Quiz 2 Chapters 7,8,9,10
An exclusive buyers agency agreement with a firm will be automatically terminated if the? A. Individual buyer agent dies B. Buyer and the firm agree to stop working together C. Buyer closes the sale of their currently owned property D. Property on which the buyer has made an offer is destroyed
B. Buyer and the firm agree to stop working together
Which of the following situations would be considered a material fact in North Carolina? A. The current tenant of the property is HIV-positive B. The seller has been served with a foreclosure notice C. The sellers spouse died in the master bedroom last year D. A convicted sex offender who is on probation lives next door
B. The seller has been served with a foreclosure notice
Which of the following would be used to include extra terms or conditions as part of a standard offer to purchase? A. Addendum B. Amendment C. Annexation D. Assignment
A. Addendum
According to the North Carolina Real Estate Commissions Residential Square Footage Guidelines, which of the following statements regarding "living area" is TRUE? A. It will include the area of the attached unheated garage B. It must be cold by a permanently installed cooling system C. Reporting of residential livable square footage is a material fact D. The ceiling height must be at least 7 feet, unless dealing with sloped ceilings
D. The ceiling height must be at least 7 feet, unless dealing with sloped ceilings
The injured party in a real estate transaction with the right to a suit for specific performance is typically the? A. Broker B. Buyer C. Title company D. Lender
B. Buyer
A provisional broker sells another firms listing for $150,000. The commission is 6.5% of the sales price. Of this amount, 55% goes to the listing broker, and the remaining 45% belongs to the cooperating broker. If the provisional broker receives 60% of any commission that he generates for the office, he is entitled to receive? A. $2,632.50 B. $3,217.50 C. $4,387.50 D. $5,850.00
A. $2,632.50
An NCBA/NCAR 2-T Offer to Purchase and Contract offered for use by real estate broker 1. must not include a disclaimer of liability on the part of the broker 2. Can include any agent compensation that is being split with the buyer in the contract A. 1 only B. 2 only C. Both 1 and 2 D. Neither 1 nor 2
A. 1 only
Per the NCBA/NCAR 2-T Offer to Purchase and Contract, if the seller commits a material breach and the buyer elects to terminate the contract, the buyer is entitled to? A. A refund of paid earnest money, due diligence fee, and all reasonable cost of the buyers due diligence B. A refund of any earnest money and due diligence fee C. A refund of any earnest money only D. Nothing more than contract termination
A. A refund of paid earnest money, due diligence fee, and all reasonable cost of the buyers due diligence
A listing agreement generally includes? A. An automatic termination date B. The properties heated square footage C. A guarantee of sale by the listing firm D. Obligations of the buyer of the property
A. An automatic termination date
The Fiduciary duties of an exclusive buyers agent include A. Concealing clients confidential information B. Researching the chain of title on the property C. Identifying undisclosed latent property defects D. Withholding discovered property defects at the clients direction
A. Concealing clients confidential information
A sales contract for real property may be terminated based on the? A. Destruction of the property B. Insanity of the listing broker C. Death or insanity of the seller D. Mutual agreement of the buyer and the lender
A. Destruction of the property
Under which of the following listing agreements must a seller pay a commission to the listing company even if the seller procures the buyer? A. Exclusive right to sell listing B. Exclusive agency listing C. Open listing D. Net listing
A. Exclusive right to sell listing
A listing taken by a real estate broker belongs to the? A. Firm B. Seller C. Agent D. Agent and firm equally
A. Firm
Which of the following statements about a listing agreement is TRUE? A. It creates a fiduciary relationship between the seller and the listing firm B. It authorizes the farm to maintain a trust account to hold earnest money C. It obligates the broker to represent the seller and the buyer of the listed property D. It requires the seller to transfer the property to a buyer whose offer matches the terms of the listing agreement
A. It creates a fiduciary relationship between the seller and the listing firm
Under North Carolina Real Estate Commission Rules, all written agency agreements... A. Must include an anti-discrimination clause B. Must be delivered to all parties within 5 days of execution C. May automatically renew for a one year period unless challenged by the broker or the consumer client D. May be oral at first but must be reduced to writing by the time either party wants to present an offer to purchase any property
A. Must include an anti-discrimination clause
A broker is aware that the public road in front of her listing is scheduled to be widened to a four-lane divided highway next year. The listing agent A. Must volunteer the information to all prospective buyers B. Is not required to disclose the information since the work has not begun C. Must disclose the information to any prospective buyers that ask about the road D. Is not required to disclose the information since the road is not located on the property
A. Must volunteer the information to all prospective buyers
A buyers agent owes which of the following duties to the buyer? A. Performing a comparative market analysis before an offer B. Interpreting requirements of the subdivision covenants C. Advising the buyer on how to take title to the property D. Withholding any known confidential information about a seller
A. Performing a comparative market analysis before an offer
A listing agent receives 2 written offers for the same property within a few hours of each other. Both offers propose a purchase price below the listed asking price, but they vary in financing and other terms. The listing agent may? A. Present both offers to the seller and coach the seller on possible responses B. Orally negotiate undesirable offer terms with each of the offerors before presenting the offers to the seller C. Present the highest offer to the seller and hold the inferior offer for future consideration if needed D. Disclose the terms of both offers to the 2 offerors so they have an equal opportunity to make more competitive second offers
A. Present both offers to the seller and coach the seller on possible responses
A seller agrees to all of the terms in a buyers offer except the proposed closing date. The seller changes the closing date, initials the change, and signs the offer. The listing agent promptly notifies the buyers agent of the sellers actions. Given these facts, which of the following statements is TRUE? A. The buyers offer has been rejected, and the seller has made a counteroffer B. A contract will be formed once the buyer is notified that the seller has signed the offer C. A contract was created when the buyers agent was notified that the seller had signed the offer D. The buyers offer has been conditionally accepted, and the buyer must submit earnest money within 5 days of notification
A. The buyers offer has been rejected, and the seller has made a counteroffer
Buyer and seller have entered into a residential sales contract using the standard 2-T Offer to Purchase and Contract form jointly approved by the North Carolina Association of REALTORS and the North Carolina Bar Association. Buyer wishes to terminate the contract during the due diligence period. seller has not breached the contract and the property has not been damaged. Per the contract, which of the following monies, if any, should be refunded to buyer? A. The earnest money only B. The due diligence fee only C. The earnest money and the due diligence fee D. Neither the earnest money nor the due diligence fee
A. The earnest money only
An offer to purchase is submitted on a listing while the property owner is out of town on business. The offer is electronically submitted to the owner and the owner signs and returns the offer with no changes in terms. if the signed offer is then electronically submitted to the listing agent who calls the buyers agent with this information, which of the following statements is TRUE? A. The seller is under contract to sell his property since electronics signatures are binding B. The original signatures of both buyer and seller must appear on the same copy of the offer; therefore, a contract does not exist C. No contract exist yet since the buyer has not been personally told of the contract acceptance D. No contract exists since no one on the buyers side of the transaction has seen the sellers signature
A. The seller is under contract to sell his property since electronics signatures are binding
A buyers agent will keep 65% of her firms earned commission split. The sales price of the property is $876,000. If the listing firm is offering a 50/50 split of the 5.5% commission to the selling firm, how much will the buyers agent receive? A. $10,840 B. $15,658 C. $24,090 D. $31,317
B. $15,658
A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. How much money would an individual agent receive for a 60% share of the 10% commission earned? A. $640 B. $960 C. $1,600 D. $2,400
B. $960
A buyer agent must disclose to the seller or the sellers agent that the broker represents the buyer A. When presenting the buyers offer to the seller or sellers agent B. At the buyer agents initial contact with the seller or sellers agent C. When the buyers agent has first substantial contact with the seller or sellers agent D. When the buyer agent begins to have ongoing contact with the seller or sellers agent regarding the buyers interest in the property
B. At the buyer agents initial contact with the seller or sellers agent
Which of the following statements concerning broker compensation in North Carolina is TRUE? A. A "full" broker may legally receive brokerage compensation from only his/her broker in charge B. Compensation to a broker from a settlement service provider in the transaction is probably in violation of RESPA C. Written disclosure of compensation received from anyone other than a brokers client must be made to the client by the day of closing D. A selling bonus paid to a buyers agent by the listing firm may be disclosed to the buyer client for the first time on the Closing Disclosure
B. Compensation to a broker from a settlement service provider in the transaction is probably in violation of RESPA
The real estate contract remedy of specific performance... A. Sets the statute of limitations for performance of all contract terms B. Enforces a buyers right to acquire the property per contract terms C. Establishes the amount necessary to make the injured party whole D. Authorizes rescission of the contract based on nonperformance of a contract term
B. Enforces a buyers right to acquire the property per contract terms
A broker is representing the property seller. She is showing the property to a prospective buyer customer. The buyer likes the house but does not want to pay as much as the seller wants. He asks the broker if the seller would take less than the listing price. The broker knows that the seller is very anxious to sell and would probably agree to $7,000 less than his asking price. The broker suggests that the buyer make an offer at $5,000 less than the listing price. In this situation, the broker? A. Has done a good job securing an acceptable offer for the seller B. Has violated her fiduciary duties to the seller C. Will now be considered a designated dual agent D. Is making a secret profit from the transaction
B. Has violated her fiduciary duties to the seller
What duties does a broker owe to a consumer who is not the brokers principal? A. Skill, care, and diligence B. Honesty, fairness, and disclosure of material facts C. Accountability, disclosure of material facts, and loyalty D. Disclosure of any information that might affect the consumers decision
B. Honesty, fairness, and disclosure of material facts
A broker has found a buyer for a sellers home. The buyer has indicated in writing a willingness to buy the property for $1,000 less than the asking price and has deposited $5,000 in earnest money with the broker. The seller is out of town for the weekend, and the broker has been unable to inform the seller of the signed document. At this point, the buyer has signed a(n)? A. Voidable contract B. Offer C. Executory agreement D. Implied contract
B. Offer
An offer to purchase real estate can be terminated by all of the following reasons EXCEPT? A. Failure to accept the offer within a prescribed B. Revocation by the offeror communicated to the offeree after acceptance C. acceptance of the offer by the offeree after making one change in terms D. death of the offeror or offeree
B. Revocation by the offeror communicated to the offeree after acceptance
In which of the following scenarios will the signed contract probably be voidable? A. Buyers mother really dislikes the property location and insists buyer made a mistake B. Seller inherited the property and is almost eighteen when he/she signs the contract C. Buyer erroneously assumes that 6 foot high chain link fences are allowed on the property D. The correct legal description is entered on the contract, but the street address of the property is incorrect
B. Seller inherited the property and is almost eighteen when he/she signs the contract
Which of the following scenarios BEST illustrates first substantial contact? A. Prospective buyers state that they really like the area B. Seller states that she must relocate by the end of the year C. Seller states that he would like to list his property within the next 30 days D. prospective buyers state that they want a house with no less than 4 bedrooms
B. Seller states that she must relocate by the end of the year
A broker obtains an exclusive right to sell listing for her real estate company. What is the agency relationship between the owner of the listed property and all the brokers that work for the listing company? A. Dual agency B. Seller subagency C. Buyer subagency D. Transactional agency
B. Seller subagency
A sales contract is contingent upon the buyer obtaining financing at term stated in the contract within 30 days of contract formation. If the buyer is unable to secure such financing by the deadline... A. The seller can use the Earnest money deposit to sue the buyer for a specific performance B. The buyer may terminate the contract and have the entire earnest money deposit returned to the buyer C. The buyer is in breach of the contract and forfeit the earnest money deposit as liquidated damages to the seller D. The buyer may terminate the contract as long as the earnest money deposit is split equally between the buyer and the seller
B. The buyer may terminate the contract and have the entire earnest money deposit returned to the buyer
After hours of negotiating, a buyer and a seller reach an oral agreement on the terms for the purchase of the sellers home. The buyer submits a written offer with the terms of the oral agreement. Before the seller has a chance to sign the written offer, the seller dies of a heart attack. Which of the following statements is TRUE? A. The sellers estate must honor the sale to the buyer B. The buyers offer is terminated, because the seller did not sign the offer C. The buyer is under contract, because the buyer and the seller had created an oral contract D. The buyers offer is terminated, because no money was exchanged prior to the sellers death
B. The buyers offer is terminated, because the seller did not sign the offer
A dual agent may disclose which of the following information to one of the agents principals without the permission of the other client? A. Information that a client has a serious illness B. The fact that the property in question is being re-zoned C. The reason the other client is engaging in the transaction D. Indicating that a client will except a sales price that differs from the offered price
B. The fact that the property in question is being re-zoned
Which of the following statements regarding the North Carolina Residential Property Disclosure Act is TRUE? A. The listing agent can complete the required disclosure forms with the written permission of the property owner B. The seller must provide a completed mineral and oil and gas rights mandatory disclosure statement to a prospective buyer of most residential properties prior to presentation of first offer C. The seller is violating state law by answering "No Representation" on the Residential Property and Owners Association Disclosure Statement to questions about a property system with a known major defect D. The listing agent is relieved of any responsibility to disclose a material defect about which the agent knows or should have known if the seller provides a completed Residential Property and Owners Association Disclosure Statement
B. The seller must provide a completed mineral and oil and gas rights mandatory disclosure statement to a prospective buyer of most residential properties prior to presentation of first offer
A listing broker emails a signed offer to his out-of-town seller. The seller electronically signs the offer as written and emails it back to the listing broker. The listing broker forwards the email with the signed offer to the buyers agent who is affiliated with a different real estate company. Is there a binding contract at this point in time? A. No, not until the buyer is told that the seller signed the offer without any changes B. Yes, receipt by the buyers agent of the electronic document is sufficient to create a binding contract C. No, the contract can only be binding if the seller sends the email with the signed offer directly to the buyer D. Yes, if the original ink-signed document is delivered to the offering party within three calendar days of the electronic signature
B. Yes, receipt by the buyers agent of the electronic document is sufficient to create a binding contract
The seller of the property insists on receiving $55,000 profit from the sale of his home. The existing mortgage balance of $120,000 must be paid off at closing. The brokerage fee is 6% and there will be $2,475 in miscellaneous closing cost for the seller. For what price must the house sell, rounded to the nearest dollar, in order to meet the sellers goal? A. $177,475 B. $188,123 C. $188,803 D. $194,500
C. $188,803
In North Carolina, which of the following persons must have an active real estate broker license in order to earn compensation? A. An inactive broker selling his or her personal home B. A corporate builders salaried employee selling homes owned by the corporation C. A licensed real estate appraiser managing his own rental property plus 1 property owned by a friend D. The employee of a Housing Authority organized in accordance with state law managing a property owned by the Housing Authority
C. A licensed real estate appraiser managing his own rental property plus 1 property owned by a friend
According to the applicable provision in the standard Offer to Purchase and Contract form jointly approved by the North Carolina Association of REALTORS and the North Carolina bar Association, What happens if buyer is unable to secure the financing described in the contract? A. Upon written notice of this information from buyer, Seller shall immediately have the right to terminate the contract B. The loan contingency provision in the contract allows buyer to terminate the contract and receive a refund of any earnest money deposit C. If this information is discovered during the due diligence period, Buyer may terminate the contract and receive a refund of any earnest money deposit D. If this information is discovered after the due diligence period, Buyer may terminate the contract with written proof from the lender and not forfeit any earnest money deposit
C. If this information is discovered during the due diligence period, Buyer may terminate the contract and receive a refund of any earnest money deposit
A seller receives two offers to purchase her North Carolina property at the same time. One offer is for full listing price but wants a delayed closing that is not in the sellers best interest. The second offer has terms that are very agreeable to the seller but offers less than full price for the property. Without any knowledge or consent of the first offeror, the listing agent contacts only the second offeror and tells them that there is a full price offer on the table and asks if they would like to increase the purchase price in their offer. Listing agent is? A. Honoring his fiduciary duty to the seller by soliciting a higher offer B. In violation of Commission Rules because he must also respond to the first offeror C. In violation of Commission Rules because he revealed offer terms D. Working within Commission Rules as long as his actions were at the direction of his seller client
C. In violation of Commission Rules because he revealed offer terms
How and when must a broker notify an unrepresented buyer that the broker represents the seller? A. Orally, when the buyer calls to see the property B. Orally, before showing any property to the buyer C. In writing, before obtaining any personal information from the buyer D. In writing, before assisting the buyer with completing an offer to purchase on the sellers property
C. In writing, before obtaining any personal information from the buyer
In North Carolina, an oral buyer agency agreement... A. Must be renewed every 30 days B. Allows a buyer to work with only one brokerage company at a time C. Must include agreement on brokerage compensation and whether single or dual agency will be practiced D. Requires the consumer to sign the Working with Real Estate Agents brochure panel before entering into any agreement
C. Must include agreement on brokerage compensation and whether single or dual agency will be practiced
Do not contact laws govern all of the following areas EXCEPT? A. Faxes B. Email C. Postal mail D. Telephone calls
C. Postal mail
A written listing agreement will be automatically terminated if the? A. Seller closes on the purchase of a property B. Client has an extremely demanding personality C. Sole practitioner broker that signed the agency agreement dies D. Property that the seller wants to buy goes under contract with another buyer
C. Sole practitioner broker that signed the agency agreement dies
An agent who breaches the fiduciary duties may be subject to all of the following EXCEPT? A. A civil lawsuit B. Disciplinary action by the state Real Estate commission C. Suspension of licensure by the Association of REALTORS@ D. Criminal prosecution
C. Suspension of licensure by the Association of REALTORS@
which of the following statements about a provisional broker (PB) is TRUE? A. The responsibility for the supervision of a PB may be delegated to an experienced full broker affiliated with the same firm B. A PB may continue real estate brokerage activity during a 10 day grace period to cure a postlicensing education deficiency C. The PB and his/her supervising broker in charge are subject to disciplinary action for any actions of the PB that are in violation of Commission Rules D. with written permission of both brokers in charge, a PB may affiliate with one brokerage firm to sell residential property and with a different firm to sell commercial property
C. The PB and his/her supervising broker in charge are subject to disciplinary action for any actions of the PB that are in violation of Commission Rules
A broker advertises his listing as waterfront property. The property has a great view of the lake, but there is another lot located between they listed property and the lakeshore. The listing agent may be guilty of? A. Willful omission B. Negligent omission C. Willful misrepresentation D. Negligent misrepresentation
C. Willful misrepresentation
A North Carolina buyers agent has found 3 properties that meet the clients detailed list of required features. although all three properties are listed for very similar prices in the same neighborhood, a $2000 selling bonus is offered to the selling agent on one property. Must the buyers agent disclose the bonus offer to his/her buyer client before writing an offer on that property? A. Yes, because the bonus is in excess of $500 B. No, because the offer of a selling bonus is a common practice C. Yes, because brokers must disclose to their principals all compensation they may receive from others D. No, because any disclosure requirement will be satisfied by the settlement statement entry that shows the bonus
C. Yes, because brokers must disclose to their principals all compensation they may receive from others
A seller needs $120,000 to pay off their mortgage loan and $1,000 for other closing expenses, plus he would like to net $50,000 to use to purchase his next home. If the listing firm charges a 5% listing fee, what is the minimum sales price that will meet those requirements? A. $162,450 B. $171,000 C. $179,550 D. $180,000
D. $180,000
A real estate firm lists a residential property for $647,500. The seller agrees to pay a 6% listing commission. An agent with a different firm sells the property for a contract price of $639,000. The listing firm will pay the 2.6% commission split and the MLS to the selling firm. How much commission will the listing firm retain? A. $16,614 B. $16,835 C. $21,015 D. $21,726
D. $21,726
A North Carolina broker is required to deliver all executed contracts to his/her clients no later than? A. The settlement date B. Receipt of any earnest money C. 10 days after date of execution D. 3 days after receipt by the broker
D. 3 days after receipt by the broker
In a transaction featuring an installment land contract? A. The contract terms are generally more advantageous to the buyer B. A buyer has the same rights as a buyer in a transaction featuring a deed of trust C. The buyer will gain equitable title to the property after all payments have been made D. A buyer who defaults on payments may lose all rights to the property as well as all previous payments made toward the purchase of the property
D. A buyer who defaults on payments may lose all rights to the property as well as all previous payments made toward the purchase of the property
Which of the following statements regarding designated agency in North Carolina is TRUE? A. A real estate company that practices designated agency is not a dual agent B. A firm may designate a broker to represent only the buyer client, even if the seller client does not have a designated agent C. A broker who has only a little personal information about the seller client can be designated as the agent for the buyer client in that transaction D. A non-provisional broker may be the designated agent for the seller client and a provisional broker in the same firm may be the designated agent for the buyer client
D. A non-provisional broker may be the designated agent for the seller client and a provisional broker in the same firm may be the designated agent for the buyer client
A necessary element of an enforceable real estate sales contract is? A. The recordation of the agreement B. A verbal meeting of the minds between contract parties C. The receipt of the earnest money by the named escrow agent D. An agreement for exchange of things of value between contract parties
D. An agreement for exchange of things of value between contract parties
The Working with Real Estate Agents brochure... A. Provided as a brokers email signature attachment is adequate B. Must be reviewed with consumers in all real estate transactions C. Must be given to the consumer no later than 3 days after initial contact D. Contains an acknowledgment panel that must be retained by the broker
D. Contains an acknowledgment panel that must be retained by the broker
The buyer and the seller in a failed transaction cannot agree on how to disperse the earnest money deposit being held in the listing firm's trust account. The listing firm must retain the records of this transaction for three years after the? A. Effective date of the contract B. Date the contract is terminated C. Effective date of the listing agreement D. Date the earnest money is disbursed
D. Date the earnest money is disbursed
An option to purchase has been created for a 100 acre parcel of farmland. During the 1 year option period, the optionee has the right to? A. Plant and harvest crops on the property B. Collect rent from any lease in place on the parcel C. Store the optionees farm machinery on the parcel D. Execute you the option to purchase on the terms in the option agreement
D. Execute you the option to purchase on the terms in the option agreement
If a North Carolina broker acting as an agent in a real estate transaction uses a pre-printed offer or sales contract form, it must? A. Be the standard form drafted by the North Carolina Real Estate Commission B. Include a disclosure provision concerning the compensation of all brokers involved in the transaction C. Be the standard form approved by the North Carolina Association of REALTORS and the North Carolina Bar Association D. Include specified information such as in adequate legal description of the property and the manner of payment for the purchase price
D. Include specified information such as in adequate legal description of the property and the manner of payment for the purchase price
If a broker shows a property to a buyer-consumer who chooses NOT to be represented by any type of buyer agency, after proper review by the broker of all agency choices in the Working With Real Estate Agents brochure, the buyer must? A. Complete and sign a buyer representation agreement B. Hire an attorney C. Sign a dual agency consent form D. Initial the "Disclosure Of Seller Subagency" statement at the bottom of the brochure panel authorizing the broker to work as a sellers subagent
D. Initial the "Disclosure Of Seller Subagency" statement at the bottom of the brochure panel authorizing the broker to work as a sellers subagent
In North Carolina, a listing agreement? A. Can allow automatic renewal until either party gives notice B. With an override clause protects the listing firms commission in all situation's for the prescribed time period C. Is allowed to be oral prior to presentation of an offer D. Is required by North Carolina License Law to be written from formation
D. Is required by North Carolina License Law to be written from formation
Under the common law of agency, a real estate broker owes all of the following duties to the principal EXCEPT? A. Care B. Obedience C. Disclosure D. Novation
D. Novation
In a North Carolina firm that practices dual agency, but not designated agency, a broker may disclose confidential information about a seller client to? A. No one B. Other clients of the firm C. Brokers in cooperating firms D. Other brokers in the same firm
D. Other brokers in the same firm
The sellers wish to include several conditions in their counteroffer. There are no standard addenda that meet the sellers wishes. The listing agent... A. Must refuse to have anything to do with offer conditions that are not standard B. Should help the sellers create an insert the language needed into the counteroffer C. Can coach the sellers on how to word the needed conditions which the sellers will personally write into the counteroffer D. Should strongly advise the sellers to have an attorney draft the appropriate language as an addendum to the counteroffer
D. Should strongly advise the sellers to have an attorney draft the appropriate language as an addendum to the counteroffer
A buyers agent hand-delivers a signed offer to the listing agent with a different real estate firm. When the listing agent presents the offer to the seller in person, the seller strikes through the proposed purchase price and enters a higher number, initials the change, signs the offer, and hands the offer back to the listing agent. The listing agent delivers the signed offer to the buyer agents firm. The buyers agent scans and emails the document to the buyer, pointing out the price change. The buyer initials the change and emails the document back to the buyers agent. The buyers agent calls to inform the listing agent that the buyer has initialed the price change. The listing agent notifies the seller later that day of the buyers acceptance. A binding contract was created when? A. The seller initialed and signed the buyers offer B. The seller was notified that the buyer had initialed the change C. The listing agent delivered the signed document to the buyer agents office D. The buyers agent told the listing agent that the buyer had initialed the change
D. The buyers agent told the listing agent that the buyer had initialed the change
The disclosure to prospective buyers that a listed property is located in a flood zone is only required when? A. Flood insurance is currently in place on the property B. The buyers will be applying for a federally related loan C. Prospective buyers express concern about floods and flood insurance D. The listed property is located in a federally designated flood hazard area
D. The listed property is located in a federally designated flood hazard area
Which of the following would create legally binding acceptance of a written offer? A. The buyer submits a good faith deposit to the seller B. A spouse signs for his/her spouse based on marital rights C. The buyers agent told the seller that the buyer will initial and sign the counteroffer that evening D. The sellers agent emails the buyers agent that the seller signed the offer as written
D. The sellers agent emails the buyers agent that the seller signed the offer as written