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Barney Fletcher Final Exam Questions with 100% Correct Answers | Verified | Latest Update
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Barney Fletcher Final Exam Questions with 100% Correct Answers | Verified | Latest Update
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Term 1 of 97A 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?
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an exclusive agency listing
, an exclusive right to sell listing
an open listing
all listings
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Term 2 of 97
Security deposits kept in a designated rental trust account are credited to:
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the broker
the tenant
the landlord
the lessor
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Term 3 of 97
,A lender would require a blanket mortgage in which of the following
circumstances?
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if the borrower was going to use several unencumbered properties as security
if there was a mortgage clause stating that upon default, it would become a general lien
if the lender made the loan to encompass all of the borrower's debts
none of the above
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Term 4 of 97
If a purchaser tells a salesperson to hold the purchaser's earnest money
check for 5 days before depositing it, the salesperson must:
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deposit the check in the broker's trust account as soon as practicable
hold the check until the 5th day and then deliver it to her broker
, deliver the earnest money check to the broker as soon as practicably possible,
with the purchaser's written instructions for the broker to hold the check
tell the purchaser the check won't clear in less than 5 days
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Term 5 of 97
If a purchaser tells the salesperson that the seller has clearly breached his
responsibilities and the purchaser demands the immediate refund of his
earnest money deposit, the salesperson should:
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calm the purchaser down and assure him that the broker will return the funds in no more
than one week's time
tell the purchaser to see his own attorney since the salesperson is not allowed to give
legal advice
tell the purchaser that the most he can take without the seller's agreement is half of the
deposit
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