will have to pay. What ethical or legal violations, if any, has the salesperson most likely committed? | undersestimating closing costs to induce the buyer to make an offer |
| A salesperson who is responsible to his broker only as the results of his work is: | an independent contractor |
| A type of listing in which many brokers may be employed simultaneously is known as: | Open |
| A valid exclusive right to sell listing contract: | requires the seller to pay the broker a commission if the broker performs in accordance with the terms of the listing contract |
| An authorization to sell is a mutual agreement between the broker and the principal and it is considered to be | a contract for personal and professional services |
| An exclusive agency may NOT be terminated: | by the principal when the broker is making the principal's payments to avoid foreclosure |
| An exclusive right to sell agency could NOT be terminated prior to the expiration date when the: | agency is coupled with an interest |
| An owner gave an exclusive right to sell listing to broker "A", an exclusive agency listing to broker "B", and an open listing to broker "C". Broker "C" sold the house and collected a commission while the other listings were still in effect. Which of the following is correct? | "A" and "B" are each entitled to a full commission.; |
| An owner gave an exclusive listing to broker Joe and an open listing to broker Mary. Mary sold the property and was paid a commission. Which of the following statements are correct? | Joe is due a full commission. |
| An owner would MOST likely appoint multiple agents under: | Open listings |
| Arizona law requires which of the following to appear on the face of the listing contract? | expiration dae |
| ARMLS is a multiple listing service dealing with: | members brokers who share information |
| Avery Brown listed his property for sale with broker Steve Bennett, stipulating that he, the seller, wanted to receive $39,000 from a sale after all expenses or charges were deducted. Broker Bennett can sell the property for any amount over the $39,000 and keep the difference. This type of listing is: | discouraged by the Arizona Department of Real Estate |
| Each brokerage is operated by a/an: | designated broker |
| Elizabeth is a salesperson with 123 Realty and is about to change firms. Should she contact all her clients and tell them she will represent them at her new firm? | No. The listings belong to the broker, not the salesperson. |
| If a commission amount or percentage is NOT stated in the listing agreement: | the broker would not be entitled to a commission |
| If a property was sold but the owner did NOT have to a commission, most likely the listing was a/an: | Exclusive agency listing |
| In order to collect a commission under an exclusive right to sell, it is not necessary for a broker to prove: | the broker was the procuring cause |
| In real estate, to qualify as an independent contractor, a salesperson must meet all of the following conditions EXCEPT: be a licensed real estate agent, receive all income as a result of sales commissions, have a written contract giving agent's status as an independent contractor or follow the brokerage requirements for floor time, attendance at sales meetings, etc. | follow the brokerage requirements for floor time, attendance at sales meetings, etc. |
| In the event that two brokers claim a commission under an open listing, the commission should go to: | the broker who was the procuring cause of the sale |
| Language requiring a broker to use his best efforts would MOST likely be found in: | Exclusive listing |
| Paul executed a listing agreement with a broker for a six-month period and reserved the right to sell the property himself without paying a commission. This listing is called: | Exclusive agency |
| Real estate commissions are ordinarily a: | percentage of the sales price |
| Termination of a listing may occur in all of the following EXCEPT: broker abandonment, legal revocation by seller, death by either party, bankruptcy by the buyer | bankruptcy by the buyer |
| The amount of commission due to a licensed salesperson in AZ is determined by | mutual agreement |
| The authority for real estate licensees to prepare documents related to real estate transactions is found in: | Article XXVI, Arizona Constitution |
| The body of law that has grown out of legal customs and practices that were developed in England and prevails unless superceded by other law is: | Common law |
| The owner sold his home without the services of the broker prior to the expiration of an exclusive agency listing. The broker is entitled to: | nothing |
| The real estate broker's equivalent of medical doctor's malpractice insurance is: | Errors and omissions insurance |
| Uopn getting a listing, the salesperson SHOULD advise the seller that the: | sale can't be guaranteed |
| Upon the death of a broker, his daughter, also a broker wishes to take over his clients. She MUST: | renegotiate all of the listings |
| What does the Sherman Antitrust Act prohibit brokers from doing? | setting standard commission rates |
| When a license is issued to a corporation, who is entitled to act as the designated broker(s)? | One officer of the corporation |
| When an open listing is given to six brokers, they: | each have the opportunity to earn the entire commission |
| What type of listing is illegal in AZ? | a net listing |
