Answer the following questions by placing a "T" or an "F" in the space provided to the left of each question number (3 points each). ________ a. All parties must use the approved Erie County Bar Association form for their residential real estate contracts. ________ b. Modifications to the form Erie County Residential Real Estate Contract must be "clearly differentiated". ________ c. Every Erie County Residential Real Estate Contract must be accompanied by a Property Condition Disclosure Statement. ________ d. In an Erie County form residential real estate contract, the attorney must approve the contract before it is signed. [TIP: Review paragraph ATC1 of the form Erie County Residential Real Estate Contract.] ________ e. The refrigerator is always included with the property in residential real estate sale. ________ f. A bona fide purchase for value is a person who purchase real property in good faith without notice of any claim to or interest in the real property by any other party. 2. Indicate "Yes" or "No" as to whether each item MUST be included in order to have a valid real estate contract (3 points each): a. Consideration Yes No. b. A driver's license Yes No. c. A lawful purpose Yes No. Page 2 of 3 d. Parties 18 years or older Yes No. e. Trees on the property Yes No. 3. Circle the answer (5 points). Caveat emptor means: a. The sale is contingent on the Seller's truthful disclosures b. There is a warranty on the property c. Let the buyer beware d. The buyer has a right to investigate the property 4. Identify three types of parties that can own real estate (7 points). 5. Define "Consideration" (10 points). 6. Explain what happens, in a standard Erie County Residential Real Estate Contract, if a Purchaser fails to timely make the deposit (5 points). Page 3 of 3 7. Identify the three types of Recording Statutes (5 points total). 8. Answer the following questions using the Erie County Residential Real Estate Contract (35 points total). Show your answer as the number and letter of the paragraph with no spaces or other characters. For example 14C or 2B. a. In what Paragraph of the Erie County Residential Real Estate Contract is the Purchaser identified? (5 points) _______________ b. In what Paragraph the Erie County Residential Real Estate Contract can you identify the Deposit due date? (5 points) _______________ c. In the Erie County Residential Real Estate Contract are underground electric pet fences included in the sale? (5 points) _______________ d. In what Paragraph the Erie County Residential Real Estate Contract can you identify the Closing date? (5 points) _______________

e. Which party is required to provide the title search? (5 points) HINT: See Paragraph ATC2. f. Who is required to provide the survey? (5 points) HINT: See Paragraph ATC2. g. What is the penalty for failing to deliver a Property Condition Disclosure Statement? (5 points). $_______________