According to Rule F, all of the following would be acceptable as a substitute for the Contract to Buy and Sell Real Estate EXCEPT
a. a contract drafted by the brokerage firm's attorney for general use by all brokers in the firm
b. a new home sales contract with builder warranties
c. a contract drafted by the seller's attorney
d. a contract drafted by the buyer's attorney
Answer: a. a contract drafted by the brokerage firm's attorney for general use by all brokers in the firm
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Indicate whether the statement is true or false
(CMA adapted, Jun 96 #3) An item of inventory purchased in Year 5 for $25.00 has been incorrectly written down to a current replacement cost of $17.50 . The item is currently selling in Year 6 for $50.00, its normal selling price. Which one of the following statements is correct?
a. The income for Year 5 is overstated. b. The cost of sales for Year 6 will be overstated. c. The income for Year 6 will be overstated. d. The closing inventory of Year 5 is overstated. e. none of the above