What is the minimum earnest money deposit require 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
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C) $1K so as to cover any expenses that the seller may incur on the event of the buyerĂ˘â‚¬â„˘s default
D) $0 as a purchase agreement is a bilateral contract in which the promise to perform is the contract
6. A seller has listed a home w/ a broker for $112K. The seller is leaving for a 45-day cruise midway through limited power of attorney to accept any offer of all cash at a price of $108K or nor pending his return.
A) May not accept the offer until the seller returns
B) Must forward the offer to the sellerĂ˘â‚¬â„˘s attorney for consideration
C) May accept the offer
D) May sign a deed of conveyance if the seller does not return on time
7. A licensee needs to estimate the value of a property. She knows the construction price. Which approach to valuation can the licensee use to estimate the value of the property?
C) Sales data
D) Market comparison