When is an offer considered to be accepted a when the broker notifies the buyer that the seller has accepted the offer B when the buyer gives a signed receipt to the broker to show the buyer has received acceptance see the moment the seller accept the buyers offer D one business day after the offer is accepted and signed by the seller Additional conditions that must be satisfied before the sales contract is fully enforceable are called a binders B amendments see addenda the cont

Modern Real Estate Praction

Unit $14$ Instructor Questions

Note that some state licensing exams use a $360-$day year and a $30-$day month or calculations, while others use the actual number of dat more closely apply to yo wish to concentrate your teaching

For questions $1$ through $4,$ prorate using a day month and a $360-$day year, proratit the taxes as of the close of escrow, and sperties. escrow fee $50-50$ between the facts:

Closing is July $31.$ Use these relevant

Purchase price: $$250,000$ cash

Earnest money: $$10,000$

Commission rate: $5\%,$ split $50-50$

Revenue stamps: $$250$

Real estate taxes: $$3,500($paid in full for current tax year of Jan. $1$ through Dec. $31)$

Water bill: $$450($six months paid to

Sept. $15)$

Title insurance: $$953\mathrm{.}51$

Recording fee: $$20$

Escrow fee: $$868$

Loan balance: $$94,500($existing loan, including credit for the reserve account$)$

What amount is the buyer debited for the real estate taxes?

a$.$ $$1,458\mathrm{.}33$

b$.$ $$1,467\mathrm{.}10$

c$.$ $$2,021\mathrm{.}90$

d$.$ $$2,033\mathrm{.}00$

What amount is the seller debited for the broker's commission?

a$.$ $$7,500$

b$.$ $$16,500$

c$.$ $$12,500$

d$.$ $$25,000$

What amount of the escrow fee will the buyer pay?

a$.$ $$360$

b$.$ $$434$

c$.$ $$460$

d$.$ $$468$ What is the amount of buyer debited for the real estate taxes a $$1458\mathrm{.}33$ be $$1467\mathrm{.}10$ see $$2021\mathrm{.}90$ day $$2033$