Quiz 8.6 Quiz on Real Estate Contracts Text Chapter 8
Real Estate Law (Legal Aspects) 121
Prof. Marc Gottlieb
Written By:_____________________________________________
Graded By:_____________________________________________
Score (Number Right)________________
Hi!
Please complete at home and bring to our class meeting so that we may review, discuss, and grade it
together. You may look up any answers you don't immediately recognize, in order to get a high score.
(A couple of the questions will almost have to be looked up, hint hint, so nothing to worry about if you
don't recognize their answers.)
Encouragement Keep up the great work, keep participating and asking your study questions – It is my
pleasure to assist your success!
Encouragement!
This is a GRRRRREAT Class (with thanks to Tony the Tiger).
See you at class!
Prof. Marc Gottlieb
(“Half a Century Helping Nice Students SUCCEED!”)
See you at class!
Question 1
In a residential transaction (one- to four-units), what must a broker provide to the seller before (or
when) the seller signs a listing agreement?
(common sense might work just fine on this one? smiles)
A purchase agreement
A termite inspection report
A seller's cohabitation form
A Disclosure of RE Agency Relationship form
Question 2
The Real Estate Commissioner's Regulations require a broker to have which of the following with each
licensee who works for him or her?
(Hint look up or just common sense will probably work fine to get you the answer)
A written "employment" agreement (which actually is almost always an Independent Contractor
Agreement)
A co-application agreement
An accommodation agreement
A MLS use agreement
Question 3
The general name for a contract between a buyer and seller of real property is a(n):
independent contractor agreement.
listing agreement.
purchase agreement (or “deposit receipt” or purchase-sale agreement, or PSA for short).
none of the answers are correct.
Question 4
Under the terms of the CAR® purchase agreement form, the broker holds the deposit check:
(Hint: This is a tiny detail type question not likely to be on a state license exam. But since it is here,
please LOOK This One UP to get credit for the point, thanks)
until the seller has accepted the buyer's offer.
until the next business day, then it is cashed.
for 7 days, then cashes it or returns it.
until the buyer tells him or her what to do with it.
Question 5
This clause, if present, in a written contact seeks to assure that any terms (such as parole/oral
agreements) not included in the contract will not be added or enforced in the transaction:
integration clause.
prohibition clause.
moderation clause.
determination clause.
Question 6
When describing the property in a listing, it's a good idea to:
rely on the seller's description.
attach/include a physical description of the property to the contract.
attach/include a legal description of the property to the contract.
only list the street address.
Question 7
Whenever a document is executed in the course of a real estate transaction, the agent should usually see
to it that each party receives a copy:
within 5 days.
within 10 days.
within 30 days.
at the time of the signing (or as soon as practicable)
Question 8
Which of the following is a key question to ask regarding the parties to a purchase-sale agreement?
Does everyone who is signing have the legal capacity to contract?
Is everyone with an ownership interest that is to be conveyed in this transaction signing?
Neither of the answers are correct
Both of the answers are correct
Question 9
Which of the following makes the client liable for a commission during a specified period of time after
the listing expires if the property is sold to someone the broker showed the property to during the
listing term?
Expiration clause
Extender or Safety clause
Seller's exception clause
None of the answers are correct
Complete at home, Look up the questions to get credit for the correct answers.
You can Ace this quiz!
Smiles!
Please Bring to Class and we will review and discuss and see what we can learn.
Stay well and happy,
Prof. Marc, CSM