Agency
Vermont's 'seller's concession' is when the seller agrees to:
AReduce the commission paid to the broker
BPay a portion of the buyer's closing costs as part of the transaction✓ Correct
CProvide seller financing without interest
DExtend the closing date without penalty
Explanation
A seller's concession (seller contribution to buyer's closing costs) is when the seller agrees to pay a portion of the buyer's closing costs, effectively reducing the buyer's out-of-pocket expense at closing.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Math Concepts
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