Listing Agreements: Definition & Types

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which type of listing agreement allows you to sell your own house and not pay the broker a commission?

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1. A ____ listing agreement is illegal in some states.

2. Two weeks ago Valerie's exclusive right to sell listing agreement expired. A potential buyer from three weeks ago places an offer that Valerie accepts. Her old broker demands his commission. What result?

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About This Quiz & Worksheet

Selling or buying a home can be very stressful, which is why real estate salesmen, agents, and brokers can come in handy. This quiz/worksheet combo deals with aspects of various types of listing contracts that you can enter into with a real estate professional.

Quiz & Worksheet Goals

These assessments can be used to measure your understanding of listings represented by the following characteristics:

  • Broker doesn't generate the sale but gets paid anyway
  • You sell the property and don't pay commission
  • More than one broker list your house
  • Illegal listing
  • Conditions when a previous broker gets paid

Skills Practiced

The quiz and worksheet allow you to practice the following skills:

  • Reading comprehension - ensure that you comprehend the most important features of the related lesson on listing contracts
  • Making connections - use your understanding of the concept of a listing contract in different contexts
  • Knowledge application - use your knowledge to answer questions about the regulatory nature of different types of listing contracts

Additional Learning

To learn more about listing contracts, review the accompanying lesson entitled Listing Contracts: Definitions & Types. The lesson addresses the following objectives:

  • Examine what a listing contract defines
  • Investigate the four varieties of listing contracts
  • Comment on how state laws may have some effect on the protection period
  • Explain the standard real estate sales commission
  • Talk about when brokers may split a commission
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