Question: please help me answer this real estate problem. 1-Under what circumstances may a postdated check be accepted for earnest money? A-Under no circumstances. B-If you

please help me answer this real estate problem.
1-Under what circumstances may a postdated check be accepted for earnest money?
A-Under no circumstances.
B-If you first call the bank and verify funds.
C-If such information is provided in the offer.
D-If the check is postdated no more than 3 business days later.
2-An open listing and an exclusive right to sell listing differ in several ways, but to be enforceable, both REQUIRE all of the following EXCEPT
A-that the entire commission be paid to the agent who locates a buyer.
B-a definite expiration date.
C-that the agreement be in writing.
D-a description of the property.
3-A licensee gets a good listing. Three offers from other brokers come in on the first day. The offers have a 2-day response time. The licensee tells another
prospective buyer that he will hold the other offers until the buyer can submit one. Is this an acceptable practice?
A.Only if all offers are submitted at the same time.
B. No, because the licensee is required to promptly present all offers.
C. No, because the licensee cannot be certain his buyer will make the best offer.
D. Yes, if the seller has sufficient time to consider all offers and respond accordingly.
4- How should a rental property security deposit be handled upon receipt by the broker?
A. It must be deposited in an interest bearing account.
B. It must be deposited in a non-interest bearing account.
C. It must be deposited in an escrow or trustee account.
D. It must be applied toward the rental payments.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!