Without the safety clause the broker is not entitled to a commission on a sale

Without the safety clause the broker is not entitled

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Without the safety clause, the broker is not entitled to a commission on a sale that was agreed upon after the close of the listing period. Question 26 of 75 Score: 1 (of possible 1 point) All of the following are legal requirements of a valid listing agreement EXCEPT: A.adequate property descriptionB.in writingC.signed by sellerD.words of conveyanceExplanation: A valid listing agreement must adequately identify the property (usually through a legal description) and must be in writing and signed by the seller. Words of conveyance are required in a deed but not a listing agreement. Answer Key: D Feedback Question 27 of 75 Score: 1 (of possible 1 point) What clause allows a broker to collect a commission even after the listing period has expired A . Acceleration clause B. Habendum clause C. Bump clause D . Protection or safety clause Answer Key: D
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Feedback A protection or safety clause provides that a broker may receive a commission if a property sells during a period that follows the termination of a listing agreement. This prevents a seller from avoiding a commission by waiting until after a listing has expired before accepting an offer. Question 28 of 75 Score: 1 (of possible 1 point) Which one of the following is an illegal act for a real estate broker in California? D. Selling his own property and claiming a commission for income tax purposes. Answer Key: B Feedback A broker in California who does not include a termination date in an exclusive listing agreement will be subject to disciplinary action. Question 29 of 75 Score: 1 (of possible 1 point) Most listing contracts authorize a broker to:
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Answer Key: D Feedback Question 30 of 75 Score: 1 (of possible 1 point) A listing agreement that does not contain a complete legal description of the property is: A . valid as long as the description given allows the property to be located with certainty B. void C. voidable D . unenforceable Answer Key: A Part 3 of 5 Part 3 - Chapter 3 Score: 15 (of possible 15 points) Question 31 of 75 Score: 1 (of possible 1 point) A real estate licensee is approached by a minority home buyer who asks to be shown a specific home in a minority neighborhood. It is lawful for the licensee to assume that...
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  • Fall '17
  • Janet Truscott

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