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ERC Listings Real Estate Classes

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					850. Which of the following is an acceptable
termination date for an enforceable exclusive
listing of residential real property:
A. 90 days from the completion of
     construction on the property;
B. 3 days after notice of rescission by either
     the seller or the listing agent;
C. 90 days after receipt of conditional
     commitment on a loan;
D. 90 days after the listing agreement is
     signed.
850. Which of the following is an acceptable
termination date for an enforceable exclusive
listing of residential real property:
A. 90 days from the completion of
     construction on the property;
B. 3 days after notice of recession by either
     the seller or the listing agent;
C. 90 days after receipt of conditional
     commitment on a loan;
D. 90 days after the listing agreement is
     signed.


     Exclusive listing – Must contain
     specific termination date
297. Broker Daniel has an exclusive agency
listing to sell a $65,000 home for Owner Jones.
Before the listing expires, the home was sold
through Jones' own efforts to a friend, and
Daniel was refused payment of any
commission. Daniel is legally entitled to
receive from Jones:
A. No commission;
B. One-half of a commission;
C. All expenses that he incurred when
     advertising the property;
D. A full commission.
297. Broker Daniel has an exclusive agency
listing to sell a $65,000 home for Owner Jones.
Before the listing expires, the home was sold
through Jones' own efforts to a friend, and
Daniel was refused payment of any
commission. Daniel is legally entitled to
receive from Jones:
A. No commission;
B. One-half of a commission;
C. All expenses that he incurred when
     advertising the property;
D. A full commission.
          Exclusive agency – Owner
          sells, no commission
299. Under which of the following listings must
an owner pay a commission, even though he
sells entirely through his own efforts:
A. Exclusive agency listing;
B. Exclusive right to sell listing;
C. Non-exclusive listing;
D. Restricted listing.
299. Under which of the following listings must
an owner pay a commission, even though he
sells entirely through his own efforts:
A. Exclusive agency listing;
B. Exclusive right to sell listing;
C. Non-exclusive listing;
D. Restricted listing.




Exclusive Right to Sell – Pay commission
851. In order to be entitled to a commission, a
broker must show that he/she was the
procuring cause of the sale under all of the
following types of listings, except:
A. Exclusive agency;
B. Exclusive authorization and right to sell;
C. Open listing;
D. Nonexclusive listing.
  851. In order to be entitled to a commission, a
  broker must show that he/she was the
  procuring cause of the sale under all of the
  following types of listings, except:
  A. Exclusive agency;
  B. Exclusive authorization and right to sell;
  C. Open listing;
  D. Nonexclusive listing.




Exclusive right to sell – No procuring cause
883. By signing an exclusive right to sell
listing, the seller is creating a contract between
himself and the:
A. Broker;
B. Sales agent;
C. Broker and all the sales persons in the
     broker's office;
D. Broker and the Multiple Listing Service.
883. By signing an exclusive right to sell
listing, the seller is creating a contract between
himself and the:
A. Broker;
B. Sales agent;
C. Broker and all the sales persons in the
     broker's office;
D. Broker and the Multiple Listing Service.




         Exclusive Right to Sell –
         Between seller and broker
Where a buyer withdraws his offer to purchase
real property prior to acceptance by the seller,
the:
A. Seller is entitled to one-half of the earnest
    money deposit;
B. Broker may sue buyer for specific
    performance;
C. Buyer is entitled to the refund of the
    earnest money deposit;
D. Seller may sue the buyer for specific
    performance and will probably win the suit.
Where a buyer withdraws his offer to purchase
real property prior to acceptance by the seller,
the:
A. Seller is entitled to one-half of the earnest
    money deposit;
B. Broker may sue buyer for specific
    performance;
C. Buyer is entitled to the refund of the
    earnest money deposit;
D. Seller may sue the buyer for specific
    performance and will probably win the suit.


Terminated by – Withdrawal, gets refund
687. Ms. Wilson made an offer to purchase real
property. However, she died of a heart attack before
the listing broker could notify her of an unqualified,
signed acceptance by the seller. Based on these facts,
which of the following is true:
A. Notification to the administrator or executor would
     bind the Wilson estate;
B. The death of Wilson constituted a revocation of the
     offer;
C. The offer and acceptance constitute an
     enforceable contract;
D. The sale would not be binding because the deed
     was not delivered before Wilson’s death.
687. Ms. Wilson made an offer to purchase real
property. However, she died of a heart attack before
the listing broker could notify her of an unqualified,
signed acceptance by the seller. Based on these facts,
which of the following is true:
A. Notification to the administrator or executor would
     bind the Wilson estate;
B. The death of Wilson constituted a revocation of the
     offer;
C. The offer and acceptance constitute an
     enforceable contract;
D. The sale would not be binding because the deed
     was not delivered before Wilson’s death.



         Terminated by – Death of buyer
852. None of the following would automatically
terminate an offer to buy real property except:
A. Revocation of the offer by the offeree;
B. Rejection of the offer by the offeror;
C. An inquiry by the offeree as to whether the
   offeror will accept different terms;
D. Rejection of the offer by the offeree.
852. None of the following would automatically
terminate an offer to buy real property except:
A. Revocation of the offer by the offeree;
B. Rejection of the offer by the offeror;
C. An inquiry by the offeree as to whether the
   offeror will accept different terms;
D. Rejection of the offer by the offeree.




   Terminated by – Rejection by offeree
302. The prospective purchaser may withdraw
the offer at any time before the seller’s
acceptance of an offer has been communicated
to the prospective purchaser:
A. Unless the offer states that it is irrevocable;
B. Provided the offer is not supported by a
    deposit;
C. Provided the offeree has breached the
    offer;
D. For any reason.
302. The prospective purchaser may withdraw
the offer at any time before the seller’s
acceptance of an offer has been communicated
to the prospective purchaser:
A. Unless the offer states that it is irrevocable;
B. Provided the offer is not supported by a
    deposit;
C. Provided the offeree has breached the
    offer;
D. For any reason.



      Terminated by – For any reason
888. When a counteroffer is made:
A. The original offer becomes a unilateral
   offer;
B. The offeree becomes an offeror;
C. The original offeror cannot amend his
   terms;
D. It is considered a partial acceptance of the
   original offer.
888. When a counteroffer is made:
A. The original offer becomes a unilateral
   offer;
B. The offeree becomes an offeror;
C. The original offeror cannot amend his
   terms;
D. It is considered a partial acceptance of the
   original offer.




 Counteroffer – Offeree becomes offeror
804. In a real estate purchase contract, the
liquidated damages clause is initialed and the
buyer defaults. The deposit will be:
A. No more than 3% of the selling price or the
    amount of the deposit, whichever is less;
B. Used to pay any escrow expenses and the
    balance returned to the buyer;
C. Divided equally between the seller and the
    listing agent;
D. Given to the seller when escrow is opened.
804. In a real estate purchase contract, the
liquidated damages clause is initialed and the
buyer defaults. The deposit will be:
A. No more than 3% of the selling price or the
    amount of the deposit, whichever is less;
B. Used to pay any escrow expenses and the
    balance returned to the buyer;
C. Divided equally between the seller and the
    listing agent;
D. Given to the seller when escrow is opened.


    Buyer defaults, deposit is – Divided
    equally between seller and agent
565. The words “time is of the essence” can be
found in which of the following contracts:
A. Exclusive authorization and right to sell;
B. Real estate purchase contract and receipt
   for deposit;
C. Grant deed;
D. Option.
565. The words “time is of the essence” can be
found in which of the following contracts:
A. Exclusive authorization and right to sell;
B. Real estate purchase contract and receipt
   for deposit;
C. Grant deed;
D. Option.




Time is of the essence – Deposit receipts
853. In which of the following contracts does
one of the parties agree not to revoke an offer
for a certain period of time:
A. An exchange listing;
B. An option;
C. A ratification;
D. An exclusive right to sell listing.
  853. In which of the following contracts does
  one of the parties agree not to revoke an offer
  for a certain period of time:
  A. An exchange listing;
  B. An option;
  C. A ratification;
  D. An exclusive right to sell listing.




(Options) Agreement – Not to revoke an offer
871. Lehigh gave Campbell an option for the
purchase of Lehigh’s ranch. In law, such an
option is regarded as:
A. An offer to enter into a contract;
B. An involuntary lien on the real property;
C. An agreement identical with the
    vendee/vendor relationship under a land
    contract;
D. A contract to keep the offer open.
871. Lehigh gave Campbell an option for the
purchase of Lehigh’s ranch. In law, such an
option is regarded as:
A. An offer to enter into a contract;
B. An involuntary lien on the real property;
C. An agreement identical with the
    vendee/vendor relationship under a land
    contract;
D. A contract to keep the offer open.




(Option) Contract – To keep an offer open
744. Which of the following statements about
options is false:
A. The optionee does not have any rights in
    the land;
B. The option binds the optionee to
    performance;
C. Consideration must be given by the
    optionee to the optionor;
D. If there is a lease/option, the lease
    provisions are sufficient consideration for
    the option.
744. Which of the following statements about
options is false:
A. The optionee does not have any rights in
    the land;
B. The option binds the optionee to
    performance;
C. Consideration must be given by the
    optionee to the optionor;
D. If there is a lease/option, the lease
    provisions are sufficient consideration for
    the option.


     Optionee – Not bound to perform
569. Broker Smith took a listing on commercial
acreage and also received the right to
purchase the property within 30 days. On the
28th day of the listing, the broker decided to
buy the property. Before buying the property,
he must:
A. Disclose any outstanding offers;
B. Give the owner any material information;
C. Obtain written consent from the owner
    which acknowledges any profit or
    anticipated profit;
D. All of the above.
569. Broker Smith took a listing on commercial
acreage and also received the right to
purchase the property within 30 days. On the
28th day of the listing, the broker decided to
buy the property. Before buying the property,
he must:
A. Disclose any outstanding offers;
B. Give the owner any material information;
C. Obtain written consent from the owner
    which acknowledges any profit or
    anticipated profit;
D. All of the above.
       Option and Listing – Disclose
       offers, written consent
End of session

				
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