Question 1 & Explain Answer Please

What is the minimum earnest money deposit required to create a binding purchase agreement?

A - $1 as there must be monetary consideration to create a binding contract

B - 10% as this is the minimum amount typically proven to discourage a buyer from defaulting

C - $1,000 so as to cover any expenses that the seller may incur in the event of the buyer's default

D - $0 as a purchase agreement is a bilateral contract in which the promise to perform is the consideration.

Question 2

A broker and a prospective seller are discussing the listing of a house that is not in her usual area of business. It was a referral from another family member. The broker is at the house with the seller and is thrilled to see what decent shape it is in. The house has been vacant since the seller's husband died the year before. Which one of the following actions should the broker give the highest priority when deciding at what price to list this property?

A - Ordering a termite inspection.

B - Finding out how much equity the owner has in the property.

C - Holding a twilight open house and inviting all the neighbors.

D - Running a list of active properties that have the same characteristics.

E - Looking up the tax assessor's information to verily that the taxes are paid up to date.

F - Performing a visual inspection by walking the property, surrounding area while taking notes.