Real Estate Final Exam (150 Questions ) #1 with correct answers

A real estate licensee has a buyer agency agreement. What is the seller in this situation? - Answer A customer. An optionor and an optionee make a contract for an option on a commercial piece of property. If the optionee decides to exercise his option, when must he perform? - Answer He must exercise his option under the terms of the option contract. When can a landlord evict a disabled blind or disabled tenant from the premises? - Answer If the tenant has loud parties, makes too much noise, and is constantly disturbing other tenants 4. Broker Carr, with ABC Real Estate Company, listed the property with a seller. Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of the property. What, if any, is the relationship between the buyer's broker, the seller and the listing broker? - Answer There is not a relationship between the parties. Broker Carr represents the Seller and Broker Smith represents the Buyer. A buyer bought a property without telling the seller of his intended purpose for the property. The contract contains no contingency clauses and it is a properly executed contract. After the closing, the buyer is unable to obtain the zoning he needs for his commercial project. What is the contract at this stage? - Answer Enforceable 6. The seller and the buyer finally agreed to a purchase price of $203,500 with the closing to occur on June 15. The taxes for the year in the amount of $2,500 have not been paid by the seller. (Taxes are paid in arrears). How much would the tax proration amount to, and how would it appear on a full settlement statement? Base