DO A The Residential Purchase Agreement includes:

Group of answer choices

a. The price the buyer offers to pay the seller.

Closing costs.

Insurance fees.

All of the answers are correct

Which of the following is NOT true about the date for Closing of Escrow?

Group of answer choices

a. The parties can choose a specific date for the close of escrow

b. Close of escrow is limited to 30 days.

c. If agreed to, escrow may close based on a certain number of days after the offer is accepted.

d. All of these answers are correct.

Unless otherwise instructed, funds received must be delivered to the escrow holder:

Group of answer choices

a. 30 days after acceptance of the offer

b. 3 business days after the acceptance of the offer.

c. 5 days after acceptance of the offer.

d. The same day after acceptance of the offer.

Which of the following are considered natural hazard zones?

Group of answer choices

Earthquake zones

Flood zones

Fire zones

All of the answers are correct

The Homeowners' Guide to Earthquake Safety booklet is:

Group of answer choices

used for conventional light frame construction structures.

Applies to structures built before 1960.

requires the owner to disclose any known seismic deficiencies.

All of the answers are correct

If the appraisal does NOT match the purchase price the down payment and loan amount:

Group of answer choices

will be based on the purchase price.

will be based on the MLS asking price.

will be based on the appraisal value.

will be disregarded.

The default time to remove an appraisal contingency is:

Group of answer choices

before the time to remove the loan contingency.

after the time the remove the loan contingency.

on the same date as the loan contingency.

the date of close of escrow.

Termite clearance is not mandated by law - it's usually a requirement by:

Group of answer choices

the lender.

the buyer.

the seller.

the escrow officer.

For VA transactions, who may pay the entire escrow fee?

Group of answer choices

the escrow officer

the buyer

the seller and/or agent

none of the answers are correct

Which of the following are NOT considered contingencies in the Residential Purchase Agreement (RPA)?

Group of answer choices

Obtaining the deposit

Obtaining the down payment

Obtaining closing costs

All of the answers are correct

The seller must indicate in the RLA if the premises are occupied by tenants

If the tenants have a valid lease:

Group of answer choices

a. They may be vacated after the sale.

b. Their security deposits are kept by the seller.

c. They may remain in possession after the sale (correct box must be checked)

d. The buyer need not be notified until after the sale.

The seller must disclose to the buyer if any insurance claims affecting the property have been filed within the past:

Group of answer choices

one year

three years

5 years

10 years

When purchasing a property in "As-Is" condition all of the following are true EXCEPT:

Group of answer choices

The buyer is purchasing the property in its existing condition on the date of acceptance

the seller is not obligated to repair defects that exist as of the date of acceptance.

the seller does not have to disclose known material facts.

the seller is responsible for maintaining the property in the condition it was in at the time of acceptance.

After the inspection of the property, preferably by a professional the buyer may do all of the following, EXCEPT:

Group of answer choices

cancel the agreement.

request the seller to make repairs.

sue the broker for wasting his or her time.

all of these answers are correct.

According to the Time Period (14.A) Section of the RPA, the seller has seven days to provide the buyer with:

Group of answer choices

natural hazard zone disclosures

mandatory government reports.

lead-based paint disclosures.

all of these answers are correct.

In the RLA "Scope of Duty" clause broker and seller acknowledge and agree that the broker:

Group of answer choices

does not decide what price buyer should pay or seller should accept.

does not guarantee the condition of the property.

does not guarantee the performance, adequacy or completeness of inspections, services, products or repairs provided or made by the seller or others.

all of these answers are correct.

For a" liquidated damages" clause to be included as an obligation in the RPA, if only the seller or the buyer initials it:

Group of answer choices

the mediation clause kicks in.

the contract is still valid, if witnessed by a notary public.

a counter offer is required until agreement is reached.

none of these answers are correct.

For a" liquidated damages" clause to be included as an obligation in the RPA, if only the seller or the buyer initials it:

Group of answer choices

the mediation clause kicks in.

the contract is still valid, if witnessed by a notary public.

a counter offer is required until agreement is reached.

none of these answers are correct.

In the RPA mediation is:

Group of answer choices

required whether the parties agree to arbitrate of not.

required only if arbitration fails.

not required.

not recommended.

In the RPA the first paragraph under 22.B is Arbitration of Disputes contains the term of the arbitration agreement. The second paragraph is the statutory NOTICE that must be in:

Group of answer choices

8 point bold typeset.

10 point bold typeset.

12 point bold typeset.

18 point bold typeset.

To be enforceable, a contract must be:

Group of answer choices

accepted by the buyer only

accepted by the seller only.

accepted by all parties in its entirety.

accepted by all parties if at least partially correct.