3.4

Question 0

Conditions should be resolved or satisfied within a ______ time period.

Answer 0

reasonable

Question 1

True or False:
If the contingency has been resolved to the controlling party’s satisfaction, the purchase agreement would remain in force without confirmation.

Answer 1

True

Question 2

Contingency clauses should be written to automatically become _______ if the contingency is satisfied.

Answer 2

void

Question 3

A lack of clarity in a purchase agreement can become troublesome if there’s a ______ in the transaction.

Answer 3

problem or disagreement

Question 4

As a listing agent, you should advise your sellers to handle a poorly written clause from a buyer’s agent by countering it with _______ language.

Answer 4

appropriate

Question 5

________ parties cannot be arbitrarily introduced into purchase agreements.

Answer 5

Third

Question 6

True or False:
Only the buyer should have the power of accepting or rejecting aspects of the transactions, of canceling the agreement, or removing a contingency.

Answer 6

False

Question 7

Every contract condition or contingency must be ________.

Answer 7

resolved or satisfied

Question 8

If he contingency has been resolved to the controlling party’s satisfaction, the purchase agreement would remain ________ without needing written confirmation.

Answer 8

in force

Question 9

Contingency clauses should generally become ______ void if the contingency is satisfied.

Answer 9

automatically

Question 10

True/False:

Conditions should always be resolved or satisfied within 30 days.

Answer 10

False

Question 11

If the contingency has been resolved to the controlling party’s satisfaction, the _______ should remain in force without need of written contingency removal.

Answer 11

purchase agreement