A Broker Is Authorized in the Listing Agreement to Accept

question 13

Multiple Choice

A broker is authorized in the listing agreement to accept a deposit from the buyer on behalf of the seller and receives same from a buyer. The broker then uses the money received from the buyer to pay for a vacation and refuses to restore the money. The person(s) liable to the buyer for the loss would be the:

• A) seller only
• B) broker and seller
• C) broker only
• D) real estate commissioner

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Definitions:

SDLC

Stands for Software Development Life Cycle, a process for planning, creating, testing, and deploying an information system.

Feasibility Study

An analysis and evaluation of a proposed project to determine if it is technically, financially, and legally possible.

Planning Phase

The initial stage of a project or process where goals are defined, strategies are developed, and tasks are planned.

SQL

A standardized language for managing and manipulating relational databases.