AMP Real Estate Exam Questions with
100% Correct Verified Answers
Exclusive-right-to-sell
listing broker paid not matter if another broker sells or not
in exclusive buyer agency broker entiltled to commission even if he didn't show property.
(nonpayment is breach)
Exclusive Agency Listing
one broker lists the property and only broker or co-broker that sells gets commission
Open Listing
the agent that sells collects comission & if the owner sells the agent doesn't receive comission
Net
any amount over the sellers desired sale price foes to the agent as commission
Option
reserving the right to purchase or sell property
What happens if an agent breaches fiduciary responsibilites?
Not entitled commission and may be liable for actual damages.
Ministerial Acts
,informative for consumer
Those acts that a licensee may perform for a consumer that are informative in nature and do
not rise to the level of a
active representation.
Puffing
exaggeration of facts
Methods a principal can pursue damages for non-performance?
Civil action or file complaint with real estate commission
Unilateral Contract
One party obligated to perform
eg. option contract; seller only performs
Bilateral Contract
Both parties obligated to perform
eg.
Implied Contract
By the parties actions or conduct they enter into a contract.
eg. purchase at restaurant, service of taxi
Express Contract
Parties specifically agree orally or in writing
Valid Contract
Meets all essential elements and enforceable.
Competent and authorized
, In writing unless a lease/listing under 1 year.
Proper form/legal purpose; Illegal is void
Legal consideration (promise/value)
Offer/Acceptance or Mutual assent
Signatures by both parties
Reality of Decent
without duress/fraud
A requirement of a valid contract which requires a contract is entered into without duress,
misrepresentation of fraud. Voidable by innocent party, valid by wrongdoer.
Void
Missing element/no legal force
eg. no signatures
Voidable
May be rescinded by 1 or both parties
eg. contingency not met, no reality of consent, w/minor or incompetent
Unenforceable
Neither can sue to force performance
eg. sale contract that is oral; not written
Offer acceptance
When offeror or agent receives/deliveries notice of acceptance by offeree--then contract is
created
100% Correct Verified Answers
Exclusive-right-to-sell
listing broker paid not matter if another broker sells or not
in exclusive buyer agency broker entiltled to commission even if he didn't show property.
(nonpayment is breach)
Exclusive Agency Listing
one broker lists the property and only broker or co-broker that sells gets commission
Open Listing
the agent that sells collects comission & if the owner sells the agent doesn't receive comission
Net
any amount over the sellers desired sale price foes to the agent as commission
Option
reserving the right to purchase or sell property
What happens if an agent breaches fiduciary responsibilites?
Not entitled commission and may be liable for actual damages.
Ministerial Acts
,informative for consumer
Those acts that a licensee may perform for a consumer that are informative in nature and do
not rise to the level of a
active representation.
Puffing
exaggeration of facts
Methods a principal can pursue damages for non-performance?
Civil action or file complaint with real estate commission
Unilateral Contract
One party obligated to perform
eg. option contract; seller only performs
Bilateral Contract
Both parties obligated to perform
eg.
Implied Contract
By the parties actions or conduct they enter into a contract.
eg. purchase at restaurant, service of taxi
Express Contract
Parties specifically agree orally or in writing
Valid Contract
Meets all essential elements and enforceable.
Competent and authorized
, In writing unless a lease/listing under 1 year.
Proper form/legal purpose; Illegal is void
Legal consideration (promise/value)
Offer/Acceptance or Mutual assent
Signatures by both parties
Reality of Decent
without duress/fraud
A requirement of a valid contract which requires a contract is entered into without duress,
misrepresentation of fraud. Voidable by innocent party, valid by wrongdoer.
Void
Missing element/no legal force
eg. no signatures
Voidable
May be rescinded by 1 or both parties
eg. contingency not met, no reality of consent, w/minor or incompetent
Unenforceable
Neither can sue to force performance
eg. sale contract that is oral; not written
Offer acceptance
When offeror or agent receives/deliveries notice of acceptance by offeree--then contract is
created
