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WorksheetsC21GCR Contract Training
Total questions: 10
Worksheet time: 6mins
Who are the legal parties bound to an "AS IS"
Residential Contract for Sale and Purchase?
ALL:
Realtors, Buyer, Seller, Title Companies, etc.
Buyer and Seller Only
Buyer, Seller and Realtors Only
Buyer, Seller and Title Company Only
Buyer submits an offer on Monday, May 22, 2023. Seller counters offer on the following day. Buyer accepts the counter and the contract is fully signed by all parties on Tuesday, May 23rd. Buyer's agent delivers the fully executed copy to Seller's agent on Wednesday, May 24th. Title receives a copy of the Contract on Thursday, May 25th.
When is the Effective Date?
Monday,
May 22nd
Tuesday,
May 23rd
Wednesday,
May 24th
Thursday,
May 25th
Buyer and Seller execute a Contract. The effective date is
Monday, May 22, 2023. Buyer has a 5-day inspection period.
When does the inspection period conclude?
Saturday,
May 27th
Sunday,
May 28th
Monday,
May 29th
Tuesday,
May 30th
Time is of the essence in Contracts.
What is used when computing time periods?
Calendar Days
Business Days
Mayan Calendar Days
None of these are correct
The Buyer's financing contingency ("Loan Approval Period") is one of the most important contractual deadlines because it is often the last contingency.
Does a conditional loan approval protect the Buyer past the deadline date?
No, you can not provide a conditional loan approval.
You must wait until you have a clean approval.
Yes, but only if the conditional loan approval is delivered before the Loan Approval Period expires.
No, the Loan Approval Period ends once the approval is provided regardless if it has conditions or not.
Yes, but only on specific property-related conditions.
Which of the following are considered National Legal Public
Holidays (as defined in 5 U.S.C. 6103(a)).
Select all that apply.
New Year's Day
Memorial Day
Election Day
Juneteenth National Independence
Day
In Palm Beach County who selects the title company?
Buyer typically selects title and pays for owner's policy
Seller typically selects title and pays for owner's policy
Buyer or Seller can pick title and pay for owner's policy by selecting the corresponding box on Contract
It is illegal for a Buyer or Seller to select title. The Realtors negotiate what title company is used and who pays for it.
What appliances are automatically included as part of the Contract?
Nothing is automatically included. It has to be manually added
Only the Washer and Dryer
All kitchen appliances including microwave
Only those listed on the Contract
If your Seller does not want to sell to someone due to race, ethnicity, or any other class protected by the Fair Housing Act, what do you do?
Whatever my Seller says I do because I need money
I'll honor my client's wishes by adding the condition to the listing agreement and disclosing it on the MLS
It is illegal and I will advise the Seller that they can not discriminate. If they don't agree, I will not take the listing.
I'll take the listing anyways and just ask for a copy of the license for all offers. #Equality
When does any contractual obligation expire?
On the due date at 5pm
On the due date at 11:59pm
On the due date at 11:59pm, unless it lands on a weekend or holiday at which point it extends to the next business day at 5pm
The only thing that has an expiration date is food products - not real estate.
