Utah Real Estate School - REPC Flashcards

Utah Real Estate School - REPC Flashcards The fact that a water heater is included in the purchase price in the Real Estate Purchase Contract would be shown where on the contract?

1.1 A signature on the earnest money receipt indicates which of the following?The signature agent has the earnest money or has turned it over to their broker.According to the Real Estate Purchase Contract (REPC) what happens if the seller defaults?they must pay an amount equal to the earnest money in liquidated damages to the buyer.In the REPC, when an offer is made with a deadline, after that deadline has passed there is no way to accept the offer.You have received an earnest money payment in connection with an accepted offer. By law and absent any

other agreement between the parties:

The money must be deposited in the trust account within 3 banking days.Agent F has received an offer for their client's property that expires on Thursday. On Friday, their client wants to accept the offer. What can Agent F do?Ask the other agent for a new offer, since the original offer has expired.On the Real Estate Purchase Contract, mediation isDetermined by checkbox.Who is responsible for any capital improvements to the property before prior to settlement?The Seller.The REPC has fields for the agents and brokerages representing both clients. This serves to disclose agency agreements between agents and their clients.The buyer received the sellers disclosures, and in the disclosure they found out that the seller had replaced several of the main water lines through the house themselves. If they are not satisfied with the seller performing the repairs in lieu of licensed professional, what are their options?The buyer can cancel the contract if they are not satisfied with the information provided in the seller's disclosures.A seller wants to have a professional create a contract for them to use when selling their home. Who can create a contract for them?Attorney.The buyer is unable to obtain financing, and they cancel the REPC on 10/13/2017. Who gets the earnest money?The Seller.Agent R received an offer that expires on Monday, and their client has signed to accept. If Agent R doesn't send the signed offer back to the buyer before the end of day Monday, what happens?The offer becomes void.Which of the following uses is not a legal use of the State approved REPC Addendum?create a commission obligation for the seller.According to the REPC, which is true?The property is sold as-is, along with any problems that exist.After the walk through inspection, which is true? The same contract terms remain in effect.

Select all of the following events that must occur in order for acceptance of an offer to be complete according to paragraph 23 of the REPC?Communication back to the other party that acceptance has occurred;Signatures on the correct line.The Real Estate Commission does not allow agents to write contracts, but they allow them to fill in blanks on approved contracts.Liquidated damages means thatthe damages are converted to a dollar amount.Any personal property that is included in the REPC as part of the sale will be transferred using a separate bill of sale at closing.Prorations are complete based on which of the following

dates as explained in paragraph 3.2 of the REPC:

Settlement deadline.The agency relationship is createdby a separate agency agreement.The property has been assessed a fee for adding a sidewalk down the frontage property line. Where in the REPC would the division of the cost between the parties of the assessment be found?

4.2 Which of the following parts of the Real Estate Purchase Contract is a Utah State approved form for real estate transactions?Addendum.A faxed copy of the REPC is considered the same as the original according to paragraph 22.According to the contract, after closing and the buyer owns the home, what happens to any rental agreements on the property?They remain in effect.The obligation of the buyer to be determined to get to the truth about the property would be explained in which REPC paragraph?

8.1 The buyer has been denied the loan they need to purchase the home. They are concerned that they have found out too late to be eligible for return of their earnest money. Where in the contract must they look to determine the deadline for notice that the loan was declined?

24.The primary reason for using standard supplementary

clauses on the addendum to the REPC is:

They have been drafted by the Attorney General's office or the Association legal staff and will insulate the agent from the practice of law illegally.In what section of the REPC is the agency between the buyer and his agent created?The REPC does not create agency agreements.A sales agent has written an offer. The buyer and seller

agree to change the closing date. The sales agent must:

Modify the contract by completing an addendum.The blank addendum to the REPC should be used for which of the following circumstances? Select all that apply.Deleting preprinted provisions of the REPC;Altering the price on a counter offer;Adding additional provisions to an offer or counter offer;Altering the language of the preprinted REPC;Changing an action deadline.The buyer has decided not to buy the property even after the seller has met all the requirements placed on him by the contract. Where would you look in the contract to

determine if the Buyer gets his earnest money back?

16.What section would indicate if the seller is financing some of the purchase price?

2.1

Which of the following events occur at Settlement according to paragraph 3.1 of the Real Estate Purchase Contract? Select all that apply.Non-loan funds due from the Buyer or Seller are paid;Documents needed to finalize the purchase and loan are signed.A buyer wants to submit an offer on a house. They do not have an agent. What contract can they use?any contract they want to use.