Week 3 Assignment

Purpose: The purpose of your weekly assignments is to create a quick reference studyguide to assistyou in preparing for the California Real Estate SalespersonLicense Exam

Instructions: Respond to the prompts listed below in all parts (part 1- no need to write complete sentences... write what will help you on the state exam). Copy and paste prompts into a Word doc and save. Submit the assignment by clicking on 'Browse My Computer' then upload. You may also type your responses.

PART 1: Study Guide Chapter 6: 1.Explain the process of preparing and presenting an offer to purchase 2. Discuss the elements of the negotiation process, including backup offers and counteroffers 3. Identify the ways an offer can be accepted and revoked 4. Describe the procedures for handling good faith deposits 5. Summarize the illegal practices agents must avoid engaging in with clients

Chapter 7: 1. Discuss the functions of a purchase agreement 2. Identify the various provisions in a typical agreement 3. Explain the circumstances in which special addenda or forms are used 4. Describe dispute resolution options and remedies 5. Explain the legal significance of the residential purchase agreement to buyers and sellers

From now on, I will only grade Part 1. If you'd like additional exercises to help memorize the terms, feel free to continue below. I will post answers for you to review:)

Part 2: Offers and Counteroffers Match the following terms with their definitions. Revocation of offer Counteroffer Deposit receipt Multiple counteroffers Contingent counteroffer Backup offer Contingency Good faith deposit

______ 1. An offer that's contingent on the failure of a prior sales contract.

______ 2. A condition that must be met in order for the transaction to proceed, such as obtaining suitable financing.

______ 3. Another name for a purchase agreement.

______ 4. A qualified acceptance of an offer.

______ 5. Withdrawal before acceptance.

______ 6. Money a buyer provides when making an offer, to demonstrate her commitment to the transaction to the seller.

______ 7. The seller's option before any offer has been accepted.

______ 8. The seller's option when another, more favorable, offer is received after she has accepted a previous offer.

PART 3: California Residential Purchase Agreement Examinethe purchase agreement form in the textbook and find which section contains each of the following provisions. Fill in the section below. 1. Appraisal contingency _____

2. Buyer's right to inspections _____

3. Escrow instructions _____

4. Attorney's fees_____

5. Transfer of possession_____

6. Initial good faith deposit_____

7. Buyer's offer (proposed purchase price_____

8. Seller's acceptance of offer_____

9.Timelinesfor buyer inspection and repair requests_____

10. Sale of buyer's property contingency_____

11. Arbitration clause_____

12. Agency disclosure_____