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Humber Real Estate - Course 2, Module 15, Introducing a Residential Agreement of Purchase and Sale UPDATED Questions and CORRECT Answers$10.99
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Humber Real Estate - Course 2, Module 15, Introducing a Residential Agreement of Purchase and Sale UPDATED Questions and CORRECT Answers
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Course
Humber Real Estate
Institution
Humber Real Estate
Humber Real Estate - Course 2, Module 15,
Introducing a Residential Agreement of
Purchase and Sale UPDATED Questions
and CORRECT Answers
When an offer is drafted, not signed. - Correct Answer- What is considered the 'Offer Date'?
No. Even if terms are changed on a following day and the offe...
Humber Real Estate - Course 2, Module 15,
Introducing a Residential Agreement of
Purchase and Sale UPDATED Questions
and CORRECT Answers
When an offer is drafted, not signed. - Correct 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. - Correct 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. - Correct Answer- What are the minimum
requirements of using a legal name for a seller or buyer when drafting an offer?
From the listing information. - Correct Answer- When drafting an offer, where can the
seller(s) full legal name(s) be obtained?
TItle - Correct Answer- To confirm joint ownership of a property, both names must appear on
the ________.
Seller - Correct 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. - Correct 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" - Correct 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 - Correct
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 - Correct Answer-
What's the difference between a general partnership and a limited partnership?
An estate trustee - Correct Answer- Who is the only person with legal authority to manage or
distribute an estate, and who would be named in the deceased's will?
Ask for a notarized copy of probate documents to ensure all the trustees have signed and have
the power the sell under the will. - Correct Answer- How can you verify that an individual
has the authority to act as an estate trustee?
True, but the title cannot be transferred until probate has been obtained. - Correct Answer-
True or false? An estate trustee can list a property for sale prior to obtaining probate?
A legal document giving authority for someone to act on behalf of another person. - Correct
Answer- What is a Power of Attorney (POA)?
- Obtain an original copy of the Power of Attorney (POA) or a notarized copy of it.
- You must also verify that the POA is legally valid, gives the attorney the authority to sign
that particular type of agreement and that the POA is still in full force and effect (e.g. hasn't
been revoked by the Donor or has not expired if it had an expiry date). - Correct Answer-
How can you verify someone's Power of Attorney (POA)?
, Valid - Correct Answer- When the person represented by a Power of Attorney dies, the POA
is no longer _________.
To remain anonymous or to incorporate a company. - Correct Answer- Why might a buyer
use a trustee to make an offer?
- Address
- Side of the road the property is fronting on
- Municipality, city, township, region
- Lot size
- Legal description including any easements - Correct Answer- To ensure a complete
description for each property is identified, what information would be included in an
agreement of purchase and sale?
Put yourself facing the front of the house. The direction you are facing is the side of the road
the property is fronting on. - Correct Answer- How can you determine the direction a house is
fronting on?
Upper tier - Correct Answer- When filling out an agreement of purchase and sale, if a
property is listed in the lower tier, you should also include the _______ _____.
A deed or survey.
Note: Secondary documents include the property tax statement or property assessment notice.
- Correct Answer- When looking for a source document to confirm the legal description of a
property, what is considered a primary document?
In the legal description. - Correct Answer- In an agreement of purchase and sale, where
would an easement be described?
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