The buyer, in an effort to meet the terms of the Financing Contingency found in the WB-11 Residential Offer to Purchase, delivers a notice to the seller
... [Show More] indicating that the buyer is ready to proceed to closing. Has the buyer waived the Financing Commitment Contingency?
A:No, because the buyer does not have a check from the bank.
B:Yes, because the financing contingency has been removed.
C:No, because the buyer did not deliver a loan commitment.
D:Yes, because the buyer wants to proceed to closing. - ✔✔ C
At closing, the seller needs to give a credit to the buyer for property taxes. Last year's taxes were $3,700 and there are 242 days from the first of the year through the day of closing. How much will the buyer's tax credit be?
A:$2,453.15
B:$2,587.03
C:$2,346.15
D:$2,443.02 - ✔✔ D
How should a licensee number counter-offers?
A:Number the form according to how many counters have been made by that party
B:Number the form according to how many counters have been made in total by buyer and seller
C:Identify the form ID number assigned to that particular Counter-Offer form
D:Show the date of the Counter-Offer in the blank provided in the upper right hand corner - ✔✔ B
Which of the following is NOT a federally protected class?
A:Color
B:Age
C:National origin
D:Gender - ✔✔ B
A buyer wants to have the interest earned on their earnest money deposit. Which of the following statements is most correct?
A:The firm cannot hold the earnest money but they may draft an escrow agreement for the buyer and the seller
B:The firm can give the interest to the buyer if the offer to purchase states that the buyer gets the interest.
C:The firm cannot draft an escrow agreement for the buyer and seller.
D:The firm can give the interest to the buyer with written permission from the seller. - ✔✔ C
Jane is showing a home to prospective buyer Lester. Jane shows Lester the warped steps of the back porch stairs, describing it as "country charm." She then shows him the "beautifully landscaped herb garden," while pointing to patch of overgrown weeds. Which term below describes Jane's actions in describing the property to Lester?
A:Negligent misrepresentation
B:Fraud
C:Concealment
D:Puffing - ✔✔ D
According to the WB-1 Residential Listing Contract, which of the following parties is responsible to prepare the property to minimize the likelihood of injury?
A:The seller
B:The selling firm
C:The listing licensee
D:The buyer's firm - ✔✔ A
Rental property is sold to a new owner. Tenants remain under a written lease. The new owner wants to raise the rent. When can the new owner raise the rent?
A:Within 24 hours after the closing
B:At the closing
C:Before closing, as long as it is no more than $25
D:When the lease with the current tenants expires - ✔✔ D
All of the following are true regarding discount points EXCEPT:
A:all loans have discount points associated with them
B:they are paid to the lender to make up for the difference between the market rate of a loan and the origination rate of a loan
C:they increase a lender's profit
D:discount points vary according to the specific loan program - ✔✔ A
According to the terms of the WB-1 Residential Listing Contract which of the following could be a protected buyer?
A:A buyer who attended an open house
B:A buyer who attended an individual showing
C:A buyer who called the listing firm for the number of bedrooms
D:A buyer who looked at the property on the MLS - ✔✔ B
A listing contract must include all of the following EXCEPT:
A:the signature of the seller
B:a description of the property
C:the commission to be paid
D:the term of the contract - ✔✔ A
A listing agent has an accepted offer to purchase on a listing. Another offer is being written and the buyer wants information about the existing offer. What information can the listing agent share with the second buyer?
A:The seller is looking for secondary offers because the primary buyer's offer contains a well and septic inspection contingency that seller is supposed to pay for and the seller does not want to pay for the inspection
B:The existing offer meets the seller's closing date requirement of July 15
C:The existing offer has a continued marketing (bump) clause
D:The existing offer does not look very strong because the buyer is trying to obtain a loan for 100% of the purchase price - ✔✔ C [Show Less]