Superior School Chapter 8

A valid listing agreement may be terminated for any of the following reasons, EXCEPT:

According to North Carolina Real Estate Commission Rules, all of the following are required to be part of a listing agreement, EXCEPT:

By entering into an exclusive agency listing agreement with a seller, a real estate brokerage firm:

If a seller needs to net $50,000 after the sale of a property, what is the minimum acceptable sales price if the selling expenses include a 7% commission and $1,200 in additional expenses?

A property owner lists a property for sale with a broker. The owner told the broker during the listing negotiations that he wanted $138,000 for the property, and anything above that amount the broker could keep as commission. The listing with this type of provision is known as:

The fact that the NC listing agreement and buyer agency agreement must be in writing is required by:

A licensee has just discovered a roofing leak in one of his current listings even though the seller has indicated “no representation” on the Residential Property Disclosure Statement. The listing agent does not inform the selling agent of the defect and since the defect, is hidden, the selling agent does not discover or disclose the problem to the buyer. According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure?

Ricardo is showing the buyer a house in the capacity of seller sub-agent. Prior to being shown any house, the buyer indicates to Ricardo that it is essential he have a fence erected around the backyard of any house he purchases. Ricardo finds the perfect house for the buyer but it does not have a fenced in backyard nor does the listing information sheet indicate whether fences are allowed or not. Ricardo does not inquire of the listing agent anything about a fence. The buyer purchases the house and later learns that he cannot erect a fence. Which of the following statements regarding these facts are true?

Which of the following is TRUE about the North Carolina Residential Property Disclosure Act?

The seller wants to net $165,000 after paying the broker fee of 6% of the sales price. What is the minimum acceptable gross sales price to the nearest dollar?

A seller and a buyer are engaged in a dispute over a forfeited earnest money deposit. The seller has no reasonable basis for refusing to allow the broker to return the earnest money to the buyer who cancelled within their due diligence period. According to the North Carolina Real Estate Commission, what should the broker do about the earnest money?

Anti-trust laws prohibit all of the following, EXCEPT:

Earnest money deposits, when paid in the form of a personal check given on an Offer to Purchase and Contract, must be deposited in an escrow account:

If a seller and a listing firm have a commission dispute prior to the closing, the listing firm:

Which of the following statement(s) is/are true regarding death of a seller? 1. If a seller dies after signing a listing agreement, the listing agreement is terminated. 2. If a seller signs a sales contract and dies before the closing of the property, the sales contract is terminated.

A buyer paid $45,000 for a home. Five years later, she put the home on the market for 20% more than she originally paid. The home eventually sold for 10% less than the asking price. At what price was the home sold?

Two brokers split a 6% commission equally on a $73,000 home. The selling provisional broker, Joe, was paid 70% of his broker’s share. The listing provisional broker, Janice, was paid 30% of her broker’s share. How much did Janice receive?

You are on a listing appointment and the sellers tell you they would like to net $135,000 from the sale of their home. You estimate they will have to pay $950 in miscellaneous settlement costs. You will charge them a 6.5% commission to sell the property. They also have a loan payoff of $53,500. What must the property sell for to ensure they receive their desired net?

An investor sold a property for $590,000. He made a 35% profit on the sale. What did he originally pay for the property?

A seller sold his property for $97,000. He made a 321.74% profit. What was the purchase price of the property?

A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. How much money would an individual agent receive for a 60% share of the 10% commission earned?

A provisional broker sells another firm's listing for $150,000. The commission is 6.5% of the sales price. Of this amount, 55% goes to the listing broker and the remaining 45% belongs to the cooperating broker. If the provisional broker receives 60% of any commission that he generates for the office, he is entitled to receive: