Alaska License LawAdvancedAlaska Exam
Alaska license law requires that a listing agreement include all of the following EXCEPT:
AThe listing price
BThe term of the agreement
CThe commission rate or fee, in general
DA guaranteed minimum sale priceCorrect
Why A guaranteed minimum sale price Is Correct
Answer D: A guaranteed minimum sale price
A listing agreement must include the listing price, the term, the commission or fee, and the parties' identities. However, a broker cannot guarantee a minimum sale price — that would create liability if the property sells for less.
Key Alaska License Law Terms in This Question
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Math Concepts
State-Specific Concepts
License Law
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