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AGEC 3713 Exam 2 Review Questions
Questions and Correct Answers/ Latest
Update / Already Graded
How do you write legal descriptions using the rectangular coordinate /
fractional description system and using the metes and bounds system?
(Put another way -you'll get to write some legal descriptions of
property)
Ans: - Starts with a system of baselines(running east and west)
and principal meridians (running north and south)
- Lines parallel to these baseline and principle meridians are
laid out every six miles
** Line running parallel to baseline= "township"
** Line running parallel to principle meridian= "range"
- Townships are divided into one square mile pieces called
sections
- Serpentine numbering systems always starts at northeast
corner of section
- After establishing township, you can establish the section
number
- After establishing township, range and section; identify the
specific parcel
What do the letters "I.M." and "C.M" mean? If you see them, what does
that imply about the property being described?
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Ans: - I.M.- Indian meridian
- C.M.- Cimarron meridian
With respect to brokerage agreements for buying and selling real
estate:
a. What are the types of brokerage agreements
b. Which ones involve a broker, and
c. Who gets the commission in the sale?
Ans: For sale by owner (FBSO)- no agent involved
Open listing- broker will be paid commission by seller when a
ready, willing and able buyer is found to pay the asked price
Exclusive agency- only one broker is authorized to sell the
property and get commission. The seller can still sell - the
property and the broker would not get commission.
Exclusive right to sell- only the broker is authorized to sell
property and entitled to commission no matter who sells
property
b. which ones involve a broker, and
open listing
exclusive agency
exclusive right to sell
c. who gets the commission in the sale?
For sale by owner- owner
All rights reserved © 2025/ 2026 |
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open listing- broker
exclusive agency- broker/seller
exclusive right to sell- broker
Open listing- broker
What provisions that should be included in a land sale contract,
ESPECIALLY"Ferrell's Top Four?"
Ans: - A clear description of the parties
- The purchase price and how it is to be paid
- A complete and accurate legal description
- Signature of parties
What is the meaning of "marketable title" as an implied promise in a
land sale contract?
Ans: - Title acquired by adverse possession is never marketable
UNLESS you have a judicial determination of title.
- There are no encumbrances on the property (no liens,
mortgages)
- A violation of the zoning ordinance at the time of the sale
makes title unmarketable
Must also have all requirements of contract:
All rights reserved © 2025/ 2026 |
AGEC 3713 Exam 2 Review Questions
Questions and Correct Answers/ Latest
Update / Already Graded
How do you write legal descriptions using the rectangular coordinate /
fractional description system and using the metes and bounds system?
(Put another way -you'll get to write some legal descriptions of
property)
Ans: - Starts with a system of baselines(running east and west)
and principal meridians (running north and south)
- Lines parallel to these baseline and principle meridians are
laid out every six miles
** Line running parallel to baseline= "township"
** Line running parallel to principle meridian= "range"
- Townships are divided into one square mile pieces called
sections
- Serpentine numbering systems always starts at northeast
corner of section
- After establishing township, you can establish the section
number
- After establishing township, range and section; identify the
specific parcel
What do the letters "I.M." and "C.M" mean? If you see them, what does
that imply about the property being described?
All rights reserved © 2025/ 2026 |
, Page |2
Ans: - I.M.- Indian meridian
- C.M.- Cimarron meridian
With respect to brokerage agreements for buying and selling real
estate:
a. What are the types of brokerage agreements
b. Which ones involve a broker, and
c. Who gets the commission in the sale?
Ans: For sale by owner (FBSO)- no agent involved
Open listing- broker will be paid commission by seller when a
ready, willing and able buyer is found to pay the asked price
Exclusive agency- only one broker is authorized to sell the
property and get commission. The seller can still sell - the
property and the broker would not get commission.
Exclusive right to sell- only the broker is authorized to sell
property and entitled to commission no matter who sells
property
b. which ones involve a broker, and
open listing
exclusive agency
exclusive right to sell
c. who gets the commission in the sale?
For sale by owner- owner
All rights reserved © 2025/ 2026 |
, Page |3
open listing- broker
exclusive agency- broker/seller
exclusive right to sell- broker
Open listing- broker
What provisions that should be included in a land sale contract,
ESPECIALLY"Ferrell's Top Four?"
Ans: - A clear description of the parties
- The purchase price and how it is to be paid
- A complete and accurate legal description
- Signature of parties
What is the meaning of "marketable title" as an implied promise in a
land sale contract?
Ans: - Title acquired by adverse possession is never marketable
UNLESS you have a judicial determination of title.
- There are no encumbrances on the property (no liens,
mortgages)
- A violation of the zoning ordinance at the time of the sale
makes title unmarketable
Must also have all requirements of contract:
All rights reserved © 2025/ 2026 |
