Module 16 + 17

Question 1

Offer mathematics

Answer 1

Subtracting the deposit from the offer price = balance due upon completion

Question 2

purpose of an offer plan

Answer 2

organize required information that would be included in a aop&s

Question 3

Spousal consent is signed on

Answer 3

the successors and assigners section

Question 4

balance upon completion is paid from

Answer 4

the lawyers trust account

Question 5

supplemental deposits are given in the case of

Answer 5

a buyer waiting on an investment to come through

Question 6

GIC

Answer 6

Interest bearing investment

Question 7

Direction or consent clauses

Answer 7

give authority or instruction for a party to take action

Question 8

permissive covenant

Answer 8

gives permission for the owner of a property to do something

Question 9

Condition precedent

Answer 9

for a contract to be binding something must be completed first

Question 10

condition subsequent

Answer 10

for people to not be bound to a contract something must happen

Question 11

waiver proivison

Answer 11

either party forfeits their right to a claim without the other party being liable

Question 12

true Condition precedent

Answer 12

must be met, cannot be waived

Question 13

Condition precedent for financing would include

Answer 13

waiver and notice fulfillment provisions

Question 14

Condition subsequent for financing would include

Answer 14

no waiver

Question 15

max interest rate

Answer 15

provides information on how long the property will be affordable

Question 16

home inspections can be waived by

Answer 16

the party requesting it as it no longer needed

Question 17

an escape clause is usually added when

Answer 17

the offer is conditional on the sale of the buyers home

Question 18

clause identified in every offer

Answer 18

balance due clause

Question 19

unsuccessful offers retention

Answer 19

retained for 1 year either in its entirety or a summary of the document for 1 year after its signed

Question 20

summary documents are used as appose to

Answer 20

keeping an offer in its entirety (cannot be used as a substitute for aop&s)

Question 21

summary documents only apply

Answer 21

when offers fail

Question 22

amending a counter offer

Answer 22

Adding in all of the changes (inserting/deleting terms) to the original document and resubmitting it

Question 23

Options for countering an offer

Answer 23

amending it, drafting a new offer, preparing a counter offer form

Question 24

counter offer form

Answer 24

itemized list of all the changes made to the original offer