REAL ESTATE 30 HR SC COURSE EXAM QUESTIONS AND ANSWERS 100% CORRECT!!

If the buyer on a real estate contract refuses to close for no valid reason allowed by the contract, what remedy is available to the seller? - ANSWER The seller gets to keep the earnest money as damages. A seller is selling his real estate to a buyer. The purchase price is $200,000. The buyer gives the seller $100,000 with the promise to give the rest to the seller the next day. The seller gives the buyer the deed. However, the buyer never makes the second payment. What remedy is available to the seller? - ANSWER Specific performance, getting an order from the court, forcing the buyer to pay the rest of the money. If the seller in a real estate contract fails to appear for the closing, and has not taken any of the purchase price, what remedy is available to the buyer? - ANSWER Receiving a refund of the earnest money. A buyer and seller enter into a real estate contract for the purchase and sale of 123 Maple Street. However, the seller does not own 123 Maple Street. The seller cancels the closings. What remedy does the buyer have? - ANSWER None. This is a situation of impossibility of performance. The people who sign the listing contract include which of the following? - ANSWER Principal/seller and the broker Which of the following is an example of a non-exclusive listing agreement? - ANSWER Open agreement How do you verify the authority of a business representative? - ANSWER You would contact the business directly for a copy of its bylaws What is the outcome if a property subject to a listing agreement is destroyed by, or suffers serious damage due to, a fire, flood, tornado, or other unforeseen event? - ANSWER The agreement is terminated because the agent will not realistically be able to do their job marketing the property. To be enforceable, the buyer agency contract must in writing, with one exception. What is that exception? - ANSWER A temporary, non-exclusive oral buyer agency agreement w