Promulgated Contract form Practice Exam with Complete Solutions 100

Promulgated Contract form Practice Exam 2023/2024 with Complete Solutions 100% Verified If a buyer decides to terminate a contract, the seller must agree to the termination.

• True
• False - Correct Answer B) False

Which of the following, with written, consent, may act as an Intermediary?

• The Broker representing the seller and buyer
• The Broker cooperating with the listing broker
• The salesman working with the seller and buyer
• The salesman sponsored by a broker representing the seller - Correct Answer A) The Broker

representing the seller and buyer An agent would use the same contract for new construction no matter if it was completed or incomplete.

• True
• False - Correct Answer FALSE

Regarding mediation - the Buyer and Seller are obligated under the terms of the Residential contract to abide by the ruling of the mediator.

• True
• False - Correct Answer B) False

A bilateral contract is:

• A promise in exchange for a promise 1 / 2

• A promise made only by the agent
• A promise made only by the seller
• No promise - Correct Answer A) A promise in exchange for a promise

The option paragraph of the contract creates an executed contract.

• True
• False - Correct Answer B) False

A unilateral contract only binds one party to perform.

• True
• False - Correct Answer A) True

It is required by law that a seller disclosure any information they have regarding their property. They may use any form or notice that they wish.

• True
• False - Correct Answer A) True

The Non-Realty Items addendum form for transfer of personal property can include the following

EXCEPT

• An agreed dollar amount between buyer and seller for the conveyance
• A place to list the personal property to be conveyed
• A representation by Seller that the items are owned free and clear of encumbrances
• A warranty and guarantee from the seller that the items are in working condition - Correct Answer D)

A warranty and guarantee from the seller that the items are in working condition The Buyer/Tenant Representation Agreement must always be signed by the agent's sponsoring broker.

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