Real Estate Practice
Barrientes, Rosemary
Chapter 6 Quiz Preparing and Negotiating Offers
1. Which of the following statements about an offer to purchase real property is true?
b. Both the offer and the acceptance must be in writing.
2. Which of the following statements about preparing an offer to purchase is true?
d. A really state agent may be held liable for losses resulting from the agents negligence
in preparing an offer
3. A contingent counteroffer would be appropriate when.
a. The seller has already signed a purchase agreement, and then receives an attractive
offer from another buyer.
4. The seller’s acceptance would be effective (so that the buyer could no longer withdraw his
offer) in all of the following situations, except when the seller:
a. Accepts the buyer's offer over the phone.
5. Once it has been signed by both the buyer and the seller, a purchase agreement can be
modified only if:
c. both parties agree to the modification in writing.
6. Which of the following is least likely to be found in a cancellation agreement?
b. a notice to the backup buyer
7. After accepting a good faith deposit from a buyer, you are required to tell the seller:
d. all of the above.
8. If you accept cash as good faith deposit, you:
a. may have violated your firm’s policy.
9. Many purchase agreement forms have a provision allowing the broker to hold a check for the
good faith deposit for a specific period without depositing it in a trust account. One advantage of
this is that:
b. The broker can simply return the check to the buyer if the offer is rejected.
10. A buyer signs a purchase agreement for a duplex that she intends to occupy. If she forfeits the
good faith deposit as liquidated damages for breach of the purchase agreement:
b. any amount in access of 3% of the purchase price must be refunded to the buyer.
