Drew Meets with Sherry to Have a Second Look at an Apartment
Drew meets with Sherry to have a second look at an apartment block his corporation may be interested in purchasing. Why might Drew call an appraiser when he returns to the office?
A) to get a report on the structural integrity of the building
B) to get a formal valuation based on the structure and market
C) to determine the physical boundaries and the building's location
D) to check for environmental hazards
Drew submitted two offers to purchase for two apartment buildings. Of course, he made the offers subject to financing approval. What is the effect of this condition?
A) The lender has to approve the fair and adequate value of the transaction, or there is no deal.
B) The offer will be void if his lender does not grant a mortgage.
C) The lender will approve the price, deposit, and method of payment.
D) The lender will be given control of the money needed to complete the deal.
Juha and Tesalle presented an offer to purchase at $15 000 below Rickie's asking price for her home. Rickie did not accept the offer, stating that she would accept $2000 less than asking price. The couple countered, offering $5000 below asking price, with the appliances included, and Rickie accepted. How many offers did this transaction require before a contract of purchase and sale existed?
B) one, plus the acceptance
Which of the following is a primary contributing factor regarding the necessity of a registry search to consist of a 40-year history?
A) to ensure no lingering environmental problems exist
B) to ensure the boundaries described in the title fit the physical land boundaries
C) to facilitate the registration of unregistered deeds to fix defects
D) to ensure a clear title to the property