Ch. 5 - Contracts

Question 1

To resolve the dispute between the buyer and seller concerning a deposit, the broker could give the deposit to a court. This would be called:

Answer 1

Interpleader action

Question 2

Since the contract for the sale of real property must be in writing, authority to negotiate that sale or a listing must also be in writing. This is the:

Answer 2

Equal Dignities rule

Question 3

In an exclusive authorization and right to sell listing, a protection clause is also known as:

Answer 3

A safety clause

Question 4

The form to create an Exclusive Agency Listing with a client is called:

Answer 4

Residential listing agreement Seller Reserved - CAR Form RLASR

Question 5

A contract or any agreement which is not to be performed within one year must be in writing to maintain a court action for enforcement is according to:

Answer 5

The Statute of Frauds

Question 6

A sellers verbal promise to sell it to a tenant may be enforceable under:

Answer 6

The doctrine/ principal of estoppel

Question 7

What are the requirements of a licensee under agency legislation?

Answer 7

Disclose, elect, confirm agency relationship

Question 8

Ostensible means:

Answer 8

Apparent