Please answer multiple choice $50.00
The Real Estate Transaction General and The Residential Real Estate fransaction 46 According to the Real Estate and Business Brokers Act, 2002, what is the maximum time limit for Alice Green's brokerage to put the deposit cheque into its statutory trust account? a Thursday, March 19 b Wednesday, March 18 c Friday, March 20 d Tuesday, March 17 47 Alice's brokerage processes the trade and this is when the broker of record notices an error in the accepted Agreement of Purchase and Sale. Is this error regarding the balance due on closing by the buyer, and why? a Yes, there is an error in the balance due on closing. The balance should be $265,000 which is the purchase b Yes, there is an error in the balance due on closing. The balance should be $238,500 which is the purchase c No, there is no error in the balance due on closing. The balance due of $100,000 is the purchase price less d Yes, there is an error in the balance due on closing. The balance should be $126,500 which is the purchase price less the deposit price less the deposit and the second mortgage the deposit and all mortgages. price less the deposit and the first mortgage. 48 Alice's broker of record is now reviewing the financing details on Schedule "A" of the accepted Agreement of Purchase and Sale and has concerns over the wording in the mortgage clauses. Should the wording be amended in these clauses, and why? Yes, because there is no amortization identified for the second mortgage, the blended monthly payment cannot be verified as being correct. No, because both mortgages are clearly identified in terms of the amount of the mortgage, the interest rate and the blended monthly payments. Yes, because the condition to assume the existing first mortgage should not be written as a true condition precedent. Yes, because the second mortgage expires one year later than the first mortgage, there should be a clause allowing the first mortgage to be renewed or replaced and retain priority a b c d 49 Alice's broker of record has decided that a meeting with Alice is needed so they can discuss how the offer (3 was prepared. During their meeting, Alice makes the following statements regarding Clause 8 (Title) and the present use having been left blank. Which of the following statements by Alice is correct regarding any effect not inserting the present use in this clause has on the Agreement of Purchase and Sale? I will have an Amendment to the Agreement signed by the sellers and buyers so that the p identified, otherwise, this offer is no longer valid The sellers did not want to warrant any future use of the property, including the existing use, so it w blank so there would be no warranty. I will check with the zoning department to confirm that the present use by the sellers is is not permitted, the buyers might use this as a reason not to close the transaction. The buyers intend on changing the use of the property from a single family home to a residential duplex, so their salesperson left this blank so they can change the use after the property is purchased a resent use is as left c legal. Otherwise, if it d The Real Estate Transaction General and The Residential Real Estate fransaction 46 According to the Real Estate and Business Brokers Act, 2002, what is the maximum time limit for Alice Green's brokerage to put the deposit cheque into its statutory trust account? a Thursday, March 19 b Wednesday, March 18 c Friday, March 20 d Tuesday, March 17 47 Alice's brokerage processes the trade and this is when the broker of record notices an error in the accepted Agreement of Purchase and Sale. Is this error regarding the balance due on closing by the buyer, and why? a Yes, there is an error in the balance due on closing. The balance should be $265,000 which is the purchase b Yes, there is an error in the balance due on closing. The balance should be $238,500 which is the purchase c No, there is no error in the balance due on closing. The balance due of $100,000 is the purchase price less d Yes, there is an error in the balance due on closing. The balance should be $126,500 which is the purchase price less the deposit price less the deposit and the second mortgage the deposit and all mortgages. price less the deposit and the first mortgage. 48 Alice's broker of record is now reviewing the financing details on Schedule "A" of the accepted Agreement of Purchase and Sale and has concerns over the wording in the mortgage clauses. Should the wording be amended in these clauses, and why? Yes, because there is no amortization identified for the second mortgage, the blended monthly payment cannot be verified as being correct. No, because both mortgages are clearly identified in terms of the amount of the mortgage, the interest rate and the blended monthly payments. Yes, because the condition to assume the existing first mortgage should not be written as a true condition precedent. Yes, because the second mortgage expires one year later than the first mortgage, there should be a clause allowing the first mortgage to be renewed or replaced and retain priority a b c d 49 Alice's broker of record has decided that a meeting with Alice is needed so they can discuss how the offer (3 was prepared. During their meeting, Alice makes the following statements regarding Clause 8 (Title) and the present use having been left blank. Which of the following statements by Alice is correct regarding any effect not inserting the present use in this clause has on the Agreement of Purchase and Sale? I will have an Amendment to the Agreement signed by the sellers and buyers so that the p identified, otherwise, this offer is no longer valid The sellers did not want to warrant any future use of the property, including the existing use, so it w blank so there would be no warranty. I will check with the zoning department to confirm that the present use by the sellers is is not permitted, the buyers might use this as a reason not to close the transaction. The buyers intend on changing the use of the property from a single family home to a residential duplex, so their salesperson left this blank so they can change the use after the property is purchased a resent use is as left c legal. Otherwise, if it d
