Quiz Questions

Question 1: Which party signs the Exclusive Rights to Sell Agreement in our state? 

A) The seller and the buyer's agent.

B) The seller and the listing agent (individual Licensee).

C) The seller and the brokerage firm. (or broker-in-charge/authorized rep).

D) The seller, the listing agent, and a witness.

Question 2: What is the mandatory initial earnest money deposit deadline in a standard sales contract?

A) 24 hours from the effective date.

B) 3 business days from the effective date.

C) 5 calendar days from the effective date.

D) There is no mandatory initial deadline; it is determined by negotiation and specified in the contract.

Question 3: To effectively set a listing appointment, which of the following is least essential to research? 

A) The seller's current motivation for selling.

B) Current comparable sales (comps) and neighborhood market trends. 

C) The exact date the seller purchased the property.

D) The seller's existing mortgage balance or equity position (approximate).