Question 1 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A licensee has a listing on a house and lot. A potential buyer makes an offer on that property contingent upon obtaining a conventional loan. The offer is accepted by the seller. At which point should the listing licensee consider her obligation to the seller to have ended A. when the buyer makes the offer B. when the seller accepts the offer C. when the buyer’s financing is approved D. when the transaction is complete Submit Answer
Question 2 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link When an agent acts in good faith and follows the principal’s lawful instructions in accordance with a contract, that is an example of A. care. B. disclosure. C. ethics. D. loyalty. Submit Answer
Question 3 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A seller must close by December 31 to avoid substantial income tax liability. Which of the following contract clauses may be most beneficial to the seller’s situation A. right of first refusal B. acceleration C. subrogation D. time is of the essence Submit Answer
Question 4 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A developer purchases a large tract of agricultural land and records a subdivision plat that restricts the land to single-family residential use only. Is this restriction legal A. Yes, because the property is agricultural. B. Yes, because the restriction does not violate public policy. C. No, because private restrictions cannot be placed upon rural land use. D. No, because a developer can acquire an injunction against any private deed restriction on urban or rural land. Submit Answer
Question 5 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Which of the following is a form of multiple ownership in which each owner possesses an undivided proportional interest in the entire property, although the ownership shares need not be equal A. tenancy by the entirety B. tenancy at will C. joint tenancy D. tenancy in common Submit Answer