Reference no: EM133150534

Read the statements below. Identify whether each statement is true or false and share your findings for all 10 statements. If the statement is true, describe why; if false, explain why.

1. In California, exclusive listing agreements cannot last for longer than one year.

2. Net listings are legal in California only if the agent discloses the amount of the commission before the seller becomes committed to the transaction.

3. A listing agreement can only be terminated by mutual agreement.

4. A transfer disclosure statement must be used in "for sale by owner" transactions.

5. A buyer who decides to rescind a purchase agreement may do so within seven business days of receiving a transfer disclosure statement.

6. To save time in filling out the transfer disclosure statement, it's helpful to have the listing agent fill out the seller's portion of the form as well as the agent's section.

7. A seller may give a buyer copies of inspection reports in lieu of filling out a transfer disclosure statement.

8. An agent must use a pre-printed MLS form to meet the requirement that a listing agreement be in writing.

9. With either an open listing or an exclusive agency listing, the property owner won't have to pay any broker a commission if the owner sells the property himself.

10. A safety clause in a listing agreement protects the broker from liability for false or misleading information provided by the seller.

You are at a listing appointment and the seller asks about the different types of listing arrangements available to him. You as an agent need to defend which type of listing agreement you'd like the seller to sign (net, open, or exclusive right). Go!