BARNEY FLETCHER FINA L EXAM 100

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BARNEY FLETCHER FINA L EXAM | 100

QUESTIONS WITH 100% CORRECT

ANSWERS | VERIFIED | LATEST UPDATE

Question : A seller wants to list the property with a broker, but

wants to avoid paying any commission should the seller be fortunate enough to sell the property. himself. Which of the following should the seller avoid signing?

• an exclusive agency listing
• an exclusive right to sell listing
• an open listing
• all listings

Correct answer: B. an exclusive right to sell listing

Question : Mr. Smith listed his farm with broker Bob. Although

Smith did not tell him, Bob knew he had to sell due to poor health. What should Bob tell potential buyers?

• tell them of the illness only if they ask, but not the need to

sell

• tell them of the need to sell to insure a quick sale
• do not tell them even though it appears that Smith's death is

imminent

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• in order to sell quickly, tell them that the seller is ill because

death would cancel the listing

Correct answer: C. do not tell them even though it appears that

Smith's death is imminent

Question : In a cooperative sale, where the listing broker and the

selling broker represent the seller, the selling broker has which of the following relationships?

• agent of the listing broker
• sub agent of the listing broker
• agent of the seller
• sub agent of the buyer

Correct answer: A. agent of the listing broker

Question : A broker had an exclusive right to sell agency listing.

In order to collect the commission, he must:

• prove he was the procuring agent
• prove he was licensed at the time of the sale
• prove he had a ready, willing, and able buyer that met the

seller's terms

• all of the above

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Correct answer: B. prove he was licensed at the time of the sale

Question : A broker estimated the property lines by stating it ran

between two trees in the back yard. After closing, the buyer found it was over six feet off. Is the broker liable?

• no, he gave an estimate
• no, the buyer should have gotten a survey
• yes, he made a statement which he realized could be false
• yes, the broker should have surveyed the property himself

Correct answer: C. yes, he made a statement which he realized

could be false

Question : Smith has an exclusive listing with broker Jones for

$220,000. Jones finds a buyer who wants representation and Jones represents both Smith and the buyer, verbally disclosing that he is now representing both as clients. Has Jones violated license law?

• yes, because this is sub agency
• yes, because this is undisclosed dual agency
• no, because he disclosed to all parties that neither had to

consent to dual agency

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• no, because he disclosed to all parties that his actions may be

adverse to either party, however he would not divulge confidential information

Correct answer: B. yes, because this is undisclosed dual agency

Question : A buyer and seller sign an agreement to change the

contract to close on May 1 instead of May 2. This is a(n):

• addendum
• special stipulation
• amendment
• clause

Correct answer: C. amendment

Question : When a person, upon payment of a consideration, has

an obligation to buy land at a fixed price within a specified

period of time, his right could be described as:

• a right of first refusal
• an option
• a sales contract
• either A or B

Correct answer: C. a sales contract