ENGRADE Chapter 10 Flashcards
A NC Provisional broker obtained an offer for a property listed with his firm along with a check for earnest money. The provisional broker should
Immediately turn the check over to his BIC
A prospective buyer makes a written purchase offer through a buyer’s agent at ABC Realty. The seller accepts the offer as written. Seller communicates to a listing agent at XYX Realty that the offer was signed. At this point in time the,
Buyer can still withdraw the offer
On Monday, the seller receives a written offer on his vacant lot for $52,000. On Tuesday, the seller counteroffers to sell for $54,000. On Friday, the seller withdraws the counteroffer and accepts the original offer of $52,000. Under these circumstances
There is no valid agreement because the seller’s counteroffer was a rejection of the buyer’s original offer.
A 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 broker must obtain the signature of the seller to effect a contract
A real estate sales contract becomes valid when
Communication of acceptance is given to the offeror or the offeror’s agent.
The 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?
Yes, because the Uniform Electronic Transaction Act states that faxed signatures are binding as ink signatures
The optionee in an option to purchase real estate
has no obligation to purchase the property
During the due diligence period in NC 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 the closing, the buyer’s loan application is denied. If the buyer terminates the contract at this point, the buyer
will forfeit the earnest money deposit because it would be a buyer breach.
Carl 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 legal title to the property. Carl will live on the property and pay all real estate taxes, insurance premiums, regular keepup costs. What kind of contract do Carl and Hannah have?
Installment Land Contract
Under an Installment Land Contract, which title does the buyer hold during the repayment period?
EQUITABLE TITLE
Under the NC licensing law, a broker may disclose the content of multiple offers on the property
Only with the consent of the buyers who have made the offers.
