Aceable Agent Level 7 Questions With 100% Correct Answers.

"As is" clause - If there is no due diligence period, then the property is sold "as is." These are transactions in which the seller decides beforehand that they will not agree to any repairs on the property and that the property will be sold in the condition as is. does not protect the seller "subject to" - A "subject to" provision refers to the purchase of a property that is subject to the existing mortgage. In such a sale, the title changes hands, so the buyer owns the house legally, but the seller's old mortgage stays in place. The buyer pays the seller, and the seller turns around and pays the lender, usually keeping a cut for themselves. So although the buyer owns the home, the seller's obligations under the existing mortgage remain unchanged. A buyer is not required to include earnest money with their offer at all. - TRUE A contingency in a sale of another property - Transactions that are contingent on the sale of another property happen quite frequently in real estate A counteroffer is considered a _________ of the original offer - rejection a counteroffer must be - in writing a lease-option agreement is a - executory contract a listing agent and their seller can choose to tell _____ of the buyer's agents about the multiple offers - none Acceptance needs to be - unconditional, unambiguous, and not change any part of the offer. all offers must be - PRESENTEDAn offer can be ______ any time prior to the proper communication of the offer's acceptance - Withdrawn An option agreement is - unilateral (until its not) Appraisal contingency - A contingency in a sales contract that the property must appraise at a value that is equal to or greater than your offering price.