Chapter 2: Agency Law

legal aspects of resal estate

14 cards | Total Attempts: 191 | Created by sandals1025 | Last updated: Sep 23, 2015 | Total Attempts: 191

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An Exclusive Agency Listing Can Best Be Described As:A. A Type Of Listing Agreement Wherein The Seller Agrees To Pay The Listing Broker Any Amount Remaining After The Seller Has Received A Predetermined Amount From The Sale.B.a Listing Agreement Between A Seller And Broker Wherein The Seller Agrees To Pay A Commission To The Listing Broker, Unless The Seller Finds The Buyer.C.a Type Of Listing Agreement That Guarantees The Listing Broker A Commission No Matter Who Brings The Buyer.

Cards In This Set

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An exclusive agency listing can best be described as: A. a type of listing agreement wherein the seller agrees to pay the listing broker any amount remaining after the seller has received a predetermined amount from the sale. B.a listing agreement between a seller and broker wherein the seller agrees to pay a commission to the listing broker, unless the seller finds the buyer. C.a type of listing agreement that guarantees the listing broker a commission no matter who brings the buyer.	B.a listing agreement between a seller and broker wherein the seller agrees to pay a commission to the listing broker, unless the seller finds the buyer.
Which one of the following is TRUE? A.The creation or existence of a compensation agreement does not establish an agency relationship between the giver of compensation and the recipient. B.California Civil Code requires consideration to create an agency relationship. C.The fact that a buyer's agent receives compensation as a percentage of the total commission monies paid by the seller establishes an agency relationship between the buyer's agent and the seller.	A.The creation or existence of a compensation agreement does not establish an agency relationship between the giver of compensation and the recipient.
Which one of the following is TRUE about a California real estate broker? A. A broker may not hire unlicensed personnel such as a bookkeeper to maintain the client trust account. B.Brokers are not liable for the actions of affiliated licensees if supervision and control is not adequately exerted. C.A broker is not required to supervise affiliated licensees if they are hired as independent contractors. D.A broker should establish a policy and procedures manual.	D. A broker should establish a policy and procedures manual.
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