Học Thi Real Estate License ở California: Real Estate Contracts 1. In taking a listing it is proper for the broker to: accept the listing at whatever price the owner wants raise the owner's asking price to include the commission ascertain the seller's reason for listing agree to accept a listing at a greater price than that suggested by a competitor 2. Alice, a broker, submits a listing to an MLS based on a phone conversation with the owner, who indicates he will give Alice the listing. Bart, another broker, obtains a full-price offer, but the owner refuses to sell. the owner is liable to Alice for a commission Bart is not entitled to any reimbursement the owner is liable to Bart only Alice is liable to Bart for his commission 3. Mold disclosure applies to: one to four residential units industrial property only single-family homes every real estate transaction Hint 4. A broker is least likely not to get in trouble by: taking a net listing taking an option with a listing forgetting to give a copy of an exclusive listing to the person signing it failing to put a termination date in an open listing Hint 5. The buyer would sign a receipt for a booklet dealing with: nonconforming use environmental hazards "as is" sale condition unhealthy air 6. A purchase contract signed because of duress is: void illegal all of these voidable Hint 7. A purchase agreement signed by Mr. Jones alone calls for the title to be in Mr. and Mrs. Jone's Names as community property. The purchse agreement is: illegal valid unenforceable void Hint 8. Which of these contracts must be in writing in accordance with the Statute of Frauds? a contract that is not to be performed for 13 months all of these the sale of growing crops a lease for one year Hint 9. An astute broker would least likely spend his or her advertising dollars on: newspaper ads on open listings ads in the Yellow Pages radio advertising billboards Hint 10. The seller defaults on an executed purchase contract. The broker is: entitled to half of the deposit after expenses entitled to a commission on default not entitled to a commission entitled to a commission only on close of escrow Hint 11. The lead paint information booklet must be given to buyer of one to four residential units constructed prior to: 1980 1988 1978 1992 12. The instrument most likely to state that "time is of the essence" is a(n): open listing exclusive agency listing exclusive right to sell listing real estate purchase contract 13. All of the following are ways by which an offer to purchase real estate would be terminated, except: a conditional acceptance of the offer by the offeree failure to accept the offer within a prescribed period failure to communicate notice of revocation before the other party has communicated acceptance death or insanity of the offeror or offeree, regardless of the notice thereof Hint 14. A broker has a combination of a listing and an option. She exercises the option without disclosing that she has a buyer at a higher price. The broker: is not guilty of wrongdoing has made a secret profit represented two parties without permission is guilty of fraud Hint 15. Two brokers agree verbally to split a commission. The agreement is: unenforceable void because of the Statute of Frauds voidable enforceable 16. A disclosure that warns a buyer that there may be additional financial obligations after close of escrow would concern the: methamphetamine contamination notice supplemental tax bill disclosure industrial airport disclosure title insurance notice Hint 17. An election of remedies would most likely appear in: a purchase agreement a listing escrow instructions a deed Hint 18. An exclusive right to sell listing contract shows the expiration of the listings as 12 noon on December 3. At 3 P.M. on December 3, Adam, the original listing broker, produces a buyer. The owner gave an exclusive listing on the property at 2 P.M. on December 2 to Bernadine, another broker Bernadine is entitled to a commission Adam has placed his license in jeopardy Adam is entitled to a commission none of these is true Hint 19. On a dwelling having four units, one of which the buyer intends to occuy as a residence, liquidated damages cannot exceed: the amount of the sales commission three percent of the sale price actual expenses none of these 20. A listing dated June 1995 states "cash and assume a loan at ____ percent interest per annum with balance due in December 2010." the existing loan is illegal the salesperson who wrote it is subject to discipline the listing is illegal the listing is okay Hint 21. Under an exclusive agency listing, a broker advertises a home. The owner sells the home prior to the expiration of the listing. The broker is entitled to: her expenses her full commission half of her commission nothing Hint 22. Burt, a broker, shows houses on which he has listings to Don and Wilma Smith. They don't like any of them. When Don is away, Burt shows a house to Wilma. She likes it and gives a deposit. On the purchase contract form, what would be appropriate to write after "received from"? Don and Wilma Smith Don an Wilma Smith, husband and wife Wilma Smith Don and Wilma Smith as joint tenants 23. Failure to perform as agreed under a contract is known as: novation breach damages illegal act 24. According to the CAR standard real estate purchase contract, if the seller fails to deliver title: the broker is liable for damages the buyer forfeits his or her deposit none of these the buyer can terminate Hint 25. Harvey gives Jonas, a broker, an exclusive agency listing for three months. After one week, Harvey notifies Jonas in writing that he is terminating the agreement. The next day, Harvey signs an open listing with Keith, another broker. Lee, a sales person working for Keith, brings in an offer, which Harvey accepts. As to the commission. which of the following is true? Jonas is not entitled to a commission because Harvey canceled the listing Harvey was not entitled to list with keith because the other listing had not expired Harvey is liable to Jonas and Keith for the commission only Keith gets the commission Hint 26. A broker has an exclusive listing on a property that also provides the broker with an option to buy that property. The broker wishes to exercise the option. The broker: should forget it as he has violated his fiduciary duty must obtain the approval of the Department of Real Estate must publish his intent for 30 days prior to exercising the option must obtain the seller's approval in writing Hint 27. A broker obtains a $1,200 down payment on a $20,000 full-price offer on her exclusive six percent listing. After acceptance, the seller releases the buyer from his obligation. The broker should: ask the local real estate board to arbitrate keep the $1,200 as her commission return the $1,200 to the buyer leave the $1,200 in escrow Hint 28. Coercion and duress are applied to one party in a contract. The contract is: illegal voidable void unenforceable Hint 29. Brokers earn their commissions: none of these at the time that they list properties on close of escrow by finding buyers ready, willing, and able to buy Hint 30. A husband signs a contract to sell community real estate without his wife's signature. The contract would be: valid void unenforceable illegal Hint 31. Losing a right due to failure to assert it in a timely fashion is called: subrogation satisfaction laches dereliction 32. A broker lists property owned by a corporation. Before expiration of the exclusive listing, all of the officers of the corporation die. the listing must be reaffirmed by new offers the listing is terminated automatically the listing remains in full effect the listing is suspended Hint 33. A buyer of a common interest development is entited to receive all except: homeowner Association bylaws homewner Association financial statement copies of the CC&Rs one-year buyer warranty 34. Which of the following is true? valid contract can be an unenforceable contract a void contract can be enforced by one party only an illegal contract can be an enforceable contract "voidable" means "void unless validated" Hint 35. Antonio enters into a contract with Bess through the chicanery of a broker who induced the contract through fraud. The contract is: voidable unenforceable valid void Hint 36. Broker John took an oral listing of Ralph's popcorn wagon at a price of $400. The agreement provided for a 25 percent commission. John was successful in arranging a sale. From these facts: neither a nor b Ralph does not have to pay John a commission John has placed his license in jeopardy both a and b Hint 37. The broker who has most likely earned his or her commission has: received an offer on listed property any of these notified the buyer of the seller's acceptance received the seller's acceptance of the offer Hint 38. The function of board arbitration is to: set standard closing costs for buyers and sellers none of these settle disputes regarding closing costs settle disputes between agents 39. A statement that commissions are negotiable need not be included in: neither a nor b both a and b a listing of a five-unit apartment building a listing of a single-family home Hint 40. An owner instructed her broker not to present any offer that did not include a deposit of at least five percent of the price offered. The broker received an offer without any deposit. The broker should: use trust funds to make up a deposit inform the buyer that a deposit is required by law return the offer to the buyer present the offer Hint 41. A contract to sell real estate by a 17-year-old unemancipated girl is: valid unenforceable enforceable illegal Hint 42. Unknown to the seller, the buyer dies 10 minutes before the selelr accepts the purchase offer. The contract is: voidable valid unenforceable illegal Hint 43. A safety clause in a listing requires the broker to submit names of people with whom whe negotiated to the owner prior to the expiration of the listing. The broker inadvertently left out Edwin's name. One week after the listing expires, the owner sells to Edwin. Edwin is liable for the commission the owner is liable for full commission the owner is not liable for any commission the owner is liable for half of the commission Hint 44. The agreement between a broker and a salesperson as to commission splits would normally be: an implied contract an express contract an agency agreement none of these Hint 45. A broker locates a buyer ready, willing, and able to buy accepting the exact terms of an exclusive right to sell listing. The seller refuses to sell because the buyer has been arrested and convicted on a morals charge. the broker has violated his agency the owner must accept the offer the owner does not have to accept the owner can refuse the offer without penalty Hint 46. The listing price is most likely: a high market value a low market value not related to market value an average market value 47. Three people own a piece of property. A broker takes an exclusive listing to each of their places of business to get it signed. The broker must: give one copy to any of the owners give a copy to the first one who signs give a copy to each when he or she signs get them to sign at the same time 48. A verbal agreement to sell real estate would be enforceable where: the purechase price is less than $500 the parties swear to the agreement on a Bible the buyer takes possession, makes a down payment, and improves the property it involves unimproved land Hint 49. An ordinary exclusive right to sell listing in a broker's inventory is an: executed unilateral contract executed bilateral contract executory bilateral contract executory unilateral contract Hint 50. As to an offer to purchase, which of the following is true? none of these the broker has the option of submitting the offer structural inspection and clearance is required it must include a deposit 51. A property was used to manufacture methamphetamine. When must a purchaser be notified of this use? if a cleanup order was issued if there is reasonable evidence of such use if there was any possibility of contamination if the occupant was convicted of the manufacture Hint 52. Inadvertently, a deposit receipt is not filled in as to who pays for the standard policy of title insurance. The person responsible would then be: determined by local custom the broker the buyer the seller 53. Armand contracts to sell some land to Brenda and thereafter refuses to perform. Brenda wants the land, so she should bring suit against Armand for: rescission novation specific performance compensatory damages Hint 54. After a house on which Paula, a broker, had an exclusive agency listing has been sold by another broker, she finds out about it. The selling broker received a full commission. Paula shoud make a demand on the: owner for full commission owner for half commission selling broker for half commission selling broker for full commission Hint 55. A broker receives a full-price offer on a house she has listed in accordance with the terms of the listing. Before she can present the offer, another broker brings in an offer for $500 less but slightly better terms. The listing broker should: present both offers at the same time tell the other broker the property has been sold present both offers in the order refuse to accept the second offer Hint 56. A broker takes a listing that does not include an authorization to take a deposit. none of these is true the broker cannot take a deposit if the broker takes a deposit, he does so as the agent of the buyer the authorization is implied 57. Angelo lists his farm on July 1 with Benita, a broker. The listing is for 30 days. On August 2, Benita finds a full-price buyer who makes a deposit directly into escrow (no purchase contract is signed). Benita is not legally entitled to a commission Angelo must pay Benita the commission the buyer owes the commission the escrow mus pay the commission to Benita Hint 58. A broker fails to give the owner a copy of the open listing or to include a termination date. The broker then obtains an offer that is accepted by the owner. both a and b are true the broker has not done anything wrong neither a nor b is true the broker is entitled to her commission Hint 59. A listing cannot be terminated by the principal when: the agent has an interest coupled with the agency the listing as not expired the agent has not breached the agreement both a and c 60. A real estate commission is normally based on the: selling price listing price owner's equity cash involved Hint 61. Enthusiasm of a licensee often results in painting an overly optimistic picture. This is known as: fraud misrepresentation coercion puffing Hint 62. A buyer must be notified about a military ordnance location that may contain explosives if within ___mile(s) of the property. 2 8 1 5 63. A minor inherits land. While still a minor, she deeds the land to the church, which puts a building on it. After reaching majority, she changes her mind and wants the land back. if it was a charitable gift, she cannot get it back she must pay the church the value of the structure she can get the land back all of these are true Hint 64. Ashley gives her broker, Bob, an exclusive agency listing. Ashley's cousin, a broker in another town, finds a buyer and takes a reduced commission. Ashley's cousin has placed his license in jeopardy Ashley does not have to pay Bob Ashley's cousin must split his commission with Bob Ashley owes Bob a commission Hint 65. A real estate purchase contract is: an agency a unilateral contract a bilateral contract none of these Hint 66. Megan's Law deals with: water quality waster disposal military ordnance sex offenders Hint 67. After an offer is accepted, the seller dies. The seller's wife inherits the property. the wife can be forced to sell the offer is voidable none of these is true the offer is terminated Hint 68. A contract that allows a real estate agent to be an agent of all of the parties to a transaction would be a(n): exclusive right to sell listing seller disclosure statement open listing exchange agreement 69. Anita signs a real estate purchase contract as a buyer. The contract states that it is good for three days. One day later, Anita wishes to revoke her unaccepted offer. Anita may revoke and revocer her deposit Anita may revoke but will forfeit her deposit Anita may revoke but is liable for the commission Anita is bound because the offer is irrevocable Hint 70. An offer usually has to be accepted: within 10 days in writing in the manner specified in the offer none of these 71. A buyer defaults on a purchase contract. The seller notifies the buyer that he has elected to rescind their agreement. Under these circumstances: the seller should hold the deposit until the property is resold, when damages can be determined. the seller may retain the deposit as liquidated damages the seller should sue for both actual and punitive damages the buyer is entitled to the return of his deposit Hint 72. As to options, which of the following is true? none of these there is a fiduciary duty between the optionor and the optionee the optionee is entitled to the return of his or her consideration if the option is not exercised consideration does not actually have to change hands as long as the option says it has 73. An example of an illegal earnest money deposit would be: a promissonry note none of these cash a personal check 74. An option cannot be assigned: both a and b if purchase consideration is an unsecured note in any instance if the option period is over three months Hint 75. A broker finds a buyer for his listed property at more than the listing price. He therefor buys the property himself and resells it. This is a: violation of Article V violation of Article VI secret profit violation of Article VII Hint 76. A broker obtains an exclusive six percent listing for $40,000. The broker brings in a offer of $16,000. The offer angers the owner, who then leases the property for five year prior to the expiration of the listing. The broker is: entitled to a $1,200 comission entitled to a $900 commission entitled to a $2,400 comission not entitled to a commission Hint 77. A seller sold property "as is." The broker knew the plumbing was in bad repair but did not inform the buyer. The buyer can sue: no one as "as is" is really notice of a problem the broker none of these no one as the sale was "as is" Hint 78. Sandra, a broker, had 40 hours listed when she passed away. Her daughter, also a broker, inherits the business. She must: tell the 40 sellers that she is taking over and that as far as they are concerned there is no change inform the 40 sellers as to what happened and that all the listings belong to her regenotiate the 40 listings seek judgment in court to get the commissions Hint 79. The only provision an exlusive listing contains for terminaion is upon the owner giving two-hour notice to the broker. the broker is subject to disciplinary action there is nothing wrong with the broker's action the provision as to early notice has no effect the listing is a unilateral contract Hint 80. As to contracts, which of the following is true? the handwritten portion takes precedence over the printed portion in the event of any differences in a printed contract, the printed form takes precedence over hand-written text printed and handwritten notations carry the same weight and the court decides the meaning printed text takes precedence over typed text Hint 81. A prospective buyer signs an offer but refuses to give a deposit. Which of the following applies? refuse to present the offer the offer as written cannot be accepted present the offer to the owner inform the buyer that a deposit is required by law Hint 82. The broker's agreement to use diligence in finding a purchaser: makes the listing a bilateral contract none of these makes the listing a unilateral contract makes the listing revocable by the owner Hint 83. The Alquist-Priolo Act deals with: military ordnance locations special studies zones toxic waste lead paint disclosure Hint 84. Albert agrees to buy Boswell's "corner lot in Block 4 of College heights" for $30,000. Boswell thinks the sale is for Lot 18, but Albert thinks it is for Lot 32, which is another corner lot in the same block that is also owned by Boswell, there is no contract Albert has a chouce of Lot 18 or 32 Albert gets Lot 18 Albert gets Lot 32 Hint 85. An option is a(n): voluntary lien fiduciary agreement offer to enter into a contract contract to keep an offer open 86. An offer would be terminated by: a request for an extension by the offeree rejection by the offeror revocation by the offeree rejection by the offeree Hint 87. Alec gives Betty an option to buy his farm for $50,000 within 30 days. Betty gives Alec $50 for this option. Alec notifies Betty 25 days later that he is withdrawing the option. Two days later Betty tenders the full option price to Alec for the farm. both b and c are true Alec must return the $50 to Betty Alec does not have to sell, as the option was properly canceled Alec must accept or he can be sued for damages or specific performance Hint 88. April signed a contract to buy Byron's property. Byron obtained April's signature by representing that the sale agreement was a petition to the city for street improvement. The purchase agreement would be: voidable at April's option valid void voidable at April's or Byron's option Hint 89. Escrow is unable to close because the seller cannot deliver marketable title. The buyer can get his deposit back but is: liable for the broker's commission liable for costs incurred liable for one-half of the escrow costs none of these Hint 90. A broker repeated rent information he received from his client to a purchaser. After the sale, it was discovered the information was false. The new buyer went to an attorney. Most likely she would sue: none of these, because of caveat empor the seller the seller and the broker the broker Hint 91. Broker Elsie listed a property owned by Widow Jones. The called for a 12 percent commission. After the sale was completed and the commission paid, Widow Jones discovered that Elsie charged other owners six percent for sales of similar property. As to this transaction: none of the above Jones is entitled to the return of half of the commission Jones is entitled to the return of the entire commission paid Elsie has placed her license in jeopardy Hint 92. A broker lists a property for $20,000. He discovers that the holder of a $5,000 second trust deed will discount it 50 percent. A prospective buyer will pay $17,500 for the property, but the seller indicates her price is firm. The broker should: buy the trust deed himself inform the seller that the trust deed can be discounted tell the buyer to offer $20,000 and assume the second trust deed find another buyer Hint 93. Alan, a broker, obtains an offer from Bridget to buy Carl's house. After Carl accepts and the escrow instructions have been signed, both Bridget and Carl die. none of these is true Alan has earned his commission, but the deal cannot be completed. the agency and executory contract were canceled by death the agreement is binding on the estates of both Bridge and Carl Hint 94. All contracts require all of the following except: an offer and acceptance consideration a proper writing a legal purpose Hint 95. A seller accepts an offer but changes the escrow period. The broker notifies the buyer of acceptance. a bilateral contract has been made a unilateral contract has been made the buyer must submit a counteroffer no contract has been made Hint 96. Clark leases Francine's store under an oral, one-year lease. After three months occupancy, Clark finds a less expensive rental. Clark must give notice, as in periodic tenancy even though the lease was not binding because it was verbal, Clark is bound, as he treated the lease as being valid for three months Clark is liable on the entire lease because the lease was not in writing, Clark can get out of it immediately Hint 97. A salesperson obtains a listing on her broker's house. Immediately thereafter, she changes brokers. the listing belongs to her previous broker the listing belongs to her new broker the listing belongs to the salesperson the listing is terminated by the change 98. Arbitration under the CAR purchase contract shall be in accordance with: the Real Estate Commissioner's regulations the Administrative Procedures Act none of these the rules of the American Arbitration Association 99. All of the following are natural hazards requiring disclosure except: earthquake fault zone area of potential flooding fire hazard weather 100. Negative fraud would be: nondisclosure fraud that results in harm to another unintentional fraudulent action fraud that was not acted upon Hint 101. Which of the following is an offer? an option a tender a completed escrow a foreclosure Hint 102. The provision in a deposit receipt calling for forfeiture by the buyer of a deposit is known as: forteiture clause punitive damages liquidated damages none of these 103. After agreeing verbally to split a commission with a selling broker, the listing broker now refuses to do so. The selling broker should: contact the Real Estate Commission none of these-the agreement was verbal notify the state labor commissioner sue the listing broker 104. A buyer makes an accepted offer conditioned upon the approval of the buyer's spouse. Prior to the spouse's approval, this is a(n): illegal contract void contract binding contract illusory contract Hint 105. A minor cannot: appoint an agent contract for purchase of personal property pay income taxes any of these Hint 106. In accordance with the safety clause in an listing, the broker notifies the owner verbally of a prospective buyer. Ten days after the listing expires, the buyer purchases the property. the broker is not entitled to any commission the broker is entitled to a commission based on the listing price the broker is entitled to a commission based on the selling price the amount of the commission would be decided by the Real Estate Commission Hint 107. A sale falls apart and both the buyer and the seller make demands on the broker for the buyer's deposit. A wise broker would: file an interpleader action take it out of his commission give it to the owner give it to the broker 108. An owner dies one week after giving a six-month exclusive right to sell listing. His administrator does not wish to sell the property. the administrator is liable for the commission the heirs are liable for the commission the estate is liable for the commission none of these is true Hint 109. Payment of a commission orally agreed to without subsequent written ratification is: contrary to real estate rules and regurations illegal legal both a and b Hint 110. An offer to perform in accordance with contractual obligations would be: consideration completion performance tender Hint 111. An option provides for a consideration of one dollar. The option is: valid if the consideration has been paid valid as long as the option stated a consideration void because of the inadequacy of the consideration none of these Hint 112. An owner signs open listings on a parcel of land with five different brokers. the owner must pay the broker of the first listing entered into if the owner procures a buyer the brokers will split a commission five ways if any of them sell the property the owner must pay a full commission to each of the brokers if the property is sold each broker has an opportunity to earn the entire commission Hint 113. A buyer of a single-family home is entitled to certification that: both b and c the home is in compliance with smoke detector laws water heater is properly braced windown security bars have been installed 114. Abby, a broker, has a listing from Bruce, who has been declared insane, unknown to Abby, who acted in good faith. The listing is: all of these. void voidable illegal 115. Marlene offers to buy Sean's farm. The accepted offer was contingent on Marlene's getting an $85,000 first trust deed on the farm. Marlene is obligated to go through with the purchase, as the loan is in substantial agreement with the offer both b and c are true Marlene is not required to make the purchase Marlene would be obligated if Sean takes a $1,500 second trust deed Hint 116. A listing entered into on March 12, expiring at midnight on April 12, is for ___ days: 33 32 31 30 Hint 117. A $500 deposit is received on a $20,000 offer. The seller accepts with a six percent commission agreement. The buyer backs out before close of escrow. Assuming the CAR standard-form purchase contract was used, how much does the broker get if expenses were $130? $185 $500 $200 $250 Hint 118. A buyer gives an offer to purchase on February 1, requiring acceptance within 10 days. the buyer cannot withdrawn prior to February 12 none of these is true the buyer cannot withdrawn prior to February 11 the buyer cannot withdrawn before February 10 Hint 119. All of the following are essential elements of a contract except: consideration performance acceptance an offfer Hint 120. The essential elements of an enforceable contract are: competency, mutual consent, lawful object, consideration mutuality, written, competent parties, lawful object express, consideration, mutuality, lawful object communicated, written, competent parties, lawful object Hint 121. A broker has an exclusive agency listing on a property and inadvertently states 6 cents rather than six percent as his commission on the listing. If the owner sells the property, the broker is entitled to: nothing the amount determined by the Commissioner 6 cents six percent of the sale price Hint 122. All four copies of a purchase agreement would most likely be signed by the: buyer, seller, and broker buyer buyer and seller seller Hint 123. To take a valid option on real property, which of the following is not required? a real estate license transfer of consideration to the optionor valuable consideration written agreement Hint 124. An agent had a listing that authorized the agent to accept deposits. The agent received a $50,000 cash deposit. The agent and the deposit cannot be located. Who is responsible for the loss? the recovery fund the owner as her agent took the money the buyer as the offer was not accepted the agent only Hint 125. A broker sold a home under an oral listing and was paid a commission. As to this: the broker has placed her license in jeopardy the compensation must be returned the sale is voidable none of these Hint 126. As to an option, which of the following is true? none of these it is illegal if the option price is not money the optionor must exercise it the optionee must exercise it Hint 127. A buyer who refused to complete a sale without proper cause might be entitled to the return of all of his or her earnest money deposit if: the property was to have government-assisted financing the seller found another buyer for more money the purchase were a disabled veteran the property was one to four residential units Hint 128. Which of the following may recorded? contracts of sale an exclusive agency listing all of these an exclusive right to sell listing Hint 129. An owner refuses to convey property after signing her acceptance on a purchase contract. Specific performance can be enforced by: the purchaser neither a nor b either a or b the broker Hint 130. The listing offering the greatest chance for the listing broker to earn a commission is a(n): exclusive agency listing exclusive right to sell listing open listing net listing 131. Which of the following would not have to be in writing to be enforceable? sale of a residence sale of a lot for $100 sale agreemet for a prize bull for $600 none of these Hint 132. The rate of commission for selling a business is determined by: real estate regulations the agreement between the broker and the owner Code of Commissions of the NAR the Real Estate Law Hint 133. Amy agreed to buy Bert's horse for $100. Bert agreed to sell it fo r$100. Bert delivered the horse to Amy and Amy paid Bert $100. This is an: executory bilateral contract executed unilateral contract executed bilateral contract executory unilateral contract Hint 134. If a buyer wishes to give a promissory note as a deposit with an offer: the broker cannot accept without the owner's permission the broker can never accept a note none of these the broker can accept the note but must inform the principal that the deposit is in the form of a note 135. A broker under an exclusive right to sell listing had her license revoked. In order to collect a commission, she must prove all but which of the following? she was licensed at the time the commission was earned the listing was property executed the broker was the procuring cause of the sale the parties agreed to the sale before the listing expired Hint 136. Optionor best describes a(n): broker lender prospecive buyer owner Hint 137. Sherman agrees to pay $100,000 for Ray's lot. During escrow, Ray learns that Sherman has an offer to sell the lot for $300,000 and that Sherman had priviledged information about this buyer before he made his offer. Ray sues Sherman for his profit. because it was a secret profit, Ray will prevail Ray is liable to both Sherman and his buyer Ray has no valid claim against Sherman's profit Sherman can obtain specific performance but no money damanges Hint 138. A listing that does not require a broker to use diligence in obtainning a purchaser is: not an exclusive listing void illegal a bilateral contract Hint 139. A broker informs an owner that a listing is really an open listing, when in fact it is an exclusive agency listing. none of these is true the broker has placed her license in jeopardy the doctrine of caveat emptor prevails the broker is entitled to a commission, no matter who sells the property Hint 140. A young couple indicates to a broker that the down payment is beyond their means. While showing them a property, the broker overhears them discussing taking out a personal loan for the down payment. The broker should: tell them not to buy if they must borrow caution the purchasers as to the danger of overextending themselves explain that real estate ownership is well worth a temporary hardship point out the appreciation advantages of real estate 141. An option set forth in a lease would be a(n): covenant encumbrance restriction appurtenance Hint 142. An offer based on a $10,000 loan assumption was made and accepted. During escrow, it developed that the loan was for $9,000 not $10,000. the buyer must come up with $1,000 more in cash the seller must reduce the price by $1,000 the buyer can void the contract the seller must accept the buyer's note of $1,000 Hint 143. Mutual consent is usually evidenced by: offer and acceptance fraud duress none of these Hint 144. Archie, a broker, listed a property. Conrad, a salesperson working for Beryl, another broker, received an offer. Diana, a salesperson working for Archie, got the offer accepted. Who earned the commission? Conrad Diana Arcjoe Beryl Hint 145. On an exclusive listing, a broker can be disciplined for: failure to give a copy to the owner both b and c failure to include a definite termination date failure to attach a tax statement 146. The authority of the broker to accept a deposit is provided for in the: escrow instructions deposit receipt all of these listing 147. A broker has a standard CAR Residential Listing Agreement. During the listing, the owner signs a two-year lease without the consent of the broker. the owner owes the broker half the commission the owner owes the broker a commission no consent is ever needed none of these is true Hint 148. Waiver differs from rescission in that waiver: leaves the parties as they are puts the parties back to where they were modifies the contract to read as it was intended to read requires cessation of an action Hint 149. Entering into a contract with a person you did not know and had no reason to know and had no reason to know had been declared incompetent would make the contract: voidable valid voidable by either party void 150. Which of the following may be recorded? none of these an exclusive right to sell listing an option an open listing Hint