DC RE State Exam (Review 1)Correct 100%

Relationship of parties - ANSWER When a dispute occurs, courts tend to favor tenants and buyers over landlords and sellers. What does obtaining a survey do - ANSWER Obtaining a survey will clearly define the property and its boundaries and will reveal any potential issues related to those boundaries. lot and block - ANSWER Provides plat references In a real estate transaction in which you represent the seller, your duty to other parties is to ______. Be honest in all matters that do not affect your client's interests Be polite and courteous Maintain the confidentiality of all matters that other parties disclose to you Treat them honestly and fairly - ANSWER Treat them honestly and fairly Lenore makes a 95% offer on a townhouse that's listed at $285,000 and includes an earnest money deposit for 10% of her offer, which the seller accepts. She brings to closing a cashier's check for $35,025 comprising the balance of her 20% down payment and closing costs. What's the amount of her total down payment? $35,025 $54,150 $57,000 $62,100 - ANSWER $54,150 Which of the following statements about earnest money in DC is true? Earnest money is rarely the subject of lawsuits against real estate licensees and their brokers. Earnest money must be placed in an escrow account within seven days of receipt. The amount of earnest money is non-negotiable. The seller specifies the amount of earnest money the buyer will deposit and when the deposit will be made. - ANSWER Earnest money must be placed in an escrow account within seven days of receipt.