Chapter 19

Question 1

Buyer must disclose if the property they are trying to sell us listed through a real estate brokerage

Answer 1

Buyer disclosures

Question 2

If the repairs are not completed by the settlement date, the buyer may enter an escrow agreement with the seller to finish the repairs after closing

Answer 2

Buyer remedies for unfinished repairs

Question 3

The buyer must disclose the acceptance date, the due diligence deadline, the financing and appraisal deadline, and the settlement date

Answer 3

Buyers property is currently under contract

Question 4

When naming the agenda stick with the same classic vacation system

Answer 4

One, two, three etc. or a, B, C etc.

Question 5

Seller and buyer agree the buyer accepts the property as described in Repsie seller would contribute a dollar amount at settlement to be applied towards fees

Answer 5

Closing costs

Question 6

This addendum is designed to conflict to the real estate purchase agreement. Use this form when representing the buyer.

Answer 6

Contingent cancellation addendum

Question 7

The last mutually accepted due diligence or financing an appraisal deadline

Answer 7

Deadline to accept this addendum

Question 8

This needs to be discussed at the very beginning along with the REPC

Answer 8

Disclosure of interest

Question 9

Disclose if the buyer or seller is related to the broker or the sales agent

Answer 9

Disclosure of principal as licensee or as relative of licensee

Question 10

The buyers due diligence is deemed resolved and is removed unless checked below

Answer 10

Due diligence condition

Question 11

When a buyer doesn’t respond to the sellers notice, allows the REPC to become canceled and releases earnest money deposit to the buyer

Answer 11

Failure to respond

Question 12

The right to accept other offers write to move conditions, failing to respond to the sellers notice

Answer 12

Option to keep house on market the time clause addendum

Question 13

Places to access forms

Answer 13

realestate.utah.gov
Utahrealtor.com
MLS website

Question 14

The buyers obligation to purchase property is conditioned upon the closing of the sale of the buyers property by the buyers closing deadline

Answer 14

Subject to sale condition

Question 15

The most dangerous document in all of real estate because of all of the blank lines

Answer 15

The blank addendum

Question 16

Things to remember when using the blank addendum

Answer 16

Use correct spelling
Use proper grammar
Don’t use big words or legal words
Say it simple
Be clear and specific

Question 17

Which form should you use as a last resort?

Answer 17

The blank addendum

Question 18

As a real estate license, we have a license too

Answer 18

Fill in approved forms

Question 19

The resolution of due diligence addendum accomplishes what

Answer 19

Allows the seller to contribute to the buyers closing cost
Allows buyer and seller to agree that specific repairs will be made
Allows buyer and seller to agree to purchase price reduction

Question 20

In reference to the subject to sale of buyers property addendum, if the buyers ability to purchase a property is conditioned on the sale of another property in that property is not under contract. What happens?

Answer 20

The seller may cancel the REPC if the buyer has not entered into a third-party contract by the third-party contract deadline

Question 21

In reference to the subject to sale of buyers property addendum, if the buyers ability to purchase, the property is conditioned on the sale of another property in that property is under contract. What happens?

Answer 21

The buyer does need to disclose to the seller if the purchaser on their third-party contract cancels

Question 22

The conditions addressed on the option to keep house on market time clause addendum are

Answer 22

The due diligence condition
The financing an appraisal condition
The subject to sale of buyers residence condition

Question 23

The option to keep house on market time clause addendum does what?

Answer 23

Allows the seller to accept other offers
Requires that the seller to notify buyer of seller does accept additional offers
Allows the buyer a specified number of hours to agree and remove conditions from the REPC

Question 24

The purpose of the disclosure of interest addendum is to

Answer 24

Disclose that the principle is a licensee or related to the licensee

Question 25

What is true regarding the contingent cancellation addendum?

Answer 25

It can extend the due diligence deadline
It can extend the financing and appraisal deadline
It can cancel the contract if the seller does not agree to extend the deadlines