Promulgated Contract form Practice exam Graded A

Promulgated Contract form Practice exam Graded A If a buyer decides to terminate a contract, the seller must agree to the termination. A) True B) False B) False 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 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 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 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 A) A promise in exchange for a promise The option paragraph of the contract creates an executed contract. A) True B) False B) False A unilateral contract only binds one party to perform. A) True B) False 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 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 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. A) True B) False B) False A survey is required on all Condominium Contracts. A) True B) False