PROMULGATED LATEST
FORMS - CHAMPIONS
4 Options a Seller Has w/Offer - ANSWERS-Do nothing, reject, accept,
counteroffer
Remember, a counteroffer is the rejection of the original offer coupled
with a new offer.
Acceptance - ANSWERS-Means that the accepting party does so with
no change to the contract whatsoever.
Offer - Counter Offer - ANSWERS-Process may continue until an
agreement is made or one of the parties withdrawals.
Multiple Offers - ANSWERS-More than one offer on a property - no
priority of presentation of offers, but all offers have to be presented. You
can't share details of offers with other agents.
Termination of Offers - ANSWERS-
Communication - ANSWERS-AKA notification, when the clients have
received communication of the acceptance.
END OF
PAGE
1
, PROMULGATED LATEST
FORMS - CHAMPIONS
Offer - ANSWERS-An offer becomes a binding contract when it is
signed by all parties and the acceptance is communicated to the offering
party.
1-4 Family Contract - ANSWERS-Not for use with condominium
transactions but can be used for townhomes.
Excluded Items - ANSWERS-They need to be removed prior to delivery
of possession.
Condo Contract - ANSWERS-The legal description is different, there
are provisions for the seller to provide condo documents and a resale
certificate to the buyer within a negotiated number of days, sometimes
there could also be a right of first refusal.
Sum of All Financing - ANSWERS-In paragraph 3B you insert only the
amount financed.
License Holder Disclosure - ANSWERS-You must disclose anytime you
are also a principal in the transaction, whenever representing spouse,
parent, or child is involved or if you have more than 10% ownership in a
END OF
PAGE
2
FORMS - CHAMPIONS
4 Options a Seller Has w/Offer - ANSWERS-Do nothing, reject, accept,
counteroffer
Remember, a counteroffer is the rejection of the original offer coupled
with a new offer.
Acceptance - ANSWERS-Means that the accepting party does so with
no change to the contract whatsoever.
Offer - Counter Offer - ANSWERS-Process may continue until an
agreement is made or one of the parties withdrawals.
Multiple Offers - ANSWERS-More than one offer on a property - no
priority of presentation of offers, but all offers have to be presented. You
can't share details of offers with other agents.
Termination of Offers - ANSWERS-
Communication - ANSWERS-AKA notification, when the clients have
received communication of the acceptance.
END OF
PAGE
1
, PROMULGATED LATEST
FORMS - CHAMPIONS
Offer - ANSWERS-An offer becomes a binding contract when it is
signed by all parties and the acceptance is communicated to the offering
party.
1-4 Family Contract - ANSWERS-Not for use with condominium
transactions but can be used for townhomes.
Excluded Items - ANSWERS-They need to be removed prior to delivery
of possession.
Condo Contract - ANSWERS-The legal description is different, there
are provisions for the seller to provide condo documents and a resale
certificate to the buyer within a negotiated number of days, sometimes
there could also be a right of first refusal.
Sum of All Financing - ANSWERS-In paragraph 3B you insert only the
amount financed.
License Holder Disclosure - ANSWERS-You must disclose anytime you
are also a principal in the transaction, whenever representing spouse,
parent, or child is involved or if you have more than 10% ownership in a
END OF
PAGE
2
