Humber Real Estate - Course 2, Module 14, The Offer Process and Regulatory Obligations UPDATED Questions and CORRECT Answers
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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?
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