GOVT 406 Quiz 4
GOVT 406 Quiz 4 Brokers and The Purchase Contract
Covers the Textbook material from Module 5: Week 5.
- Which of the following is not an example of a condition precedent?
- Which of the following does a broker not need to disclose?
- Anna Donner listed her property with ABC Realty. ABC brought Anna two potential buyers,butsherejectedthembecausetheywereoffersbelowthelistingprice. Anna:
- Which of the following is not an example of a condition precedent?
- Jim Todd is selling his condominium in Vail. He is listing the property with his broker friend, Sam Clemens. Jim and Sam have agreed (in writing) that if Jim finds a buyer, Sam will not take a commission. Jim has also agreed that he will not use other brokers. Jim and Sam have:
- Which of the following need not be disclosed by a seller?
- A broker:
- Patty Heinz was the listing agent for John Donne’s property, an island home. Heinz formed an LLC and purchased the property through the LLC. Donne was not aware of Heinz’s ownership interest.
- Rhonda Whelan, a broker, has found a buyer for Melinda Grant’s home. Rhonda is the listing broker for the home. The buyer is qualified to purchase the home and has agreed to pay Melinda’s asking price. Melinda tells Rhonda, “I know it is a good offer, but I’ve changed my mind. I don’t want to sell.”
- For the doctrine of part performance to apply:
- Rachel Finnegan is a broker who specializes in selling small homes. She has a listing for a small home with a list price of $90,000. When a prospective buyer comes through the house, he tells Rachel he is interested but the $90,000 is too high of a price. Suppose that the buyer tells Rachel that he can buy the house for $90,000 if he can get financing. He explains to Rachel that he has bad credit from some “dumb” business transactions. Rachel offers to have her daughter act as a purchaser because her daughter can qualify for financing. Her daughter will then convey the house to the buyer. Rachel:
- Which of the following would affect marketable title?
- Steve Thompson has made an offer to purchase a home on a short sale from First Third Bank for $120,000. The bank has responded by e-mail indicating that it will consider the offer. At the end of the e-mail is this language: E-mails and the language in e-mails are not considered offers or acceptances for purposes of formation of a contract. First Third Bank is not bound by any e-mail communications regarding the purchase or sale of property. All offers and acceptances must be handled through the bank’s sales office. Later Steve e-mails the bank back and reiterates his offer. A bank
- Jane Wyman is a real estate agent who is the listing agent for Tom and Mary Arnold’s home. Jane has a buyer who is interested in purchasing the Arnold house, but the buyer has a spotty credit history. Jane thinks the buyer has turned the corner on past problems and will be a good buyer for the property. Jane does not disclose the buyer’s spotty credit history and Tom and Mary sign a contract for the sale of their home. As the buyer tries to get qualified, Tom and Mary pass up several other offers. Jane:
- Seller A has two counteroffers outstanding to Buyer B and Buyer C. B and C both accept the counteroffers.
- Electronic (fax) forms of contracts are valid.
- Some states mandate broker silence on disclosure of certain information about previous owners of properties.
- A broker has a duty to inspect the listed property.
- An agency relationship exists between brokers and sellers.
- A buyer who is unable to obtain financing consistent with the contract terms is still a ready, willing, and able buyer.
- Real estate purchase contracts can have only one condition precedent — that of financing.
- Clauses in listing agreements exculpating brokers from liability to the seller are valid.
- “I accept provided that the premises will be vacated prior to March 1, 2015,” is a valid acceptance if communicated to the offeror properly.
- None of the online listing services involves the use of agents.
- Dual agency status requires disclosure to both buyer and seller.