REE 3043 - Exam 3 Practice Questions and Solutions | Grade A+
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Course
Real estate REE3043
Institution
Real Estate REE3043
The primary purpose of a listing agreement is to define the relationship between
️: The property owner and the real estate broker
A state license is required for anyone who
️: Sells property for other people
Which of the following terms refers to the illegal practice of showing minority buy...
REE 3043 - Exam 3 Practice Questions
and Solutions | Grade A+
The primary purpose of a listing agreement is to define the relationship between
✔️: The property owner and the real estate broker
A state license is required for anyone who
✔️: Sells property for other people
Which of the following terms refers to the illegal practice of showing minority buyers only
those properties that are located in areas dominated by minorities?
✔️: Steering
Which of the following statements is not true about brokers?
✔️: Brokers take ownership of the item being transferred for at least a brief moment in time
A listing agreement whereby the seller reserves the right to sell the property himself without
having to pay a commission and also allows other real estate agencies to sell the property and
earn a commission best describes what type of
,listing?
✔️: Open
The illegal practice of encouraging owners to sell their properties for lower prices when
minorities begin moving into a neighborhood is known as
✔️: Blockbusting
What is the name of the illegal practice of showing minority buyers only those properties
located in areas currently dominated by minorities?
✔️: Steering
If you were the listing broker, which of the various listings would you most
prefer?
✔️: Exclusive right-to-sell listing
A local brokerage firm that pays an initial fee plus a percentage of gross receipts in order to
be affiliated with a national firm is called a
✔️: Franchise
Which of the following statements describe a multiple-listing service (MLS)?
, ✔️: An arrangement in which the participating brokers make their listings available to other
members
Which of the following statements is true regarding real estate brokers and sales associates?
✔️: Sales associates must work for brokers and cannot operate their own
In an agency relationship between a seller and a broker, the broker is a(n) ____________ of
the seller and must protect the seller's best interests at all times.
✔️: Fiduciary
In the typical agency relationship between sellers and brokers, brokers are the
_____________ of sellers, and must protect their clients' best interest at all times.
✔️: Fiduciary
The listing agreement will NOT usually contain the
✔️: Selling price
A multiple listing is most often used in conjunction with a(n)
✔️: Exclusive right-to-sell listing
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