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CRE Law and Practice Final Exam

Terms in this set (60)

Susan Seller give her agent a 60 days listing to sell her home for $200,000. The seller specified in the Exclusions section of the listing agreement that her prized Iris plants would be removed prior to close and the iris bed repaired to eliminate the damage of plant removal.

Public records indicates the home is 2,400 square feet, has 3 bedrooms, 2 bathrooms, a 90% finished basement and a two car garage. Last year's taxes were $1,832 and have been paid.

An offer was made and accepted with a sales price of $190,000. . The buyers submitted earnest money of $3,000 under liquidated damages. The inspection objections must be made by March 27. The survey must be completed by April 10. Review of title must be completed by April 10.

The Sellers indicated in the seller's property disclosure that the water heater had leaked. The water heater was replaced and all water damage repaired. The sellers further disclosed that the concrete basement floor had lifted due to expansive soils creating a crack in the concrete floor.

Although closing was set for May 1st, a delay in the lender processing of the buyer's loan forced a change in close to May 10th. This change was accepted by both parties. The cost of the survey was $450. The closing fee charged by the closing company is $150 to be split by both parties.

After moving in the buyers realized the Iris plants had been removed:
a. The buyers have no recourse as the removal had been communicated by the seller to the listing broker
b. The listing contract takes precedence in a sale, the listing broker may consider making a concession to the buyer for damages
c. The seller is bound by the terms of the purchase contract, the listing broker might consider offering a financial concession to the buyer for damages
d. The buyer agent is at fault and may consider making a financial concession to the buyers