Phil Dunphy, a real estate agent, is considering whether he should list an unusual $516,464 house for sale. If he lists it, he will need to spend $3,787 in advertising, staging, and fresh cookies. The current owner has given Phil 6 months to sell the house. If he sells it, he will receive a commission of $21,213. If he is unable to sell, the house, he will lose the listing and his expenses. Phil estimates the probability of selling this house in 6 months to be 28%. What is the expected profit on this listing?
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- Phil Dunphy, a real estate agent, is considering whether he should list an unusual $393,668 house for sale. If he lists it, he will need to spend $4,295 in advertising, staging, and fresh cookies. The current owner has given Phil 6 months to sell the house. If he sells it, he will receive a commission of $16,068. If he is unable to sell the house, he will lose the listing and his expenses. Phil estimates the probability of selling this house in 6 months to be 25%. What is the expected profit on this listing? Your Answer:Charles wants to renovate the bathroom and kitchen in his home, and he hires Veronica to do this work. They enter into a contract after agreeing to a cost of $40,000. However, once Veronica starts work, she realizes that it will cost $15,000 extra to complete the work that she promised. To show good faith to Charles, Veronica tells him that she will split the added cost with Charles and asks Charles for an additional $7,500. Charles refuses to pay the additional $7,500, and Veronica threatens to stop work on the renovation. After fearing that another contractor will probably charge much more, Charles calls Veronica and tells her he’ll pay the additional $7,500. After the renovations are completed, Charles refuses to pay the additional $7,500, despite agreeing to it. Veronica sues Charles. Who wins? Please explain.I hire Susan to sell my house. I tell her that I'm hoping to get $200,000 for the house. She tells me she needs $2,000 to make repairs on the house before it is listed for sale. I give her the $2,000. She takes my money but never makes the repairs. The house sells for $220,000. If Susan is ordered to pay restitution, she will have to pay $ 2000
- The Petersik family is considering purchasing a second home to use for short term rentals near the beach. If it purchases the house, they will place a down payment of $64,000 on the house. They estimate they will get an annual net rental profit of $8,500 after their mortgage and expenses are paid. After 18 years, they plan to pass the rental home along to their children, so assume the home has negligible salvage value. What would be the ERŘ if the Petersik family decides to invest in a rental home, assuming they keep the home for 18 years? Assume their MARR is 13%. Should the Petersik family invest in the rental home?Mike offers to sell his car to Ricardo for $450. Ricardo accepts Mike's offer. Three days after accepting the offer, Ricardo calls Mike and says that he no longer has the money and cannot buy the car. Mike then enters into a valld contract to sell the car to Jim for $15.000. Once Ricardo hears about the contract. he calls Mike and says that he changed his mind and will buy the car of $450. Mike refuses to sell him the car. Is there a valid contract between Mike and Ricardo? OA No. The contract was discharged by Ricardo's breach. B. Yes. Ricardo's attempt to renegotiate does not affect the original contract. C. Yes. Mike agreed to sell his car and Ricardo accepted. D. No. Ricardo's counter-offer was never accepted.On September 1, 2021, Jennifer Wells moves from London to Oakville at the request of her employer. Prior to this date, she spent $875 on a house hunting trip to Oakville. However, she was not successful and, given this, she has signed a one-year lease for an apartment at her new location. The legal fees and real estate commissions associated with the sale of her London house were $8,500. The actual costs of the move, including amounts paid to a moving company, totaled $15,230. Her employer agreed to pay $8,000 of her moving costs. Ms. Well's salary for 2021 was $45,000. Determine Ms. Well's maximum moving expense deduction for 2021, as well as any carry forward that is available. Payment From Employer House Hunting Trip Balance Cost Of Selling London House Moving Costs Available Deduction Income At New Location Carry Forward
- Joy, a sole proprietor involved in AirBnB, needs to sell almost all of his apartments. The selling prices were originally 500,000 on average. Because of circumstances, she had to quickly sell these at 350,000 on average less a 10% commission payable to whoever referred the buyers to her. What is the depreciated replacement value?Mysty offered to sell her car to Tim for $15 000. Tim faxed a letter to her that said, "Consider it sold. I'll bring the money to you next Monday when I pick up the vehicle. Of course, for that price, I'll want you to install a new stereo in it." Tim did not hear anything more from Mysty, but he arrived at her door the following Monday with $15 000 in cash. He was delighted to find that a new stereo had been installed in the car, but disappointed when Mysty refused to accept his money or hand over the vehicle.Mysty is required to do so because there was a valid offer and acceptance. – Is this true or false?Very briefly, explain why this is true/falseMary had a contract with Brick, whereby Brick will paint her Home for $2,000 TT. Brick regrettably got another job for a larger amount of money and told Mary that he cannot paint her house anymore. Mary is furious and has contacted her lawyer to sue Brick for breach of contract. Jeb contacted Mary soon thereafter and agreed to paint her house for $2,500 TT. Mary is however concerned that if she sues Brick, she may not be able to get any recourse via damages because she has not lost anything. Based on the rules of governing the payment of damages in the event of a breach of contract. Using IRAC please advise Mary on what she has to establish to be paid damages, clearly identifying each rule.
- Ricky signed a contract to sell his slightly-used Suzuki Vitara Golf for $15,000 to an old friend Boris, after the latter threatened to tell Ricky's wife that Ricky is a discharged bankrupt. The vehicle still has a market value of $24,000. Boris told Ricky that if he didn’t sell his car to him, he will could always organise some of his former associates, who are all convicted felons, to visit Ricky and force him to do so. Advise Ricky on whether he has any remedies to have the contract declared void and get his car backTom accepted a written offer from Jill to build a house for Jill. Tom agreed to a price of $800,000. Two months into the construction, Tom realizes that he will barely make a profit on the deal. Tom informs Jill that he will not continue building her house unless Jill agrees to pay Tom an additional $200,000. Jill and Tom agree in writing that Jill will pay Tom an additional $200,000 to complete construction of the house. After Tom completes the construction of the house, Jill refuses to pay Tom the additional $200,000. Tom sues Jill alleging breach of contract with regard to the additional $200,000. Based on the facts stated in this questiona. None of the answers are correctb. Tom will win as long as he is not a minorc. Tom will lose because there was no contract for this $200,000.d. Jill will lose because there was a contract for this $200,000Rebecca is moving away from New York City for her new job, so she must buy a car rather than rely on public transit. The new car she is considering will cost $ 18,000 to buy, $ 1,500 per year to insure, and $ 500 per year for maintenance after the 3-year warranty expires. She would keep the car for 7 years when it will have a salvage value of $ 7,000. She has found a 2-year-old car that is the same model for $ 13,000. The 3-year warranty is transferrable, so the annual maintenance cost of $500 starts in year 2. Because the car is less valuable, insurance is $300 per year less than for the new car. After 5 years, the vehicle will be 7 years old and will have the same salvage value of $ 7,000.Rebecca is ignoring costs for fuel, oil, tires and registration, because the two vehicles will have the same costs. If her interest rate is 9%, how much cheaper is the used car (difference of EAC of two vehicles)