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Humber Real Estate - Course 2, Module 17, Writing Conditions to be Included in an Agreement of Purchase Sale UPDATED Exam Questions and CORRECT Answers$9.99
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Humber Real Estate - Course 2, Module 17, Writing Conditions to be Included in an Agreement of Purchase Sale UPDATED Exam Questions and CORRECT Answers
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Course
Humber Real Estate
Institution
Humber Real Estate
Humber Real Estate - Course 2, Module 17,
Writing Conditions to be Included in an
Agreement of Purchase Sale UPDATED
Exam Questions and CORRECT Answers
Binding agreement - Correct Answer- When an offer doesn't contain any conditions, it's a
_________ _________ once accepted by all parties....
Humber Real Estate - Course 2, Module 17,
Writing Conditions to be Included in an
Agreement of Purchase Sale UPDATED
Exam Questions and CORRECT Answers
Binding agreement - Correct Answer- When an offer doesn't contain any conditions, it's a
_________ _________ once accepted by all parties.
- Condition precedent
- Condition subsequent - Correct Answer- What methods can be used to draft conditions?
A true condition precedent. - Correct Answer- If a party is not permitted to waive a condition
and is required to fulfill the condition, what is this called?
A condition in an agreement calling for an event to happen, or an act to be performed, before
the agreement becomes binding on the parties. - Correct Answer- Describe a 'Condition
Precedent'
A condition referring to a future event that, upon its occurrence, causes the contract to be no
longer binding on the parties.
Termination of the agreement can only be based on the defined circumstances identified in
the condition.
If no notice is provided, the conditions within the agreement are deemed to be waived and
either party can demand the agreement be completed. THEREFORE no waiver provision is
ever included in a condition subsequent clause. - Correct Answer- Describe a 'Condition
Subsequent'
Condition precedent. - Correct Answer- The vast majority of residential conditions are
________ ________.
Step 1. Who is to do it?
, Step 2. Who is to pay for it?
Step 3. What is to be done?
Step 4. Within what time limit? (date & time)
Step 5. What happens in the event it is not done? (No notice is required if the party is not
proceeding)
Step 6. Can it be waived? (Notice to waive the condition must be received by the other party
prior to the time period expiring) - Correct Answer- What are the 6 steps to identify
information required for the condition precedent clause?
Providing notice to the other party that the condition has been fulfilled. - Correct Answer-
After a condition is fulfilled, the final step which has to happen before the time limit is what?
Allows the party for whose protection the condition was included to remove that condition
entirely rather than fulfilling the condition.
This action results in a binding agreement. - Correct Answer- What does inclusion of a
waiver provision in a condition precedent allow for?
Buyer - Correct Answer- Most conditions in a residential transaction are for the benefit of the
__________.
- Obtaining financing
- Having the property inspected
- Confirming insurance can be obtained
- Sale of a buyer's property - Correct Answer- What are some common conditions in a
residential offer?
The review of the condominium documents, such as a status certificate. - Correct Answer-
What type of condition would be associated with a condo?
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