Real Estate Law.

In short answers, please answer the following:

1. What are a broker's responsibilities regarding disclosure to (a) parties to the transaction and (b) third parties?
2. Why is the contract for sale and purchase considered the most important document in the real estate closing?
3. Distinguish between (a) a sale subject to an existing mortgage and (b) a sale with an assumption of mortgage.
4. What are the basic provisions found in a real estate contract for sale and purchase?
5. What special provisions should be included in the following contracts? (A) A short sale contract, (B) An option contract, (C) A contract for the sale and purchase of income-producing property, and (D) A contract for the sale and purchase of a condominium.
6. Distinguish between the following: (A) A general warranty deed and a special warranty, and (B) A bargain and sale deed and a quitclaim deed.
7. Compare and contrast a race statute, a notice statute, and a race-notice statute.