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Barney Fletcher Cram Final Exam 100% correct answers

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barney fletcher cram final exam 100 correct answers
a seller wants to list the property with a broker
but wants to avoid paying any commission should the seller be fortunate enough to sell the prope

Institution Barney Fletcher
Course Barney Fletcher

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Barney Fletcher Cram Final Exam 100%
correct answers

A seller wants to list the property with a broker, but wants to avoid paying any commission should the
seller be fortunate enough to sell the property. himself. Which of the following should the seller avoid
signing?

A. an exclusive agency listing

B. an exclusive right to sell listing

C. an open listing

D. all listings - correct answer B. an exclusive right to sell listing

Mr. Smith listed his farm with broker Bob. Although Smith did not tell him, Bob knew he had to sell due
to poor health. What should Bob tell potential buyers?

A. tell them of the illness only if they ask, but not the need to sell

B. tell them of the need to sell to insure a quick sale

C. do not tell them even though it appears that Smith's death is imminent

D. in order to sell quickly, tell them that the seller is ill because death would cancel the listing - correct
answer C. do not tell them even though it appears that Smith's death is imminent

In a cooperative sale, where the listing broker and the selling broker represent the seller, the selling
broker has which of the following relationships?

A. agent of the listing broker

B. sub agent of the listing broker

C. agent of the seller

D. sub agent of the buyer - correct answer A. agent of the listing broker

,A broker had an exclusive right to sell agency listing. In order to collect the commission, he must:

A. prove he was the procuring agent

B. prove he was licensed at the time of the sale

C. prove he had a ready, willing, and able buyer that met the seller's terms

D. all of the above - correct answer B. prove he was licensed at the time of the sale

A broker estimated the property lines by stating it ran between two trees in the back yard. After closing,
the buyer found it was over six feet off. Is the broker liable?

A. no, he gave an estimate

B. no, the buyer should have gotten a survey

C. yes, he made a statement which he realized could be false

D. yes, the broker should have surveyed the property himself - correct answer C. yes, he made a
statement which he realized could be false

Smith has an exclusive listing with broker Jones for $220,000. Jones finds a buyer who wants
representation and Jones represents both Smith and the buyer, verbally disclosing that he is now
representing both as clients. Has Jones violated license law?

A. yes, because this is sub agency

B. yes, because this is undisclosed dual agency

C. no, because he disclosed to all parties that neither had to consent to dual agency

D. no, because he disclosed to all parties that his actions may be adverse to either party, however he
would not divulge confidential information - correct answer B. yes, because this is undisclosed dual
agency

A buyer and seller sign an agreement to change the contract to close on May 1 instead of May 2. This is
a(n):

A. addendum

, B. special stipulation

C. amendment

D. clause - correct answer C. amendment

When a person, upon payment of a consideration, has an obligation to buy land at a fixed price within a
specified period of time, his right could be described as:

A. a right of first refusal

B. an option

C. a sales contract

D. either A or B - correct answer C. a sales contract

Joan has a listing with broker Bob. A week into the listing, Joan gets a call from broker Jill stating that the
listing is now with her. Can this happen?

A. it's ok as long as it was assignable in the original contract

B. it's ok as long as the brokers have a written contract between them to transfer

C. never due to the statute of frauds

D. it cannot be assigned because a listing contract is a personal services contract - correct answer D. it
cannot be assigned because a listing contract is a personal services contract

What type of transaction exists when there is a written contract for a broker to receive pay from both or
either party and performs only ministerial acts for one or both parties?

A. double agency

B. transaction brokerage

C. sub agency

D. single agency - correct answer B. transaction brokerage

When is the correct time for the salesperson to get the proper legal description of the seller's property?

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Exam (elaborations)

Barney Fletcher Cram Final Exam 100% correct answers

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