Unit 10 - Vocab

Question 1

When an agreement for the purchase of a timeshare or campground membership is created, a statement regarding the purchaser’s right to cancel must be written in at least ___ point size, immediately above the signature line for the purchaser.

Answer 1

10

Question 2

A purchaser of a timeshare or campground membership has the right to cancel the purchase ____

Answer 2

until midnight of the 5th day following the date on which the purchaser executed the purchase contract.

Question 3

Within___days after the receipt of notice of cancellation, all payments made must be returned to the purchaser and an acknowledgement made that the sales ______ sent to the purchaser.

Answer 3

10;contract is VOID

Question 4

A comparative market analysis (sometimes called a competitive market analysis) is a

Answer 4

compilation of known sales and listing activity done in a particular area.

Question 5

An Exclusive Listing Agreement may NOT contain:

Answer 5

-A listing period exceeding one year;
-An automatic renewal clause;
-A cancellation notice to terminate the agreement at the end of the listing period;
-Authority of the broker to execute a signed agreement for the owner or lessor;
-An option by the broker to purchase the listed property.

Question 6

Agreements must be in ___ and ___by the principal and must _______ to be provided by the broker and the fee to be paid.

Answer 6

writing; signed ;identify the services

Question 7

Sales Contract

Answer 7

between the seller and buyer is their terms of agreement for finalizing the transaction. It includes important legal language regarding inspections and insurance.

Question 8

The _______________ require that the sales contract contain certain key elements.

Answer 8

Act and the Professional and Vocational standards

Question 9

A purchaser of a timeshare or campground membership has the right to cancel the purchase until midnight of the ___ day following the date on which the purchaser executed the purchase contract.

Answer 9

5th

Question 10

A ____________ must disclose to all purchasers a statement describing the purpose of the Real Estate Recovery Fund and the telephone number of the Commission where consumers can receive further information about the Fund.

Answer 10

cemetery broker

Question 11

Brokers are required, before an agreement of sale is executed, to provide each party with a written estimate of reasonable expenses including:

Answer 11

-The broker’s commission;
-The mortgage payments and financing costs;
-Taxes and assessments;
-Settlement expenses.

Question 12

The agreement between a ______________ and a prospective tenant must contain the rental specifications desired by the prospective tenant such as location and rent.

Answer 12

rental listing referral agent