2022 1-4 Family Contract Quiz
Family Contract Essentials Quiz
Test your knowledge on key elements of family contracts with this engaging quiz! Whether you're a seasoned professional or just starting out, this quiz covers vital aspects of the family contract process that you need to know.
- Learn about effective contracts.
- Understand the importance of leases and fixtures.
- Evaluate your knowledge on earnest and option money.
The paragraph that details the "consideration" is paragraph ________
Earnest Money
Option Money
Paragraph 1, Parties
Earnest Money and Option
When do you have an "effective contract?"
At closing and funding
When last party communicates acceptance to other party
When seller verbally accepts
When the broker puts the executed date in
What 4 things create an effective contract?
1. Contract in writing 2. All signatures/initials 3. Acceptance unequivocal 4. Acceptance communicated
1. Verbal acceptance 2. Title accepts earnest 3. Title dates contract 4. Escrow agent gives notice
1. intent 2. consideration 3. Receipt of consideration 4. Written notice
All of the following are fixtures EXCEPT:
Washer/dryer
Above ground pool
Water softener
Air conditioner window unit
Copies of Residential Leases have to be given to an offeror when?
Within 7 days of effective date
Within 10 days of effective date
They are confidential and should not be shared
At the time of offer or prior to effective date
Under Paragraph 4. Leases, what is the seller prohibited from doing?
Creating a new lease
Amending an existing lease
Conveying interest in the property
All of the above
Based on the Residential Lease Addenda, what happens if the seller turns in leases AFTER the effective date?
The buyer can terminate and get earnest money back
Nothing. The seller turned it in on time
The buyer cannot terminate since he's seen it prior to closing
The buyer can speak to the tenants
What happens if the seller turns in copies of fixture leases AFTER the contract becomes effective?
The buyer can terminate and get earnest money back.
Nothing. The seller turned it in on time.
The seller can terminate if the buyer doesn't accept
The buyer MUST accept the fixture lease
If any statements on the Residential Lease addenda become untrue, how many days does the seller have to cure the condition/s?
5 days
7 days
3 days
10 days
How many days does the buyer or buyer's agent have to turn in Earnest $ and Option $?
2 business days
3 business days
3 calendar days
It' negotiable
Earnest Money and Option Money are receipted by:
The escrow agent
The seller
The listing agent
The seller or the listing agent
Additional Option Money for Option Period extension is given directly to:
The title company
The buyer's broker
The seller him/herself
The bank
Based on court case data, what is considered "nominal consideration?"
$10 or more
$1.00
$50.00 or more
$20.00 or more
Which time frame is NOT considered "time is of the essence?"
Earnest Money
Option Money
Financing Contingency on Third Party Financing Addenda
The close date
PG 6. Title Policy 8 ii "will be amended to read shortages" means what?
Additional title rider protecting survey lines
Subsurface mineral insurance
Covers clerical errors in title policy
Covers taxing entity lot size
What two items are required to be turned in on the Survey Paragraph Option 1?
Existing survey and statement of ownership
Existing survey and notarized T-47 affidavit
Survey and surveyor official statement
Survey and drawing of changes
In the survey paragraph, option 1, if seller fails to turn in either survey or T-47 document, what happens?
Buyer may terminate the contract
Buyer must pay for a new survey
Seller must pay for a new survey
The title company orders new survey
In paragraph 6.D. Objections, what goes in the blank?
Any future use BEYOND residential (chickens, short term rentals, etc)
Single family residential
Single family enjoyment
Multi-family residential use
If the seller does not provide the Seller's Disclosure notice prior to the contract being effective, what happens?
Nothing. He just provides it prior to closing.
Buyer may terminate within 7 days of receipt or closing whichever is sooner.
Buyer may only terminate if items are impossible to fix.
Buyer must submit a repair amendment.
All repairs requested of the seller at the time of offer must go in _______________.
Paragraph 11 Special Provisions
Attach an amendment and use Pg 9.
Paragraph 7D2 "as is" with following repairs.
Buyers cannot ask for repairs in the initial offer
What goes in Paragraph 21. Notices?
Agent contact info. Protect your clients.
Leave it blank
Broker information only
Buyer and seller contact information
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