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Real Estate > REPC 1 > Flashcards

REPC 1 Flashcards

1
Q

Real Estate Purchase Contract

A

The common standard is that the UTAH REPC has 25 sections

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2
Q

UTAH REPC Section 1

A
  • This section identifies the property that is the focal point of the REPC * Address of the property and the parties involved are disclosed in this part of
    the REPC
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3
Q

Purchase Price

A
  • The purchase price is made very clear in Section 2 of the UTAH
    REPC
  • It is divided into different components of the total agreed upon price
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4
Q

Section 3: REPC

A
  • Section 3 of the Utah REPC describes the final details of the settlement & closing
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5
Q

Section 4: Possession

A

once closing has tern place, section 4 gives definite details on how to buyer takes possession and ownership of the property

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6
Q

Section 5: REPC

A
  • Section 5: * This section acknowledges by both the seller and the buyer that they are being
    represented by a real estate agent and the brokerage they represent
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7
Q

Real Estate Purchase Contract (REPC)

A
  • This is a legally binding contract * Utah law requires real estate licensee to utilize this form, this is approved by the division of real estate and the attorney generals office * “This contract is a legally binding real estate purchase contract, Utah law requires real estate licensees to use this form. Buyer and Seller, however, may agree to alter or delete its provisions or to use a different form. If you desire legal or tax advice, consult your attorney or tax advisor” (Real Estate Purchase Contract, 2018,p. 1)
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8
Q

Seller Information

A
  • The REPC must have the correct name of the Seller
  • Be sure that it is their correct & LEGAL name
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9
Q

How Serious are the buyers about
making an offer?

A
  • Financing has been put into place
  • They ask all the right questions
  • House hunting process, they have taken the time to
    search for the proper home that meets their needs
  • Buyers who are not working with a real estate professional usually tend not be that serious about purchasing a home
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10
Q

REVIEW

A
  • Offer reference date: The day of the offer
  • Buyer: Buyer’s LEGAL name must be on the contract * If your working with a husband and wife, and they are both going to be on the mortgage, both of their names MUST be
    on the real estate purchase contract
  • Please be thorough when completing the REPC
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11
Q

Included Items: Section 1.1

A

“Unless excluded herein, this sale includes the following items if presently owned and in place on the property: plumbing, heating, air conditioning fixtures and equipment; solar panels, ovens, ranges and hoods, cook tops, dishwashers; ceiling fans; water heaters; water softeners; light fixtures and bulbs, bathroom fixtures and bathroom mirrors; all window coverings including curtains, draperies, rods, window blinds and shutters; window and door screens; storm doors and windows; awnings, satellite dishes, all installed TV mounting brackets; all wall and door openers and accompanying transmitters: security systems; fencing and any landscaping”

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12
Q

Other Included Items- Section: 1.2 * Section 1.2-

A

The following items that are presently owned ad in place on the property have been left for the convenience of the parties and are also included in this
sale
* (washer, dryer, refrigerators, microwave oven, other)

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13
Q

Offer to Purchase Section

A
  • Please following along with the Real Estate Purchase
    Contract:
  • Property: Address of the property & tax ID number
  • Section 1.1 - Included Items
  • Section 1.2 - Other included items
  • Section 1.3 - Other included items
  • Section 1.4 - Water Service
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14
Q

Excluded Items - Section 1.3

A
  • This section outlines the excluded items- please specify
    all the excluded items * Please take a few minutes to review the section 1.3 in your
    real estate purchase contract about excluded items
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15
Q

Which of the following statements are true:
A: Be Sure That It Is Their Correct & Legal Name. REPC Must Have The Correct Names Of The Seller
B: Only Check The Certain Details Of The Contract
C: Only Check The Dates To Make Sure Its Valid
D: Only Check To Make Sure The Names Are Correct

A

A: Be Sure That It Is Their Correct & Legal Name. REPC Must Have The Correct Names Of The Seller

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16
Q

How do you know the buyer is serious about buying a home?
A: The Finances Have Been Put Into Place
B: They Are Talking To Their Friends
C: They Tell You Slowly Start Looking
D: They Are Going Back And Forth And Dont Have The Ability To Make A Decision

A

A: The Finances Have Been Put Into Place

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17
Q

Section 1.3 - The Excluded items highlights all the ___________
A: Included Items
B: Excluded Items
C: Some Of The Included Items
D: The Items That Will Come With The House

A

A: Included Items
B: Excluded Items
C: Some Of The Included Items
D: The Items That Will Come With The House

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18
Q

Which of the following is an example of an included item:
A: Light Fixture
B: Oven
C: Flower Pot
D: Both A & B

A

D: Both A & B

19
Q

UTAH REPC section 1: This section identifies the property that is the subject of the REPC agreement.
A: True
B: False
C: Depends On The Property Listing
D: Depends On The Agents Remarks

A

A: True

20
Q

Water Rights

A
  • Section 1 of the Utah REPC includes a section on water rights and all regulations pertaining to water.
21
Q

Offer Reference Date

A

Offer Reference Date is the date the buyer will formally write the offer

22
Q

Offer Reference Date: REPC

A

Offer reference date appears below the offer to purchase and earnest money deposit

23
Q

Clients

A
  • Always inform your client that the REPC is a legally binding contract * If they have any questions, they need to consult their agent, agent’s broker, and/or attorney
24
Q

Utah Licensee

A
  • When a Utah Licensee will be writing a contract: * They must use the REPC (this is the form that licensee are authorized to complete)
25
Q

Signing the REPC

A

Who is allowed to sign the REPC?
* Buyers
* Sellers
* Those who have authority to sign on behalf of the buyer or seller

26
Q

Section 2: Purchase Price

A
  • Section 2.1:
  • (a) Earnest Money Deposit
  • (b) Additional Earnest Money
  • (c) New Loan
  • (d) Seller Financing
  • (e) Balance of Purchase Price in Cash settlement
27
Q

Purchase Price 2.1 (a)

A
  • Purchase Price 2.1 (a) - Earnest Money Deposit * Under certain conditions described in the REPC, this deposit may become non-refundable (Real Estate Purchase Contract, 2018, p.1)
  • Additional Earnest Money Deposit (section 8.4 if applicable)
28
Q

Section 2.1 (c) (d)

A
  • Section 2.1 (c): New Loan- Buyer may apply for mortgage
    loan financing (the “loan) on terms acceptable to buyer. If an FHA/VA loan applies, review FHA/VA loan
    addendum (Real Estate Purchase Contract, 2018, p.1) * Section 2.1 (d): Seller Financing - review seller financing
    addendum
29
Q

Purchase Price ( Section 2.1) (a) (e)

A

Purchase Price (2.1 (e)): Balance of Purchase Price in Cash
at Settlement
* Purchase Price- Total of Lines (a) through (e)

30
Q

Section 3 describes the settlement and closing section. Settlement and closing details are the:
A: Final Steps In Executing A Real Estate Transaction
B: Third Step The Agent Does In A Transaction
C: The Final Approval From The Brokerage
D: None Of The Above

A

A: Final Steps In Executing A Real Estate Transaction

31
Q

2.2 Sale of Buyer’s Property

A
  • Sale of Buyer’s Property- Please review the section 2.2
    (sale of buyer’s ability to purchase the property) * Ensure when doing a transaction, that all parts of the REPC is completed accurately.
32
Q

This section is an acknowledgement by both the seller and buyer that they are being represented by a real estate agent and the real estate brokerage they represent
A: Section 5: Confirmation Of Agency Disclosure
B: Section 3: Confirmation Of Brokerage
C: Section 4: Brokerage Documents
D: None Of The Above

A

A: Section 5: Confirmation Of Agency Disclosure

33
Q

Section 3: Settlement & Closing

A
  • Settlement & Closing: * Settlement shall take place no later than settlement deadline referenced in section 24(d) or as otherwise mutually agreed by buyer and seller in writing. “Settlement” shall occur only when all
    the following have been completed * Buyer and seller have signed and delivered to each other or to the escrow/closing office all documents required by the REPC, by the lender, by the title insurance, escrow/closing offices, by written escrow instructions
    or by applicable law (REPC, 2018, p.2) * Any monies that are required to be paid by seller or buyer seller under specific these conditions in the form of cash, wire transfer, cashier’s cash,
    or other form acceptable to the escrow/closing office (REPC, 2018, p.2)
  • Please review the section of the REPC on settlement & closing
34
Q

REPC: Settlement & Closing- Section 3

A
  • REVIEW: Please review the section on Closing (3.2). Closing is part of the transaction that ensures the settlement has been completed.
  • REVIEW: Please take a few minutes to review the section on Possession (3.3) in the real estate purchase contract
35
Q

The section in the REPC that states that the seller has fee title to the property and promises to convey marketable title to the buyer can be found in which section of the REPC?
A: Section 4.3
B: Section 5
C: Section 6.1
D: Section 6.2

A

C: Section 6.1

36
Q

The section in the REPC that confirms the prior written receipt of agency disclosure can be found in:
A: Section 3
B: Section 4
C: Section 5
D: Section 6

A

C: Section 5

37
Q

The section in the REPC that specifically spells out how “possession” shall be handled post closing can be found in section:
A: Section 3.1
B: Section 3.2
C: Section 3.3
D: Section 4.2

A

C: Section 3.3

38
Q

The section in the REPC that defines “closing” can be found in:
A: Section 3.1
B: Section 3.2
C: Section 3.3
D: Section 3.4

A

B: Section 3.2

39
Q

The “payment of purchase price” can be found in which section of the REPC
A: Section 2
B: Section 3
C: Section 4
D: Section 5

A

A: Section 2

40
Q

The specific list of the “included items” can be found in which section of the REPC
A: Specifically Addressed In Section 1.1
B: Specifically Addressed In Section 1.2
C: Specifically Addressed In Section 1.3
D: Specifically Addressed In Section 1.4

A

A: Specifically Addressed In Section 1.1

41
Q

The best way to document the receipt of the earnest money is with
A: An Email From The Receiving Party
B: A Handwritten Receipt Signed By All Parties
C: The Confirmation Of The Earnest Money Receipt
D: Receipt Of Earnest Money Does Not Require A Receipt

A

C: The Confirmation Of The Earnest Money Receipt

42
Q

The earnest money section of the real estate purchase contract plainly spells out that the earnest money will be deposited
A: In The Buyer’s Brokerage Trust Account
B: In The Seller’s Brokerage Trust Account
C: In The Title Company’s Escrow Account
D: In Any Accounts On Which The Parties Agree

A

A: In The Buyer’s Brokerage Trust Account

43
Q

The section in the REPC where the buyer agrees to take title subject to any leases and/or property management contracts affecting the property can be found in:
A: Section 4.3b
B: Section 5
C: Section 6.1
D: Section 6.2

A

C: Section 6.1

Real Estate (52 decks)

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