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Chapter 10 True/False
Terms in this set (19)
Business days only exclude Sunday.
The seller will have the right to cure in the inspection contingency if the offer does not indicate a choice in the offer.
True. if "no choice" is indicated as to the seller's right to cure, then the seller has the right to cure.
All prorations are calculated as of the day of closing.
A listing licensee may disclose that there is an accepted offer with a home inspection contingency on a property.
False. Licensees can disclose that another party holds a right of first refusal on a property, that a seller has accepted an offer, or accepted an offer with contingencies. A licensee can also disclose that a seller has accepted an offer contingent on the closing of buyer's property contingency (a "bump clause") but the licensee cannot disclose the terms of the bump clause or any other contingency terms.
Licensees may withhold any offers from presentation pending the seller's actions on previously presented offers.
False. A licensee must present all offers to the seller in an objective and unbiased manner, discussing the advantages and disadvantages of each offer, so the seller has all the material facts the seller needs to make a decision.
The seller is free to choose from all accepted secondary offers when it is time to give a secondary buyer notice that his or her offer has become primary.
True. Sellers do not assign priority to secondary offers and can choose to elevate any accepted secondary offer.
A contract for sale should include the parties' full legal names.
A court will construe a contract drafted by the buyer's licensee more strictly against the buyer.
True. en a contract contains an ambiguous term, the court will interpret the contract more strictly against the drafter.
A sidewalk special assessment was levied after the date after the offer. Buyer will pay this special assessment.
True. A seller is responsible for special assessments levied or for work actually commenced prior to the date of offer. A buyer is responsible for all other special assessments. The division for responsibility for these costs depends on the date of the offer, not acceptance or binding acceptance.
Guaranteed sales are legal.
Earnest money is required in a residential real estate transaction.
A listing agent who has knowledge of a right of first refusal on the seller's property must disclose the right of first refusal in writing to the buyer prior to delivering a copy of the buyer's offer to the person holding the right of first refusal.
True. A right of first refusal is treated like a material adverse fact and it must be disclosed in writing to all parties.
A licensee may refuse to draft a buyer's offer if the licensee truly believes the seller will not accept the buyer's offer.
The Vacant Land Offer to Purchase provides a right to cure with the inspection contingency.
In the offer, the buyer agrees to give the seller $2,000 of earnest money four days after acceptance and time is not of the essence. Buyer does not pay the seller the $2,000 earnest money four days after acceptance. Buyer is in breach of the contract.
False. In the buyer's offer, time is not of the essence. The buyer must pay the earnest money within a reasonable time.
The purchase price of a property is $100,000. The property has been damaged in the amount of $6,000. The buyer has the right to cancel the contract.
A licensee drafting a personal offer as a principal on a property. The licensee will strike all of the agency language on Lines 1-2 of the WB-11 Residential Offer to Purchase.
True. A licensee drafting a personal offer is acting as a principal and not an agent. The licensee would strike the agency language on Lines 1-2 of the Offer.
A buyer may withdraw an offer prior to binding acceptance.
If an agent has knowledge of the terms of pending offer on a property listed with the agent's firm, the agent may not submit his or her own offer.
True. This rule is intended to prevent an agent in the company from taking unfair advantage of a buyer by drafting a personal offer with knowledge of the terms and conditions offered by a third party buyer/ member of the public.
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