Pop Quiz

Multiple Choice:

1. The actual price versus the sales price is an average of ___ percent lower than the list price.
a) 2%
b) 4%
c) 6%
d) 8%


2. The typical down payment or amount of earnest money is:
a) 2-4% of price
b) 5-10% of price
c) 15% of price
d) $1,000


3. The typical contract is __ times as long as the offer to purchase:
a) 2 times
b) 3 times
c) 4 times
d) 10 times


4. The three top contingencies in real estate deals are:
a) financing
b) admittance to clubs
c) approval of boards
d) attorney approval
e) inspection


5. An offer to purchase must include the following three items:
a) description of property
b) amount offered
c) plans
d) closing date
e) contingencies


True or False:

6. I can pull comps for a neighborhood to learn prices of homes.
True False

7. I have all the time in the world to perform the inspections, as long as they are done before closing.
True False

8. The seller gets the earnest money regardless of whether the deal goes through or not.
True False

9. I can include a contingency in the contract to cover me if I change my mind for whatever reason.
True False

10. The purchase price is always the same as the list price.
True False

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