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chapter 9 quiz questions only – answers will be revealed with Post-License subscriptions
1 of 10 – According to the Statute of Frauds?
Verbal agreements can be used to buy and sell real property.
Only written agreements that are signed by all parties can be used to buy and sell real property.
Only written agreements can be used to buy and sell real property, but they do not have to be signed.
Verbal agreements can be used to buy and sell real property, as long as the agreement is put in writing after the property is sold.
2 of 10 – Where can you find the most reliable legal description of a property?
On a title or deed.
From an old listing in the MLS.
The address is sufficient. You do not need a legal description.
The seller should have included it in the property disclosure form.
3 of 10 – If one of the deadlines in the contract is set for after the closing the date?
The contract is considered null and void.
All parties must still attempt to perform on the contract by the closing date.
The closing date will be extended with a written agreement between the parties to the contract.
The contract must be re-written with a new closing date.
4 of 10 – A sales contract is?
A bi-lateral agreement.
A uni-lateral agreement.
A uni-lateral agreement until it is signed by both parties.
An implied contract.
5 of 10 – In a unilateral agreement?
Both parties make promises on which they have to perform.
The seller never has to perform on a promise.
The buyer never has to perform on a promise.
Only one party has to perform.
6 of 10 – Your buyer closes on a home that the seller’s disclosure states is 2100 square feet. After closing, he discovers that the home is only 2050 square feet. Can he hold you, the agent, liable for the misinformation?
Yes. As his agent, you did not meet your obligation of “due diligence.”
No. You are not responsible for the seller’s deception.
Yes, because you did not hire an appraiser.
No, because 150 square feet do not affect the “live-ability” of the home.
7 of 10 – If the seller defaults on a signed contract, the buyer is entitled to?
Receive his deposit back in full.
Nothing. He will just have to look for another home.
Compensation in the amount of his and the seller’s agents’ commission.
Half of his deposit.
8 of 10 – A buyer conducted a home inspection on Wednesday, the final day of the inspection period, and discovered an issue with the hot water heater. Nine days later, he presents this information to the seller’s agent, and asks the seller to fix the problem. Is the seller obligated to comply?
Yes. The seller is obligated to fix any problems discovered in the buyer’s home inspection.
No. Because the sales contract states that the buyer is accepting the property “as is.”
No. The buyer had five business days from the final date of the inspection period to contact the seller, and that time has passed.
Yes. The seller must comply with any request made within 14 days of the home inspection.
9 of 10 – If a dispute arises over an escrowed deposit, how long do the buyer and seller have to try and resolve things on their own?
5 business days.
14 business days.
10 of 10 – The buyer must withhold a 15% tax of the purchase price if?
The seller is behind on his taxes.
The seller refuses to pay the buyer’s agent’s commission.
The property taxes are going to rise significantly when ownership is transferred to the buyer.
The seller is a “foreign person” as defined by the Foreign Investment Act.