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Michigan Real Estate - Unit 11: Client Representation Agreements - Multiple Choice Questions And Answers With Verified Solutions Already Passed!!!$13.49
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Michigan Real Estate - Unit 11: Client
Representation Agreements - Multiple
Choice Questions And Answers With
Verified Solutions Already Passed!!!
"A salesperson that had a listing died. What is the present status of the listing?
A) The listing has terminated.
B) The seller has the right to terminate.
C) The listing is still in effect.
D) The broker has the right to terminate - ANSWER✔✔ "C-Explanation:
The answer is the listing is still in effect. The death of the seller or the broker
would terminate the listing. Because the contract did not belong to the salesperson,
the death has no effect on the listing
"
"A seller sold property to a neighbor without the services of a real estate broker
however, the seller still owes a broker a commission because the seller signed
A) a net listing agreement.
B) an exclusive right-to-sell listing agreement.
C) an exclusive agency listing agreement.
D) an open listing agreement - ANSWER✔✔ "B-Explanation:
The answer is an exclusive right-to-sell listing. In an exclusive right to sell listing,
a commission will be owed to a broker regardless of which party sells the house. In
exclusive agency and open listings, the seller retains the right to sell without
obligation to the broker
, "
"The listing agreement on a residential property states that it expires on May 2.
Which event would NOT terminate the listing?
A) On April 15, the owner tells the listing broker that the broker's marketing efforts
are not satisfactory.
B) The house is destroyed by fire on April 25.
C) The owner dies on April 29.
D) The agreement is not renewed prior to May 2 - ANSWER✔✔ "A-Explanation:
The answer is on April 15, the owner tells the listing broker that the broker's
marketing efforts are not satisfactory. A mere complaint to the broker by the
principal does not end the listing, whereas the expiration of the listing, the death of
owner, or the destruction of the property would end it
"
"Which of the following is a requirement of residential property sellers in many
states?
A) Hire a property inspector to uncover any defects in the property
B) Provide the original building plans to a prospective buyer
C) Complete a property condition disclosure form
D) Guarantee the condition of property listed for sale - ANSWER✔✔ "C-
Explanation:
The answer is complete a property condition disclosure form. By completing such
a form, the seller does not guarantee the condition of the property, but does reveal
the present condition of the property so that a prospective buyer can make an
informed decision. The buyer usually will make a satisfactory property inspection
a condition of the sale
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