The loan objection deadline was August 5. On August 7, the lender informs the buyer that the buyer failed to qualify for a loan under the terms requested in the Contract to Buy and Sell Real Estate. What should the buyer's broker do in this situation?
a. send an Amend/Extend Contract form to change the loan objection deadline and then inform the seller and the listing broker of the buyer's inability to obtain funding
b. inform the buyer that the earnest money will be kept because the loan contingency expired
c. use the Amend/Extend Contract form to extend the contingency, as verbally agreed to by the seller, to have the buyer's earnest money returned
d. use the Notice to Terminate to inform the seller and the listing broker of the termination and request that the earnest money be returned as required by the contract
Answer: b. inform the buyer that the earnest money will be kept because the loan contingency expired
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U.S. firms have higher expatriate ___________ rates than either European or Japanese firms
Fill in the blank(s) with the appropriate word(s).
Which of the following is an exercise of the police power?
A. A condemnation proceeding on property where the mayor intends to build a new home B. Zoning laws that limit and restrict the use that can be made of land C. Adjudication of conflicting claims by a court of equity D. Creation of restrictive covenants by a subdivider