Section 8. Dealing with Multiple Offers

Question 1

According to rule A.0106, a licensee is required to submit:
a. Only offers that meet the seller’s requirements
b. All offers up until the night before closing
c. All offers up through and including the day of closing
d. Only offers that meet the minimum purchase price set by the seller

Answer 1

c. All offers up through and including the day of closing

Question 2

The existence of multiple offers:
a. Is a material fact and must me disclosed to all parties
b. Is not a material fact and does not need to be disclosed
c. is not a material fact, but the buyer’s agent still has a right to know
d. Is not a material fact, but the listing agent is under obligation to disclose to all potential buyers

Answer 2

b. Is not a material fact and does not need to be disclosed

Question 3

Trust accounts must be balanced every:
a. Day by midnight
b. 10 days
c. 30 days
d. 60 days

Answer 3

c. 30 days

Question 4

When multiple offers exist, the licensee should:
a. Present the better offer first, and then present them in decreasing order
b. Only present the better offer
c. Present the worst first, and then present them in increasing order
d. Present all offers at the same time

Answer 4

d. Present all offers at the same time