Humber Real Estate - Course 2, Module 14, The Offer Process and Regulatory Obligations UPDATED Questions and CORRECT Answers
6 views 0 purchase
Module
Humber Real Estate
Institution
Humber Real Estate
Humber Real Estate - Course 2, Module 14,
The Offer Process and Regulatory
Obligations UPDATED Questions and
CORRECT Answers
No, but there is certain information relating to the rights and obligations of the parties that
must be included. - Correct Answer- Is there a standard form used for...
Humber Real Estate - Course 2, Module 14,
The Offer Process and Regulatory
Obligations UPDATED Questions and
CORRECT Answers
No, but there is certain information relating to the rights and obligations of the parties that
must be included. - Correct Answer- Is there a standard form used for the Agreement of
Purchase and Sale?
- The buyer is required to search the title at their own expense and make any objections
within 30 days of when the agreement is made.
- The seller has 30 days to remove any objection. If the seller is not able or is unwilling to
remove any objection that the buyer does not agree to accept, the agreement can be
terminated and the buyer's deposit is returned.
- All adjustments made to the purchase price (e.g. property taxes, rents & interest) are
adjusted as of the date of closing with the day of closing apportioned to the buyer.
- The deed is prepared by the seller and registered at the expense of the buyer. - Correct
Answer- What information relating to the rights and obligations of the parties must be
included in an Agreement of Purchase and Sale?
An offer - Correct Answer- During negotiations, the agreement of purchase and sale form is
referred to as what?
An accepted, conditional offer - Correct Answer- When the offer accepted, but is conditional
upon an event (such as the buyer obtaining financing), the offer is referred to as what?
An agreement - Correct Answer- When the offer is a legal, binding contract, it's called what?
- Full legal names of the sellers and buyers
, - Municipal address and complete legal description
- Purchase price (in words and numbers)
- Deposit amount (in words and numbers)
- Who the deposit holder it (typically the seller's brokerage)
- When the deposit will be provided (typically with the offer, upon acceptance of the offer, or
otherwise described) - Correct Answer- What information about the seller, buyer and property
are included in the agreement of purchase and sale?
No, but it's considered a show of good faith to the seller that the buyer is committed to
completing the transaction. - Correct Answer- Is a deposit required to have a binding
agreement of purchase and sale?
- The offer price, deposit and amount due upon completion
- Terms, conditions or other clauses required to address the needs or concerns of the buyer
- Irrevocable date
- Completion date (aka Closing)
- Title search date (aka Requisition Date)
- Chattels and fixtures
- Conditions & applicable dates - Correct Answer- What are the key components of an
Agreement of Purchase and Sale?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.55. You're not tied to anything after your purchase.
