Unit 1 (sec 4)

What's another name for the sales contract

Purchase agreement

Which of the following best describes the purpose of the purchase contract

To document the buyers offer to the seller

What's the purpose of the sales contract

To document the buyers offer to the seller to purchase a property identified in the agreement

Brock a South Carolina real estate licensee Is meeting with prospective buyer client Jesse and John stone for the first time before Brock and the stones in her into a buyer agency relationship what is Brock required to do

Discuss the South Carolina disclosure of real estate brokerage relationship form with the stones

Mindy is a South Carolina licensee who just completed her first transaction she needs to provide completed copies to her broker Mork who must keep them on file for a minimum of______

5 years

Carla a licensee is preparing a sales contract on behalf of her buyers she finds that the contract doesn't quite meet all of her clients needs what should she do

Add an addendum to the contract that meets our clients needs

A South Carolina sales contract is

Legally binding when signed by the parties

Lena's buyer Mindy is making an offer on Leo's house which party decides how much earnest money to offer

Mindy

Reggie has thoroughly reviewed the sales contract with his clients the Arnold's and has confirmed that they understand all of the terms and provisions what should Reggie do next

Recommend that the Arnold's review the sales contract with the attorney before signing it

Offer to purchase, sales agreement, contract of purchase and sale, and purchase agreement or other names for the

Sales contract

Who decides the amount of earnest money to be provided with a sales contract

The buyer

Which of the following statements about the residential sales contract in South Carolina is true

There's not one standard form in South Carolina that's used for all sales contracts

You're helping your clients prepare a sales contract what do you put in as the amount of earnest money

Whatever amount the buyer wants

South Carolina broker in charge Brady is working with a new license what does he tell him about the residential sales contract

While there's not one standard sales contract form in South Carolina our firm has one we use exclusively