Real Estate pt1

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?

• Exclusive agency listing.

• Exclusive right to sell listing.

• Open listing.

• All listings

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?

• Tell them of the illness only if they ask, but not the need to sell.

• Tell them of the need to sell to insure a quick sell.

• Do not tell them even though it appears that Smith's death is imminent.

• In order to sell quickly, tell them that the seller is ill because death would cancel the listing.

In a cooperative sale, where the listing broker and the selling broker represent the seller, the selling broker has which of the following relationships?

• Agent of the listing broker

• Sub-agent of the listing broker

• Agent of the seller

• Sub-agent of the buyer

A broker had an exclusive right to sell agency listing. In order to collect the commission, he must:

• Prove he was the procuring agent.

• Prove he was licensed at the time of the sell.

• Prove he had a ready, willing and able buyer that met the seller's terms.

• All of the above.

A broker estimated the property lines by stating it ran between two trees in the backyard. After closing, the buyer found it was over six feet off. Is the broker liable?

• No, he gave an estimate.

• No, the buyer should have gotten a survey.

• Yes, he made a statement which he realized could be false.

• Yes, the broker should have surveyed the property himself.

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?

• Yes, because this is a sub-agency.

• Yes, because this is undisclosed dual agency.

• No, because he disclosed to all parties that neither had to consent to dual agency.

• No, because he disclosed to all parties that his actions may be adverse to either party, however he would not divulge confidential information.

A buyer and seller sign an agreement to charge the contract to close on May 1 instead of May 2. This is a(n)

• Addendum

• Special stipulation

• Amendment

• Clause

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 right of first refusal

• An option

• Sales contract

• right of first refusal or option

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?

• It's ok as long as it was assignable in the original contract.

• It's ok as long as the brokers have a written contract between them to transfer.

• Never due to statue of frauds.

• It cannot be assigned because a listing contract is a personal service 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 parties?

• Double agency

• Transaction brokerage

• Sub-agency

• Single agency