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Real Estate > Multiple Offers > Flashcards

Multiple Offers Flashcards

1
Q

The myths of multiple offers do NOT include:
A: Buyers Offers Are Confidential
B: Sellers Need To Formally Reject An Offer In Writing
C: The Seller Cannot Counter All Offers
D: The Seller Must Ask For Highest And Best

A

C: The Seller Cannot Counter All Offers

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2
Q

When a listing agent receives multiple offers on a property she has listed, she should:
A: Present All Of The Offers Together
B: Present The Offers As They Come In
C: Give Special Treatment To Offers From Her Own Buyers
D: Give Special Treatment To Offers From Offers From Agents Within Her Office

A

B: Present The Offers As They Come In

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3
Q

When a Seller is considering which offer to accept or counter in a multiple offer situation:
A: The Purchase Price Matters
B: The Dates In Section 24 Matter
C: All Contingencies Matter
D: All Of The Above

A

D: All Of The Above

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4
Q

When you receive multiple offers:
A: Deal With Them Fairly And Honestly With Everyone
B: Only Talk To The Ones You Like
C: Make The Decisions For The Seller
D: Refuse Multiple Offers

A

A: Deal With Them Fairly And Honestly With Everyone

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5
Q

when dealing with multiple offers

A

Deal fairly and honestly with everyone. It is not our decision which offer to accept. Ultimately, the decision has to be made by your client, the Seller.

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6
Q

five myths of multiple offers- myth #1

A

Buyers’ offers are confidential. You can disclosure the offer price or terms. This
might help the second offer come in higher.

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7
Q

five myths of multiple offers- myth #2

A

Sellers need to formally reject an offer in writing. There is no legal requirement to do so, even thought it is a common curtesy. The contract defines a deadline in which the Seller has to respond. If the Seller does not respond, the offer is dead.

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8
Q

five myths of multiple offers- myth #3

A

When there are multiple offers, the seller must ask buyers for their highest and best offer Even though it is common practice for the Seller’s agent to ask all other potential buyers for their highest and best offer, it is not legally required.

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9
Q

five myths of multiple offers- myth #4

A

Once the Seller accepts an offer, the listing agent no longer needs to submit offers to the Seller.
The duty of the agent to Seller is to present all offers, even if the Seller has accepted another offer.

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10
Q

five myths of multiple offers- myth #5

A

A listing agent may unilaterally choose to wait for multiple offers before presenting an offer to the Seller.
Duty of listing agent is to be prompt and timely as possible when presenting offers to the Seller as they are received.

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11
Q

A common misconception is that when there are multiple offers, the Seller has to accept the highest offer. That is NOT true. The Seller can
chose whichever offer suits them best.

A

Example: Highest offer has prolonged closing, and many conditions and requirements, compared to a cheaper offer but no financing
conditions, etc.

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12
Q

organizing offers

A

Create a grid to break down specific terms of all the offers and give that to the Seller to help them make their decision.

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13
Q

The Multiple Offer Disclosure needs to be given to:
A: The Seller
B: All Potential Buyers
C: The Buyer Whose Offer Is Chosen
D: The Buyer In Back-Up Position

A

A: The Seller

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14
Q

The Multiple Offer Disclosure, discloses several options for dealing with multiple offers, including the option to:
A: Accept Or Counter One Of The Offers And Reject The Others
B: Present Multiple Counteroffers
C: Provide All Buyers An Opportunity To Present Their “Highest And Best” Offer
D: All Of The Above

A

D: All Of The Above

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15
Q

Regarding multiple offers, real estate agents need to remember that:
A: The Seller Is In Charge Of How Multiple Offers Are To Be Handled
B: The Seller Is In Charge Of Whether Or Not Multiple Offers Can Even Be Disclosed To Other Inquiring Agents
C: Both A And B
D: Neither A Nor B

A

C: Both A And B

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16
Q

Which is a method to handle multiple offers:
A: Accept Or Counter Offer
B: Dont Communicate About The Offer
C: Only Accept The Offer
D: Only Talk About Some Of The Multiple Offers

A

A: Accept Or Counter Offer

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17
Q

3 specific forms to have better disclosure between the buyer and seller in a multiple offer situation

A
  • Multiple Offer Disclosure
    *Additional Offers to Real Estate Purchase Contract
  • Seller’s Notice to Buyers of Multiple Offers
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18
Q

multiple offer disclosure

A

If a Multiple Offer situation occurs, it is important that the seller understand and give direction to the company as to how the seller would like to treat the multiple offers. The Seller acknowledges that the Seller has the right to deal with the Multiple Offers as they deem appropriate.

19
Q

Multiple Offer Disclosure

A

You will want to get this disclosure form filled out before multiple offers come in, if
you suspect there will be multiple offers.

20
Q

different methods of dealing with multiple
offers

A
  • Accept or Counter One of the offers and reject the others
  • Present multiple counter offers
  • Provide all buyers an equal opportunity to present their best offer
21
Q

The Multiple Offer Addendum to the REPC:
A: Is A Counteroffer
B: Specifies The Terms Of The Counteroffer
C: Is Not Binding Unless Buyer Is Notified In Writing By The Seller
D: All Of The Above

A

D: All Of The Above

22
Q

The Multiple Offer Addendum is:
A: An Addendum To The Real Estate Purchase Contract
B: A Notice
C: A Disclosure
D: None Of The Above

A

A: An Addendum To The Real Estate Purchase Contract

23
Q

Always be part of a good brokerage and ask all the questions and continue to expand your knowledge, always put your clients interest above your own.
A: True
B: False
C: It Depends On The Situation
D: None Of The Above

A

A: True

24
Q

Terms of counter offer must be decided by
A: Agent
B: The Seller
C: The Brokerage
D: The Buyer

A

B: The Seller

25
Q

addendum no. — to real estate purchase contract (multiple offers)

A

This is a counteroffer to the REPC.

26
Q

notice of multiple offers

A

Buyer advises that the Seller has received more than one offer on the Property. Seller has decided to provide a counteroffer to each Buyer.

27
Q

terms of counteroffer

A

Seller’s decision how to handle this.
Written in terms here.

28
Q

not binding unless notified by seller

A

Buyer must accept the terms of this Counterotter or the Counterotter shall lapse. Seller shall not be obligated to sell the property, and there shall be no written contract between Buyer and Seller unless the Buyer received written notice from the Seller that the Buyer’s Purchase Contract as contained in the REPC is the successful purchase contract for the Property. If Seller fails to provide Buyer with such written notice, this Counteroffer and any other negotiations or agreements between Buyer and Seller shall be null and void and the Earnest Money Deposit shall be returned to the Buyer.

29
Q

The Seller’s Notice to Buyer of Multiple Offers form:
A: Provides Notice To One Buyer That Their Offer Has Been Accepted
B: Is A Counteroffer
C: Provides All Buyers With The Opportunity To Present Their “Highest And Best” Offer
D: All Of The Above

A

C: Provides All Buyers With The Opportunity To Present Their “Highest And Best” Offer

30
Q

The Seller’s Notice to Buyer of Multiple Offers form specifies that interested buyers may elect to:
A: Do Nothing And Let His Or Her Original Offer Lapse
B: Resubmit His Or Her Original Offer
C: Submit A New Offer
D: All Of The Above

A

D: All Of The Above

31
Q

When working on contracts or paperwork, ALWAYS check to ensure that all the information is completed accurately
A: True
B: False
C: Depends On The Contract Or Paperwork
D: None Of The Above

A

A: True

32
Q

When there are multiple offers, the seller has to accept the highest offer:
A: Depends On What The Agent Says
B: False
C: True
D: None Of The Above

A

B: False

33
Q

seller’s notice to buyers of multiple offers

A

-Seller has received and is reviewing multiple offers. Interested parties shall submit their best offer for purchase of property.
-Seller agrees to not accept any new offers prior to receiving the best offer.
-Buyer can choose to do nothing and let the original offer lapse, resubmit the original offer, or submit a new offer.
-As of the Response Deadline the Seller may accept, reject, or counter any submitted offers.

34
Q

perseverance

A

Multiple Offers can be very frustrating if you are on the Buyers’ side, especially if you have been rejected more than once. Persevere. The perfect opportunity is out there for your Buyer if you are patient.

35
Q

When it comes to multiple offers:
A: Only Talk About It Once The Weekend Offers Come In
B: Discuss Only The Best Offers
C: Only Discuss The Highest Offers
D: Always Deal With Them Fairly And Honestly

A

D: Always Deal With Them Fairly And Honestly

36
Q

A common theme is that when there are multiple offers the seller has to accept the highest offer.
A: Depends On The Offer
B: True
C: False
D: None Of The Above

A

C: False

37
Q

Which of the following is a method of dealing with multiple offers:
A: Wait A Short Period Of Time And Only Look At Certain Offers
B: Accept Or Counter
C: Negotiate
D: Wait A Long Period Of Time And Debate About It

A

B: Accept Or Counter

38
Q

When it comes to countering an offer, the seller must decide:
A: The Terms Of The Counteroffer
B: Communicate With The Buyer
C: Let The Agent Decide The Terms
D: None Of The Above

A

A: The Terms Of The Counteroffer

39
Q

As an agent, never make any decision for the clients. Ultimately, the client has to make the decision.
A: True
B: False
C: Depends On The Client
D: None Of The Above

A

A: True

40
Q

Always choose a good broker who will help you and provide with the right tools. Learning how to do multiple offers will set you apart from other new agents.
A: True
B: Depends On The Broker
C: False
D: Depends On The Agent

A

A: True

41
Q

Always check all aspects of all contracts. Always ensure the client’s legal name is spelled correctly and ensure that all information pertaining to the client is accurate.
A: False
B: True
C: None Of The Above
D: Depends On The Contract

A

B: True

42
Q

The multiple offers addendum is:
A: An Addendum To The Real Estate Purchase Contract
B: The Deed Of Transfer
C: REPC
D: Deed Of The Home

A

A: An Addendum To The Real Estate Purchase Contract

43
Q

When a listing agent receives multiple offers on a property they have listed, he or she should:
A: Present The Offers As They Come In
B: Withhold Information
C: Only Present The Offers They Like
D: Only Present Certain Offers That The Client Likes

A

A: Present The Offers As They Come In

44
Q

the Multiple Offer Disclosure needs to be given to:
A: The Buyer’s Agent
B: The Seller
C: The Agent
D: The Brokers

A

B: The Seller

Real Estate (39 decks)

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