Presenting the Offer in Colorado

Which of the following contingencies are all considered standard in a purchase agreement for residential property?

Appraisal, financing, inspection

A buyer, hoping to beat out all other offers, included a clause in the offer that reads, "Buyer to beat all competing offers by $1,000 up to a price of $700,000. Seller to provide copies of competing offer to buyer on acceptance." What type of offer is this?

Escalator

Juan and Natalie are preparing to send written notice that they are not accepting an offer from a potential buyer, but that they'd like the offeror to consider submitting a new offer (the couple even gives the offeror some ideas of how to make the new offer more acceptable). What is the type of the letter they will send?

Letter of non-acceptance

If your buyer client makes a back-up offer on a property, you should advise your client that ____________.

The primary contract is more likely to be completed as a result

What type of lawsuit could a seller client bring against you for failing to present an offer in a timely manner?

Tortious interference

The Butlers have countered an offer from Conner, but then they receive an even better offer from Audrey. What should the Butlers do before accepting Audrey's offer?

Withdraw their counter-offer to Conner.

Licensees are required to relate all information that's material to the transaction to their clients. How does this relate to presenting offers to the seller?

Licensees must present and explain all offers.

Ahmad and Mahasin recently put in an offer on a home. The seller tells his agent to reject the offer. What should the seller's agent do?

Provide written notice to Ahmad and Mahasin.

Which statement best describes your responsibility when presenting offers to a client?

Present all offers in a timely manner.

When offer and acceptance has occurred, both parties enter into ______.

A mutual agreement

Which of the following is an example of an escalator offer?

Buyer offers $650,000 with clause that buyer will beat all competing offers by $3,000 up to $675,000.

In a real estate transaction, which of the following is established when the parties enter into an agreement voluntarily with a full understanding of the contract terms?

Consent

You've just received an offer from a potential buyer for a property you listed. When should you present the offer to your client?

Immediately

When multiple offers are received, which of the following is something a licensee should do?

Prepare net proceeds statements on all offers.

Which offer would be the most appealing to a seller?

It depends on the seller's needs and motivations.

What must take place in order for an oral offer involving the transfer of real property to become an accepted valid contract?

It must be committed to writing and both parties must sign the contract.

An oral offer is one that is ________.

Only spoken

If a buyer makes an offer that the seller finds lacking, which of the following actions is the seller most likely to take?

Respond with a written counter-offer.

Which of the following statements about a back-up contract is true?

The buyer has the right to withdraw from the secondary contract at any time while the primary contract is still in effect.

Stella and Josie want to buy a house that already has an accepted offer. They want to submit a back-up offer. Which of the following is true?

Their offer will become effective if the first offer falls through.

Both the buyer and the seller have to sign the purchase and sale agreement in order to demonstrate that ______.

They understand the terms

Your buyer clients, Cindy and Ray, want to make an offer on a house you showed them. However, they can't qualify for a loan until they've sold their current home. How will you advise your clients?

We can make your offer contingent upon the sale of your current home. If your home doesn't close within a certain time period, you can withdraw from the contract.

When does an oral offer for a real estate transaction become part of an accepted contract?

When it's committed to writing and both parties sign the contract