CA_Principles_Chapter_07_Quiz - Principles of California...

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Principles of California Real Estate Chapter 7 Quiz 1. A broker received a $50,000 deposit on a selling price of $400,000. However, the buyer breached the contract, and the seller claimed that the buyer had forfeited the deposit. In this situation: A. the seller may not retain any of the deposit B. the seller may retain no more than 3% of the purchase price as liquidated damages C. the seller could deduct any actual damages caused by the breach from the deposit D. the seller may retain the entire deposit 2. Which is the best definition of "rent"? A. A contract between tenant and landlord B. Consideration paid for a leasehold interest in real property C. Consideration that validates any real estate contract D. The fee paid for a license to use real property 3. Which of the following statements concerning listings is true? A. Both husband and wife must sign a listing agreement to sell community property B. Net listings are strictly illegal in California C. Exclusive listings may be no longer than 100 days D. An exclusive listing may be only one day 4. A one-year lease: A. must be in writing to be enforceable B. must be signed by landlord and tenant C. may be surrendered by landlord and tenant after six months D. may be unilaterally rescinded after six months
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This note was uploaded on 09/06/2011 for the course FIN 365 taught by Professor Staff during the Spring '11 term at S.F. State.

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CA_Principles_Chapter_07_Quiz - Principles of California...

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