Exam (elaborations)
WRA_ Chapter 2 terms_ Agency Issues Questions & answers
WRA_ Chapter 2 terms_ Agency Issues
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WRA: Chapter 2 terms: Agency IssuesExpress agency - CORRECT ANSWER-A seller list a property with a broker. The
seller and the broker have expressed agency through a former, written
agreement, which in this case, is the listing contract.
Implied agency - CORRECT ANSWER-The buyer wants to write an offer and the
listing broker salesperson draft the offer.
A listing contract - CORRECT ANSWER-To hire a broker to market property and
pay the broker a commission if a ready, willing, and able buyer is procured
according to the contract terms.
A buyer Agency Agreement - CORRECT ANSWER-To hire a broker to negotiate
an ownership interest in a property.
Description of the real estate - CORRECT ANSWER-A listing contract uses a
street address to describe the property.
Statement of the price - CORRECT ANSWER-A seller list a specific price for
property in the listing contract.
Statement of commission - CORRECT ANSWER-A listing contract BaByliss the
Commission as a percentage of the purchase price but the brokers use different
commission structures, including flat fees.
Statement of the term - CORRECT ANSWER-This is a period for which the
parties contract. Parties cannot extend an expired agency agreement.
In writing - CORRECT ANSWER-Agency contract must be in writing.
Signed by the person who will pay the commission - CORRECT ANSWER-The
party that signs an agency agreement is agree to pay the broker for successful
completion of the contract terms.
, Special agency - CORRECT ANSWER-Relationship gives an agent the authority
to represent a principal in a single transaction.
General agency - CORRECT ANSWER-Relationship gives an agent the authority
to represent a principal in a range of matters.
Exclusive right to sell listing contract - CORRECT ANSWER-Is the state
approved form that a license must be used when listing a seller's property. is this
the approve form that a license must be used when life listing hey sellers
property.
Exclusive agency listing contract - CORRECT ANSWER-A seller hires a broker
to represent the seller in the sale of the home.
Open listing contract - CORRECT ANSWER-A seller can list a property with a
several brokers and will only owe a commission to the broker to find a buyer.
One-party listing contract - CORRECT ANSWER-A seller can change the state
approved exclusive right to sell to a one party listing contract by restricting the
broker's ability to earn commission only in the case that a specific buyer
purchases the property.
Net listing contract - CORRECT ANSWER-Set the broker's commission at any
dollar amount over a minimum sales price. Net listings are legal in Wisconsin.
A buyer agency agreement - CORRECT ANSWER-A buyer or a tenant uses to
hire a broker.
Exclusive right to locate - CORRECT ANSWER-If a buyer needs a buyer's agent
to locate a property and the buyer or the buyer's attorney will negotiate the
purchase or lease terms, the parties may create an exclusive right to locate
agreement by striking out language giving the broker a thority to negotiate
Exclusive right to negotiate - CORRECT ANSWER-If a buyer needs a buyer
agent to negotiate for property but the buyer wants to locate the property, the
buyer could create an exclusive right to negotiate agency agreement.
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