Barney Fletcher Cram Final Exam:
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B. an exclusive right to sell listing - ✔✔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
C. do not tell them even though it appears that Smith's death is imminent -
✔✔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
A. agent of the listing broker - ✔✔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
,B. prove he was licensed at the time of the sale - ✔✔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
C. yes, he made a statement which he realized could be false - ✔✔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
B. yes, because this is undisclosed dual agency - ✔✔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
C. amendment - ✔✔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. a sales contract - ✔✔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
D. it cannot be assigned because a listing contract is a personal services
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
B. transaction brokerage - ✔✔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
C. when filling out the listing - ✔✔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
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