Chapter 6: Assignment Flashcards
The residential contract of purchase and sale is a:
Saskatchewan real estate commission mandatory form
Timothy, a registrant, is representing a seller, Henry. Timothy has secured a sale of Henry’s property on May 1st with a possession date of May 31st. Roger, a new potential buyer, makes a written offer for Henry’s property on May 10th. which of the following statements is TRUE?
Timothy must present this offer to Henry, and if Henry wishes to consider the offer, Timothy should advise him to seek legal advice.
The phrase “condition precedent” describes an event that:
Must occur before a party is liable to perform their principal obligations under the contract.
Which of the following describes a condition or event, the occurrence of which will discharge the principal obligations of a party to the contract when it occurs?
Condition subsequent
Which of the following statements is true?
Legal descriptions of urban property must include the lot, block, and plan number.
Which of the following statements regarding section one (The transaction) of the residential contract of purchase and sale is FALSE?
The amount relating to the balance of cash to be paid on closing must be exact and cannot be changed after the contract is formed.
Which of the following statements regarding deposits is true?
A deposit in the form of a post dated check is not acceptable.
Interest earned on deposit money that has been placed in trust is the property of the:
Saskatchewan real estate commission.
Which of the following statements regarding signatures on a residential contract of purchase and sale is TRUE?
The actual signature of the buyer or seller must be provided each time a document is completed.
In which of the following scenarios would it be appropriate to use an option clause form?
A seller of property wants to conditionally accept a residential contract of purchase and sale while continuing to show their property and receive offers from prospective buyers.
