90 days from the completion of construction on the property;

850. Which of the following is an acceptable termination date for an enforceable exclusive listing of residential real property: • 90 days from the completion of construction on the property; • 3 days after notice of rescission by either the seller or the listing agent; • 90 days after receipt of conditional commitment on a loan; • 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: • 90 days from the completion of construction on the property; • 3 days after notice of recession by either the seller or the listing agent; • 90 days after receipt of conditional commitment on a loan; • 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: • No commission; • One-half of a commission; • All expenses that he incurred when advertising the property; • 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: • No commission; • One-half of a commission; • All expenses that he incurred when advertising the property; • 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: • Exclusive agency listing; • Exclusive right to sell listing; • Non-exclusive listing; • Restricted listing.

299. Under which of the following listings must an owner pay a commission, even though he sells entirely through his own efforts: • Exclusive agency listing; • Exclusive right to sell listing; • Non-exclusive listing; • 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: • Exclusive agency; • Exclusive authorization and right to sell; • Open listing; • 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: • Exclusive agency; • Exclusive authorization and right to sell; • Open listing; • 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: • Broker; • Sales agent; • Broker and all the sales persons in the broker's office; • 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: • Broker; • Sales agent; • Broker and all the sales persons in the broker's office; • 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: • Seller is entitled to one-half of the earnest money deposit; • Broker may sue buyer for specific performance; • Buyer is entitled to the refund of the earnest money deposit; • 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: • Seller is entitled to one-half of the earnest money deposit; • Broker may sue buyer for specific performance; • Buyer is entitled to the refund of the earnest money deposit; • 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: • Notification to the administrator or executor would bind the Wilson estate; • The death of Wilson constituted a revocation of the offer; • The offer and acceptance constitute an enforceable contract; • 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: • Notification to the administrator or executor would bind the Wilson estate; • The death of Wilson constituted a revocation of the offer; • The offer and acceptance constitute an enforceable contract; • 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: • Revocation of the offer by the offeree; • Rejection of the offer by the offeror; • An inquiry by the offeree as to whether the offeror will accept different terms; • Rejection of the offer by the offeree.

852. None of the following would automatically terminate an offer to buy real property except: • Revocation of the offer by the offeree; • Rejection of the offer by the offeror; • An inquiry by the offeree as to whether the offeror will accept different terms; • 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: • Unless the offer states that it is irrevocable; • Provided the offer is not supported by a deposit; • Provided the offeree has breached the offer; • 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: • Unless the offer states that it is irrevocable; • Provided the offer is not supported by a deposit; • Provided the offeree has breached the offer; • For any reason. Terminated by – For any reason

888. When a counteroffer is made: • The original offer becomes a unilateral offer; • The offeree becomes an offeror; • The original offeror cannot amend his terms; • It is considered a partial acceptance of the original offer.

888. When a counteroffer is made: • The original offer becomes a unilateral offer; • The offeree becomes an offeror; • The original offeror cannot amend his terms; • 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: • No more than 3% of the selling price or the amount of the deposit, whichever is less; • Used to pay any escrow expenses and the balance returned to the buyer; • Divided equally between the seller and the listing agent; • 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: • No more than 3% of the selling price or the amount of the deposit, whichever is less; • Used to pay any escrow expenses and the balance returned to the buyer; • Divided equally between the seller and the listing agent; • 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: • Exclusive authorization and right to sell; • Real estate purchase contract and receipt for deposit; • Grant deed; • Option.

565. The words “time is of the essence” can be found in which of the following contracts: • Exclusive authorization and right to sell; • Real estate purchase contract and receipt for deposit; • Grant deed; • 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: • An exchange listing; • An option; • A ratification; • 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: • An exchange listing; • An option; • A ratification; • 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: • An offer to enter into a contract; • An involuntary lien on the real property; • An agreement identical with the vendee/vendor relationship under a land contract; • 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: • An offer to enter into a contract; • An involuntary lien on the real property; • An agreement identical with the vendee/vendor relationship under a land contract; • A contract to keep the offer open. (Option) Contract – To keep an offer open

744. Which of the following statements about options is false: • The optionee does not have any rights in the land; • The option binds the optionee to performance; • Consideration must be given by the optionee to the optionor; • 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: • The optionee does not have any rights in the land; • The option binds the optionee to performance; • Consideration must be given by the optionee to the optionor; • 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: • Disclose any outstanding offers; • Give the owner any material information; • Obtain written consent from the owner which acknowledges any profit or anticipated profit; • 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: • Disclose any outstanding offers; • Give the owner any material information; • Obtain written consent from the owner which acknowledges any profit or anticipated profit; • All of the above. Option and Listing – Disclose offers, written consent

End of session

90 days from the completion of construction on the property;