Real Estate Quiz!

The Answers!!

What is the default number of days for an AS IS Contract?

Answer: 15 Days

2. If the buyer cancels within the AS IS effective date, how much money is owed?

Answer: NONE

3. During the inspection period, for an AS IS contract, the Buyer can cancel the contract for any reason at their sole discretion. True or False?

Answer: True

4. The Seller is allowed to cancel an AS IS contract within the default time period after it has been executed. True or False?

Answer: False

5. What section is TIME under in an As IS contract *

Answer: Section F

6. The following time periods cannot end on a Saturday, Sunday or Holiday: Escrow Deposit(s), Inspection Period, Loan Commitment and Closing. True or False?

Answer: True

7. Any changes made to a contract must be initialed by both Buyer and Seller. True or False?

Answer: True

8. Can your agent sign for you if you ask them?

Answer: No

9. Is a Seller legally required to fill out a Seller’s Disclosure in Florida?

Answer: No

10. If a property is homesteaded by only ones spouse, do both spouses need to sign on listing agreements and contracts?

Answer: Yes

Jeff Lichtenstein, originally from Chicago, got his start in the home furnishings textile business where he traveled over 35 weeks a year selling fabrics. After the family business was sold, Jeff moved to Florida and became a real estate agent. Today he is the owner and broker of Echo Fine Properties, a luxury residential brokerage voted best brokerage of the year. Jeff manages a non-traditional model of real estate that mimics a traditional business model. Echo has 80 agents, an average of one million dollars per transaction and over 500 million in annual sales. Between traveling for work and annual family trips to national parks with his wife and 2 now adult children, Jeff has visited 49 states. He is also one of the few Chicago White Sox fans you’ll ever meet. Some publications he has been quoted in.

Feel free to ask him a question directly at [email protected] including a complementary valuation of your home.