Exam (elaborations)
WRA Chapter 2 Quiz Questions & answers with Complete solutions | Latest edition
WRA Chapter 2 Quiz Questions & answers with Complete solutions | Latest edition
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WRA Chapter 2 QuizA married couple hires a listing firm with an exclusive right to sell a listing
contract. Two weeks into the listing, buyers write an offer that the sellers accept.
The buyers satisfied all of their contingencies but did not close. What are the
listing firm's rights to the commission? - CORRECT ANSWER-The listing firm
earned a commission because the sellers entered into an enforceable contract
for sale.
A seller nets $100,000 from a property. The seller paid the firm 7% commission.
What was the sale price of the seller's property? - CORRECT ANSWER-A:
$107,527.
B: $107,000.
C: $115,524.
D: $107,500.
The best description of a special agent is someone who has the authority to: -
CORRECT ANSWER-Represent a principal in a specific transaction.
What is the result of a listing licensee telling a buyer that a property is overpriced
in an effort to get the buyer to write an offer? - CORRECT ANSWER-The listing
licensee creates a multiple representation relationship.
What is a firm doing if it advertises to pay $50.00 for any lead that results in a
listing or sale of real estate? - CORRECT ANSWER-Offering to engage in illegal
fee-splitting.
A firm pays a licensee $3,000, which is 50% of the listing firm's commission on a
$100,000 sale. What percentage did the seller agree to pay the listing firm in the
listing contract? - CORRECT ANSWER-A: 3%.
B: 7%.
C: 6%.
D: 8%.
ABC and XYZ are cooperating firms. XYZ is the listing firm and ABC is the selling
firm. The firms agree to evenly share the commission. When does XYZ earn the
, commission? - CORRECT ANSWER-The seller accepts an enforceable contract
for sale.
A firm sold a property for $79,500. The seller paid the listing firm 6.5%
commission. The listing firm will pay the listing licensee 30% of the commission
and will pay the selling licensee 25% of the commission. How much did the listing
firm pay the listing licensee? - CORRECT ANSWER-A: $3,617.
B: $5,168.
C: $1,292.
D: $1,550.
When can a firm take a net listing? - CORRECT ANSWER-A firm cannot take a
net listing.
What is a listing contract? - CORRECT ANSWER-A promise to find a ready,
willing, and able buyer.
A listing licensee sells a house for $89,000. The listing firm paid one-half of its
7% commission to the cooperating firm. The listing firm pays the listing licensee
40% of the listing firm's share of the commission. How much did the listing firm
pay the listing licensee? - CORRECT ANSWER-A: $1,500.
B: $2,000.
C: $1,246.
D: $1,156.
The Sherman Antitrust Act of 1890: - CORRECT ANSWER-Prohibits price fixing
and group boycotts.
Apportioning commission percentages earned on a sale is: - CORRECT
ANSWER-Determined by the firms involved in the transaction.
A listing firm earns a commission: - CORRECT ANSWER-When the seller
accepts an enforceable contract for sale.
What does a firm have to do to enforce a commission the broker earned under
an agency agreement? - CORRECT ANSWER-The client and the firm must have
a written agency agreement.
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