Exclusive Right to Sell Quiz

1. How many places does a seller initial on the entire Exclusive Right to Sale?

7

Every Page

5

4

2. How long does a seller have to decide on whether they would allow for Dual Agency?

At the time of signing

It varies depending on the offer

1 week

90 days

3. What are the 3 items specifically included under Disclosure?

School Zones, Waste Zones, Flood Plain

Underground Storage, Crime Rates, Structural Condition

There is not a disclosure portion

Property Disclosure, Flood Plain, Community Associations

4. Who sets the commission rates for sellers?

The Montgomery Area Association of REALTORS

The National Association of REALTORS

The Seller and their Broker

The Multiple Listing Service

5. How much commission does the law require the seller to pay to a buyer’s agent?

The amount on a buyer’s agency agreement

3%

None

The amount requested in a offer to purchase

6. What section of the Exclusive Right to Sell addresses the buyer’s brokerage commission?

Page 2 Section 5

Page 1 Section 4

This is not in the agreement

Page 2 Section 8

7. Are seller’s required to offer Seller Concessions?

Yes

Only part of the closing costs

The Prepaids

No

8. What is our Brokerage’s current total minimum commission for a $350,000 residential listing?

3%

6%

5%

It varies depending on the seller

9. How much is our brokerage’s current total minimum commission for the buyer’s brokerage on a $275,000 listing?

6%

5%

3%

$1

10. Who holds earnest money for our brokerage’s listings?

Us

The Buyer’s Brokerage

The lender

The closing attorney or title company closing the transaction