Agency
What does the term 'puffing' mean in a real estate context?
ADeliberately concealing a material defect
BExaggerated promotional statements of opinion that are not considered fraudulent✓ Correct
CInflating an appraisal to secure a larger loan
DAdvertising a property at above-market price
Explanation
Puffing is the use of exaggerated, subjective sales language ('the best neighborhood in town') that no reasonable person would take as a statement of fact. It is not fraud, but agents should avoid misrepresentation.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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