Since a counteroffer - Study guides, Class notes & Summaries

Rockwell Practice Midterm Exam | Questions, Answers and Explanations For which of the following acts might a broker be subject to disciplinary action? a. Failing to include a termination date in an exclusive listing agreement b. Failing to include a termination date in an open listing agreement c. Keeping trust funds from different clients in a single trust account d. Basing a commission amount on the property's selling price Explanation: Failure to include a termination date in an exclusive ...

How will an assumed loan be posted on the settlement worksheet? Select one: a. Debit seller and debit closer b. Debit seller and credit closer c. Credit buyer and debit seller d. Credit buyer and credit lender -ANSWER c. Credit buyer and debit seller Since a counteroffer terminates the original offer, the broker should write in all the dates from the original offer. This statement is: Select one: a. Totally false b. Partly true because the original offer terminates but the bro...

LSB Ch. 7 - Mutual assent is typically referred to as a(n) "________" because the parties have agreed to certain promises and obligations. ️meeting of the minds - An _______ is a promise or commitment to do (or refrain from doing) a specified activity, such as selling a good at a particular price or offering to provide services at a given rate. ️offer - Bill and Tom are heavily intoxicated; after his 9th beer, Bill says to Tom, "I'll sell you my hunting truck for a six-pack...

Rockwell Real Estate Exam WA 2 | Questions, Answers and Rationales At what point in a transaction must you disclose your agency status in writing? A. at closing B. when first meeting any potential party to the transaction C. when a party signs an offer D. Before a party signs an offer You must disclose your agency status to each party in a transaction as soon as practicable. However, the initial disclosure may be oral - the law doesn't require written confirmation of the agency disclosure unt...

How will an assumed loan be posted on the settlement worksheet? Select one: a. Debit seller and debit closer b. Debit seller and credit closer c. Credit buyer and debit seller d. Credit buyer and credit lender -ANSWER c. Credit buyer and debit seller Since a counteroffer terminates the original offer, the broker should write in all the dates from the original offer. This statement is: Select one: a. Totally false b. Partly true because the original offer terminates but the bro...

Real Estate U Final Exam Questions With 100% Verified Answers. Amy is looking to obtain a loan to purchase a new house. Her monthly mortgage payment (PITI) will be $3,650 per month. Amy's gross monthly income (her salary) is $12,000 per month. The lender requires a front-end ratio of no more than 32%. Will Amy qualify for a loan? - answerThe answer is Yes because Amy's front-end ratio equals $3,650 / $12,000 = 0.304 or 30%.In other words, Amy's total monthly housing expense equals 30% o...

1. On September 1 the University enters into a contract with Acme Company whereby Acme promises to deliver 10,000 pounds of ice to every home football game during the 2017 season. In exchange the university promises to pay Acme $50,000 for this service. The last home game is November 27. As of October 15 this contract is described as: A. Bilateral and executory. B. Bilateral and executed. C. Unilateral and executory. D. Unilateral and executed. correct answersa 2. Emily places an advertis...

At what point in a transaction must you disclose your agency status in writing? A. at closing B. when first meeting any potential party to the transaction C. when a party signs an offer D. Before a party signs an offer - D. Before a party signs an offer You must disclose your agency status to each party in a transaction as soon as practicable. However, the initial disclosure may be oral - the law doesn't require written confirmation of the agency disclosure until each party is about...

At what point in a transaction must you disclose your agency status in writing? - -Before a party signs an offer You must disclose your agency status to each party in a transaction as soon as practicable. However, the initial disclosure may be oral - the law doesn't require written confirmation of the agency disclosure until each party is about to sign an offer. A counteroffer: - -Acts as a rejection of the initial offer A counteroffer is a rejection of the previous offer. Either...

Seller Deangelo agreed to mediate the radon gas problem in his basement within 31 days. It has been 31 days and he still has not addressed the issue. What is the current status of the sales contract? (Ans – It is not affected and is in force. The buyer must now address the problem within 31 days. Deangelo will now receive $5,000 less from the buyer. +Deangelo has defaulted on the contract. What powdery mineral is a health hazard when airborne? (Ans – Mercury Radon +Asbestos Uran...