Yes, the agent, acting in the seller's best interest, must present the offer. In discussing the property with other prospective buyers, there is a record of an offer having been extended, making the property appear desirable. None of the Above You answered correctly 10 of 10 - Gary and Paul have signed the Exclusive Authorization and Right to Sell listing contract with Meyer's Real Estate. The term of the agreement was sixty days. After the expiration of the agreement, Gary and Paul sold their home to a couple who were shown the home by a salesperson licensed to Meyer's Real Estate. Does the real estate company have any claim to compensation from the sale? Yes, under the listing's "safety clause," there is a period of time set forth after the expiration of the listing contract, during which the broker is entitled to compensation if the owner sells to anyone who was shown the property or who made an offer on the property during the agreement--as long as the broker notified the owner in writing of the names of the prospective buyers with whom they negotiated during the listing term. No, if the broker could not sell the home during the listing term, Gary and Paul have every right to sell their home themselves to whomever they choose, without owing Meyer's Real Estate Company compensation. Yes, Meyer's is entitled to both compensation and damages if Gary and Paul sell to a prospective buyer that was gained through Meyer's Real Estate Company. None of the above
You answered correctly
Chapter 24 1 of 10 - Serena and Lucy want to make an offer on their dream home. The seller is requesting a very large earnest money deposit with serious offers on the home. Serena and Lucy have some cash set aside for this purpose but are short of the amount the sellers are requesting. Do they have any other options? Cash is the only acceptable trust fund item accepted by brokers. A check made payable to the broker or to an escrow or title company is an option. A personal note made payable to the seller or a pink slip on an automobile given as a deposit is acceptable. Both B and C You answered correctly 2 of 10 - Jackson, a broker, is accused of commingling his money with trust account funds. His broker's trust account is a non-interest- bearing account. The current balance of the trust account is $430,000. The earnest deposit funds portion of the account totals $415,000; the broker's initial deposit totals $15,000. Is Jackson guilty of commingling? No, he can clearly show through well-kept records his initial deposit of $15,000 and the trust fund money of $430,000. He is not earning interest from any part of this account, including his initial deposit of personal funds. Yes, he should not have any money of his own ever mixed with clients' earnest money deposits. Yes, Jackson's initial deposit to open the account should have only totaled about $1,000. The $15,000 he deposited of his own money to open the account is considered excessive.
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