How Well Do You Know the 1-4 Family Contract?
Test Your Knowledge: The 1-4 Family Contract Quiz
Think you know everything there is to know about the 1-4 Family Contract? Put your knowledge to the test with our comprehensive quiz designed for real estate enthusiasts and professionals alike.
Whether you’re a buyer, seller, agent, or simply interested in learning, this quiz will challenge your understanding of vital contract details.
- Multiple choice and checkbox questions
- Immediate feedback on your answers
- Learn while you test your knowledge
The following are all considered "improvements" and convey with the property automatically except for:
Patio furniture that matches exterior paint
Above ground pool
Curtains
Water softener system
If buyer fails to deposit earnest money, the contract states the following:
Contract stays intact until buyer deposits earnest money
Earnest money isn't necessarily required
The buyer will be in default
Agent can write check for buyer to be reimbursed later
How many days does title have after they have received the contract, to turn in commitment documents to the buyer?
15 days
20 days
It's fill in the blank and negotiable
One day prior to closing
When checking Survey paragraph, option 1, seller has an existing survey, who orders the survey if title and mortgage don’t approve existing survey?
Buyer/buyer's agent
Seller/seller's agent
It's negotiable between agents
Title company
In the "Objections" paragraph, if there's a number in the blank that means:
Buyer waives the right to object to any title, survey, or commitment issues
Buyer has right to object to any survey defects, or commitment issues
Leave that blank empty letting the seller know buyer doesn't object to title
Seller shall pay for any extra title fees
Public Improvement District is:
The basic taxing authority, to include normal tax rate
A municipality that has to use specific utilities only
A voluntary tax to help improve your city
A tax on certain owners that funds specific improvements
If the home has a buried propane tank in the backyard but no lines from the city that require propane gas service by a distribution retailer you will need to use the Addendum For Property in a Propane Gas System Area.
True.
False
Who is responsible for turning on utilities for inspections and throughout the transaction and who pays for it?
It's completely negotiable.
Seller at sellers expense.
Buyer at buyers expense.
That would go into Special Provisions, paragraph 11.
When the buyer asks for repairs in the offer, it is done in paragraph 11, special provisions.
True.
False
Paragraph 8, Brokers Fees, it does not state what the agents in the transaction are going to get paid and who is going pay it.
True
False
If any unit or the property or the home itself is subject to an existing lease, what does the seller have to do?
Transfer security deposits to buyer, deliver notice to tenant of new ownership.
It is negotiable and should be spelled out in writing in paragraph 11 of the contract or on an addenda.
Contract does not say. It's up to seller.
Seller is not required to do anything.
After the execution date, the seller can lease out a unit of the property or the property itself and seller is exempt from delivering any and all lease documentation. Those duties fall on the buyer.
True
False
In paragraph 11, Special Provisions, this is where you would put items like: whether or not the yard will be mowed, house and carpets to be cleaned and other common seller requests.
True
False
Paragraph 12, Settlement and Other Expenses, the amount you write in the blank does NOT include the title, survey or warranty.
True
False
How long does the seller have to complete repairs if a casualty or loss occurs?
30 days
20 days
15 days
10 days
In Paragraph 21, Notices, the REALTOR® should put their own information in the blanks so their clients are not contacted and harassed by the other party.
True
False
When does the first day of the option period begin?
On the first full calendar day after execution.
The day of execution.
3 days after execution.
At 5pm on the date of execution.
If the buyer or buyers agent fails to turn in the option money to the seller within 3 days what will happen?
When the buyer turns in their option money, the option period starts that day.
As soon as option money is delivered to title, title lets all parties know the option period is in place.
The seller is required to let the buyer have their option period. It is their right.
The option period is no longer part of the contract and the buyer does not have the unrestricted right to terminate.
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