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AGENCY Extra

Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.
 

 1. 
A listing which gives a broker authority to sign a sales contract is:
a.
a special agency with a power of attorney.
c.
a super agent with a power of attorney.
b.
a general agency with a power of attorney.
d.
a universal agent with a power of attorney.
 

 2. 
A listing which does not give the broker authority to sign a contract of sale creates:
a.
a special agency.
c.
a universal agency
b.
a general agency.
d.
a secret agent
 

 3. 
Under a listing, a broker is a:
a.
special agent
c.
universal agent
b.
general agent.
d.
secret agent
 

 4. 
A broker may sign a contract of sale for the seller if:
a.
the seller is ill.
c.
the seller  says it is okay in writing
b.
the broker has a power of attorney.
d.
under no circumstances
 

 5. 
An agent hired to perform a particular task is a:
a.
special agent.
c.
universal agent
b.
general agent
d.
secret agent
 

 6. 
A guardian is a/an:
a.
universal agent.
c.
general agent
b.
special agent.
d.
secret agent
 

 7. 
Under exclusive agency listings, the broker is paid:
a.
if anyone other than the owner sells the property,
c.
only if the broker finds the buyer
b.
only if the listing firm finds the buyer.
d.
if the property sells
 

 8. 

After selling, the owner must pay a commission if the listing is a/an:
a.
open.
c.
exclusive agency
b.
exclusive right to sell.
d.
recorded
 

 9. 
An exclusive agency listing is:
a.
an implied contract to pay a commission.
c.
an offer to sell a property.
b.
a contract of employment.
d.
an illegal contract.
 

 10. 
Which listing prohibits the owner from selling the property either herself or through anyone else without paying a commission?
a.
exclusive right to sell
c.
open listing
b.
exclusive agency
d.
pocket listing
 

 11. 
Under which listing will the broker be entitled to a commission only if the broker procures a ready, willing and able buyer?
a.
open
c.
exclusive agency
b.
exclusive right to sell
d.
special agency
 

 12. 
Under an exclusive agency listing:
a.
the seller may sell the property herself without paying a commission.
b.
the seller must pay a commission no matter who sells the property.
c.
the seller may pay a commission if she feels like it
d.
the owner does not have to pay a commission
 

 13. 
If 2 brokers have open listings, and one discovers a zoning change may occur, that broker should:
a.
remain silent.
c.
tell the other broker
b.
inform the seller of the potential change in zoning.
d.
tell the other broker and the seller
 

 14. 
Under an exclusive agency listing, the listing broker is paid if the:
a.
property is sold by another firm.
c.
if the property sells
b.
owner finds the buyer.
d.
only if the broker finds the buyer
 

 15. 
Which two listings allow the owner to find the buyer without paying a commission?
a.
exclusive agency and open
c.
exclusive right to sell and open listing
b.
exclusive right to sell and an exclusive agency
d.
option and open listing
 

 16. 
The only listing which entitles the broker to a commission no matter who sells the property is the:
a.
exclusive right to sell.
c.
exclusive agency
b.
open.
d.
open or exclusive agency
 

 17. 

The only listing that requires the owner to pay a commission if the property is sold by the owner is the:
a.
exclusive agency.
c.
open listing
b.
exclusive right to sell.
d.
open listing or exclusive agency
 

 18. 
The only listing that requires the owner to pay a commission if the property is sold by the owner or by a broker other than the listing broker is the:
a.
exclusive agency
c.
open listing
b.
exclusive right to sell
d.
exclusive agency or open listing
 

 19. 
With an open listing, the broker:
a.
is a special agent.
c.
has no agency relationship
b.
need not to be the procuring cause of the sale in order to collect a commission.
d.
will be paid a commission regardless of who sells the property
 

 20. 
A listing obligates the seller to list with only one broker and pay a commission if that broker finds a buyer. If the owner finds the buyer, no commission will be owed. This listing is:
a.
open.
c.
exclusive right to sell.
b.
exclusive agency.
d.
illegal.
 

 21. 
Which listing designates the broker as the exclusive agent yet allows the owner to find the buyer without being obligated to pay a commission?
a.
exclusive agency
c.
exclusive right to sell
b.
open
d.
exclusive right to sell or open
 

 22. 
To collect a commission, the broker must find a buyer before the property is sold by either the owner or another agent. The listing is:
a.
open.
c.
exclusive agency
b.
exclusive right to sell.
d.
exclusive agency or exclusive right to sell
 

 23. 
Under which listing is the broker's right to a commission conditional upon that broker finding the buyer before the seller or another broker is able to locate a buyer?
a.
open
c.
exclusive right to sell
b.
exclusive agency
d.
net
 

 24. 
Does the broker get a commission if the owner dies before the agent can present a full terms offer?
a.
yes
c.
yes if the owner has a will
b.
no
d.
yes if the court agrees
 

 25. 
Which terminates a listing?
a.
the buyer defaults
c.
the property fails an FHA inspection
b.
the property is condemned
d.
the zoning changes
 

 26. 
Which will NOT terminate a listing?
a.
the property fails an FHA inspection
c.
the broker's license is revoked
b.
death of the listing broker
d.
the property is condemned
 

 27. 
A listing stated that it would expire on December 31. On December 1, the seller died. On December 2, the house burned to the ground. On December 3, the property was condemned. The listing terminated on:
a.
December 1
c.
December 3
b.
December 2
d.
December 31
 

 28. 
Which will NOT terminate a listing?
a.
seller bankruptcy.
c.
the seller revokes the listing.
b.
the closing is held.
d.
the buyer defaults.
 

 29. 
Death of the listing seller:
a.
automatically terminates the listing.
c.
affects the listing if the seller does not have a will
b.
does not affect the listing in any way.
d.
affects the listings if the seller has a will
 

 30. 
When a listed property is destroyed by fire, the listing:
a.
remains valid.
c.
is good as long as the owner rebuilds
b.
automatically terminates.
d.
is good if the court agrees
 

 31. 
A listed property was sold at a foreclosure sale. Is the broker entitled to a commission?
a.
Yes, because of the foreclosure.
b.
No, the broker did not find a ready, willing and able buyer.
c.
Yes, because the listing automatically continues until the property is sold
d.
It depends on the court decision
 



 
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