Chapter 6 - The Purchase Agreement Flashcards
a contract provision that requires a specific action to take place for the contract to be considered enforceable is
a contingency clause
in California, it’s customary to have a title insurance company
conduct a title search, issue a policy of title insurance, and prepare a preliminary report
the most commonly used real estate purchase contract in California is
the California residential purchase and agreement and Joint escrow instructions; published by the California Association of Realtors
if there is a contradiction between the written or typed word in the printed words in a purchase contract, the words given less importance are the
printed words
in a purchase contract, which of the following is usually considered a financing contingency
- obtaining a deposit
- obtaining closing costs
- obtaining the down payment
- none of the above
none of the above
unless instructed otherwise in writing, deposit funds received must be disposed of within
three business days after acceptance
earnest money deposit funds can be delivered to
the escrow holder, the trust account, or the seller
paying for wood destroying pest termite inspection
is negotiable
after the sale, a tenant with a valid lease
May remain in possession after the sale
if the residential property was constructed before 1978, the seller must provide the buyer with a
lead-based paint notice
which of the following is considered a natural Hazard Zone
special flood Hazard area, potential flooding area, very high Hazard Zone
statute requires the seller to inform the buyer that information is available regarding the location of registered
sex offenders
the transfer disclosure statement in the natural Hazard disclosure forms are considered
- both a and b
- warranties
- none of the above
- part of the contract
none of the above
after an inspection of the property, preferable by a professional, the buyer may
request the seller to make repairs, and/or cancel the purchase agreement
as an agent, when a buyer asks you how he or she should take title, you
should never advise how to take title
