Sales Training - Contract Terms
Sales Training Quiz: Contract Terms
Test your knowledge on contract terms and sales agreements! This quiz is designed for real estate professionals looking to enhance their understanding of important contract details.
Key topics include:
- Deposit calculations
- Cooling-off periods
- Settlement dates
- Purchaser obligations
If an owner agrees to accept a $985,000 offer with 5% Deposit. How much is the purchaser liable to pay?
$50,235
$49,250
$50,085
$49,985
If an owner agrees to accept an offer of $863,500 subject to a cooling-off period. How much is the purchaser liable to pay to secure the deal?
$2,160
$86,350
$43,150
$2,158.75
If an owner agrees to accept an offer on Friday afternoon subject to a cooling-off period of 5 days. What day will the cooling-off period expire?
Next Friday
Next Saturday
Next Sunday
Next Monday
If a property is sold with a 42-day settlement on the 1st of June 2022. What is the date that the property will settle?
11th July 2022
12th July 2022
12th July 2023
13th July 2022
If a purchaser decides to rescind a Contract during the cooling-off period. Who must the purchaser notify?
The Owner
The Agent
The Mortgage Broker
Their Solicitor
If the purchaser decides to rescind a Contract during the cooling-off period. How much money will the purchase forfeit?
5% Deposit
0.25% Deposit
10% Deposit
2.5% Deposit
The agent will claim the holding deposit if the purchaser rescinds the Contract.
True
False
The owner will claim the entire 10% deposit if the purchaser rescinds a Contract during the cooling-off period.
True
False
The agent receives a partial amount of the holding deposit if a purchaser rescinds a Contract during the cooling-off period.
True
False
At the end of a cooling-off period, unless specified for another amount, how much does the purchaser have to pay before the cooling-off period expires?
10%
5%
4.75%
9.75%
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