Purchase Agreements

Question 1

Upon written request of a buyer or seller a licensee may select, prepare, and complete form documents for the use in residential real estate transactions of….

Answer 1

4 units or less

Question 2

Any and all written offers to purchase received by the broker should be….

Answer 2

Immediately presented to the owner for acceptance or rejection

Question 3

What should not be in a purchase agreement?

Answer 3

Commission

Question 4

When should progress reports be given by the broker?

Answer 4

Once an offer to buy has been accepted, and whenever there is a change or update

Question 5

Is it legal for the licensee to do dual contracts?

Answer 5

No

Question 6

Property condition disclosure requirement…

Answer 6

Must include sale, exchange, and real estate contract, including rental or lease agreements which include any option to purchase

Question 7

How long does the broker maintain the completed disclosure statement?

Answer 7

5 years

Question 8

Groundwater hazard statement

Answer 8

Must indicate as known or unknown:
Wells
Solid waste
Hazardous waste
Underground storage tanks
Burial sites
Septic system