David Saks: July 2010

Real Estate Practice : Lesson 751

                                                       #751

If money is held before the acceptance of an offer of a sales contract for the purchase of a home, the money belongs to both the seller and the buyer.

Is this true or false ?

Remember to take your time. The solution is posted below the wildlife photo.

wildlife

A. False

The money belongs to the buyer only and is usually a deposit toward the purchase price

Earth

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0 comments • David Saks • July 26 2010 01:48AM
Real Estate Practice : Lesson 750
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#750 Sally defaulted on her mortgage and subsequently missed a few payments in the process. He lender had to begin the foreclosure process. Before the foreclosure slae took place Sally paid back the entire amount and cured the debt. Sally… more
Real Estate Practice : Lesson 749
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#749 If a buyer gives a deposit check to a broker it can be held by the broker and retained contingent upon the rejection or acceptance of a buyer's offer. Is this fact true or false Please remember to take your time. The solution will be… more
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#748 Money may be given to a broker to hold in trust or escrow for a buyer to pay for a home inspection. Is this true or false Take your time. The solution is posted below the wildlife photo A. This is true. A broker may receive… more
Real Estate Practice : Lesson 747
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#747 If the commission rate a listing broker has with a seller becomes a source of contention between the seller and the broker, the broker can change the commission structure at will without the consent of the selller, but the seller has the… more
Real Estate Practice : Lesson 746
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#746 Any time a seller or buyer wants to create an agency relationship with a broker all the principal has to do is agree to the agency relationship orally. It actually doesn't have to be in writing. Is this true or false Take your time… more
Real Estate Practice : Lesson 745
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#745 A house sits on top of a hill not far from the city landfill. You can see the dump trucks in the destance, but a nice forest is nearby. The agent says to the buyer, "This is absolutely one of the most beautiful views you'll find in the… more
Real Estate Practice : Lesson 744
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#744 Any time a broker takes a listing the seller has given the broker the right to enter into a firm contract on behalf of the seller and decide the selling price if the seller can't decide. Is this fact true or false Take your time. The… more
Real Estate Practice : Lesson 743
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#743 When we talk about dual agency we're usually talking about a form of agency which is considered legal as long as the agent receives the same amount of money and compensation from both of the principals involved in the agency agreement. Is… more
Real Estate Practice : Lesson 742
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#742 Your company listed a home for seller A. B came to see you about the house and you told B that you couldn't give them any information about A's house until they signed a buyer's agency agreement. Does B have to sign a buyer's agency… more