Richards agreed to list his property for sale with Broker Jackson. In using a standard listing form, Richards completed Paragraph 10 with the following words: "Delete provisions in Paragraph 3c above which says, Agency is hereby authorized to accept on my behalf a deposit toward the purchase price in any amount." If Broker Jackson produced a buyer:
A: He cannot accept a deposit from the buyer;
B: He must get oral permission from Richards before accepting a deposit;
C: If he accepts a deposit, he holds it as agent of the buyer until the offer is accepted by the seller;
D: If he accepts a deposit from the buyer and the buyer rescinds the offer prior to acceptance by the seller, he is entitled to one-half of the deposit.
Answer: C: If he accepts a deposit, he holds it as agent of the buyer until the offer is accepted by the seller;
You might also like to view...
Why is it likely that firms would use straight-line depreciation methods for depicting project analysis to shareholders or lenders, if such choice were possible?
A) it allows asset balances to decline more slowly. B) it decreases the tax liability of the project. C) it increases the NPV of the project. D) it mirrors the market value of the assets.
_____ are costs that are shared in the manufacturing and marketing of several products in a product line
a. Overhead costs b. Fixed costs c. Joint costs d. Opportunity costs