NCSO ACSA EXAM PREP: LATEST KEY QUESTIONS AND
ANSWERS FOR AN A+
The placement of a corporate seal on a deed is an implies
a. the document is recordable
b. the consideration is sufficient relative to value
c. that the person signing the deed is authorized to sign for the corporation
d. the corporation had clear title at the time of the signing
c. A 'corporate seal' on a deed implies that the person signing the deed is authorized to
sign for the corporation
Broker Bob has just taken an exclusive right to sell listing to sell a home. This
brand new listing may be described as
a. an implied, bilateral, executed, employment contract
b. an express, unilateral, executed, employment contract
c. an oral, unilateral, executory, employment contract
d. an express, bilateral, executory , employment contract
d. This exclusive right to sell listing would be described as an express, in words,
bilateral, promise for a promise, executory, sometimes remains to be done, employment
contract, employing the broker to represent the seller in the future sale of the property.
The term 'express contract' describes a contract which is expressed
a. only orally
b. only in writing
c. in words, either oral or written
d. none of the above
c. An 'express contract ' is expressed in words, either oral or written
A contract based on an unlawful consideration is
a. valid, until voided
b. void
c. legal
d. enforceable, if writing
b. A contract based on unlawful consideration is void
,Which of the following agreements is required to be in writing in order to be
enforceable?
a. a partnership agreement
b. an agreement by a buyer to assume an existing real estate loan
c. a lease of real property for one year
d. a listing to sell a personal property mobile home
b. an agreement to pay the debt of another must be in writing to be enforceable
Which of the followings best describes an 'open end' loan
a. one in which personal property is held for added collateral
b. a soft -money loan
c. one in which additional financing could be obtained without rewriting the
contract
d. one under which many parcels of land are included under one trust deed.
c. An 'open end' loan allows the borrower to re-borrow money previously paid back to
the lender without rewriting the contract.
Broker John took a 60 -day exclusive agency listing to sell a property owned by
Jones. After 30 days, Broker John had not sold the property, so Jones sent him a
certified mail letter cancelling the listing. One week later Jones listed the property
with Broker Bob using an open listing. Two weeks later, Broker Bob sold the
property under the open listing. In this situation how will the commission be
handled?
a. Broker Bob is the only agent to get a commission
b. Jones had no legal ability to cancel the listing with Broker John, therefore
Broker John gets a commission and Broker Bob gets nothing
c. One commission will be split between Broker John and Broker Bob
d. Seller Jones will be liable for two full commissions
d. The seller will have to pay two full commissions. One to Broker Bob as the procuring
cause of the successful offer under an open listing and one to Broker John, because the
property sold during the term of his 60 day exclusive agency listing.
A listing contract is
a. an employment contract
, b. a bilateral contract
c. a promise for a promise
d. all of the above
d. a listing contract is an employment contract which may be bilateral or unilateral. If it is
bilateral, it is also a promise for a promise, therefore 'all of the above' is the best
answer.
When a broker takes an exclusive authorization and right to locate property
listing with a buyer, the broker is authorized to
a. act as the exclusive agent to work for that buyer only and agreens to work with
no other buyers during the term of the listing
b. incure expenses which the buyer is the obligated to reimburse
c. represent other buyers at the same time
d. receive a commission for the buyer regardless of whether or not he finds a
property
c. The broker in an exclusive authorization and right to locate property, buyers listing, is
authorized to represent other buyers
In an exclusive listing must contain
a. a minimum five percent commission
b. a definite termination date
c. a unilatereal agreement t operform
d. an authorization to accept a deposit
b. Any exclusive listing must contain a definite termination date.
A 'safety clause' is usually found in a which of the following contracts?
a. deposit receipt
b. lease
c. listing
d. option
c. The safety clause is found in the listing
An offer which is made contingent upon the buyers first obtaining a satisfactory
lease on another property is
a. an illusory offer
ANSWERS FOR AN A+
The placement of a corporate seal on a deed is an implies
a. the document is recordable
b. the consideration is sufficient relative to value
c. that the person signing the deed is authorized to sign for the corporation
d. the corporation had clear title at the time of the signing
c. A 'corporate seal' on a deed implies that the person signing the deed is authorized to
sign for the corporation
Broker Bob has just taken an exclusive right to sell listing to sell a home. This
brand new listing may be described as
a. an implied, bilateral, executed, employment contract
b. an express, unilateral, executed, employment contract
c. an oral, unilateral, executory, employment contract
d. an express, bilateral, executory , employment contract
d. This exclusive right to sell listing would be described as an express, in words,
bilateral, promise for a promise, executory, sometimes remains to be done, employment
contract, employing the broker to represent the seller in the future sale of the property.
The term 'express contract' describes a contract which is expressed
a. only orally
b. only in writing
c. in words, either oral or written
d. none of the above
c. An 'express contract ' is expressed in words, either oral or written
A contract based on an unlawful consideration is
a. valid, until voided
b. void
c. legal
d. enforceable, if writing
b. A contract based on unlawful consideration is void
,Which of the following agreements is required to be in writing in order to be
enforceable?
a. a partnership agreement
b. an agreement by a buyer to assume an existing real estate loan
c. a lease of real property for one year
d. a listing to sell a personal property mobile home
b. an agreement to pay the debt of another must be in writing to be enforceable
Which of the followings best describes an 'open end' loan
a. one in which personal property is held for added collateral
b. a soft -money loan
c. one in which additional financing could be obtained without rewriting the
contract
d. one under which many parcels of land are included under one trust deed.
c. An 'open end' loan allows the borrower to re-borrow money previously paid back to
the lender without rewriting the contract.
Broker John took a 60 -day exclusive agency listing to sell a property owned by
Jones. After 30 days, Broker John had not sold the property, so Jones sent him a
certified mail letter cancelling the listing. One week later Jones listed the property
with Broker Bob using an open listing. Two weeks later, Broker Bob sold the
property under the open listing. In this situation how will the commission be
handled?
a. Broker Bob is the only agent to get a commission
b. Jones had no legal ability to cancel the listing with Broker John, therefore
Broker John gets a commission and Broker Bob gets nothing
c. One commission will be split between Broker John and Broker Bob
d. Seller Jones will be liable for two full commissions
d. The seller will have to pay two full commissions. One to Broker Bob as the procuring
cause of the successful offer under an open listing and one to Broker John, because the
property sold during the term of his 60 day exclusive agency listing.
A listing contract is
a. an employment contract
, b. a bilateral contract
c. a promise for a promise
d. all of the above
d. a listing contract is an employment contract which may be bilateral or unilateral. If it is
bilateral, it is also a promise for a promise, therefore 'all of the above' is the best
answer.
When a broker takes an exclusive authorization and right to locate property
listing with a buyer, the broker is authorized to
a. act as the exclusive agent to work for that buyer only and agreens to work with
no other buyers during the term of the listing
b. incure expenses which the buyer is the obligated to reimburse
c. represent other buyers at the same time
d. receive a commission for the buyer regardless of whether or not he finds a
property
c. The broker in an exclusive authorization and right to locate property, buyers listing, is
authorized to represent other buyers
In an exclusive listing must contain
a. a minimum five percent commission
b. a definite termination date
c. a unilatereal agreement t operform
d. an authorization to accept a deposit
b. Any exclusive listing must contain a definite termination date.
A 'safety clause' is usually found in a which of the following contracts?
a. deposit receipt
b. lease
c. listing
d. option
c. The safety clause is found in the listing
An offer which is made contingent upon the buyers first obtaining a satisfactory
lease on another property is
a. an illusory offer
