Section 4 B

The amount agreed-upon as a full damages in the event a contract is breach is known as

• Liquidated damages

• Judgment damages

• Positive damages

• Nominal damages

In connection with a purchase agreement, the decision of whether to accept earnest money, forfeiture, let the buyer withdrawal, or sue for specific performance, or damages is made by

• Seller

• Buyer

• Broker

• Escrow

And this girl wants establishes subject to recession by

• The broker

• Only the seller

• Only the buyer

• An agreement between the buyer and seller

A mortgage contingency clause is in agreement of sale will include all of the following items except the

• Amount of the mortgage

• Name of the lending institution

• Maximum interest rate

• Commitment date

An agent list a home during the summer months. The seller wants the agent that a new heating system was installed five years ago. What should the agent say to the prospective buyer?

• The heat system is fine

• The owner says the heating system is working order

• There shouldn’t be any problems because the system is only five years old

• If you are concerned, you should have it inspected

What type of clause in the contract would protect the buyer and/or sellers agent from being sued?

• Indemnification clause

• Contingency clause

• Due diligence clause

• Liquidated, damages clause

A provision in contract to purchase, which specifies that sell depends on whether or not the buyer can obtain financing is a

• Right of first refusal

• Contingency clause

• Option

• Hold, harmless clause

A property that was previously used as a gas station is for sale and priced way below market value. If a buyer is interested in purchasing the property, the listing agent should.

• Tell the wire that the gas stations are making a comeback in the area

• inform the buyer about the properties provision use

• Suggest that the buyer offer an amount lower than listed price

• Provide comps in area to show what a great value the property is

An older home is put up for sale, and owner doesn’t want to tell the listing agent about the poor electrical wiring when a prospective buyer comes in, view the home and ask about the electric wiring. The agent states that it is “good working condition“ the agent.

• Has made a considerable misrepresentation

• has not done anything because they didn’t not know about the problem

• Cannot be held liable for any repairs because they were unaware of the problem

• He has made a puffing statement

which of the following would not be indicated a wood infestation report?

• Visible evidence of termites

• dry rot, and some of the wood

• Termite infestation, known to be at neighbors house

• Cellulose debris