Finances

Kathleen is explaining the termination option to her buyer client. How would she explain that "time is of the essence?

"This means that all contract deadlines will be strictly enforced. You don't want to miss these deadlines."

James was purchasing some vacant land from Kindra, and asked his broker to include a "time is of the essence" provision for the settlement date. Which of these is the best response that the broker can provide?

"Unless you absolutely need to close by a certain date, I don't recommend this strategy because it locks us in to that date."

Which of the following situations entitles Gary to commission with a 30-day protection clause?

Buyers who viewed the property while it was listed with Gary made an accepted offer 10 days after the listing expired.

Your resource provided an overview of many parts of a typical sales contract. Which of the following provisions are generally included?

The sales contract is extensive and covers everything from the purchase offer amount to financing contingencies and the earnest money deposit amount.

What phrase do many real estate contracts contain that reminds the parties to avoid unnecessary delays to the transaction, and to adhere to all contract dates?

Time is of the essence

Your buyer clients Donna and Mike are submitting an offer on a home where the seller is moving to another state and wants to expedite the closing process. What would be a good strategy for structuring an offer in this case?

offer a quick close

Your buyer clients are submitting an offer on a newly built home in a very trendy part of town. The seller requires that the home be sold for at least $450,000. What is a good strategy for structuring the offer in this case?

offer full price or above

What happens at closing? All Apply!

-Real estate transaction is consummated. -The property's Title is transferred to the buyer -The seller receives payment -The Broker receives commission

Licensee Louie obtained written acceptance of an offer to purchase real estate. To whom must he deliver true, legible copies of the purchase and sale contract that are signed by the seller and the buyer?

Both buyer and seller

Your buyer clients Jen and Tony really like the patio set and bedroom furniture in the house you've just shown them. Because the market is hot, what would you advise they do?

Don't include those items in their offer.

"Time is of the essence" in a real estate contract means two things: that the parties won't unduly delay the process and what else?

That they will proceed in good faith

Your buyer client Haley is making an offer on her first home Although she can afford the full listing price, you advise her to offer 10% below the list price. What's a good reason for doing so?

The market is cold.

How is procuring cause related to a protection clause?

The period of time in the protection clause is only applicable if the licensee is the procuring cause. The commission is due during the protection period if the licensee is the procuring cause.

What is a closing?

The process of helping people make a decision that will benefit them

The sales contract is an important document that you'll need to fully understand. You probably know a lot about it already, though. For instance, what's the purpose of the sales contract?

The sales contract establishes the sale's terms and conditions, as well as the legal rights and obligations of the contract's parties. (Identifies the terms and conditions under which a seller will transfer a property to the buyer).

In a North Dakota real estate contract, "time is of the essence" means that the parties agree to proceed ______ and not unduly delay the process.

in good faith