FREE Real Estate Sales Process Question and Answers

Question 1

The "agreement of sale" is the most significant contract in the selling of real estate.

Accepted Answer

True

Answer

False

Question 2

The sale agreement is NOT a contract that must be followed by law.

Accepted Answer

False

Answer

True

Question 3

The seller must assure the buyer of a clear title to the asset being sold in order to comply with the "statute of frauds" requirement.

Accepted Answer

False

Answer

True

Question 4

A "contract binding offer" is an advance payment made by the buyer in accordance with the agreement of sale as a good faith offer to the seller of the property.

Accepted Answer

False

Answer

True

Question 5

A counteroffer is essentially a complete rejection of the initial offer in legal terms.

Accepted Answer

True

Answer

False

Question 6

In the real estate industry, a temporary loan that can be used to finish the down payment required for the settlement of the new property as a result of the money that hasn't been released from the sale of the old home is known as an unsecured loan.

Accepted Answer

False

Answer

True

Question 7

By law, brokers must open an escrow account in the real estate office where the escrow records are kept within seven (7) days of receiving money that belongs to someone else.

Accepted Answer

False

Answer

True

Question 8

The offeree has three options when the offeror makes an offer: Three options are available: accept the offer, reject the offer, and complain to the Pennsylvania Real Estate Commission.

Accepted Answer

False

Answer

True

Question 9

The earnest money deposit is a hazard if the seller accepts the offer made through the agreement of sale and could be lost as liquid damages in the event that the buyer defaults.

Accepted Answer

True

Answer

False

Question 10

All registered real estate agents are required to produce and provide to any buyer a fair, accurate written estimate of closing costs prior to the buyer signing this agreement of sale and all rules and regulations of the Pennsylvania Real Estate Commission.

Accepted Answer

True

Answer

False