Sales Contracts

Question 0

What disclosures must a licensee make?

Answer 0

1) CONSUMER NOTICE at initial contact
2) MATERIAL FACTS
3) LATENT DEFECTS
4) ESTIMATED STATEMENTS OF CLOSING COSTS
5) UNIFORM CONDOMINIUM ACT & PLANNED CONDOMINIUM ACT

Question 1

Agreement of Sale

Answer 1

States the specific rights and obligations to which the parties mutually agree.

Question 2

Material Facts

Answer 2

Information that is significant to a person and that person’s ability to make an informed decision..

Question 3

Fraud

Answer 3

The intentional misrepresentation of a material fact in such a way as to harm or take advantage of another person.

Question 4

Latent Defect

Answer 4

A hidden structural defect that would not be discovered by ordinary inspection.

Question 5

Misrepresentation

Answer 5

An unintentional misstatement or omission.

Question 6

Puffing

Answer 6

Exaggeration of a property’s benefits.

Question 7

Equitable Title

Answer 7

The interest a buyer acquires in the land after both buyer and seller have executed a sales contract.

Question 8

Earnest Money (Hand Money)

Answer 8

The customary deposit a purchaser makes when making an offer on real estate.