Barney Fletcher Cram Final Exam Questions and Answers
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Course
Real Estate
Institution
Real Estate
Barney Fletcher Cram Final Exam Questions and 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 listi...
1. 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: B. an exclusive right to sell listing
2. 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 imminentD.
in order to sell quickly, tell them that the seller is ill because death would
cancel the listing: C. do not tell them even though it appears that Smith's
death is imminent
3. 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: A. agent of the listing broker
4. 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: B. prove he was licensed at the time of the sale
, Barney Fletcher Cram Final Exam
5. 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: C. yes, he
made a statement which he realized could be false
6. 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: B.
yes, because this is undisclosed dual agency
7. 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: C. amendment
8. 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
, Barney Fletcher Cram Final Exam
D. either A or B: C. a sales contract
9. 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: D. it cannot be assigned because a listing contract is a personal
services contract
10. 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: B. transaction brokerage
11. When is the correct time for the salesperson to get the proper legal
description of the seller's property?
A. when filling out the offer
B. when filling out the sales contract
C. when filling out the listing
D. any time before closing: C. when filling out the listing
12. Sue acquires an option to buy a tract of land from Pete. which of the
following is NOT true?
A. Sue is the optionee and Pete is the optionor
B. the property may be purchased at the discretion of the optionee
C. Pete may not diminish the value of the property (waste) during the period
the option is in effect
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