L&P 2 Q Flashcards
A person who has complete control over a parcel of real estate is said to own a
Fee Simple Estate
The type of listing agreement that provides for the payment of a commission to the broker even though the owner makes the sale without the aid of the broker is called a(n
exclusive-right-to-sell listing
The buyer made an offer on the house a broker found. Later the buyer changed his mind, rescinded the offer, and made an offer on a different house without the aid of the broker. Under which circumstances would the broker NOT receive a commission?
Exclusive agency buyer agency listing
A homestead exemption protects against judgments
of unsecured creditors
A landowner subdivides his acreage and offers the lots for sale. Broker E tells the landowner that she can sell the lots. After Broker E sells some of the lots, the landowner refuses to pay her a commission. Broker E can
do nothing
The provision in a listing agreement that gives additional authority to the broker and obligates the broker to distribute the listing to other brokers is a(n):
multiple listing service
Which of the following is NOT a reason that a listing agreement may be terminated?
( ) A. By mutual agreement.
( ) B. By operation of law.
( X ) C. Because the seller cannot find another house to buy.
( ) D. Because of impossibility of performance.
Broker J was accused of violating antitrust laws. She was probably accused of:
( ) A. not having an equal housing opportunity sign in her office window.
( ) B. undisclosed dual agencies.
( X ) C. allocation of customers or price fixing.
( ) D. dealing in unlicensed exchange services.
The salesperson received $2,800 commission on her 35% share of the total commission on the sale of a property that sold for $160,000. What was the commission rate?
( ) A. 10%
( X ) B. 5%
( ) C. 7%
( ) D. 4.5%
A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. How much money would a salesperson receive for her 60 percent share in the 10 percent commission?
( ) A. $640
( X ) B. $960
( ) C. $1,600
( ) D. $2,400
Q owned two acres of land. He sold one acre to F and reserved for himself an appurtenant easement over F’s land for ingress and egress. F’s land
( ) A. is the dominant tenement.
( X ) B. is the servient tenement.
( ) C. can be cleared of the easement when Q sells the withheld acre to a third party.
( ) D. is subject to an easement in gross.
A real estate broker is responsible for a chain of events that resulted in the sale of one of his client’s properties. This is referred to as
( ) A. pro forma.
( X ) B. procuring cause.
( ) C. private offering.
( ) D. proffered offer.
Which of the following has an indefinite duration?
( X ) A. Freehold estate
( ) B. Estate from period to period
( ) C. Estate for years
( ) D. License
A deed conveys ownership to the grantee so long as the existing building is not torn down. What type of estate did this deed create?
( ) A. Life estate
( ) B. Non-destructible estate
( ) C. Fee simple estate
( X ) D. Conditional fee estate
A statutory right that a family has in its residence is called:
homestead
The amount of commission due to a salesperson is determined by
mutual agreement
The listing and selling brokers agree to split a 7% commission fifty-fifty on a $96,900 sale. The listing broker gives the listing salesperson 30% of her commission and the selling broker gives the selling salesperson 35% of her commission. How much does the selling salesperson earn from the sale?
$1,187.03
J and S are next-door neighbors. S tells J that he can store his camper in her yard for a few weeks until she needs the space. S did not charge J rent for the use of her yard. S has given J a(n):
estate at will
Which of the following is NOT required of a broker for that broker to collect a commission on the sale of a property? That he or she
( ) A. had a valid real estate brokers license.
( ) B. was a procuring cause.
( ) C. was employed to perform certain activities.
( X ) D. belonged to a real estate board.
Under which of the following listing agreements can the owner of listed property sell the property on his or her own without having to pay the listing broker a commission?
( ) A. Exclusive-right-to-sell listing.
( ) B. Exclusive-agency listing.
( ) C. Open listing.
( X ) D. Both b and c above.
