Listing Basics
What type of listing agreement is this form?
A) Open Listing
B) Net Listing
C) Exclusive Agency
D) Exclusive Right to Sell
What is D, Exclusive Right to Sell?
How is the broker’s commission amount determined?
A) By the MLS
B) Fixed by law
C) Negotiated between broker and seller
D) Set by the Nevada Real Estate Division
What is C, Negotiated between broker and seller?
Which disclosure must be provided if the property was built before 1978?
A) Smart Home Tech Form
B) Seller’s Real Property Disclosure
C) Lead-Based Paint Disclosure
D) Utility Bill Summary
What is C, Lead-Based Paint Disclosure?
What must the seller complete to prevent property photos from being published?
A) A Private MLS Form
B) A Photo Exclusion Agreement
C) A Seller Addendum
D) A Fair Use Waiver
What is
B) A Photo Exclusion Agreement?
What happens if a seller leases the property through someone other than the broker during the listing period?
A) No commission is due
B) Seller pays only marketing fees
C) Seller still owes the broker a commission
D) Only a flat fee is owed
What is C, Seller still owes the boker a commission?
When is compensation due to the broker?
A) Only if the broker sells the home
B) If the property sells through any party during the term
C) If the property is listed in the MLS
D) Only if the buyer is unrepresented
What is B, If the property sells through any party during the term?
What does FIRPTA deal with?
A) Flood zone status
B) Foreign sellers and tax withholding
C) Homeowners association dues
D) Disclosure of known defects
What is
B) Foreign sellers and tax withholding?
What marketing action requires MLS submission within one day if the property is Office Exclusive?
A) Verbal price quote
B) Private showing
C) Public marketing like flyers or yard signs
D) Phone call to another agent
What is C) Public marketing like flyers or yard signs?
The agreement expires at what specific time?
A) 5:00 p.m.
B) 12:00 noon
C) 11:59 p.m. Pacific Time
D) Midnight Eastern Time
What is C, 11:59p.m. Pacific time?
What happens if the seller defaults after accepting an offer?
A) Seller forfeits the earnest money
B) Broker waives commission
C) Broker may seek the full commission from the seller
D) Nothing happens legally
What is C, Broker may seek the full commission from the seller?
What happens if the seller is in default of the agreement?
A) The broker cancels the listing
B) Seller must pay the agreed commission
C) Broker must refund all marketing costs
D) No legal consequence
What is B, Seller must pay the agreed commission?
What fair housing class is NOT listed as a protected class?
A) Familial status
B) Sexual orientation
C) Religion
D) Employment status
What is
D) Employment status?
The listing agreement includes what types of transactions?
A) Sale only
B) Lease only
C) Short-term rental only
D) Sale, Lease, or Exchange
What is D) Sale, Lease, or Exchange?
If a seller signs with a new broker after expiration, which clause no longer applies?
A) Earnest money disclosure
B) Automatic renewal
C) Commission protection period
D) Seller indemnification
What is C, Commission protection period?
If the property contains SMART tech, what must be completed?
A) Broker Consent Form
B) Seller Waiver
C) Smart Home Disclosure
D) Technology Opt-Out
What is
C) Smart Home Disclosure?
Which of the following is NOT protected under Article 10 of the NAR Code of Ethics?
A) Race
B) National origin
C) Political affiliation
D) Handicap
What is C) Political affiliation?
Which of the following must be listed in the agreement regarding the property?
A) Homeowner’s insurance agent
B) Common Interest Community information (if applicable)
C) County school district
D) Listing appraiser’s name
What is B) Common Interest Community information (if applicable)?
What right does the broker have to collect unpaid commissions?
A) File a lien against the property
B) Deduct it from the earnest money
C) Withhold MLS access
D) Assign proceeds in escrow to themselves
What is D, Assign proceeds in escrow to themselves?
Which law governs this agreement?
A) Federal RESPA law
B) California Civil Code
C) Clark County Ordinance
D) Nevada State Law
What is
D) Nevada State Law?
Which action would violate fair housing laws?
A) Offering open house cookies
B) Refusing to sell based on religion
C) Requiring a pre-approval letter
D) Suggesting a home warranty
What is B) Refusing to sell based on religion?