Real Estate Quiz

The duration of a listing agreement is:

• whatever is negotiated between the broker and seller.

• 6 months.

• whatever is negotiated between the seller and the buyer.

• 90 days.

If a person obtains a contract through duress, that contract is:

• Valid

• Void

• Voidable

• Unenforceable

The law that requires real estate contracts to be in writing to be enforceable is the:

• law of descent and distribution.

• statute of frauds.

• statute of limitations.

• parole evidence rule.

A property owner lists his property for sale with a broker. During the negotiations, the owner told the broker they wanted $138,000 for the property, and anything above that amount the broker could keep as his commission. The listing with this type of provision is known as the:

• net listing.

• non exclusive listing.

• open listing.

• gross listing.

Undue influence or duress applied to one party to a contract makes the contract:

• unenforceable.

• void.

• voidable.

• invalid.

The prospective purchaser may withdraw the offer at any time before the seller's acceptance of an offer:

• True

• False

When would a broker have a right to a commission based on negotiations which were started during the term of the listing agreement but completed after the listing agreement had expired?

• The completion was during the protection period clause.

• The listing involves the exchange of properties.

• The listing agreement has a liquidated damages clause.

• The broker brings a court suit against his principal.

Janice Riceland is shown a home by her agent, Richard. She makes an offer and gives Richard a check. At what point does her offer become an enforceable contract to buy?

• When the deposit check clears

• When Janice is notified the seller accepted the offer

• As soon as Richard receives her offer and her check

• As soon as the seller receives the offer and the check

Broker Dave has an exclusive agency listing to sell a $200,000 home for owner Jones. Before the listing expires, the home was sold through Jones' own efforts to a friend, and Dave was refused payment of any commission. Dave is legally entitled to receive from Jones:

• a full commission.

• one-half of a commission.

• no commission.

• all expenses that he incurred when advertising the property.

A voidable contract remains binding upon the parties until the contract is:

• invalidated.

• discovered.

• qualified.

• rescinded.