Chapter 9 Agency Contracts

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Chapter 9 Agency Contracts
2013-11-06 20:14:20
NC Real Estate Exam

Modern Real Estate Practice 8th Edition
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  1. All written agency agreements must: (4)
    • 1. Be signed by all parties
    • 2. Include the licensee's license number
    • 3. Have a definite termination date
    • 4. Contain the prescribed nondiscrimination provision
  2. Article 16 of the Realtor Code of Ethics prohibits:
    Members of the NAR from the solicitation of business from a consumer that is party to an active exclusive agency agreement with another Realtor.
  3. Do-Not-Call laws/rules:  A real estate licensee may call a consumer with whom they have an established business relationship for up to ____ months after the consumer's last purchase.
  4. To be entitled to collect a commission, an agent must be: (3)
    • 1. Be actively licensed
    • 2. Be employed by the principal under a valid written agency agreement, or be the procuring cause of the sale
    • 3. Must produce a ready, willing, and able buyer.
  5. Antitrust Laws protect against:
    Price fixing, group boycotting, and allocation of customers or markets, among other acts that would limit competition in the market.
  6. Open Listing
    There are multiple agents, only selling agent is entitled to a commission, seller retains the right to sell independently without obligation.
  7. Exclusive-Agency Listing
    There is one authorized agent, broker receives a commission if any broker is procuring cause, seller retains the right to sell without obligation to listing broker.
  8. Exclusive-right to sell
    There is one authorized agent, broker receives a commission regardless of who sells the property.
  9. Net Listing
    The excess amount over the sales price will go to the listing broker as commission.  Strongly discouraged in NC.
  10. Protection Agreement
    Guarantees compensation if a particular property is sold to a specific buyer
  11. Fee-for-service agreements (Limited service agreements)
    is based on charges for separate broker activities that the client desires (unbundling of services).
  12. Multiple Listing Clause
    Permits cooperation with other brokers in the multiple listing service.