### What does a counteroffer typically involve during the negotiation phase of buying a home? - [x] Changes to the original proposed terms by the buyer or seller - [ ] A completely new property listing - [ ] Only changes related to the closing date - [ ] Immediate acceptance by the other party > **Explanation:** A counteroffer is a response to a prior offer made on a home for sale. It typically involves changes to the original proposed terms by either the buyer or the seller. These changes can include adjustments to the selling price, closing costs, or any other terms initially proposed in the offer. ### Who can submit a counteroffer during the home-buying process? - [ ] Only the seller - [ ] Only the buyer - [x] Either the buyer or the seller - [ ] Only real estate agents > **Explanation:** Both the buyer and the seller have the opportunity to submit a counteroffer after receiving an offer. The negotiation process involves both parties making offers and counteroffers until they reach an agreement that is acceptable to both. ### What can be included in a seller's counteroffer besides changes to the selling price? - [ ] Agreeing on the selling price and refusing any new terms - [x] Asking the buyer to pay their own closing costs - [ ] Only reducing the selling price further - [ ] Adding a property inspection clause for the seller's benefit > **Explanation:** A seller's counteroffer may include other terms such as asking the buyer to pay their own closing costs, while keeping the selling price the same as the previous offer. The counteroffer can involve any terms agreed upon by both parties, not necessarily involving only the selling price. ### When does the negotiation end in the counteroffer process? - [ ] When the seller makes a final offer - [ ] When the buyer refuses any counteroffer - [x] When the final counteroffer is agreeable and both parties accept - [ ] When the first offer is submitted > **Explanation:** The negotiation process ends when the final counteroffer is agreeable and both parties accept the terms. This final acceptance effectively seals the deal between the buyer and the seller. ### How can a buyer respond to a seller's counteroffer? - [ ] By only accepting or rejecting it - [x] By accepting, rejecting, or making another counteroffer - [ ] By submitting a new property listing - [ ] By paying a counteroffer fee > **Explanation:** A buyer can respond to a seller's counteroffer by accepting it, rejecting it, or making another counteroffer. The negotiation continues until both parties reach mutually agreeable terms or decide not to proceed with the transaction. ### What is a key characteristic of offers and counteroffers in real estate negotiations? - [x] They are typical in the negotiation phase of buying a home - [ ] They must always decrease the selling price - [ ] They are only utilized in commercial real estate - [ ] They require approval from a third-party arbitrator > **Explanation:** Offers and counteroffers are typical in the negotiation phase of buying a home. Both parties negotiate terms until they reach a deal that is agreeable to both, without necessarily involving third-party arbitrators or only focusing on selling price adjustments.