Exam (elaborations)
REE 3433 Exam 2 prep (1).
- Module
- REE 3433 CH 4 & 5
- Institution
- REE 3433 CH 4 & 5
REE 3433 Exam 2 prep (1).
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REE 3433 Exam 2 prepRob and Kim entered into an oral agreement whereby Rob promises to pay Kim a
commission if Kim produces a ready, willing, and able purchaser of Rob's property.
Before any performance by Kim, the agreement is: - ANS-Not an enforceable contract.
Language such as "a commission is to be paid to the broker whether the purchaser is
secured by the broker or by any person other than the seller" creates an "exclusive right
to sell" listing agreement.
-True
-False - ANS-False
Under the traditional rule, a broker earns a commission under a listing agreement
whenever he procures a buyer who is "ready, willing and able" to purchase the real
estate, even if the seller refuses to sign a contract with the buyer.
-True
-False - ANS-True
Under a buyer-broker arrangement, a buyer may not leave her agent for another buyer
agent if she signs an exclusive agency contract without being liable for a commission if
the broker finds her a property to buy.
-True
-False - ANS-True
A listing agreement providing a real estate agent with an exclusive right to sell property
also contains a "no deal, no commission clause." If a potential purchaser is unable to
obtain financing to complete the purchase after signing a contract: - ANS-the agent is
not entitled to a commission from the seller.
Under a mortgagee loss clause, if a mortgagor-owner intentionally destroys mortgaged
property: - ANS-the mortgagee-bank can recover from the insurance company, which
can then recover its loss from the owner.
Schedule B2 of a title commitment shows what? - ANS-a list of items that will not be
insured (exceptions)
, Insurance practices usually provide for the full cost of repair or replacement up to policy
limits in the event of loss, regardless of the size of the limits.
-True
-False - ANS-False
About 90% of the states use a "Race-Notice Statute" since it combines both the
attributes of fairness with efficiency.
-True
-False - ANS-False
Under the modern mortgagee loss clause, a mortgagee-bank will be covered by an
owner's insurance policy even when the mortgagor intentionally destroys the property
by arson.
-True
-False - ANS-True
A joint tenancy requires all of the following "unities" except for the unity of: -
ANS-severance
Estates generally fall into two categories: fee estates and freehold estates
-True
-False - ANS-False
A life tenant who makes improvements on leased property which are considered fixtures
generally (under common law) has a right to remove them within a reasonable period of
time after terminating the life estate.
-True
-False - ANS-True
21. The following is (are) considered a freehold estate(s):
(a) fee simple absolute.
(b) fee simple defeasible.
(c) life estate.
(d) all the above. - ANS-(d) all the above.
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