Real Estate Dynamics Mid-Term questions with complete solutions

Scarcity, Modification, Location(situs) Correct Answer-Which of the following is considered to be an economic characteristic of land? The amount specified by the accepted offer Correct Answer-A property is listed for $110,000. On March 1, the owner accepts a written offer for $105,000, and the closing date is set for June 15. On March 15, it is announced that a new shopping center will be built near the property, and the owner believes that the property is now worth $145000. Which of the following should determine the amount paid at closing? A broker shows several properties to a customer Correct Answer-Which of the following actions would NOT LIKELY create an agency relationship? down zoning Correct Answer-A change in zoning from multifamily to single-family use would be an example of: Buyer Correct Answer-A buyer and seller have a verbal agreement stating the seller will pay all closing costs. When the agreement was put in writing it stated the buyer would pay all closing costs. If both the seller and buyer sign the agreement, who would MOST LIKELY be responsible for the closing costs? Rejected offer Correct Ans