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Test

Superior School Chapter 10

Larkin Willis 15 preguntas

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Preguntas del test (15)

  1. 1A North Carolina provisional broker obtained an offer for a property listed with his firm along with a check for earnest money. The provisional broker should:
    1. Agive the earnest money check to the sellers within three banking days of their acceptance of the offer
    2. Bhold the check until the settlement meeting
    3. Cdeposit the check into his trust account within three days of acceptance
    4. Dimmediately turn the check over to his broker-in-charge
  2. 2A prospective buyer makes a written purchase offer through a buyer's agent at ABC Realty. The seller accepts the offer as written. The seller communicates to a listing agent at XYZ Realty that the offer was signed. At this point in time, the:
    1. Aseller is contractually bound
    2. Bbuyer is contractually bound
    3. Cboth parties are contractually bound
    4. Dbuyer can still withdraw the offer
  3. 3On Monday, the seller receives a written offer on his vacant lot for $52,000. On Tuesday, the seller counteroffers to sell for $54,500. On Friday, the seller withdraws the counteroffer and accepts the original offer of $52,000. Under these circumstances:
    1. Athere is a valid agreement because the seller accepted the buyer's offer exactly as it was originally made
    2. Bthere is no valid agreement because the seller's counteroffer was a rejection of the buyer's original offer
    3. Cthere is no valid agreement because the seller accepted the offer before the buyer withdrew the original offer
    4. Dthere is no valid agreement because the buyer's original offer was not accepted within 72 hours
  4. 4A broker has an exclusive right to sell listing on a building. An offer to purchase the building is received while the owner is out of town. The offer requires a commitment from the seller before the seller is scheduled to return to the city. Under these circumstances, the:
    1. Abroker may create a binding agreement on behalf of the seller
    2. Bbroker may collect a commission even if the transaction falls through because of the seller's absence from the city
    3. Cbuyer is obligated to keep the offer open until the seller returns
    4. Dbroker must obtain the signature of the seller to effect a contract
  5. 5A real estate Offer to Purchase and Contract becomes valid when:
    1. Athe written offer has been signed by both the offeror and offeree
    2. Bcommunication of acceptance is given to the offeror or the offeror's agent
    3. Ccommunication of acceptance is given to the offeree or the offeree's agent
    4. Dearnest money has been deposited into the escrow agent's trust account
  6. 6The listing agent received a full price offer that she faxed to the out-of-town seller. The seller signed the faxed copy, and faxed the signed copy back to the listing agent. The agent faxed the signed offer to the buyer's agent. Has a contract been formed?
    1. ANo, because there is not one copy that has ink signatures of both parties.
    2. BNo, because the buyer has not been notified of the acceptance yet.
    3. CYes, because the Uniform Electronic Transaction Act states that faxed signatures are as binding as ink signatures.
    4. DYes, because faxed signatures are binding for 48 hours until ink signatures can be obtained.
  7. 7The optionee in an option to purchase real estate:
    1. Ahas no obligation to purchase the property
    2. Bmust purchase the property at any time within the option period
    3. Cmust be willing to renegotiate contract terms during the option period
    4. Dis the prospective seller of the property
  8. 8During the due diligence period in the North Carolina standard offer to purchase and contract, the buyer who was attempting to obtain a conventional loan did not receive final loan approval, but chose not to terminate the contract based on favorable communications from the lender. A week before closing, after the end of the due diligence period, the buyer's loan application is denied. If the buyer terminates the contract at this point, the buyer:
    1. Awill forfeit the earnest money deposit and due diligence fee because it is outside the due diligence period
    2. Bwill receive a refund of the earnest money, since the termination was related to financing
    3. Ccan be sued by the seller for specific performance
    4. Dwill receive a refund of the earnest money and the due diligence fee
  9. 9Carl and Hannah enter into a real estate sales contract. Under the contract terms, Carl will pay Hannah $500 a month for 10 years. Hannah will continue to hold the legal title to the property. Carl will live on the property and pay all real estate taxes, insurance premiums and regular upkeep costs. What kind of contract do Carl and Hannah have?
    1. Aoption to purchase contract
    2. Bcontract for mortgage
    3. Cunilateral contract
    4. Dinstallment land contract
  10. 10Under an installment land contract, which title does the buyer hold during the repayment period? 1. Legal title 2. Equitable title
    1. A1 only
    2. B2 only
    3. CBoth 1 and 2
    4. DNeither 1 nor 2

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Sales Contracts & Practices
Idioma
English
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