In the home buying process, a counter offer is an offer made in response to the original bid. When a seller gets an offer, they can choose to accept, reject or counter. In return, if the seller makes a counter, a buyer can also choose to accept, reject or counter it.
Which of the following best describes a counter offer?
A is correct. first and foremost a counteroffer is a rejection usually coupled with a new offer. if one term is rejected, there is an entirely new offer. this must be in writing and there is no partial acceptance of an offer that is binding.
What is a counter offer in a contract?
Counter offer. n. an offer made in response to a previous offer by the other party during negotiations for a final contract. Making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or there is no contract.
What is the effect of a counteroffer on a contract offer quizlet?
A counter offer means the acceptance of the original offer and rejeciton of ( A counteroffer has the effect of rejecting the original offer and replacing it with an entirely new offer. The original offer no longer exists.
What is the counter offer rule?
Primary tabs. A counteroffer functions as both a rejection of an offer to enter into a contract, as well as a new offer that materially changes the terms of the original offer. Because a counteroffer serves as a rejection, it completely voids the original offer. Thus, the original offer can no longer be accepted.
How much is the tax on TPT in Arizona?
Arizona originally adopted TPT in 1933 when the rate for selling tangible personal property at retail was 2 percent. That rate is currently 5.6 percent. On top of the state TPT, there may be one or more local TPTs, as well as one or more special district taxes, each of which can range between 0 percent and 5.6 percent.
What is the sales tax in the state of Arizona?
The state use tax rate is the same as the state transaction privilege tax (TPT) rate (sometimes referred to as sales tax), currently at 5.6 percent.
Frequently Asked Questions
What is the difference between TPT and use tax in Arizona?
While a buyer might experience it similarly, Arizona's Transaction Privilege Tax (TPT) is different from most other states' sales and use tax. Rather than a tax on a sale paid by the buyer, TPT is a tax for “the privilege of doing business” in the state of Arizona and levied on the seller.
What is the purpose of the real estate license law quizlet?
Which statement is true of a real estate broker acting as the agent?
Which statement is TRUE of a real estate broker acting as the agent of the seller? The broker is obligated to render loyalty to the seller.
Which is not an essential term of a real estate sales contract?
An example of a provision that has been held not to be an essential term of real estate contract is a provision that specifies when the closing will occur. As a result, the lack of a closing date would not prevent a real estate contract from being enforceable.
Which of the following is not a required element of a real estate contract?
What is an invalid contract in real estate?
A contract might also be deemed unenforceable if one or both parties misrepresented the facts of the contract, if there is a mistake in the contract, or if the contract violates the law in some way.
Which of the following is not an essential type of contract?
In which one of the following ways may a broker notify the DRE of the removal of a salesperson from their real estate license?
A broker may add or remove a real estate licensee from an affiliation by completing a Salesperson Change Application (RE 214) if a salesperson, a Broker-Associate Affiliation Notification (RE 215) if a broker, or by completing the transaction online through the eLicensing System.
What is a DRE in real estate?
The primary objective of the Department of Real Estate (DRE) is the protection of the public interest in regard to the offering of subdivided lands, and the handling of real estate transactions by licensees.
When a salesperson changes employment from one broker to another?
When a salesperson changes employment from one broker to another, the former employing broker must notify the DRE in writing . The former broker must return the salesperson's license certificate to the DRE within 3 days. New employing broker must notify DRE within five days of accepting the salesperson.
What are the record keeping requirements for real estate in California?
In California, real estate records must be maintained for a minimum of three years, and must include copies of listings, contracts, deposit receipts, canceled checks and other normal real estate transaction records.
When may a brokers agreement to represent a property buyer be terminated?
Buyer representation is terminated when ∎ the agreement's purpose is fulfilled, ∎ the agreement's term expires, ∎ broker and buyer mutually agree to cancel the agreement, ∎ broker or buyer breaches the terms of the agreement, or ∎ broker or buyer dies or becomes incapacitated.
What is the VA code 54.1 2101?
For the purposes of this chapter, "real estate salesperson" means any individual, or business entity, who for compensation or valuable consideration is employed either directly or indirectly by, or affiliated as an independent contractor with, a real estate broker, to sell or offer to sell, or to buy or offer to buy,
What is covered in the Code of Virginia Title 54.1 Chapter 21?
How long must escrow records be kept in VA?
Lesson Summary. A real estate agency is responsible for maintaining all records for a minimum of three years following the closing of a transaction but financial records must be maintained for five years.
- What governing body is in charge of administering Virginia real estate licenses?
- Real Estate Board | Virginia Department of Professional and Occupational Regulation.
- What is the code 54.1 402 in Virginia?
§ 54.1-402 of the Code of Virginia requires construction documents submitted to the local building department to be prepared by an A/E.
- Is IABS required in Texas?
Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
- When must the written statement providing information about brokerage services be provided according to Trela?
Texas law requires all brokers and sales agents to provide written notice regarding information about brokerage services at the first substantive communication with prospective buyers, tenants, sellers, and landlords concerning specific real property.
- Which consumer protection notice are Texas brokers required to use?
For real estate brokers, sales agents, and inspectors, the text for the link must be either: Texas Real Estate Commission Consumer Protection Notice in at least 10-point font. TREC Consumer Protection Notice in at least 12-point font.
- What do Trecs advertising rules require sales agents to include?
TREC requires you to include your broker's name in a clear and conspicuous manner and a designation that clearly identifies you as a real estate agent, such as agent, broker, or REALTOR®, in your advertisements. You should also avoid deceptive or misleading advertising.
- What is IABS in Texas real estate?
In Texas, it is require BY LAW to present all prospective buyers, tenants, sellers and landlords the form called INFORMATION ABOUT BROKERAGE SERVICES. This form is to be presented by a real estate agent upon meeting a prospective client at the first "substantive dialogue".
- What are codes in real estate?
Housing codes are typically enacted at the municipal level, although codes have also been adopted at the state level, such as in Massachusetts and California. Housing codes set the minimum standards for the conditions of rental properties through a lengthy list of highly specific provisions.
- Can you sell a house that isn't code?
Whether or not you must fix a code violation in order to sell your home depends on where you live and what the problem is. Many issues do not have to be fixed in order to sell your home, but some state or local authorities may require certain safety issues to be corrected before transfer of property.
- What is the home code?
Building codes are a set of established standards that are put in place to ensure public health, safety and welfare. These codes protect the property and its occupants from a wide range of potential hazards. Building codes can vary from city to city and are enforced at the municipal and sometimes state level.
- What is considered a strong offer on a house?
There's no reliable formula here. Typically, a low-ball offer is at least 15% to 20% lower than the asking price: offering $240,000 on a home valued at $300,000, for example. But sometimes a seller may be asking too much. If you can back up your offer with market data, you're making a serious offer.
- What are the 5 most important building codes?
- The 5 Most Important Building Codes in U.S. Construction
- Placement of Smoke Alarms.
- Defective/Missing Ground Fault Circuit Interrupters.
- Faulty Beams and Joists.
- Rescue Openings/Emergency Escapes.
- Ladders/Steps/Window Wells.
- Building Codes vs Zoning Codes.
- How much does the average realtor in Maine make?
Real Estate Agent Salary in Maine
Annual Salary Monthly Pay Top Earners $118,938 $9,911 75th Percentile $95,200 $7,933 Average $82,699 $6,891 25th Percentile $61,800 $5,150
- What does the Maine real estate commission law and rules require that all written brokerage agreements include?
Written brokerage agreements must include a statement disclosing the real estate brokerage agency's policy on cooperating with and compensating other real estate brokerage agencies in the sale or purchase of real estate.
Which of the following statements about counter-offers to a real estate contract is true
|Can a realtor represent buyer and seller in Maine?
|In certain situations a licensee may act as an agent for and represent both the buyer and the seller in the same transaction. This is called disclosed dual agency. Both the buyer and the seller must consent to this type of representation in writing.
|Does the buyer pay realtor fees in Maine?
Who pays realtor fees in Maine? In Maine, home sellers pay real estate commission fees out of the final sale proceeds for both agents involved in a deal. Offering to pay for the buyer's agent's commission is an incentive for agents to show your home to their clients.
|How much do top 10% realtors make?
According to their research, as of the fall of 2022, the average annual salary for California agents was $91,363. But that's not the whole story. Nationwide, real estate agent salaries range from an average of $28,270 for the bottom 10th percentile up to $102,170 in the top 10th percentile.
|What agreements give consistency to real estate practice and ensure statutory compliance
The term REALTOR® has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations.
|Which of the following cannot register with dbpr to provide real estate services to the public?
|Corporation sole and joint ventures cannot register to broker real estate. A general partnership can register with the DBPR to perform brokerage services. An ostensible or quasi-partnership is not a true partnership.
|Which type of business organization may be registered as a real estate?
As a real estate broker, you may operate as a corporation, a limited liability partnership, or a limited liability company. If you hold a real estate license as a corporation, an LLP or an LLC, then you must serve as the entity's licensed “natural person” designated broker.
|Which of the following business entities can register as a broker?
Business entities that may be registered as brokerage firms include sole proprietorships, general partnerships, limited partnerships, corporations, limited liability companies, and limited liability partnerships. A discussion of each follow.
|Which federal department regulated respa quizlet?
Which Federal Department regulated RESPA? Consumer Financial Protection Bureau (CFPB) regulates RESPA.
|Who is exempt from real estate licensure in Florida?
Exemptions from education requirements:
Lawyers: Any active member in good standing with the Florida Bar, who is otherwise qualified under the real estate license law, is exempt from the Florida Real Estate Commission 's prescribed prerequisite educational course for licensure as a real estate sales associate.
|Can you sue previous homeowner for non disclosure in Florida?
The short answer is yes, as long as the reasons are within Florida's guidelines. The buyer possesses the burden of proof and must provide sufficient evidence that the seller failed to disclose crucial information that would have affected the decision to purchase the home.
|What is the responsibility of the Florida real estate commission?
FREC is directly responsible for addressing complaints against licensed brokers, salespeople, real estate firms, and real estate educators. FREC reviews complaints filed, gives the accused party a chance to defend themselves, and determines if disciplinary action is warranted.
|Can you back out of a real estate contract in Florida?
According to Florida law, a buyer or seller is able to terminate a residential real estate contract and walk away from the deal without penalty by seeking rescission. Rescinding a real estate contract means the contract is considered to have no force and effect from the beginning or that the contract is canceled.
|What happens if a seller lies on a disclosure in Florida?
Seller's Failure To Comply With Disclosure Obligations
Failure to comply with the seller's disclosure requirements can give the buyer legal grounds to back out of the property purchase contract, and or entitle the buyer to sue the seller for damages.
|Can a buyer sue a seller after closing in Florida?
So, state law puts a duty on sellers to fully inform buyers about known issues with a home or property for sale. If they fail this duty, buyers can pursue a claim against the individual or agency that sold it.
- Which of the following statements best defines Ethics?
Answer is B. Ethics is a formal system for deciding what is right and wrong and for justifying moral decisions.
- Which best defines Ethics?
What is ethics? The term ethics may refer to the philosophical study of the concepts of moral right and wrong and moral good and bad, to any philosophical theory of what is morally right and wrong or morally good and bad, and to any system or code of moral rules, principles, or values.
- Which of the following establishes a Code of Ethics for real estate agents?
- NAR's Code of Ethics, adopted in 1913, was one of the first codifications of ethical duties adopted by any business group. The Code ensures that consumers are served by requiring REALTORS® to cooperate with each other in furthering clients' best interests.
- Which of the following statements is an appropriate formal definition of Ethics?
Answer: Ethics is the set of moral principles or values that defines right and wrong for a person or group.
- Which of the following statements best defines ethics quizlet?
Which of the following best defines ethics? Moral principles that govern a person or groups behavior.
- What is a one day code in real estate?
Hear this out loudPauseAllows the Listing Agent, Listing Office, or One with Lockbox Owner Privileges to grant access to a lockbox that has been assigned to a property on a specific day. No time frame for that day is associated with the One Day Code.
- How do I get a one day code for Sentrilock?
- How To Get A One Day Code
- Log into the SentriKey App and tap on the three bars (Hamburger Menu) in the top left of the app.
- Select 'My Lockboxes.
- Then select, 'Get Access Code.
- Select the lockbox/address.
- In the 'Assigned To' field, type the person's name who will be using it.
- Select the date for when it is needed.
- How To Get A One Day Code
- Do realtors ever give out a lockbox combination to their clients so they can view a home without the realtor?
Hear this out loudPauseYes, there are many instances of brokers giving lockbox access to their clients so they can view a home without the broker (realtor).
- How do you use a realtor code box?
Then you of course just use the lock. You get in the house. Ok.
- When a salesperson advertises using a salesperson owned fictitious name what must be included in the advertising or solicitation materials?
Identity, as defined in paragraph (1) of subdivision (a) of Section 10159.7, in a manner equally as prominent as the fictitious business name. name obtained in accordance with paragraph (2) of subdivision (a) shall include the name and license number of the salesperson who is using the fictitious business name.
- What is first point of contact solicitation?
According to the current draft regulations, the definition of "first point of contact" materials still includes all solicitation materials intended to be the first point of contact with consumers,such as business cards, stationery, websites (when owned, controlled, and/or maintained by the soliciting real estate
- What is the basic rule of advertising in real estate?
- Only advertise listed properties with authorization from the listing agent. Identify yourself as a real estate agent and include the name of the brokerage firm you work within all advertising. Be totally honest in your advertising by avoiding exaggerations and misrepresentations about the property.
- When a licensed salesperson is soliciting for potential borrowers or investors what must be included in the advertisement?
Real estate licensees should include their name and license number, and the responsible broker, on all solicitation materials, including business cards, stationary, advertising flyers, advertisements on television, in print, or electronic media, signage, and other materials designed to “solicit the creation of a
- What constitutes solicitation of clients?
(e) As used in this rule, the terms "solicitation" and "solicit" refer to an oral or written* targeted communication initiated by or on behalf of the lawyer that is directed to a specific person* and that offers to provide, or can reasonably* be understood as offering to provide, legal services.