Laws of Agency

A broker accepts an exclusive right-to-sell listing. However, the property is later sold by another broker. How many brokers could be owed a commission by the principals in this transaction? 1. 0 2. 1 3. 2 4. 3

2

Two brothers own separate real estate companies, but agree to divide their received commissions equally. Broker A pays for three-fourths of the advertising costs and finds the buyer. Broker B pays for one-fourth of the advertising costs. If the total commission on the sale is $4,500, how much does Broker B receive? 1. 1125 2. 2250 3. 4500 4. none of the above

2250

Broker Lynch has an exclusive listing to sell Jones' hardware store for a $4,500 commission. He took another exclusive listing to sell Brown's grocery store for a $5,000 commission. With the consent of Jones and Brown, Lynch arranges an exchange of these two stores. How much will Lynch make from this exchange? 1. 4500 2. 5000 3. 9500 4. no commission, because an exchange is not a sale

9500

a person who enters into a brokerage relationship with a licensee is: 1. a client 2. a customer 3. a claimant 4. actively engaged

a client

the relationship between a broker and client is most accurately described as: 1. a trustee relationship 2. a trustor relationship 3. a confidential relationship 4. a fiduciary relationship

a fiduciary relationship

which of the following persons would likely not be an agent? 1. a real estate salesperson handling referrals only 2. a property manager enjoyed by the owner 3. a person working for a multiple listing service 4. a person holding a power of attorney

a person working for a multiple listing service

which of the following facts must a broker disclose to his seller? 1. minorities are buying homes in a neighborhood where the seller wants to later buy property 2. a prospective buyer intends to violate deed restrictions that run with the land 3. a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit 4. a prospective purchaser is a member of a particular minority race

a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit

an owner is listing his rental property with a broker. based on past experience, the owner thinks that females cause less damage. he therefore tells the broker that he only wants to rent to females. what should the broker do? 1. advise the owner that this restriction is illegal 2. follow the owner's instruction in order to protect the client's interest 3. accept the listing and give preferential treatment to female applicants 4. follow the owner's instruction because of the fiduciary relationship

advise the owner that this restriction is illegal

A sales agent obtains an exclusive right-to-sell listing. What is the sales agent's relationship with the broker and the seller? 1. agent of both the seller 2. agent of the seller and sub agent of the broker 3. agent of the broker and sub agent of the seller 4. employee of the broker and agent to the seller

agent of the broker and sub agent of the seller

a broker obtains an open listing on a piece of property. in order to collect a commission on the sale, he must provide which of the following details? 1. he was licensed at the time of the sale 2. he was engaged by the owner at the time of the sale 3. he was procuring cause of the sale 4. all of the above

all of the above

a buyer broker agreement should address which of the following items? 1. commission 2. time 3. obligations 4. all of the above

all of the above

how can an agency relationship be created? 1. in writing 2. implicity 3. orally 4. all of the above

all of the above

jon is an agent for betty the buyer. this relationship could exist by virtue of: 1. an oral agreement 2. judicial action 3. validation 4. all of the above

all of the above

salesperson sam works for broker betty. betty enters into a listing agreement with cheryl the seller. which term best describes these relationships? 1. subagency 2. general agency 3. special agency 4. all of the above

all of the above

when does an open listing terminate? 1. in a reasonable time 2. if the property is destroyed by fire 3. when the property is sold 4. all of the above

all of the above

which of the following actions would create an agency relationship? 1. a broker accepts the listing to sell a friend's home and agrees to a reduced commission 2. an individual gives written authority for a broker to buy, sell, or exchange his real property for a one year period 3. a duplex owner signs a listing agreement which authorizes a broker to market the property for one year 4. all of the above

all of the above

A broker wants to be compensated if anyone else sells his listed property during the listing period. What type of listing should the broker acquire? 1. an exclusive right to sell listing 2. an open listing 3. an exclusive agency listing 4. a net listing

an exclusive right to sell listing

an agency relationship between seller and broker may be terminated by: 1. mutual consent 2. renunciation of the agreement by the broker 3. expiration of the agreement 4. any of the above

any of the above

a broker could as a fiduciary in all of the following functions, except: 1. leasing property 2. selling property 3. appraising property 4. all of the above

appraising property

which circumstance would terminate an agency by operation of law? 1. mutual agreement 2. unilateral rescission 3. bankruptcy of the seller 4. abandonment by the broker

bankruptcy of the seller

bill, a broker with xyz realty, sells a property listed by gene, an independent broker. in this transaction, what is the relationship between bill and gene? 1. bill is the agent; gene is the principal 2. bill is the trustee; gene is the trustor 3. bill is the subagent; gene is the agent 4. either 1 or 3 could be correct

bill is the agent; gene is the principal

By virtue of a signed listing agreement, the broker will generally have authority to do all of the following actions without the seller's consent, EXCEPT: 1. use the services of another broker 2. use the services of the salespersons in his own brokerage firm 3. use the MLS to market the property 4. bind the seller to a full price offer

bind the seller to a full price offer

Buyer Billy and Broker Bobby enter into a buyer-broker agreement. Billy grows increasingly suspicious of Bobby's abilities. After two weeks pass without being shown a satisfying property, Billy revokes the agreement. All of the following statements could be true about this action, except: 1. billy was justified because bobby was in breach 2. billy was in breach 3. billy owes bobby for damages 4. bobby could sue for specific performance

bobby could sue for specific performance

the listing broker discovers that a property's value has been adversely affected by proposed construction of a new plant. she must: 1. inform the seller 2. inform the buyer 3. inform the lender 4. both 1 & 2

both 1 & 2

which of the following listings will permit an owner to sell his property without paying a commission to any broker? 1. open listing 2. exclusive agency listing 3. exclusive right to sell listing 4. both 1 & 2

both 1 & 2

under contract as a property manager, the broker is: 1. a special agent 2. a fiduciary 3. a general agent 4. both 2 & 3

both 2 & 3

all of the following statements are true of buyer broker agreements, except: 1. buyer broker agreements cannot be assigned 2. buyer broker agreements terms may be disclosed to customers 3. buyer broker agreements may be created verbally 4. the salesperson is not a party to the agreement

buyer broker agreement terms may be disclosed to customers

a seller entered into a valid contract with a buyer. afterwards, the seller realized that his broker is also representing that buyer. the seller has a right to: 1. cancel the contract without obligation to either buyer or broker 2. cancel the contract, but only with written permission from the buyer 3. cancel the contract, but with liability to the broker for any expenses 4. the contract is valid and must be as agreed

cancel the contract without obligation to either buyer or broker

Casper is selling his house and wants the broadest possible exposure. Therefore, he gives an exclusive right-to-sell listing to Bert, an exclusive agency listing to Gail, and an open listing to Mark. Mark sells the property. Assuming that all of these listings are valid, which of the following statements is true? 1. mark must split his commission with bert and gail 2. mark must split his commission with bert and gail 3. casper owes 3 commissions 4. only mark earned a commission

casper owes 3 commissions

Cheryl and Chris enter into a buyer-broker agreement. They specify that the agreement will last for a two week period. At the end of two weeks, Chris informs Cheryl that the agreement is no longer binding. Chris is: 1. correct, so long as the agreement was written 2. incorrect, because the agreement is valid for a reasonable amount of time 3. correct, regardless of whether chris informed cheryl 4. incorrect, unless cheryl agrees

correct, regardless of whether chris informed cheryl

a buyer broker agreement may arise by all of the following means, except: 1. express agreement 2. ostensible agreement 3. custom 4. none of the above are valid

custom

a listing agreement can be terminated by all of the following circumstances, except: 1. mutual consent 2. revocation by the principal 3. death of the salesperson 4. performance of the requested act

death of the salesperson

in order for a dual agency to be legal, it must be: 1. disclosed orally prior to negotiations 2. disclosed in writing and agreed upon prior to negotiations 3. disclosed in writing after negotiations 4. none of the above

disclosed in writing and agreed upon prior to negotiations

the buyer broker agreement that is most similar to the exclusive right to sell contract is: 1. exclusive buyer agency agreement 2. exclusive agency buyer agency agreement 3. open buyer agreement 4. exclusive right to market agreement

exclusive buyer agency agreement

A seller wants to list a property with a broker, but hopes to sell it herself in order to avoid a commission. Which listing agreement should the seller NOT sign? 1. open listing 2. exclusive agency listing 3. exclusive right to sell listing 4. general listing

exclusive right to sell listing

A seller wants to list her home with a broker, but would like the option to sell it herself without paying a commission. Which type of listing should she AVOID signing? 1. open listing 2. exclusive agency listing 3. exclusive right to sell listing 4. general listing

exclusive right to sell listing

what would NOT terminate an agency agreement by operation of the parties? 1. mutual consent 2. renunciation 3. revocation 4. expiration of time

expiration of time

a seller tells a broker that she wants him to sell her house. this agreement is: 1. express 2. implied 3. not valid unless its in writing 4. void

express

Mr. Foster signed a 60 day exclusive right-to-sell listing with Broker Ruotolo. One week later, Foster signed an exclusive agency listing with Broker Gary, who sold the home a few days later. Assuming the agreements are valid, which of the following statements is correct? 1. foster must only pay ruotolo 2. foster owes two full commission 3. foster must only pay ruotolo, and ruotolo will split the fee with gray 4. foster should give ruotolo and gray one half of the commission

foster owes two full commissions

Tom lists his home with Salesman Gary, with the provision that the house not be shown if he is not at home. Tom leaves town on Monday for a two week business trip. On Tuesday, Jose and Maria (a minority couple) contact Gary to see Tom's house. Gary refuses to show the house. In this situation, which of the following statements is true? 1. the couple should file a discrimination suit against tom, the owner of the property 2. the couple should complain to garys broker and demand to be shown the property 3. the couple should sue tom, gary, and the broker for refusing to deal with them in violation of fair housing laws 4. garys refusal to show the property satisfies his fiduciary duty to tom

garys refusal to show the property satisfies his fiduciary duty to tom

After the death of his wife, a property owner lists his property with a broker. Two days later, the owner sells the property himself, but is NOT obligated to pay a commission to the broker. What type of listing agreement did he most likely sign? 1. multiple 2. exclusive authorization to sell 3. exclusive right to sell 4. general

general

Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. Ben shows the property. He quickly receives an offer and earnest money check from Billy. However, Barnwell cancels the listing agreement two days later, before Ben has time to act. What should Ben do with the earnest money that he received with the offer to purchase? 1. give it back to billy 2. give it to barnwell 3. give it to bob 4. split it between bob and billy

give it to bob

what should a salesperson do with the earnest money she receives from a buyer? 1. deposit it in her escrow account 2. give it to her broker 3. attach the check to the contract and file it 4. give it to the seller

give it to her broker

salesperson lynch found a home for a buyer, who agreed to pay a commission for this service. after closing, lynch will receive his commission from: 1. the seller 2. the buyer 3. the buyer and seller, equally 4. his broker

his broker

an escrow account is maintained by a broker for the purpose of: 1. earning interest for the broker 2. earning interest for the brokers clients 3. disposition of money to the buyer 4. impartial protection of both parties

impartial protection of both parties

A selling broker is showing a parcel of property and tells the prospective buyer: "In my expert opinion, this property is the best for you." This statement could be interpreted as: 1. universal agency 2. special agency 3. implied agency 4. general agency

implied agency

two brokers agree that they will charge the same commission rate on all property listed by their offices. such an action: 1. is common practice 2. is in violation of anti trust laws 3. is prohibited by RESPA 4. both 2 & 3

in violation of anti-trust laws

A broker takes a listing and the owner later tells him that the roof leaks. Further, the owner states that she will not repair the roof, even if the house is sold at full price. The broker must: 1. not mention the condition of the roof because of the fiduciary responsibility to the seller 2. advertise the property is being sold "as is" 3. inform any prospective buyer of the condition of the roof 4. both 1 & 2

inform any prospective buyer of the condition of the roof

which of the following acts does not constitute a violation of federal anti trust laws? 1. real estate broker agreeing to charge the same commission rate 2. real estate brokers agreeing to not cooperate with a certain firm 3. lenders charging usurious interest rates 4. establishing territories in which brokers may operate

lenders charging usurious interest rates

a salesperson represents the: 1. buyer 2. seller 3. listing broker 4. either 1 or 2

listing broker

Seller Jones gives Martin an exclusive listing to sell his property. Martin is a salesman for Broker Doe. Which of the following statements would best describe the relationships between these parties? 1. jones has contracted for the services of martin 2. doe has a fiduciary relationship 3. martin is the agent of doe 4. jones is the agent of doe

martin is the agent of doe

the commission received by a broker who is a member of a multiple listing service is: 1. set by the MLS 2. set by the realty board 3. negotiated between broker and seller 4. negotiated between buyer and seller

negotiated between broker and seller

in which type of listing is the commission least likely to be expressed in terms of a percentage? 1. open 2. exclusive agency 3. exclusive right to sell 4. net

net

Broker Sam lists a house and sells it 2 months into the listing period. Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. What type of listing did Sam have? 1. exclusive agency listing 2. open listing 3. net listing 4. exclusive right to sell listing

net listing

Wally Wells, a licensed salesperson, listed Parcel A under an open listing agreement and Parcel B under an exclusive right-to-sell listing agreement. Both listings expired. Three days later, the two owners exchanged properties. Wally will receive: 1. one commission for the exclusive right to sell agreement 2. two commissions because wally was the procuring cause 3. no commission so long as wally was not the procuring cause 4. a split commission

no commission so long as wally was not the procuring cause

Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. The listing includes a 7% commission and a clause which states that this agreement is in effect until the house is sold. Is this legal? 1. no, because the commission was over 6% 2. no, because the term is potentially indefinite 3. yes, if it is a multiple listing 4. yes, assuming all other elements are satisfied

no, because the term is potentially indefinite

Susan and Sally enter into a buyer-broker agreement. However, Sally subsequently falls on hard times. Susan gets nervous and terminates the agreement. Is Susan in breach? 1. yes, if sally is the broker 2. no, so long as sally takes no action 3. no, if sally filed for bankruptcy 4. yes, if both parties agreed

no, if sally filed for bankruptcy

A real estate broker wishes to deposit an earnest money check in his business operating account in order to receive a higher interest rate on the purchaser's funds. Is he legally allowed to do this? 1. yes, if the purchaser receives a comparison of available interest rates 2. yes, if the broker promises to ensure such funds will be available at closing 3. no, these funds must be placed in a separate escrow account 4. no, the broker cannot guara

no, these funds must be placed in a separate escrow account

which of the following items would not be a latent defect that the seller must disclose to the buyer? 1. termite damage 2. non functioning furnace 3. seasonal flooding 4. cracked foundation

non functioning furnace

A listing broker is showing property near a toxic waste dump. The broker does not tell a prospective buyer about the dump. By withholding this information, the broker is negligent in his fiduciary duty of: Select one: 1. obedience 2. loyalty 3. accounting 4. none of the above

none of the above

A salesperson wishes to charge a reduced commission to her sister. Where would the salesperson obtain approval for such an arrangement? 1. state association of realtors 2. local association of realtors 3. state real estate commission 4. none of the above

none of the above

the relationship that generally exists between a salesperson and a seller is a: 1. universal agency 2. special agency 3. general agency 4. none of the above

none of the above

what is the highest commission rate that a real estate broker may charge for marketing a farm property? 1. 10% 2. 15% 3. 25% 4. none of the above

none of the above

Randy buys a house, using a VA loan to finance the purchase. The listing broker and selling broker split the commission at a 75/25 ratio. If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? 1. suspend the licenses of both brokers 2. revoke the licenses of both brokers 3. force both to refund the commission 4. nothing

nothing

if an owner gives a listing to more than one broker, it would most likely be which type of listing? 1. net listing 2. open listing 3. exclusive agency 4. exclusive right to sell listing

open listing

A salesperson takes a 90 day exclusive right-to-sell listing on April 1st, but moves out of the area on May 15th. His license placed on inactive status on June 1st. This listing would: 1. remain in effect 2. terminate on may 15th 3. revert to an open listing 4. terminate on june 1st

remain in effect

all of the following persons may act as escrow agents except: 1. brokers 2. neutral third persons 3. salespersons 4. attorneys

salespersons

Puckett lives in Tennessee, but owns property in Virginia. She hires Samuels, a broker in Virginia, to sell that property for $75,000. Samuels knows that this property is worth considerably more since the zoning for the property was recently changed to commercial. Samuels buys the property himself and re-sells it two weeks later for $125,000. Which of the following statements is true? 1. Samuels cannot act for someone from Tennessee unless he has a Tennessee real estate license 2. This may be unethical, but Puckett got the asking price and therefore suffered no loss 3. Samuels can only purchase the property after informing Puckett of the zoning change 4. Samuels cannot purchase the property under any circumstances

samuels can only purchase the property after informing puckett of the zoning change

A broker executes a listing agreement with her client. The broker subsequently learns that the property is in foreclosure. Which of the following choices is the broker's best course of action? 1. sell the property before the foreclosure is completed 2. advise all prospective buyers of the pending foreclosure 3. rescind the listing 4. buy the property quickly

sell the property before the foreclosure is completed

the relationship most likely to exist between a licensee and the seller is a: 1. universal agency 2. special agency 3. restricted agency 4. none of the above

special agency

a woman offers to buy property listed by her sister (a broker). however, she does not want her sister to tell the seller of their relationship. the sister should: 1. tell the seller that the prospective buyer is a relative 2. let another person buy the property and turn the deed over to her sister 3. sell the property without disclosing the relationship 4. find another listing agent to avoid conflict of interest

tell the seller that the prospective buyer is a relative

in a real estate transaction, which of the following facts must an agent disclose to his principal? 1. that a minority is moving into the area 2. the average commission 3. that the buyer intends to violate deed restrictions 4. that the buyer has had previous credit problems

that the buyer has had previous credit problems

A broker represents a buyer. While showing a property to his client, the broker learns something that might influence the sale. Nevertheless, the broker may NOT disclose which of the following items to his client? 1. that the current owner has HIV 2. that the seller is in poor financial condition 3. that the seller will not accept an offer based on VA financing 4. the broker is unrestricted because he represents the buyer

that the current owner has HIV

it would not be considered commingling of funds if: 1. the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree 2. the broker holds an earnest money check, as requested by the offeror, after acceptance by the offeree 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 4. the broker holds earnest money in his brokerage operating account because he deal is going to be all cash

the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree

Two salespersons have been assigned as designated agents in a real estate transaction. The seller requests that her agent, Anne, not mention the mold issue in the bathroom since she wants to sell her house quickly. At an office meeting, Anne tells her broker that the seller might accept a lower price because of the issue. In this situation: 1. the broker may tell the buyer that the seller wants to sell her house quickly 2. the broker may tell the buyer that the seller is willing to accept a lower offer 3. the broker may tell the buyer about the mold problem in the bathroom 4. the broker may not tell any info that was mentioned in confidence to the buyer

the broker may tell the buyer about the mold problem in the bathroom

smith dies and his real property is sold. what determines the amount of commission paid to the broker who handles the sale? 1. the state real estate board 2. the local bar association 3. the listing agreement 4. the state association of realtors

the listing agreement

a salesperson lists a home, but the house burns down prior to receiving an offer. which of the following statements is true for the situation? 1. the listing remains in effect 2. the broker is entitled to a commission based on the listed price 3. all advertising must be revised to accurately describe the property 4. the listing automatically terminate

the listing automatically terminates

A buyer's broker presents an offer for property listed by another broker. Proper agency disclosures have been made. Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. He tells the buyer and the offer is withdrawn. Which of the following statements is correct? 1. the listing broker has violated his fiduciary relationship with the seller 2. the listing broker has exercised due care and loyalty to his principal 3. the buyer may not withdraw his offer 4. disclosure of this info violates state licensing authorities

the listing broker has exercised due care and loyalty to his principal

Salesperson Kelly takes a 90 day exclusive listing to sell Murphy's home. Three weeks later, Kelly moves out of the area and puts her license on inactive status. Which of the following statements is true about the listing? 1. the exclusive listing becomes an open listing 2. the listing remains effective 3. the listing is voidable by murphy 4. the listing is automatically terminated

the listing remains effective

a listing agreement must contain all of the following pieces of info except: 1. the signature of the owner of the property 2. the percentage of commission or fee 3. an expiration date 4. the proceeds due to the seller from the sale

the proceeds due to the seller from the sale

a property management contract could exist between the property manager and: 1. his or her employees 2. the property owner 3. the tenants 4. both 1 & 2

the property owner

A property is listed at $68,000. A full price offer is made without contingencies. In this situation, which of the following statements is correct? 1. the seller must accept the offer 2. the seller is not obligated to pay the commission 3. the seller may refuse to sell 4. the seller would be in violation of the fair housing law

the seller may refuse to sell

which of the following statements is true about an open listing? 1. the commission is split between all brokers that have an open listing for the property 2. the seller only pays the broker who produces a ready, willing, and able buyer 3. no more than two brokers may attempt to sell the property 4. if the owner sells the property, she owes a commission to the broker that took the listing first

the seller only pays the broker who produces a ready, willing and able buyer

brokers may only assist buyers if: 1. there is a written agreement 2. there is a formal representation 3. there is an agency relationship 4. there is consent

there is consent

what is NOT a fiduciary duty that an agent has towards his client? 1. to use care in completing contracts 2. to obey all client instructions 3. to be loyal to the client 4. to be accountable for documents and funds

to obey all client instructions

which of the following items is the listing agent not required to disclose? 1. to the seller: that the potential buyer is having financial problems 2. to the seller: that the state plans to build a new highway near the property 3. to the buyer: that the property is subject to seasonal flooding 4. to the buyer: that the seller is going through a divorce

to the buyer: that the seller is going through the divorce

a general agency empowers the agent to: 1. transact matters of all types for the client 2. transact the client's affairs in a certain business 3. perform only specific acts for the client 4. perform any legal acts for the client

transact the client's affairs in a certain business

a general agency empowers the agent to: 1. transact matters of all types for the client 2. transact the clients affairs in a certain business 3. perform only

transact the clients affairs in a certain business

which of the following actions would be a violation of anti trust laws? 1. two brokers agree to only market their services in specific areas of the community 2. jim, a broker, advertises that his firm will only represent buyers 3. an independent broker refuses to join the local association of realtors 4. a firm has some salespersons working as independent contractors and others working as employees

two brokers agree to only market their services in specific areas of the community

all of the following are examples of dual agency except: 1. broker representing buyer and seller, with consent of both 2. escrow agents 3. broker representing both buyer and seller, without consent of either 4. two salespersons in a firm represent a different buyer and seller

two salespersons in a firm represent a different buyer and seller

all of the following circumstances will automatically terminate a listing brokers agency agreement, EXCEPT 1. bankruptcy of a principal 2. destruction of the property 3. condemnation of the property 4. unilateral action

unilateral action

two brokers agree to charge the same commission rate on all property listed by their offices. such an action: 1. is common practice 2. violates anti trust laws 3. violates both RESPA and regulation Z 4. violates fair housing law

violates anti trust laws

when must a licensee disclose agency relationships? 1. when a prospective buyer asks for info about a particular property 2. as soon as a prospective buyer enters the brokers office 3. any time prior to preparing an offer to purchase 4. when the licensee has substantive discussions about specific property

when the licensee has substantive discussions about specific property

when does a broker earn commission? 1. when the listing is taken 2. when the purchaser signs the title insurance policy 3. when closing it is complete and the title passes 4. when the offer to purchase has been signed and accepted by the seller

when the offer to purchase has been signed and accepted by the seller

Wilma lists her house with Broker Fred under an exclusive right-to-sell agreement. Fred later abandons the listing. Which of the following statements is true about this situation? 1. wilma must maintain the listing with fred until the expiration date 2. wilma may terminate the listing 3. wila must wait 90 days before she can list the property with another broker 4. wilma must file a notice of abandonment

wilma may terminate the listing

Jill lists her property with Broker Joe. After much hard work, it looks as if the property will finally sell. However, Broker Joe files for bankruptcy before the property actually does sell. Jill becomes nervous and seeks to terminate the listing agreement. May Jill terminate the agreement without breaching the contract? 1. no, only joe may terminate the contract without a breach 2. yes, because she is legally justified 3. no, unless joe is in breach of the terms 4. yes, provided that joe cannot perform

yes, because she is legally justified

dan and daisy enter into a buyer broker agreement. dan believes that daisy is in breach. may dan terminate the contract? 1. yes, but dan waives his right to specific performance 2. no, unless there is a mutual agreement between dan and daisy 3. yes, but dan risks causing a breach himself 4. no, so long as daisy is willing and able to perform

yes, but dan risks causing a breach himself

Seller Smith signs a listing with Broker Jones to sell a parcel of land for $65,000. While Smith is out of the country, the Mayor announces a development plan that will include Smith's land (causing it to double in value). Jones sells the property for $65,000 without telling Smith about the development. Has Jones breached his fiduciary duties? 1. no, because jones did not buy the property himself 2. no, assuming he fulfilled all the requirements of the listing agreement 3. yes, because jones did not increase the list price 4. yes, but only because the info is material

yes, but only because the info is material

Jon and Jacob are parties to a valid agency agreement. One day, Jon wakes up and decides that he no longer cares for Jacob's personality. Can Jon terminate the contract? 1. yes, if jon is the client 2. no, because jon has an unacceptable reason 3. yes, regardless of whether jon is the client 4. no, because jon must perform

yes, regardless of whether jon is the client