Offers, counteroffers, rejections, acceptance

Question 1

The offeree has several options when presented with an offer. These are:

Answer 1

1. ) Do nothing
2. ) Reject
3. ) Accept
4. ) Counteroffer

Question 2

What is a counteroffer?

Answer 2

A counteroffer is made when a party changes an offer in ANY way.

Question 3

Is a counteroffer a rejection of the original offer?

Answer 3

Yes.

Question 4

Is the original offer available for acceptance after a counteroffer has been made?

Answer 4

No.

(For example, consider a potential buyer offering to purchase a property at $245,000. If the seller responds with a counter-offer of $255,000, the original offer of $245,000 is no longer available for acceptance by the seller, because he or she rejected it with the $255,000 counter.

Question 5

What is a new offer?

Answer 5

A counteroffer communicated to the other party.

Question 6

Does a counteroffer change the listing price?

Answer 6

No, the list price remains unchanged.

Question 7

If a broker receives more than one offer, they must

Answer 7

present all offers to the seller.

Question 8

Can offers be terminated?

Answer 8

Yes.