Legal Update 1 | Chapter 5 | Practicing Law | Responsive Quiz – Delete This One
This quiz is here to serve you – not test you. This quiz does not care if you get 100%. This quiz will tell you the correct answer after each question without keeping any record of wrongs — so that you:
Will pass the Legal Update 1 Exam & real test of practicing real estate!
The following are actual statements inserted into Paragraph 11, Special Provisions, by license holders.
For each one, the statement is:
A. The unauthorized practice of law
B. A good factual statement or business detail
C. A problematic (aka DUMB) factual statement or business detail
.
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Question 1 of 21
1. Question
1. Buyer and seller agree to go to Arbitration in the event of a dispute.
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Question 2 of 21
2. Question
2. If the survey shows easements crossing property lines, seller will pay for survey, release earnest money and sale is canceled.
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Question 3 of 21
3. Question
3. This sale is contingent upon sale of my fishing boat
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Question 4 of 21
4. Question
4. If buyer terminates, ½ of the earnest money will be refunded to the buyer and the other half to the agent.
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Question 5 of 21
5. Question
5. Seller should replace carpet. Seller should replace broken pool pump.
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Question 6 of 21
6. Question
6. Seller will have home cleaned by a professional house cleaner service within one day of Seller moving out of the house.
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Question 7 of 21
7. Question
7. If Buyer does not terminate during the option period, then the earnest money is non-refundable.
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Question 8 of 21
8. Question
8. The cost of replacing the roof will be divided between buyer and seller.
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Question 9 of 21
9. Question
9. Property is being sold as is. Buyer can get inspections but there will be no repairs.
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Question 10 of 21
10. Question
10. Buyer will close within 48 hours of collecting the money from their lawsuit.
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Question 11 of 21
11. Question
11. Remove all cow poop from the 25 acres.
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Question 12 of 21
12. Question
12. The buyer will not complete the purchase or forfeit earnest money if the property does not appraise. Seller will not sue.
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Question 13 of 21
13. Question
13. Buyer loses earnest money and must refund all expenses incurred in the event of termination.
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Question 14 of 21
14. Question
14. Buyer requests a response by May 1, 2019.
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Question 15 of 21
15. Question
15. If either party doesn’t close, they will pay the other party $5000 and nobody will sue.
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Question 16 of 21
16. Question
16. Buyer and seller agree to disagree on sales price.
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Question 17 of 21
17. Question
17. Buyer must get loan approval within 15 days of the effective date.
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Question 18 of 21
18. Question
18. Property must appraise for the sales price.
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Question 19 of 21
19. Question
19. Tabby cat to convey
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Question 20 of 21
20. Question
20. The term of the temporary Seller’s lease (form attached to contract) will be for 6 months.
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Question 21 of 21
21. Question
21. Remove the ghosts from the living room prior to closing.
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