7. Real Estate Purchase Agreement

What is the purpose of Form 150?

• To apply for a mortgage loan

• To offer to purchase one-to-four unit residential property

• To lease a commercial property

• To file a complaint about a real estate agent

Which of the following is NOT included in the Seller's disclosures mentioned in section 12.6?

• Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants

• Protect Your Family from Lead in Your Home

• The Homeowner's Guide to Earthquake Safety

• The Seller's Guide to Mold Prevention

Who is responsible for paying the brokerage fee if the change of ownership is prevented wrongfully?

• The Buyer

• The Seller

• The party at fault

• The real estate agents involved

What is the Buyer's obligation regarding smoke detectors and water heater bracing according to section 12.12?

• To install them after closing

• To ensure they are in place before closing

• To inspect them during the final walk-through

• There is no obligation mentioned

If the property contains a solar collector, what must the Seller provide to the Buyer upon acceptance?

• A warranty for the solar equipment

• Copies of notices sent or received regarding the solar collector

• A discount on the purchase price

• An option to remove the solar collector

What is the Buyer's right after receiving the Seller's Neighborhood Security Disclosure?

• To request a neighborhood watch program

• To terminate the agreement based on the disclosure

• To install a security system at the Seller's expense

• To renegotiate the purchase price

What action can the Buyer take if the Seller fails to repair, replace, or correct noticed defects under §11.2b or §11.4a?

• Sue the Seller for damages

• Reduce the purchase price by the cost to repair

• Immediately take possession of the property

• Request an extension of the closing date

What is the Buyer's responsibility regarding the supplemental property tax bill?

• To ensure it is paid through an impound account

• To pay it directly to the Tax Collector

• To forward it to the Seller for payment

• To dispute the bill with the local Tax Collector's Office

What does the Seller's Natural Hazard Disclosure Statement (NHD) allow the Buyer to do within ten days of receipt?

• Request a reduction in the purchase price

• Terminate the agreement based on disclosed hazards

• Request a second property inspection

• Assume the seller's mortgage

When must the initial property inspection be conducted according to section 12.4a?

• Within five days before closing

• On acceptance to confirm the property's condition

• Ten days after acceptance

• After closing