Humber Real Estate - Course 2, Module 15, Introducing a Residential Agreement of Purchase and Sale exam Questions and Correct Answers 2024

Humber Real Estate - Course 2, Module 15, Introducing a Residential Agreement of Purchase and Sale exam Questions and Correct Answers 2024 When an offer is drafted, not signed. - Answer -What is considered the 'Offer Date'? No. Even if terms are changed on a following day and the offer is re-submitted, the offer date remains the same. - Answer -Does the date of an offer change? Use the full legal names, and if the individual has one or more middle names, at a minimum identify the initial(s). Tip: Whenever possible, use the full middle name(s) as this helps distinguish the seller or buyer who has a common first and last name. - Answer -What are the minimum requirements of using a legal name for a seller or buyer when drafting an offer? From the listing information. - Answer -When drafting an offer, where can the seller(s) full legal name(s) be obtained? TItle - Answer -To confirm joint ownership of a property, both names must appear on the ________. Seller - Answer -If only one spouse is on the title, but the property is considered a matrimonial home, the spouse on title is identified as a _________ and that spouse signs the agreement of purchase and sale as a seller. The non-titled spouse is asked to provide their consent. Use the full legal name to identify the corporation and ensure the appropriate officer(s) are identified, and the corporate seal is used with their signature. - Answer -What are the requirements of signing agreements when a corporation is a seller or buyer? "I/we have the authority to bind the corporation" - Answer -If a corporation does not have seal to stamp an agreement with, individuals signing can write what phrase on the signature lines on the agreement? - Use the partnership name - Confirm who the partners are, and who has the authority to bind the partnership - Answer -When preparing an agreement of purchase and sale for a partnership, you should take what steps?- In a general partnership, one partner can sign the agreement which binds the partnership - In a limited partnership, a limited partner may not have this authority - Answer -What's the difference between a general partnership and a limited partnership? An estate trustee - Answer -Who is the only person with legal auth