You are hosting an open house. Mr. and Mrs. Charles Martin come intothe house. You greet them and show them the house. The Martins tellyou the house is exactly what they are looking for and they are veryinterested in purchasing it. You then give them information showingthe various types of financing available with down payment optionsand projected payments.Mr. Martin tells you they have been working with Mary Hempstead ofXX Realty, a competing real estate company. Before leaving, youthank them for coming and give them your business card.A. The first thing on Monday morning, Mrs. Martin calls andindicates they have tried to reach Mary and cannot. Theyindicate they have a written buyer’s agent agreement withMary’s broker. They are afraid someone else is going to buy thehouse. Which of the following should you do? Select the bestanswer.1. Seek advice from your supervising broker.2. Tell them to come to your office.3. Ask them to bring the buyer’s agency agreement to you foryour interpretation.4. Tell them to be patient and continue trying to reach Mary.5. Tell them to call Mary’s supervising broker or branchmanager.6. Tell them you are really sorry, but there is nothing you cando.

The Martins come to your office and explain that neither Marynor her supervising broker are available. They insist youimmediately write an offer for the house. How should youproceed? Select the best answer.1. Write the offer after entering into a buyer’s brokeragreement with them.2. Write the offer after explaining they may owe Mary’s brokera commission.3. Write the offer after trying to contact Mary’s brokeryourself.

An owner to start a business is called:Question 15Answera.Loanb.Capitalc.Investmentd.Drawings

Fill in the Blank QuestionFill in the blank question.When you on a home purchase, you arrange for a date to sign papers, obtain funds and the necessary documents, and request clarification on any unclear issues. This is a one-word answer.

Explain one piece ofinformation a bank manager needs before granting additional loan capital to a business.

Sophie and Marcus have recently split up having lived together for 20 years. They nevermarried. They have a daughter, Amy, who is 17 years old.Marcus purchased the family home 20 years ago in his sole name. When, at the time ofthe purchase, Sophie suggested that the house should be conveyed into their joint names,Marcus said, “Why do you want a stupid piece of paper saying that? Don’t you trustme?” Marcus provided the deposit. The balance of the purchase price was funded by amortgage loan. Marcus has paid all the mortgage installments. Sophie used the saleproceeds of her studio flat to furnish the new house.Shortly before Amy was born, Sophie gave up her job and did not work until 2004 whenshe got part-time work. Her wages were a welcome addition to the family financesbecause Marcus’s business was going through a bad period. Marcus continued to meetthe mortgage payments but since 2004, Sophie has paid all other household bills.Advise Sophie on whether she can claim a half-share in the family home and, if not,whether any other remedies may be available to her.- END -