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Florida Real Estate Exam

Category - Florida

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John, Bill and Charles form a partnership by oral agreement. Bill and Charles sign a contract to purchase a property in the partnership name. Which applies?

Only Bill and Charles are liable.
All three partners are liable.
This is not a partnership; partnerships must be established by written agreement.
Bill and Charles have violated the real estate license law.

Explanation

Answer B - All three partners are liable. This is the disadvantage of a partnership. All partners are bound by the acts of another partner.

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Florida Real Estate Exam

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Florida Real Estate Exam

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