PROMULGATED CONTRACTS EXAM SCRIPT
COMPREHENSIVE STUDY GUIDE
●● Which of the following, with written, consent, may act as an
Intermediary?
A) The Broker representing the seller and buyer
B) The Broker cooperating with the listing broker
C) The salesman working with the seller and buyer
D) The salesman sponsored by a broker representing the seller
Answer: A) The Broker representing the seller and buyer
●● An agent would use the same contract for new construction no matter
if it was completed or incomplete.
A) True
B) False
Answer: FALSE
●● Regarding mediation - the Buyer and Seller are obligated under the
terms of the Residential contract to abide by the ruling of the mediator.
A) True
B) False
,Answer: B) False
●● A bilateral contract is:
A) A promise in exchange for a promise
B) A promise made only by the agent
C) A promise made only by the seller
D) No promise
Answer: A) A promise in exchange for a promise
●● The option paragraph of the contract creates an executed contract.
A) True
B) False
Answer: B) False
●● A unilateral contract only binds one party to perform.
A) True
B) False
Answer: A) True
, ●● It is required by law that a seller disclosure any information they
have regarding their property. They may use any form or notice that they
wish.
A) True
B) False
Answer: A) True
●● The Non-Realty Items addendum form for transfer of personal
property can include the following EXCEPT
A) An agreed dollar amount between buyer and seller for the
conveyance
B) A place to list the personal property to be conveyed
C) A representation by Seller that the items are owned free and clear of
encumbrances
D) A warranty and guarantee from the seller that the items are in
working condition
Answer: D) A warranty and guarantee from the seller that the items are
in working condition
●● The Buyer/Tenant Representation Agreement must always be signed
by the agent's sponsoring broker.
COMPREHENSIVE STUDY GUIDE
●● Which of the following, with written, consent, may act as an
Intermediary?
A) The Broker representing the seller and buyer
B) The Broker cooperating with the listing broker
C) The salesman working with the seller and buyer
D) The salesman sponsored by a broker representing the seller
Answer: A) The Broker representing the seller and buyer
●● An agent would use the same contract for new construction no matter
if it was completed or incomplete.
A) True
B) False
Answer: FALSE
●● Regarding mediation - the Buyer and Seller are obligated under the
terms of the Residential contract to abide by the ruling of the mediator.
A) True
B) False
,Answer: B) False
●● A bilateral contract is:
A) A promise in exchange for a promise
B) A promise made only by the agent
C) A promise made only by the seller
D) No promise
Answer: A) A promise in exchange for a promise
●● The option paragraph of the contract creates an executed contract.
A) True
B) False
Answer: B) False
●● A unilateral contract only binds one party to perform.
A) True
B) False
Answer: A) True
, ●● It is required by law that a seller disclosure any information they
have regarding their property. They may use any form or notice that they
wish.
A) True
B) False
Answer: A) True
●● The Non-Realty Items addendum form for transfer of personal
property can include the following EXCEPT
A) An agreed dollar amount between buyer and seller for the
conveyance
B) A place to list the personal property to be conveyed
C) A representation by Seller that the items are owned free and clear of
encumbrances
D) A warranty and guarantee from the seller that the items are in
working condition
Answer: D) A warranty and guarantee from the seller that the items are
in working condition
●● The Buyer/Tenant Representation Agreement must always be signed
by the agent's sponsoring broker.
