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PROMULGATED CONTRACT FORM PRACTICE EXAM
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PROMULGATED CONTRACT FORM PRACTICE EXAM
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PROMULGATED CONTRACT FORM PRACTICE EXAMIf a buyer decides to terminate a contract, the seller must agree to the termination.
A) True
B) False - Answers-B) False
Which of the following, with written, consent, may act as an Intermediary?
A) The Broker representing the seller and buyer
B) The Broker cooperating with the listing broker
C) The salesman working with the seller and buyer
D) The salesman sponsored by a broker representing the seller - Answers-A) The
Broker representing the seller and buyer
An agent would use the same contract for new construction no matter if it was
completed or incomplete.
A) True
B) False - Answers-FALSE
Regarding mediation - the Buyer and Seller are obligated under the terms of the
Residential contract to abide by the ruling of the mediator.
A) True
B) False - Answers-B) False
A bilateral contract is:
A) A promise in exchange for a promise
B) A promise made only by the agent
C) A promise made only by the seller
D) No promise - Answers-A) A promise in exchange for a promise
The option paragraph of the contract creates an executed contract.
A) True
B) False - Answers-B) False
A unilateral contract only binds one party to perform.
A) True
B) False - Answers-A) True
It is required by law that a seller disclosure any information they have regarding their
property. They may use any form or notice that they wish.
, A) True
B) False - Answers-A) True
The Non-Realty Items addendum form for transfer of personal property can include the
following EXCEPT
A) An agreed dollar amount between buyer and seller for the conveyance
B) A place to list the personal property to be conveyed
C) A representation by Seller that the items are owned free and clear of encumbrances
D) A warranty and guarantee from the seller that the items are in working condition -
Answers-D) A warranty and guarantee from the seller that the items are in working
condition
The Buyer/Tenant Representation Agreement must always be signed by the agent's
sponsoring broker.
A) True
B) False - Answers-B) False
An agent must provide the Information About Brokerage Services (IBS) notice at the
time of the first substantive dialogue with the party to the transaction for all of the
following EXCEPT:
A) selling or leasing a commercial property
B) Functioning as a tenant representative
C) Leasing a residential property for a term of two years
D) Leasing a residential property for a term of six months - Answer given - Answers-D)
Leasing a residential property for a term of six months
If a Buyer checks item 7D(2) under Property Condition, the buyer can only ask for
specific repairs, and cannot use general terms such as "subject to inspection".
A) True - Correct answer
B) False - Answer given - Answers-A) True
A Condominium Contract can include a description of the parking assigned to the Unit.
A) True - Correct answer
B) False - Answer given - Answers-A) True
A survey is required on all Condominium Contracts.
A) True
B) False - Answers-B) False
Once a contract goes to closing and is funded to the Seller, the Seller has no further
liability for any representations the Seller may have made prior to the closing.
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