David Saks

When a listing contract is written that will pay only the listing broker that has written the listing agreement a commission, if he or she sells the property, but also allows the seller to sell the property on their own without having to pay a commission, we're talking abiut an exclusive right to sell listing agreement.

Is this true or false ?

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

A. False

The listing agreement described in the opening paragraph is an exclusive agency agreement and will entitle the broker to a commission if anyone in the broker's firm sells the property.

The right to sell the property is reserved by the seller and will allow the seller to sell the property on their own without being obligated to pay a commission.

The exclusive right to sell listing agreement will provide compensation to the listing broker regardless of who sells the property.

When a leased property has been sold the property now becomes the property of the new owner and the lease is terminated.

Is this considered to be true or false ?

Please take yourn time. The solution is posted below the royalty free wildlife photo.

A. False

When the leased property has been sold, and the new buyer assumes the title to the leased property, the new buyer is taking the title with the understanding that the property is still the subject of the exisiting lease terms.

The new owner still has the legal responsibility to honor those terms.

When we talk about a listing agreement that will compensate the broker with the payment of a commission that includes any amount of money in excess of the agreed upon selling price in the listing contract we're talking about an exclusive right to sell listing agreement.

Is this true or false ?

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

A. False

A listing agreement that will compensate the broker with proceeds in excess of the selling price is a net listing, which may be considered illegal.

A net listing will alow the seller to create a net amount for the broker  which is the amount that the seller has agreed to accept for tyhe property.

If the selling price goes beyond the amount the seller is willing to accept for the property the excess amount is kept by the broker as commission.

Oral leases may be considered enforceable or valid if they've been under consideration for a period of no more than three years.

Is this true or false ?

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

A. False

In most states, the statutory period for performing oral leases is one year, and the leases don't have to be in writing to be enforceable if they're executed within the statutory period.

When we talk about a listing agreement which will compensate only the listing broker that was the procuring cause of the sale we're talking about an exclusive agency listing agreement.

Is this true or false ?

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

A. False

An exclusive agency listing will compensate either the broker or the seller, because it gives the seller the right to market and sell the property on their own without having to pay a commission.

The type of listing agreement, which is the subject of our question, is known as an open listing agreement and will compensate any broker that secures the sale of the property.

If a tenant decides to assign a lease for whatever reason, the new tenant or the assignee will now become of secondary importance for payment of the rent.

Is this true or false ?

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

A. False

The assignee now become chiefly responsible for the payment of the rent to the landlord.

A listing contract which agrees to the payment of a commission to a listing broker and compensates the listing broker no matter who sells the property is know as an open listing agreement.

Is this true or false ?

Take your time. The solution is posted belwo the royalty free photo.

A. False

An open listing agreement compensates any broker that sells the property.

The type of contract which provides for the payment of a commission to the broker regardless of who sells the property is known a s an exclusive right to sell listing agreement.

If an option to purchase real estate has been recorded but has never been worked out, the option may always be reverted to a form of protection or collateral for a new loan.

Is this true or false ?

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

A. False

If the option is recorded and has never been carried out it creates a cloud on the title and may only be cleared by obtaining a release from the optionee.

A contract is considered to be a void contract if it can't be enforced because of a statute of limitations.

Is this true or false ?

Take your time. The solution is posted bel;ow the royalty free wildlife photo.

A. False

If a statute of limitations is involved we have an expired contract.

Contracts are considered void if some absolutely necessary component was removed from the contract renedering it unenforceable.

The contract will have no legal impact.

A voidable contract is generally considered to be a type of contract which may not be enforced by either party, but which may only be enforced by the closing attorney.

Is this true or false ?

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

A. False

A voidable contract is a contract which may be annulled and officially cancelled by the party which was injured in the contract.