ch. 6 The Purchase Agreement Bundled Forms

real estate

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When downloading the CAR® "California Residential Purchase Agreement and Joint Escrow Instructions" the other forms also included in the package of 5 forms will include:
A. Possible Representation of More Than One Buyer or Seller - Disclosure and Consent (PRBS).
B. All of these answers are correct.
C. Disclosure Regarding Real Estate Agency Relationship (AD).
D. Buyer's Inspection Advisory

B. All of these answers are correct.

Which of the following is NOT included in the "Purchase Agreement Package, but does belong in the Listing Package?
A. Seller's Advisory (SA)
B. California Residential Purchase Agreement and Joint Escrow Instructions (RPA-CA)
C. Disclosure Regarding Real Estate Agency Relationship (AD)
D. Wire Fraud and Electronic Funds Transfer Advisory (WFA)

A. Seller's Advisory (SA)

Which one of the following forms was created to prevent fraud, whereby a hacker will provide a new routing number for the transfer of funds and then highjack those funds?

A. Safety Clause
B. Emergency Fund Alert Advisory
C. Buyer's Inspection Advisory (BIA)
D. Wire Fraud and Electronic Funds Transfer Advisory (WFA)

D. Wire Fraud and Electronic Funds Transfer Advisory (WFA)

The physical condition of the land and improvements being purchased are NOT guaranteed by either sellers or broker, except as specifically set forth in the purchase agreement. For this reason, brokers require their salespeople to powerfully advise all buyers:
A. Sign the "safe harbor provision."
B. Purchase errors and omissions insurance for the buyer.
C. Of their right to have a personal and professional inspection of the property they are purchasing.
D. Spend at least one night in the house before purchasing

C. Of their right to have a personal and professional inspection of the property they are purchasing.

The Disclosure Regarding Real Estate Agency Relationship (AD) is:
A. Provided to the seller.
B. Explains to whom the agent owes a fiduciary duty.
C. Provided to the buyer.
D. All of these answers are correct.

D. All of these answers are correct.

According to the Buyer's Inspection Advisory, if an agent "fails" to disclose known defects in a property to the buyer, the buyer can file civil action against the agent within:

a. one year
b. two years
c. three years
d. five years

b. two years

A contract provision that requires a specific action to take place for the contract to be considered enforceable is a(n):

a. alienation clause.
b. addendum clause.
c. contingency (if) clause.
d. novation clause.

c. contingency (if) clause.

Which of the following is true concerning changes to the Purchase Agreement Form?

a. Sentences and paragraphs that are not applicable can be crossed out.
b. Changes must be dated by the impacted parties.
c. Changes must be initialed by the impacted parties.
d. All the answers are correct.

d. All the answers are correct.

Which CAR form points out that the buyer is NOT relying on the salesperson with regards to the condition of the property and is advised to investigate the condition himself or herself?

a. Disclosure Regarding Real Estate Agency Relationship (AD)
b. Buyer's Inspection Advisory (BIA)
c. Wire Funds and Electronic Funds Transfer Advisory (WFA)
d. Seller's Advisory (SA)

b. Buyer's Inspection Advisory (BIA)

The buyers initial deposit (earnest money) needs to be deposited in person or electronically directly with the escrow company or broker within:

a. 3 days
b. 5 days
c. 10 days
d. 30 days

a. 3 days

How many years does a buyer have to sue an agent for failure to make proper disclosures in the Transfer Disclosure Statement (TDS)?

a. One
b. Two
c. Three
d. Five

d. Five

Who must complete the entire Transfer Disclosure Statement (TDS)?

a. The buyer's agent
b. The seller's agent
c. The buyer
d. The seller

d. The seller

there is a contradiction between the written or typed words and the printed words in a purchase contract, the words given less importance are the:

a. printed words
b. written words
c. trped words
d. none of the answers are correct

a. printed words

In an "as is" sale of a single-family residence by a private person:

a. the seller must be represented by a member of the California Bar Association.
b. the seller is not required to comply with any disclosure requirements.
c. the seller must hire a licensed real estate broker as a "documentation consultant."
d. the seller is required to complete a Transfer Disclosure Statement (TDS).

d. the seller is required to complete a Transfer Disclosure Statement (TDS).

What form is used as a final walk-through, a few days prior to closing the sale, confirming the property is basically in the same condition as when the offer was made?

a. Notice to Buyer to Perform
b. Verification of Property Condition (Buyer Final Inspection)
c. Notice to Seller to Perform
d. None of these answers are correct

b. Verification of Property Condition (Buyer Final Inspection)

A Notice to Buyer to Perform gives the right to the seller to cancel the escrow if the buyer does not take the contractual actions specified within and remove contingencies within how much time?
a. Immediately
b. Within 24 hours
c. Within 3 business days
d. Within 30 days

b. Within 24 hours

According to the Counter Offer form, all time contingencies, as well as the escrow period begins:

a. when the broker receives his or her compensation.
b. when the agent gives the keys to the buyer.
c. when a counter offer is signed by the buyer.
d. from the acceptance date.

d. from the acceptance date.

Which of the following is provided by the seller to the buyer asserting the seller is not a foreign person AND the affidavit contains the social security number or taxpayer ID if the purchase is over $300,000?

a. TDS
b. FIRPTA
c. COP
d. RPA-CA

b. FIRPTA

What type of device must be installed in existing dwelling units having a fossil fuel burning heater or appliance, fireplace, or attached garage?

a. Carbon Monoxide (CO) devices
b. Oxygen Depletion devices
c. Fire Extinguishers
d. All of these answers are correct.

a. Carbon Monoxide (CO) devices

Radon measurements for real estate transactions must be conducted by:

a. Certified Appraisers
b. Licensed Brokers
c. Certified Radon Testers
d. None of the answers are correct

c. Certified Radon Testers