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Cram Final Exam Detailed Questions And Expert Answers
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Cram Final Exam Detailed Questions And Expert Answers
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Cram Final Exam Detailed Questions AndExpert 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 - ANS 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. - ANS 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 - ANS 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 sale
,C. Prove he had a ready, willing and able buyer that met the seller's terms.
D. All of the above - ANS B. Prove he was licensed at the time of 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. - ANS 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 dial 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 - ANS 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(an):
A. Addendum
B. Special Stipulation
C. Amendment
D. Clause - ANS 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
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