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This is very similar to another question in this section on the Statute of Frauds. A slight derivation on another question will likely exist on the state exam.
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The typical listing contract authorizes a broker to ____
find a purchaser and accept a deposit with an offer to purchase.
Brokers Phoebe and Saul both have an open listing on a property. Broker Phoebe showed the property to a prospective buyer, but the buyer decided not to buy. Two weeks later, Broker Saul contacted the same buyer and arranged a sale of the property. The seller is obligated to pay a commission as follows:
the full amount to Saul.
Substituting a new obligation for an existing one with the intent to cancel the latter is called ____.
Which of the following contracts must be in writing in order to be enforceable?
Both an agreement by a buyer to assume an existing loan secured by a deed of trust.
Broker Matthews took a 90-day exclusive agency listing to sell a property owned by Tyler. After 30 days without selling the property, Tyler sent Broker Matthews a letter cancelling the listing. One week later, Tyler enters into open listings with several other brokers. Two weeks later, one of the brokers sold the property. In this situation, Tyler ____
is liable for payment of a commission to Matthews as well as to the selling broker.
When does a broker not have to present an offer to purchase real property to their principal?
When the offer is patently frivolous or the broker is acting on written instructions of the principal.