Question 9 of 72 Score: 1 (of possible 1 point) Rafael signed an offer and gave the seller's broker a personal check that was to serve as his deposit. He specified that the broker was to hold the check uncashed until the offer was accepted. The broker should... A. not submit the offer since he does not have the express authority to accept a buyer's deposit. B. submit the offer and deposit the check directly into escrow. C. submit the offer and hold the check until the offer is accepted. D. submit the offer but request that Rafael pass the check directly to the escrow company. Answer Key: C Feedback Explanation: A broker who has not been expressly authorized to accept a deposit may hold a buyer's deposit check uncashed until the seller accepts. The broker is acting as the buyer's agent during this period, although only in regard to the check. Question 10 of 72 Score: 1 (of possible 1 point) When a counteroffer is made,
A. the original offer is amended. B. the offeree becomes the offeror. C. the offeror is accepting the terms without modification. D. the offeree can later go back and accept the original offer. Answer Key: B Feedback Explanation: When a counteroffer is made, the original offer is terminated. The counteroffer is a new offer, and the offeree of the original offer is now the offeror of the counteroffer. Question 11 of 72 Score: 1 (of possible 1 point) A buyer makes an offer accompanied by a good faith deposit. She later withdraws the offer before it is accepted by the seller. Which of the following statements is true? A.Explanation: The buyer is entitled to revoke an offer at any time before acceptance. The deposit, held in trust by the broker, is fully refundable to the buyer.B.The deposit must be split equally between the buyer and seller.C. The broker may keep up to half of the deposit amount. D. The broker must refund the deposit to the buyer. E. The deposit funds now belong to the seller. Answer Key: D Question 12 of 72 Score: 0 (of possible 1 point) Unless a change is very minor, a counteroffer should be made on a separate form (such as the CAR CO form) because
A. Signatures on the original form are invalidated by handwritten changes. B. The separate form is needed for the broker's transaction records, even if it was not needed for validity. C. It is vital to have a record that shows at what point a contract was formed. D. It may become unclear what the actual terms of the agreement are. Answer Key: D Feedback Explanation: If significant changes are made directly on the original purchase agreement form, confusion may result about what the actual terms are. The result may be an unenforceable contract; use of a counteroffer form will avoid that. Question 13 of 72 Score: 1 (of possible 1 point)
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- Fall '17
- Janet Truscott