Chapter 6 – Residential Contract of Purchase and Sale

Question 1

A seller should specify which attached and unattached goods will be included or excluded in the sale in the _____________________________ form.

Answer 1

Residential Contract of Purchase and Sale

Question 2

The __________ Clause form is considered a new offer from the seller to the buyer and likely terminates the previous offer.

Answer 2

Option

Question 3

A property that is transferred to a purchaser without any encumbrances or interests could accurately be described as a property with __________ title.

Answer 3

clear

Question 4

A condition _____________ is a condition that must occur before a party is liable to perform his or her principal obligations under the contract.

Answer 4

precedent

Question 5

The cash down payment and financing figures are computed precisely on the date of __________________.

Answer 5

adjustment

Question 6

TRUE or FALSE? Legal description of an urban property must include the lot, block, and plan number.

Answer 6

TRUE

Question 7

The date on which the buyer becomes the legal owner of the property is known as the ____________________ date.

Answer 7

completion

Question 8

A condition ________________ is a condition or event, the occurrence of which will discharge the principal obligations of a party to the contract.

Answer 8

subsequent

Question 9

TRUE or FALSE? The seller’s brokerage must inform the seller that more than one offer is available for consideration.

Answer 9

TRUE

Question 10

TRUE or FALSE? By signing the Residential Contract of Purchase and Sale the buyer acknowledges that taxes and interest rates are not subject to revision.

Answer 10

FALSE