Contracts
A New Mexico listing agreement states the property must sell for at least $400,000 'net to seller.' This is an example of a:
AExclusive right-to-sell listing
BNet listing✓ Correct
COpen listing
DBuyer's listing
Explanation
A net listing guarantees the seller a specified net amount; the broker earns whatever exceeds that amount as commission. Net listings are controversial and may be illegal or restricted in many states due to conflict-of-interest concerns.
Related New Mexico Contracts Questions
- In New Mexico, what is the difference between rescission and cancellation of a purchase contract?
- A listing agreement in New Mexico is a contract between:
- Under New Mexico law, which remedy allows a party to seek court-ordered performance of a real estate contract?
- Which of the following best describes an executory contract?
- What is the purpose of an earnest money deposit in a real estate transaction?
- Which of the following is NOT an essential element of a valid real estate contract?
- Under the Statute of Frauds, real estate contracts in New Mexico must be:
- When a seller accepts a buyer's offer, what is created?
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →