Virginia Sales Contracts

Question 1

Printed provisions in sale contracts have to be in____point size or larger to be binding upon the

Answer 1

10

Question 2

What can a buyer purchase in order to cover repairs or replacement of home systems and appliances?

Answer 2

Home warranty

Question 3

A builder’s warranty on a new home typically covers it’s structure against defects for how many years?

Answer 3

10 years

Question 4

Which of the following contracts is enforceable according to the statue of frauds?

Answer 4

An oral lease contract for 7 months

Question 5

Ella’s friend wants to purchase a home but doesn’t but doesn’t want to use a real estate agent. If Ella is a licensee how much can Ella get paid for helping her?

Answer 5

Ella cannot charge a separate fee for preparing the contract

Question 6

Which of the following does homeowner’s insurance protect against?

Answer 6

Damages to the porch caused by a fire

Question 7

Which of the following covers workmanship in a brand new home?

Answer 7

A builder warranty

Question 8

What should a licensee do when the sales contract does not apply to the transaction?

Answer 8

Write N/A in the section

Question 9

When does an offer officially become a contract?

Answer 9

When the seller accepts the offer without changes and signs the contract

Question 10

How long do businesses typically afford the property for?

Answer 10

1 year