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.

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.

Heather is selling her house. She initially bought it for $575000$575000. The real estate agent estimates her house value has gone up 15%15% since she bought it. An offer is made on the house for 10%10% less than the real estate agent's estimate.  Determine the price of the offer. Remember to include the $ sign in your answer.

Ten years ago, Mrs Ong bought a condominium for $1 000 000. Now she intends to sell the condominium to make a profit of 15% on the amount she had paid for.The table below shows the standard commissions of property agents for the sale of condominiums.  Buyer paysSeller paysCommission1%2%Her property agent manages to sell the condominium.Mrs Ong makes a bank transfer based on the percentage given in the table above to pay the commission. Calculate the amount of commission paid by Mrs Ong to her property agent.Answer $………………………………

Mary, a hardworking and industrious lady, lives in and does business in Canada. Due to her industry, she has bought several houses in Lang'ata, Nairobi, three of which she has been leasing to the Kenya Wildlife Services to house their senior managers. John, a young man with great ambitions, has always desired to purchase a house in Lang'ata, but had been unable to do so due to the high prices of property in Lang'ata and his inability to secure financing from banks and other financial institutions. John has learnt of Mary's ownership of the three houses being rented by KWS and has designs to purchase one of them by hook or crook. He sends Mary an email detailing the poor condition of one of the houses due to poor maintenance by the tenants, the KWS. He further states that the said house has been earmarked for demolition by the Kenya Airports Authority (KAA) for being in the flight path and posing a security risk to the planes at Wilson Airport. In the email, John offers to purchase the "condemned" house from Mary at Kshs. 7 million, way below the market price of the house, which was then valued at Kshs. 20 million. Mary questions the low asking price, but John tells her that property prices have considerably fallen in Nairobi due to the security threats posed by the terror group Al-Shabaab. Taking into account all the circumstances as per John's email, Mary agreed to sell the house to John at the proposed price and a Sale Agreement was prepared and signed by both parties, though the transfer documents had not yet been prepared. Mary came back into the country to complete the transactions, but her inspection of the house revealed that it had been perfectly maintained by the KWS and that it was in good condition. She also discovered that the house had not been condemned for demolition as was stated by John; and that the terror threats from Al-Shabaab have in no way led to the reduction in property prices in Nairobi. Based on her findings, Mary refused to sell the property to John and repudiated the Sale Agreement. Five years after Mary's repudiation of the Sale Agreement, John files a suit in court demanding for the specific performance of the Sale Agreement and the transfer of the house to him. John is, however, unwilling to pay the proper market price for the house, which has now appreciated to Kshs. 50 million, insisting on paying the previously agreed price of Kshs. 7 million. You are the judge at the Milimani Law Courts and the matter has been argued in your court. Decide the case, supporting your decision with the relevant principles and case law

In a loan take over transaction, any variation in any of the facts presented by the beneficiary will:Group of answer choicesneither statement is trueboth statements are trueusually require the signatures of approval from buyer and seller.require an immediate call to the broker to clear up discrepancies.Next