Ch 8 CA RE Legal Aspects - RE Contracts

Question 1

The extender clause is also known as the…?
AListing clause
BSales clause
CSafety clause
DCommission clause

Answer 1

Safety clause

Question 2

A counter-offer is not a form of acceptance…?
AT (True)
BF (False)

Answer 2

(True)

Question 3

Liquidated damages generally do not exceed 3% of the purchase price…?
AT (True)
BF (False)

Answer 3

(True)

Question 4

If the seller wants to change the terms of the contract, they can use either a counter-offer or a/an…?
ABulletin
BAmendment
CAddendum
DOption

Answer 4

Addendum

Question 5

A counter-offer is not voidable…?
AT (True)
BF (False)

Answer 5

(False)

Question 6

A right of preemption is also known as a…?
ARight of first refusal
BRight of option
CRight of novation
DRight to termination

Answer 6

Right of first refusal