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