Chapter 7: Writing and Presenting Purchase Contracts Flashcards
- All of the following are buying signals except
A. asking when they can leave to see the next house.
B. measuring a room.
C. rubbing the kitchen countertop.
D. whispering with a spouse.
A. asking when they can leave to see the next house.
- Which of the following describes a good salesperson?
A. One who approaches every customer according to her personality type.
B. One who uses terms the buyers can understand.
C. One who listens carefully to the buyers’ wants and needs and presents homes that meet their criteria.
D. All of the above.
D. All of the above.
- Which of the following should you do when writing a purchase agreement?
A. Always ask the buyers to read it carefully before signing it.
B. Check to see that initials and signatures are executed fully and properly.
C. Be sure that any writing in Paragraph 28 is clear and concise.
D. All of the above.
D. All of the above.
- According to Paragraph 14B(1) of the purchase contract, how many days does the buyer have to complete a lead-based paint inspection?
A. 7
B. 17
C. 10
D. 5
C. 10
- Which of following is true regarding selling your own listing?
A. It requires special care in disclosing your dual role to all parties.
B. It is generally frowned upon by most attorneys.
C. It is a great way to receive a full commission.
D. All of the above.
D. All of the above.
- What should you do before you present a counteroffer to your buyers?
A. Call the buyers and tell them the terms of the counteroffer.
B. Start with the price if it’s been changed by the owners.
C. Read the counteroffer to the buyers and immediately suggest another counter.
D. See the buyers in person and go over each change made by the sellers, starting with the easiest one first.
D. See the buyers in person and go over each change made by the sellers, starting with the easiest one first.
- Which of the following is not true about a multiple counteroffer?
A. If there are multiple offers, the owners are obligated to counter all of the offers.
B. The counteroffer is not fully accepted until it is signed by the buyers and countersigned by the sellers.
C. Many buyers will walk away from a multiple counteroffer situation to avoid a bidding war.
D. Using the multiple counteroffer section in Paragraph 2 of the counteroffer form will help avoid the possibility of selling a house to two or more people at the same time.
A. If there are multiple offers, the owners are obligated to counter all of the offers.
- Which of the following refers to a short sale?
A. An all-cash sale that is discounted because there is no financing contingency.
B. A sale in which the appraisal contingency has been waived.
C. A sale with a quick close of escrow.
D. A sale in which the lender agrees to take the net proceeds from the sale as loan satisfaction.
D. A sale in which the lender agrees to take the net proceeds from the sale as loan satisfaction
- Which of the following does not appear on an estimated buyers closing cost sheet?
A. Loan origination fee
B. Existing loan balance
C. Prorated real property taxes
D. Prorated HOA dues
B. Existing loan balance
- Which of the following is a function of an escrow timeline?
A. Acts as a reminder of important dates to all parties.
B. Reminds all parties of the documents required to be given to whom.
C. Reminds the licensees and principals when to be at inspections and escrow signing.
D. All of the above.
D. All of the above.
