What is the purpose of the carryover clause?
The protection period clause is also known as a safety clause, extender, or carry-over clause. The purpose of this clause is to able to close deals with buyers you found during the term of the listing even after the listing expires.
Which of the following situations would give concern about working for the Sunny Valley brokerage?
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|Which of the following situations would give concern about working for the Sunny Valley Brokerage?||Agents seem to come and go quickly.|
|Which person is responsible for filling out a property disclosure statement?||The sellers|
What can you do to increase your chance of extending a listing that is about to expire?
What can you do to increase your chances of extending a listing that is about to expire? Meet with your sellers a few weeks before the listing expiration and review with them your marketing efforts.
What type of contract can have tax benefits for a seller?
Also known as land contracts, contracts for deed are installment sales pertaining to homes. A homeowner selling a home in a contract for deed retains ownership until the installment sale contract is fulfilled. However, the IRS gives the right to claim property tax credit to the buyer, not the home’s actual owner.
What is a protection clause in a contract?
To protect brokers in this instance, most listing agreements have what is known as a “broker protection clause,” also known as an “extension clause” or “tail provision.” The broker protection clause provides that if the owner contracts to sell the property with a buyer who was procured by the broker within a specified …
What are the three most common types of listings?
What are three most common types of listing? Open listing, exclusive right to sell listing, and exclusive agency listing thing.
Which person is responsible for filling out a property disclosure statement quizlet?
Terms in this set (16)
Which of the following is an advantage of investing in a nonresidential property? Which person is responsible for filling out a property disclosure statement? broker and seller.
What is put at risk if a buyer misses a contingency deadline?
Usually, the contingency period will last anywhere between 30 and 60 days. If the buyer does not cooperate with the mortgage process and the sellers can show proof of that non-cooperation, the buyer runs the risk of losing the protection of this clause and therefore losing the down payment funds.
What’s a major benefit to a buyer if she signs a buyer representation agreement?
What is a major benefit to a buyer who agrees to representation? It is a buyer agent’s job to negotiate the “best deal” in the shortest amount of time and try to save the buyer money.
Can a seller back out of an accepted offer?
The short answer is yes. A home seller can back out of an accepted offer on a house for several reasons, but fortunately, it’s very uncommon.
What happens if buyer Cannot close on time?
When a buyer cannot close on time, a strategy that works well is to offer to release the buyer’s earnest money deposit to the seller before closing. … With money in hand, that earnest money becomes nonrefundable. You will typically need an escrow officer to prepare the instructions to release the earnest money deposit.
What happens when purchase agreement expires?
What does it mean? The expiration date determines the time/date at which the offer, if signed exactly “as-is” by the seller, no longer binds the buyer. When a buyer submits an offer, he signs it. If the seller accepts it with no changes and signs it before it has expired, the contract is executed and is binding.