BASIC REAL ESTATE Survey

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* 1. HOW MUCH IS EARNEST MONEY?

1% OF THE HOUSE COST

.05% OF THE HOUSE COST

THE PRICE IS ARBITRARY AND CHOSEN BY THE SELLERS

2% OF THE HOUSE COST

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* 2. WHICH ANSWER BELOW IS NOT TRUE ABOUT AN ESCALATION CLAUSE?

ESCALATION CLAUSES ARE OFTEN USED IN COMPETITIVE MARKETS.

ESCALATION CLAUSES ALLOW THE BUYER TO ESCALATE THEIR OFFER AGAINST THE NEXT BEST COMPETING OFFER BY A CERTAIN INCREMENT (THINK $5,000 OR $10,000)

ESCALATION CLAUSES CAN REQUIRE PROOF OF THE NEXT BEST OFFER, SO YOU CAN TRUST YOU REALLY ARE BEATING THE MARKET AND THE SELLER ISN'T JUST TELLING YOU THERE IS A BETTER OFFER.

ESCALATION CLAUSES CAN WORK AGAINST OTHER ESCALATION CLAUSES

NONE OF THE ABOVE; ALL ANSWERS ARE TRUE

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* 3. IT'S A COMPETITIVE MARKET. IN JULY, A HOUSE IN ENGLEWOOD WENT ON THE MARKET FOR $400K, HOW MANY OFFERS DID IT GET?

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* 4. HOW MUCH MONEY IS THE BUYER USUALLY REQUIRED TO PUT DOWN FOR A CONVENTIONAL HOME LOAN?

3.5%

10%

20%

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* 5. TRUE OR FALSE: THE EARNEST MONEY DEPOSIT IS NON-REFUNDABLE

True

False

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* 6. ARE YOU A MAN OR A WOMAN?

MAN

WOMAN