Answer_Key_Chapter_7

Answer_Key_Chapter_7 - 2004 Rockwell Publishing Company 1...

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© 2004 Rockwell Publishing Company 1
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Answer Key – Chapter 7 1. B 2. B 3. D 4. C 5. D 6. D 7. C 8. D 9. C 10. B 11. B 12. A 13. D 14. D 15. B © 2004 Rockwell Publishing Company 2
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Answer Key with Explanations Question #1 Answer: B Explanation: Assuming that the buyer and seller signed a liquidated damages provision in the deposit receipt, the buyer's breach of contract entitles the seller to keep no more than 3% of a residential property's sale price as liquidated damages. Question #2 Answer: B Explanation: Rent is the consideration that makes a lease a valid contract. Rent refers specifically to a leasehold interest, not a license. Question #3 Answer: D Explanation: The length of the listing period is determined by agreement between the broker and the seller. There is no minimum or maximum length, so long as the length is determined in advance. Question #4 Answer: C Explanation: Surrender may be used to terminate the lease at any point before it expires, so long as the landlord and tenant agree. A lease cannot be rescinded, but it can be surrendered by
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Answer_Key_Chapter_7 - 2004 Rockwell Publishing Company 1...

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