### What does acceptance indicate in a real estate transaction? - [x] A seller's written statement that approves a buyer's offer - [ ] The buyer's initial offer on a property - [ ] An appraisal of the property's value - [ ] A negotiation process between the buyer and seller > **Explanation:** Acceptance signifies that the seller has agreed to the terms and price proposed by the buyer in their offer. This written confirmation ensures the property will be transferred under the agreed conditions, barring any unforeseen contingencies or contract clauses. ### If you make an offer of $200,000 on a condo and receive acceptance from the seller, what does that mean? - [x] The seller has approved your offer - [ ] The sale is completed and finalized - [ ] You must now renegotiate the terms - [ ] The property has been appraised at $200,000 > **Explanation:** Acceptance in this context means the seller has approved your offer of $200,000, and the next steps typically involve finalizing any remaining contract details, securing financing, and closing the deal. It does not mean the sale is complete; it indicates mutual agreement on the main terms of the sale. ### What would happen if other buyers are interested in the same property, but you receive an acceptance letter from the seller for your offer? - [x] The seller is obligated to honor the terms specified in the acceptance - [ ] The seller can still entertain better offers from other buyers - [ ] The property must go through an auction - [ ] You need to increase your offer to beat the competition > **Explanation:** Once the seller provides an acceptance letter, they are generally committed to selling the property under the terms of the accepted offer, assuming all contractual conditions are met. This legal commitment ensures no backtracking in favor of other offers. ### Why is acting quickly important in the scenario described above? - [x] To secure the property before other interested buyers - [ ] To avoid potential increases in mortgage rates - [ ] To ensure the property's value doesn't decrease - [ ] To get a discount on home insurance > **Explanation:** Acting quickly is crucial to secure the property before it can be sold to other interested buyers. Timeliness helps in locking in the seller's commitment to your offer as there may be competition for desirable properties. ### What could happen if the seller does not provide an acceptance letter after you make an offer? - [x] The property remains open to other potential buyers - [ ] You automatically get the property at the offered price - [ ] The contract moves to the next stage without mutual agreement - [ ] The buyer gets a refund of any initial deposits made > **Explanation:** Without an acceptance letter, the agreement isn't legally binding, and the seller is free to consider other offers. Mutual acceptance is necessary to move to further stages in property transactions.