Promulgated Contract Forms QUIZ ANSWERS with correct answers and questions

Promulgated Contract Forms QUIZ ANSWERS with correct answers and questions QUIZ 1: All oral negotiations are______ - Correct Answer (A) voluntary The ______ assumes primarily liability for performance under the contract - Correct Answer (A) assignee Mutual consent is completed by the process of ______ - Correct Answer (B) offer and acceptance Which of the following is the buyers primary obligation toward the performance of a real estate contract? - Correct Answer (C) be ready to pay the agreed-upon price Which of the following contracts is NOT assignable? - Correct Answer (C) contracts for personal services SCENARIO 1: Which of the following courses of action are not available to the seller? - Correct Answer (D) if guy can not obtain financing and still wants to purchase the property, the seller has to accept the 80% down payment If guy quickly secured financing and learns he can buy a $180,000 property without the inheritance, which of the following is TRUE about renegotiating the sales contract? - Correct Answer (C) the seller is under no obligation to renegotiate the sales price and may still seek remedy against guy if he doesn't complete the sale WhT could happen if— a couple of days after the contract was executed— the title company had pointed out that Guy is 17 1/2 years of age? - Correct Answer (C) guy could chose to void the contract QUIZ 2: Sales agent Nate receives for offers on seller Tim's property in the order in which they were received. After presenting the offers to Tim, Nate sees that a fifth offer was faxed over. What should Nate do? - Correct Answer (D) present the fifth offer to Tim When a seller agrees to pay for a home warranty as a condition of a sale, the seller has made a(n)_____ - Correct Answer (C) concession Notification is also referred to as_____ - Correct Answer (B) communication Imputed Notice: - Correct Answer (B) under this concept, an offer is presumed to have been delivered to the principal when it is delivered to the agent QUIZ 3: Which of the following is NOT considered an accessory? - Correct Answer (B) mailbox Exclusions to the cell must be entered in paragraph_______ Of the 1 to 4 family residential contract - Correct Answer (D) 2D Which of the following is one of the benefits of a loan assumption? - Correct Answer (D) all of these are benefits of loan assumption Which of the following is NOT included in paragraph 2 property? - Correct Answer (D) personal property