Dain and Sheryl\'s home sold for $751,150. They owe $657,900 on their mortgage.
ID: 395207 • Letter: D
Question
Dain and Sheryl's home sold for $751,150. They owe $657,900 on their mortgage. What will their net be after they pay $24,500 in expenses and a 6.8% commission?
$12,543
$93,250
$17,672
$68,750
A will takes effect only after the testator's death. It is a(n) _________, meaning that it can be changed at any time during the maker's lifetime.
amendatory instrument
fixed document
stationary instrument
stable document
What happens if an offeree alters and then signs any part of an offer?
The original offer immediately becomes the valid contract.
A licensee can sue the offeree for practicing law.
This qualifies as a counteroffer which is automatically accepted by the offeror.
This qualifies as a counteroffer. The original offer is extinguished and the counteroffer is sent to the offeror.
Explanation / Answer
a) Net pay = Selling value – mortgage – Expenses – commission
= 751150 – 657900 – 24500 - .068*751150 51078.2
= 17671.8
= 17672 $ Correct option
b) amendatory instrument. Correct option
c) This qualifies as a counteroffer. The original offer is extinguished and the counteroffer is sent to the offeror. Correct option
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