Promulgated Contract Forms Exam Questions And Answers All Correct

Promulgated Contract Forms Exam Questions And Answers All Correct The "Special Provisions" paragraph (#11) of the Residential Contract is for: - CORRECT ANSWER Inserting factual statements and business details where no addendum is required If a bonus is offered by an owner or an owner's agent, Buyer's broker: - CORRECT ANSWER May retain the additional compensation The biggest majority of lawsuits come from the issue of: - CORRECT ANSWER Non-Disclosure An agent would use the same contract for new construction no matter if it was completed or incomplete. - CORRECT ANSWER False There are no promulgated forms for a lease for temporary occupancy for a buyer prior to closing. - CORRECT ANSWER False If there is no time limit specified in an offer, then the time will expire: - CORRECT ANSWER Within a reasonable time The Buyer/Tenant Representation Agreement must always be signed by the agent's sponsoring broker. - CORRECT ANSWER False In a contract to purchase real property, what is the name of the clause that states that the buyer will NOT be held responsible to complete the purchase if the buyer cannot obtain sufficient financing? - CORRECT ANSWER Contingency Clause An agent is required by law to cover the agency relationships described in the Information About Brokerage Services. - CORRECT ANSWER True A survey is required on all Condominium Contracts. - CORRECT ANSWER False Can there be more than one Intermediary in the same transaction? - CORRECT ANSWER No Federal Fair Housing Laws forbid discrimination based only on race. - CORRECT ANSWER False It is considered illegal for a contract to include any discriminatory provisions. - CORRECT ANSWER True Under Property Condition (Paragraph 7), If a buyer checks item 7D(1) accepting the property in its present condition: - CORRECT ANSWER The buyer takes the property "as is" If a Buyer checks item 7D(2) under Property Condition, the buyer can only ask for specific repairs, and cannot use general terms such as "subject to inspection". - CORRECT ANSWER True In paragraph 2 of the standard residential contract form, which of the following items would NOT be included in the sale unless otherwise provided for? - CORRECT ANSWER A) Mini-blinds B) Stove C) Ceiling fans D) Oriental living-room rug- Answer The "effective date" of the contract is: - CORRECT ANSWER When the last person signs and initials all changes Per paragraph 9 (Closing) what type of deed is called in for a standard residential sale? - CORRECT ANSWER General warranty deed Paragraph 4 (Financing) in the 1-4 Family Residential Contract is also used for cash transactions. - CORRECT ANSWER False