CCR Exam Questions 2024 with Complete Solutions

CCR Exam Questions 2024 with Complete Solutions If a buyer notifies the seller in writing of a termination of the contract under the Loan Objection provisions, what happens to the earnest money? a. buyer and seller will mediate any disagreement about earnest money b. the broker must hold the earnest money until she gets mutual agreement to return it to buyer c. as the buyer could not get a loan, money goes to the seller d. the earnest money must be returned to the buyer immediately - ANSWERSd. the earnest money must be returned to the buyer immediately After closing, a managing broker should pay commissions due to company associates: a. immediately from the escrow account so that the ledger can be closed b. from the escrow account at the end of the next accounting period c. from the company operating funds d. after withholding independent contractor taxes and contributions - ANSWERSc. from the company operating funds In a transaction with a listing broker and a broker acting as a buyer's agent, who normally holds earnest money? - ANSWERSthe listing broker An Exclusive Right to Sell listing expired after the broker provided a buyer's name in writing. The seller signed another Exclusive Right to Sell agreement with a new broker, which terminates the holdover period. The buyer returns to the original listing broker ready to prepare an offer on the property. If they buy the property, who is legally entitled to the commission? - ANSWERSThe new listing broker is entitled to the whole commission but may agree to pay a co-op commission to the selling broker.