Survey

Minnesota Real Estate Investors Association, Inc.

Survey: July 2020 Main Meeting Trivia Game

All winners will be entered into a Drawing for $50 in REIA Bucks.

A few Random people will win a $25 Gift Card to Texas Road House.

Seller Financing is?
Hint: Doesn’t look like there are any bank qualifications involved here.

Does a Contract for Deed Transfer Ownership to the End Buyer

Yes
No
Only after the contract has been paid off
Only if the contract has been recorded

Hint: There’s no waiting for anything involved.

When Buying a Property Subject To (Sub2)…
Hint: It’s ok if you get a Failing grade on this one.

An Option Consideration is?

Deposit to Secure the Option.
Taxable to the seller and deductible to the buyer only if the option expires or is exercised.
Applied to down payment when the option is exercised.
All of the Above

Hint: Consider all the options.

What needs to be in a contract to be assignable?

And/or Assigns (as part of the buyers name)
An Assignability Clause
Nothing at All
All of the Above

Hint: It’s All or nothing!

What does the “Right of First Refusal” mean?

You have the right to purchase a property at the same terms as a seller may have accepted from another party.
You have the right to refuse an offer.
You have the first right to exercise an option.
All of the Above

Hint: You may still be able to purchase the property, even if you don’t have the highest and best offer in the begging, if the seller gives you the right of first refusal.