CT Unit 7 Real Estate Contracts Quiz
Latest Update
A seller is required to give a buyer a Property Condition Disclosure Report in all of
the following transactions EXCEPT
a. when the seller is not assisted by a licensed real estate agent.
b. if the seller has not resided on the property in the last year.
c. when the transaction is the sale of commercial property.
d. if the buyer has lived on the property as a tenant. - ANSWER-c. when the
transaction is the sale of commercial property.
The Property Condition Disclosure report must be given in all residential transactions
containing one to four dwellings units, with a few exceptions.
Property Condition Disclosure Reports must be delivered to the buyer
a. prior to the buyer's making a written offer.
b. at the time the buyer makes a written offer.
c. prior to the buyer's signing a purchase and sale contract.
d. at the time of the home inspection. - ANSWER-a. prior to the buyer's making a
written offer.
The law states that the report must be given to buyers before the buyer makes a
written offer
A seller has no knowledge of any plumbing system problems on the property being
sold. In actuality, however, the pipes are seriously corroded and will need to be
replaced soon. In the Property Condition Disclosure Report, when responding to
whether the seller has any knowledge of plumbing system problems, the seller
should respond.
a. yes.
b. no.
c. unknown.
d. by saying that the seller is not required to respond to this question. - ANSWER-b.
no
If a seller does not believe that there is a problem and has no knowledge of a
problem, it is appropriate for the seller to check "no"
All funds received by a broker on behalf of his or her client must be deposited in an
escrow or trust account within three
a. days of receiving the deposit.
b. days of obtaining all signatures.
c. banking days of receiving all signatures.
Latest Update
A seller is required to give a buyer a Property Condition Disclosure Report in all of
the following transactions EXCEPT
a. when the seller is not assisted by a licensed real estate agent.
b. if the seller has not resided on the property in the last year.
c. when the transaction is the sale of commercial property.
d. if the buyer has lived on the property as a tenant. - ANSWER-c. when the
transaction is the sale of commercial property.
The Property Condition Disclosure report must be given in all residential transactions
containing one to four dwellings units, with a few exceptions.
Property Condition Disclosure Reports must be delivered to the buyer
a. prior to the buyer's making a written offer.
b. at the time the buyer makes a written offer.
c. prior to the buyer's signing a purchase and sale contract.
d. at the time of the home inspection. - ANSWER-a. prior to the buyer's making a
written offer.
The law states that the report must be given to buyers before the buyer makes a
written offer
A seller has no knowledge of any plumbing system problems on the property being
sold. In actuality, however, the pipes are seriously corroded and will need to be
replaced soon. In the Property Condition Disclosure Report, when responding to
whether the seller has any knowledge of plumbing system problems, the seller
should respond.
a. yes.
b. no.
c. unknown.
d. by saying that the seller is not required to respond to this question. - ANSWER-b.
no
If a seller does not believe that there is a problem and has no knowledge of a
problem, it is appropriate for the seller to check "no"
All funds received by a broker on behalf of his or her client must be deposited in an
escrow or trust account within three
a. days of receiving the deposit.
b. days of obtaining all signatures.
c. banking days of receiving all signatures.
