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Barney Fletcher Cram Final Exam Graded A+
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Barney Fletcher Cram Final Exam Graded A+
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Barney Fletcher Cram Final Exam Graded A+ 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 - ANSWER -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 i s imminent D. in order to sell quickly, tell them that the seller is ill because death would cancel the listing - ANSWER -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 sell ing 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 - ANSWER -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 the sale C. prove he had a ready, willing, and able buyer that met the seller's terms D. all of the above - ANSWER -B. prove he was licensed at the time of the 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 - ANSWER -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 dual agency D. no, because he disclosed to all parties that his actions may be adverse to ei ther party, however he would not divulge confidential information - ANSWER -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(n): A. addendum B. specia l stipulation C. amendment D. clause - ANSWER -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 B. an option C. a sales contract D. either A or B - ANSWER -C. a sales 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 - ANSWER -D. it cannot be assigned because a listing contract is a personal services contract 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 pa rties? A. double agency B. transaction brokerage C. sub agency D. single agency - ANSWER -B. transaction brokerage 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 D. any time before closing - ANSWER -C. when filling out the listing Sue acquires an option to buy a tract of land from Pete. which of the following is NOT true? A. Sue is the optionee a nd Pete is the optionor B. the property may be purchased at the discretion of the optionee C. Pete may not diminish the value of the property (waste) during the period the option is in effect D. Pete may not sell the property to anyone else during the period the option is in effect - ANSWER -D. Pete may not sell the property to anyone else during the period the option is in effect The contract signed between a buyer and a broker is called? A. listing contract B. buyer's brokerage agreement C. listing a greement D. buyer's relationship - ANSWER -B. buyer's brokerage agreement Typically in Georgia, the agent representing the seller is called? A. the selling agent B. the listing agent C. the sub agent D. the listing broker - ANSWER -D. the listing broker Which documents must be in writing to be enforceable according to the statute of frauds? A. leases over a year old B. real estate sales contracts C. deeds D. all of the above - ANSWER -D. all of the above Seller Jane negotiates a sales contract with buyer Bill, but before signing the contract, she contacts buyer Mike to see if he wants to buy it before Bill does. Mike probably had:The benefits of buying summaries with Stuvia:
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