138. When the parties to a contract agree on the amount that a breaching party will pay to the non-breaching party in the event a breach occurs, the agreed upon fixed monetary amount is called

A. punitive damages.

B. liquidated damages.

C. consequential damages.

D. compensatory damages

139. A sales contract is contingent upon the buyer obtaining within 30 days of contract formation written permission from the subdivision homeowners association to install a detached workshop. If the buyer is unable to secure approval by the deadline,

A. the seller can use the earnest money deposit to sue the buyer for specific performance.

B. the buyer may terminate the contract and have the entire earnest money deposit returned to the buyer.

C. the buyer is in breach of the contract and forfeits the earnest money deposit as damages to the seller.

D. the buyer may terminate the contract as long as the earnest money deposit is split equally between the buyer and the seller.

140. A written buyer agency agreement will be automatically terminated if the

A. buyer closes on the purchase of a property.

B. buyers agent and the client have a personality conflict.

C. property on which the buyer has made an offer is destroyed.

D. individual broker that signed the agency agreement on behalf of the real estate firm dies.

141. A listing agreement that enables the seller to avoid compensating the listing firm if the seller procures the buyer of the listed property is a(n)

A. net listing agreement.

B. protection agreement.

C. exclusive agency agreement.

D. exclusive right to sell listing agreement

142. Most standard listing agreements include the

A. guarantee of sale by the listing firm.

B. signatures of the listing broker and the buyer.

C. duties of the listing firm and the property owner.

D. metes and bounds description of the property to be listed

143. A seller signs an exclusive right to sell listing agreement with a broker. A buyer submits a full price offer for a cash purchase with terms that match the terms of the listing agreement. The seller rejects the offer. In this situation, the seller

A. must sell the property to this buyer.

B. owes commission to the listing broker.

C. is liable to the buyer for specific performance.

D. is required to submit a counteroffer to the buyer

144. The fiduciary duties of an exclusive sellers agent include

A. screening all offers and prospective buyers.

B. researching the chain of title of the property.

C. completion of the required property disclosure forms.

D. performing a comparative market analysis on the property.