Exam (elaborations)
Aceable Agent Level 7 Questions And Answers With Verified Solutions Already Passed!!!
- Course
- Institution
Aceable Agent Level 7 Questions And Answers With Verified Solutions Already Passed!!!
[Show more]
Content preview
Aceable Agent Level 7 Questions AndAnswers With Verified Solutions Already
Passed!!!
contract - ANSWER✔✔ A contract is a legally binding and enforceable agreement
that consists of three stages
offer - ANSWER✔✔ a proposition made by an offeror to an offeree to agree to the
terms of a binding contract. Counteroffers and negotiation can be a part of this
stage.
Offer and Acceptance - ANSWER✔✔ This is the mutual understanding and
agreement of the parties of a contract to that contract's terms. An offer becomes a
contract when the offeree communicates acceptance to the offeror.
When a seller has received a buyer's offer, four responses are possible: -
ANSWER✔✔ total acceptance, counteroffer, no response, or rejection
delivery - ANSWER✔✔ offeror's reception of notice of acceptance
Acceptance needs to be - ANSWER✔✔ unconditional, unambiguous, and not
change any part of the offer.
offer termination - ANSWER✔✔ acceptance, counteroffer, rejection, expiration,
revocation, death or mental incapacity, destruction, or improper acceptance.
,Revocation - ANSWER✔✔ termination of an agreement by the person who
granted it, such as when a principal terminates an agency relationship or withdraws
an offer.
An offer can be ______ any time prior to the proper communication of the offer's
acceptance - ANSWER✔✔ Withdrawn
Binder - ANSWER✔✔ a preliminary agreement for the sale of a property secured
by a valuable deposit from the potential buyer
Letter of intent (LOI) - ANSWER✔✔ another name for a binder
Binder advantage - ANSWER✔✔ it simplifies the offer process, so a full contract
doesnt need to be drawn up for every offer
Counteroffer - ANSWER✔✔ a contract proposal submitted in response to a
previous offer, modifying the term of the orginal offer
A counteroffer is considered a _________ of the original offer - ANSWER✔✔
rejection
a counteroffer must be - ANSWER✔✔ in writing
If the seller has already sent a counteroffer to a prospective buyer and then receives
another offer that is even better, they should - ANSWER✔✔ withdraw the first
counter before answering the new offer.
, a listing agent and their seller can choose to tell _____ of the buyer's agents about
the multiple offers - ANSWER✔✔ none
all offers must be - ANSWER✔✔ PRESENTED
net sheet - ANSWER✔✔ gives your client a good estimate of what they can expect
to walk away with after all closing costs are considered. Net sheets also help agents
educate potential sellers during the pricing conversation, and allow clients to see
exactly what they'd be making depending on the offers they receive.
the perfect offer is - ANSWER✔✔ one that they wont regret, no matter the
outcome
contingencies can - ANSWER✔✔ delay certainty that your buyer will actually buy
the property
Escalation clause - ANSWER✔✔ clause in an offer stating that the buyer will
automatically increase their offer price by a certain increment if the seller receives
a better offer on the same property. You might also hear this being called an
escalator.
Georgia Offer requirements - ANSWER✔✔ Present offers promptly.
Present all offers until the transaction is closed - including verbal offers!
If the offeror is not your client or customer, you must give a copy of the offer to
the license holder working with or representing the offeree.
For every offer, include the GREC-issued license number of each firm and each
license holder participating in the transaction (remember, GREC is the Georgia
Real Estate Commission).
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now