David Saks

                                                             #384

Under an open listing and an exclusive agency listing agreement the seller can avoid having to pay the broker a commission if the seller sells to property to a buyer not presented to the seller by the broker.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. True

The open listing and the exclusive-agency listing agreement allow the seller to retain the right to sell the property without having to pay a commission to the broker if the seller sells the property to someone other than an interested buyer presented to the seller by the broker.

                                                          #383

A listing agreement stated that it will expire on June 18th, 2009.

If the owner dies on June 15th the owner's death will effectively terminate the listing agreement.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. True

If the owner dies the owner obviously can't fulfill the terms of the listing agreement.

There are a number of ways to terminate a listing agreement.

Here are a few :

1. If the agreement expires.

2. If title is transferred due to the laws of bankruptcy.

3. If the seller and the broker agree mutually to terminate the listing.

Can you think of other reasons ?

                                                            #382

When we consider the likenesses inherent in an exclusive-right-to-sell listing and an exclusive-agency listing the seller has the right to allow any agent to show the property.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

Under an exclusive-right-to-sell listing and an exclusive-agency listing these types of listing agreements allow the seller to be represented by only one broker and give that exclusive right to the broker.

                                                            #381

When a listing is taken by an agent and the brokerage the listing is generally considered to be one which is an employment agreement for services carried out between the seller and the multiple listing service of the local realtor board.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

When a listing is accepted by the brokerage it's an employment agreement between the seller and the broker.

                                               #380

When a broker creates a relationship between himself / herself and the seller this type of relationship is known as implied agency ?

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

An implied agency is one where the parties will imply that they have consented to an agency relationship, hence the term implied agency.

The agency relationship between the broker and the seller is a special agency relationship.

A special agency has been created because the seller authorizes a broker to act in the seller's behalf in the transaction

                                                    #379

When we consider the term fiduciary when we're talking about a real estate transaction we're always talking about the person that has the legal authority to act in the absence of on behalf of another person when signing a contract or making an offer.

Is this true or false ?

Take your time on this tough question. If you miss it you need to take a refresher course on agency.

The solution is posted below the royalty free wildlife photo.

A. The above definition is so false it felt almost illegal creating it. :-)

A fiduciary relationship is the relationship the agent has to the principal.

The principal is the chief party in a real estate deal and the party that the agent is working for in the transaction.

When someone has the authority to act for another this is known as the power of attorney.

                                              #378

When a home was constructed, each room of the house was preassembled at a factory before being driven to and unloaded at the construction site.

After the preassembled materials were in place the rooms were wired and fitted with heating and refrigeration vents and electrical extensions.

Plumbing was installed.

The preassembled rooms are known as converted / mobile rooms because they were assembled in a factory before they were transported to the home site.

Take your time. The solution is posted below the wildlife photo.

Is this true or false ?

A. False

Coverted means to remodel a building into something other than which it was originally constructed or intended to be used for.

Preassembled rooms in a factory are examples of modular construction.

                                                  #377

A medical building owner wanted to convert the building into residential property and sell individual units in the building once the conversion had been completed.

When a building is converted into something other than which it was originally constructed or intended for this is know as modular reconstruction.

Is this true or false ?

Please take your time. The solution is posted below the wildlife photo.

A. False.

Modular reconstruction would rely on prefabricated or preassembled materials.

Although modular reconstruction may play a part in conversion of the building from which it was originally constructed for, the process of converting the building from commercial usage to residential is know as converted-use.

                                                     #376

Some of the costs and expenses that have to be considered are the recurrent taxes on personal property.

Is this true or false ?

Please take your time. The solution is posted below the wildlife photo.

A. False

Personal property is not real estate and is not included in the cost of owning a home.

Personal property also has another name, chattels, and since chattels are movable or objects which may be displaced or portable they don't apply to the definition of real property.

Property taxes have to be considered in the expenses and costs of owning a home.

                                                      #375

When the owner of the property signs an agreement allowing the tenant that signs the agreement to occupy, use and possess the property for a period of only six months the owner and the tenant have signed an agreement which is called a periodic tenancy.

Take your time. The solution is posted below the wildlife photo.

Is this true or false ?

A. This is absolutely false.

This type of agreement is known as an estate for years because a termination date has been set in the agreement which terminates the lessees right to use the property at the end of six months.

A periodic tenancy is a leasehold estate that will continue for periods of equal length until the lease is terminated. Another name for this type of lease is a month-to-month lease.