Which of the following is not a major condition for revenue recognition under IFRS?
A) Persuasive evidence of an arrangement.
B) Risks and rewards have transferred to the buyer.
C) Revenues and costs can be reliably measured.
D) Probable that economic benefits will flow to the seller.
Answer: A
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A licensee is asked by a buyer to prepare a sales contract that will no earnest money. According to the law and the rules of the Commission, can licensee help negotiate a contract without earnest money?
A. Yes, because neither the law nor the Real Estate Commission require the purchaser to pay earnest money. B. Yes, because the seller cannot reject an offer solely based on the amount of the earnest money. C. No, because it is illegal for a licensee to present an offer for which there is no earnest money. D. No, because Georgia law etstablishes earnest money as one of the essential elements of an enforceable real estate sales contract.