Unit 11: From Offer to Closing

Question 1

What should be in an offer?

Answer 1

1) About the buyer
2) Agency Disclosure
3) Purchase Contract
4) Pre-Approval Letter
5) Bank Statement
- First page of Credit Statement

Question 2

Owners’ responses to offers

Answer 2

1) Acceptance
2) Rejection
3) Counteroffer

Question 3

3 separate sales involved in selling real estate:

Answer 3

Obtaining the listing, obtaining the offer, and gaining acceptance of the offer.

Question 4

When you receive two offers on the listed property, you should:

Answer 4

Present the offers at the same time and in a nonprejudicial manner, no matter the source of the offers.

Question 5

When is it the most difficult time to persuade an owner to accept a reasonable offer?

Answer 5

In the early days of the listing.

Question 6

A common buyer apprehension felt after placing an offer is:

Answer 6

Buyer’s remorse

Question 7

You should be particularly wary if an offer is received on your listing that contains the word(s)

Answer 7

Subordination

Question 8

Rent Skimming is:

Answer 8

A buyer’s failure to apply rents to loans that were assumed.

Question 9

After an offer is accepted, the listing agent should:

Answer 9

1) Keep track of the escrow progress
2) make certain all papers are signed by the parties
3) make certain that conditions are being met.