Closing promise - Study guides, Class notes & Summaries

In a real estate transaction, which of the following is an example of consideration? - Accurate AnswerThe seller's promise to sell Your automatic check writer wrote a check for $51.50, but your printer ran out of toner, so you had to fill in the handwritten line. In a hurry, you accidentally wrote, "Fifty-one dollars and no/100 cents." Which amount takes priority? - Accurate AnswerThe handwritten number Morgan has agreed to sell his home to Dierks, and they've signed a contract. Which ...

All of the following are associated with a 1031 tax exchange except 1. Like kind 2. Boot 3. Qualified intermediary 4. The elimination capital gains taxes - ️️4 On March 7 a buyer and a seller execute a contract for the purchase of the sellers property. Closing is set for June 10. On April 15 the property is struck by lightning and destroyed by the resulting fire. If the uniform vendor and purchase or risk act has been adopted by the state in which the property is located, which party...

Accounting 1 Terms- AAMI Correctly Answered Exam 2024.Account - correct answer a device for recording the changes (increases or decreases) in the fundamental accounting elements. Accountant - correct answer one who is concerned with the design of the system of records, the preparation of reports based upon the recorded data, and the interpretation of the reports. Account balance - correct answer the difference between the total debits and the total credits in an account. Accounting - co...

Accounting 1 Terms- AAMIAccount - correct answer a device for recording the changes (increases or decreases) in the fundamental accounting elements. Accountant - correct answer one who is concerned with the design of the system of records, the preparation of reports based upon the recorded data, and the interpretation of the reports. Account balance - correct answer the difference between the total debits and the total credits in an account. Accounting - correct answer a language of bus...

Which of the following is an example of a Bilateral contract? correct answersA Promise in exchange for a promise - Purchase Contract. Unilateral Contracts - Listing Agreement, Buyer's Rep, Option Contract Who is responsible for filling in the effective date, who, when & what? correct answersBroker. Between the buyer and the seller, The date on which the communication was made. The date of initialing and signing of the parties. The last party to initial/Sign fills in the day. Broker. Last pa...

Promulgated Contract Forms Exam Questions and Answers (100% Verified). If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False - Answer- B) False Which of the following, with written, consent, may act as an Intermediary? A) The Broker representing the seller and buyer B) The Broker cooperating with the listing broker C) The salesman working with the seller and buyer D) The salesman sponsored by a broker representing the seller - Answer- A) T...

Acceptance correct answers The offerees choice to accept the terms and conditions of a contract. Must be unconditional, unequivocal, and legally communicated. [In Texas, silence is normally not acceptance (Thurmond v. Wieser)] Agency correct answers A relationship in which one party (the principal) authorizes another party (the agent) to act as the principal's representative in dealing with third parties. Agent correct answers A representative of the principal and can bind the principal t...

National Real Estate Exam Prep Chapter 7 (Champions School of Real estate) Rated A+ Conventional loan a loan that is neither federally insured nor guaranteed Non-conventional loan mortgage loans through three agencies: The federal housing Admin. The US dept of Veteran Affairs US Dep. of Agriculture contract for deed (installment contract) seller financing and buyer does not get deed until the property has been paid for in full Mortgage Pledge of real property as a security fo...

The Statement of Representation should hang prominently in the brokerage firm be included in every Real Estate Relationships Brochure not be included on personalized brochures be included on all paperwork submitted to KREC - Answer- be included in every Real Estate Relationships Brochure The Transaction Broker represents... the brokerage firm the state of Kansas neither the buyer or the seller the real estate agent - Answer- neither the buyer or the seller Customized brochures must...

Promulgated Contract form Practice Exam Questions and Answers Latest Updated 2024 (100% Verified) If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False - Answer- B) False Which of the following, with written, consent, may act as an Intermediary? A) The Broker representing the seller and buyer B) The Broker cooperating with the listing broker C) The salesman working with the seller and buyer D) The salesman sponsored by a broker representing...