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PROMULGATED CONTRACT FORMS QUIZ ANSWERS
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PROMULGATED CONTRACT FORMS QUIZ ANSWERS
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PROMULGATED CONTRACT FORMS QUIZ ANSWERSQUIZ 1:
All oral negotiations are______ - Answers-(A) voluntary
The ______ assumes primarily liability for performance under the contract - Answers-(A)
assignee
Mutual consent is completed by the process of ______ - Answers-(B) offer and
acceptance
Which of the following is the buyers primary obligation toward the performance of a real
estate contract? - Answers-(C) be ready to pay the agreed-upon price
Which of the following contracts is NOT assignable? - Answers-(C) contracts for
personal services
SCENARIO 1:
Which of the following courses of action are not available to the seller? - Answers-(D) if
guy can not obtain financing and still wants to purchase the property, the seller has to
accept the 80% down payment
WhT could happen if— a couple of days after the contract was executed— the title
company had pointed out that Guy is 17 1/2 years of age? - Answers-(C) guy could
chose to void the contract
If guy quickly secured financing and learns he can buy a $180,000 property without the
inheritance, which of the following is TRUE about renegotiating the sales contract? -
Answers-(C) the seller is under no obligation to renegotiate the sales price and may still
seek remedy against guy if he doesn't complete the sale
QUIZ 2:
Sales agent Nate receives for offers on seller Tim's property in the order in which they
were received. After presenting the offers to Tim, Nate sees that a fifth offer was faxed
over. What should Nate do? - Answers-(D) present the fifth offer to Tim
When a seller agrees to pay for a home warranty as a condition of a sale, the seller has
made a(n)_____ - Answers-(C) concession
Notification is also referred to as_____ - Answers-(B) communication
Imputed Notice: - Answers-(B) under this concept, an offer is presumed to have been
delivered to the principal when it is delivered to the agent
QUIZ 3:
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