L&P 2 Q

Question 1

A person who has complete control over a parcel of real estate is said to own a

Answer 1

Fee Simple Estate

Question 2

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

Answer 2

exclusive-right-to-sell listing

Question 3

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 Later the buyer changed his mind, rescinded the offer, and made an offer on a different house without the aid of the broker.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?

Answer 3

Exclusive agency buyer agency listing

Question 4

A homestead exemption protects against judgments

Answer 4

of unsecured creditors

Question 5

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

Answer 5

do nothing

Question 6

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):

Answer 6

multiple listing service

Question 7

Which of the following is NOT a reason that a listing agreement may be terminated?

Answer 7

( ) 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.

Question 8

Broker J was accused of violating antitrust laws. She was probably accused of:

Answer 8

( ) 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.

Question 9

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?

Answer 9

( ) A. 10%
( X ) B. 5%
( ) C. 7%
( ) D. 4.5%

Question 10

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?

Answer 10

( ) A. $640
( X ) B. $960
( ) C. $1,600
( ) D. $2,400

Question 11

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

Answer 11

( ) 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.

Question 12

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

Answer 12

( ) A. pro forma.
( X ) B. procuring cause.
( ) C. private offering.
( ) D. proffered offer.

Question 13

Which of the following has an indefinite duration?

Answer 13

( X ) A. Freehold estate
( ) B. Estate from period to period
( ) C. Estate for years
( ) D. License

Question 14

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?

Answer 14

( ) A. Life estate
( ) B. Non-destructible estate
( ) C. Fee simple estate
( X ) D. Conditional fee estate

Question 15

A statutory right that a family has in its residence is called:

Answer 15

homestead

Question 16

The amount of commission due to a salesperson is determined by

Answer 16

mutual agreement

Question 17

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?

Answer 17

$1,187.03

Question 18

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):

Answer 18

estate at will

Question 19

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

Answer 19

( ) 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.

Question 20

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?

Answer 20

( ) A. Exclusive-right-to-sell listing.
( ) B. Exclusive-agency listing.
( ) C. Open listing.
( X ) D. Both b and c above.