Defined as subagent with specific affirmative duties

Assignment Help Operation Management

Reference no: EM132183626

1. Broker fee provisions in a buyer's listing agreement may include:

a) a fee on any sale provision.

b) a termination fee provision.

c) a safety clause fee provision.

d) Any of the above.

2. Judicially and based on legislation, a cooperating broker is defined as a subagent with specific affirmative duties of cared owed:

a) the seller.

b) the buyer.

c) the broker.

d) All of the above.

3. A seller's broker does not have a contractual right to collect a fee from a breaching buyer when the broker lacks:

a) a client relationship with the buyer which carries with it the implied promise to avoid interference with the payment of a fee.

b) a written agreement signed by the buyer to pay a fee in lieu of the seller on the buyer' breach.

c) Both a and b.

d) Neither a nor b.

4. When a buyer and seller both agree in writing to the payment of a broker fee, ___________ are considered third party beneficiaries.

a) their lenders

b) their escrow officer

c) their brokers

d) All of the above.

5. All assurances to pay a broker fee on a real estate transaction are required by the __________ to be in writing and signed by the person who agreed a fee will be paid.

a) Statute of Corporations

b) Statute of Frauds

c) Statute of Torts

d) All of the above.

Reference no: EM132183626

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