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

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

C) $1K so as to cover any expenses that the seller may incur on 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 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 seller’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?

A) Cost

B) Income

C) Sales data

D) Market comparison

"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"