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chapter 7 quiz questions only – answers will be revealed with any Post-License subscription
1 of 10 – You have just signed a listing agreement with Seller Peter. According to the course, your next step should be to?
Hold an open house, everything else can wait.
Enter the listing in the MLS and create flyers to put in the home and the yard sign.
Create a YouTube video and blog post.
Tweet pictures of the property to your followers.
2 of 10 – If a seller says he will sign an open listing, it means?
You have the right to market his property, but he has the right to work with other agents and brokers.
You have the exclusive right to market his home to any ready, willing, and able buyer.
You can market his home, but only show it to buyers of whom he approves.
The listing has no expiration date.
3 of 10 – What is the primary purpose a seller hires a real estate agent according to the course?
To increase their seller’s net
To avoid being sued
To market the property to potential buyers
For legal advice
4 of 10 – How soon must a copy of the signed listing agreement be given to the sellers?
You are not required to give them a copy.
A copy must be available the first time a potential buyer views the home.
Before they close on the sale of their house.
Within 24 hours after it has been filled out and signed.
5 of 10 – If a seller agrees to an Exclusive-Agency listing, it means?
The broker gets paid a commission no matter who finds the buyer.
The seller can avoid paying a commission by finding a buyer himself.
You will handle all of the seller’s marketing and advertising.
The seller can still work with other brokers.
6 of 10 – If the house a seller is listing is currently being rented, the seller should?
Be grateful that he has a tenant, because now he will not have to worry about getting the home clean and presentable. The tenant can do that.
Ask the tenant to move out early so the home will be easier to show and sell.
Take initiative and check on the home before a scheduled showing, to make sure it is presentable.
Not list the home until the lease has expired and the tenant has moved out.
7 of 10 – Your sellers signed an Exclusive-Right-of-Sale listing. But they have since decided that they do not want to sell the property; they would rather lease it instead. Do they still owe you a commission?
No. Your agreement was for the sale of the property, and since you did not find a ready, willing, and able buyer, they owe you nothing.
No. The sellers cannot lease the property as long as it is listed under an Exclusive-Right-of-Sale agreement.
Yes. They owe you the commission you would have earned for selling the property.
Yes. The terms of the listing agreement state that the broker will be compensated in any number of circumstances, including a lease agreement.
8 of 10 – If you are talking through a listing agreement, and your sellers say they are uncomfortable with using a lockbox, you should?
Tell them you cannot effectively market their home if they are going to place restrictions on you, end the meeting, and leave.
Show them a lockbox, and let them try to break into it so they have an understanding of how secure they are.
Tell them the lockbox is non-negotiable.
Agree not to use the lockbox and make sure the sellers will be home to let other agents and their buyers in to view the home.
9 of 10 – Can your sellers decide not to offer compensation to any other agent or broker?
Yes. But then the property cannot be listed in the Multiple Listing Service.
No. The sellers are required to offer compensation to agents and brokers who represent ready, willing, and able buyers.
Yes. But only if the agent has a brokerage relationship with either the buyer or the sellers themselves.
Yes. But only if it is because they need the additional money to cover closing costs.
10 of 10 – Three months into your listing agreement, both you and your sellers feel that the relationship is not working. Are you stuck with each other for the remainder of the contract?
Yes. You will have to tough it out and keep trying to find a buyer for their home.
No. If both parties verbally agree to terminate the relationship, the sellers are free to hire someone else right away.
Yes. That is why it is best to limit your listing agreements to six months or less.
No. But all parties must sign a written statement, agreeing to terminate the relationship.