Exam (elaborations)
Agency Relationships and Contracts - GA MLS (3).
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Agency Relationships and Contracts - GA MLS (3).
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Agency Relationships and Contracts - GA MLSThe term 'fiduciary' means there is... - ANS-A legal relationship between parties that creates a
position of trust and confidence.
A listing agent lost the seller's house keys. The agent has breached their fiduciary duty of... -
ANS-accountability
The best description of the type of agency that is created by the actions or conduct of the
parties is... - ANS-an implied agency
When a brokerage represents both parties in the real estate transaction as customers, the
brokerage is acting as... - ANS-a transaction broker
When showing a property, an agent exaggerates a property's benefit. This action is... -
ANS-puffing, which is legal as long as there is no misrepresentation
The type of listing agreement that allows the seller to have contracts with more than one
brokerage, as well as the right to sell the property themselves, is... - ANS-an open listing
An amendment to a contract is created... - ANS-only if using fill-in-the-blank agreements
A buyer signed an agreement to pay the agent when she purchased a property described in the
contract. The buyer signed... - ANS-an exclusive buyer agency agreement
After the buyer's offer was accepted, they applied for a loan. They could not secure a loan to
purchase the property. Which contract clause would allow the seller to receive the earnest
money deposit? - ANS-forfeiture clause
A promise, or something of value, made by one party to induce another party to enter into a
contract is called... - ANS-legal consideration
The status of a contract that meets all the essential elements and is enforceable is called... -
ANS-a valid contract
A contract entered into without duress, menace, misrepresentation, or fraud means that it meets
the legal requirements of the... - ANS-reality of consent
A contract that has no legal force or effect is... - ANS-void
When neither party can sue the other to force performance, the contract is said to be... -
ANS-unenforceable
, The transfer of rights, duties, or both from one contract to another contract, or from one person
to another person, is called... - ANS-assignment
One contract was substituted for another contract, and there was a release of liability from the
original contract. The term that defines the release is... - ANS-novation
A sales contract, land contract, or trust deed would give the buyer... - ANS-an equitable title
Upfront damages or compensation that are agreed upon to be paid by the breaching party in the
contract are called... - ANS-liquidated damages
Legal action that may be taken to enforce the terms of the contract is a suit... - ANS-for specific
performance
The term that means 'let the seller beware' is... - ANS-caveat venditor
The clause in a contract that is meant to relieve a party from liability for injuries to another party
is the... - ANS-exculpatory clause
The seller has accepted monetary consideration and has agreed to sell her property for an
agreed upon amount within a specified time frame, if the buyer chooses to purchase. This
contract is called... - ANS-option contract
A land contract, contract for deed, or installment contract has been reached between the seller
and buyer. It most likely means that... - ANS-vendor finances the property and retains title until
the final payment is made by the vendee
The clause in a contract that makes timely performance a condition of the contract is called
the... - ANS-"time is of the essence" clause
Every enforceable contract for the sale of real estate must be in writing and signed by all
parties, in accordance with the... - ANS-statute of frauds
What is an essential element of a contract? - ANS-mutual assent
In a bilateral contract... - ANS-both parties to the contract have duties to be performed
An executed contract means... - ANS-all of the parties have fully performed their duties
To create a contract, the offeree must accept the offer... - ANS-without any changes to the offer
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