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REE 3043 - Exam 3 Practice Questions and Solutions | Grade A+

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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...

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REE 3043 exam Questions and answers| Grade A

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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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