Since the Issues in Many Transactions Are Similar, Brokers Often

question 21

Multiple Choice

Since the issues in many transactions are similar, brokers often use standard preprinted contract forms. Generally, the best standard form contracts are those prepared and approved by which of the following parties?

• A) Office supply firm
• B) Seller
• C) Local Board of Realtors
• D) Web source of generic legal forms

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Definitions:

Goldsmith's Receipts

Goldsmith's Receipts were historically issued by goldsmiths in the form of promissory notes against the gold deposited with them, leading to the development of banking.

NOW Accounts

Interest-earning banking accounts that permit writing checks against the deposited funds.

Interest-Bearing

Pertaining to financial instruments or accounts that generate interest income over time for the holder, such as bonds or savings accounts.

Largest United States Bank

Refers to the biggest bank in the United States by assets or market capitalization, often a title held by major institutions like JPMorgan Chase or Bank of America.