zoning, neighborhood and schoolsC: Reviewing seller

Sample Real Property Agreement (RPA) Flashcards - Chapter 11 Overview Flashcards Which of the following are components of the buyer's investigation contingency?

A: Inspecting the physical attributes of the property, such

as a home inspection, lead-paint inspection and wood pest

inspectionB: Investigating off-site conditions, such as

zoning, neighborhood and schoolsC: Reviewing seller

disclosures and reportsD: All of the aboveAnswer: D Home fire hardening disclosures are required for which types of transaction?All residential property with one to four units built on or before January 1, 2010 if located in a high or very high fire hazard zone and if a TDS is required.Page 8, Paragraph 11C. Beginning in 2021, sellers of residential real property with one to four units and built before 2010, whose property is located in a high or very high fire hazard zone must(i) disclose to the buyer information about fire safety requirements, generally;(ii) specifically disclose if the property has any known home fire hardening vulnerabilities; and(iii) provide buyers with a copy of a report assessing the home's fire hardening status and compliance with defensible space requirements.Who is an authorized agent for purposes of delivery of acceptance or documents?An individual agent specified in the Real Estate Brokers Section Which paragraphs must be separately initialed (or referenced in an counter offer) to be incorporated into the RPA?A: Mediation onlyB: Liquidated damages onlyC: Arbitration only B: Liquidated damages onlyC: Arbitration onlyParagraph 30 For this clause to be included as an obligation under this contract, it must be initialed by the buyer and the seller. If at least one, but not all parties initial, a counter offer is required until agreement is reached.Paragraph 31 (E)

Arbitration of Disputes: Arbitration is always an option for

the parties and may be agreed upon at some future time, if not initialed in this contract.What can the buyers do if a seller does not pay for and install smoke alarms or carbon monoxide detectors if agreed in the contract?

A: Require the seller to pay for any lender reinspection fee

caused by the failureANDB: Pay for the installation and

seek reimbursement from the seller Which contingencies can be removed with the offer without

using a Contingency Removal form?A: None - a

Contingency Removal form is always neededB: Appraisal

contingency onlyC: Loan contingency onlyD: Both a loan contingency and an appraisal contingency

D: Both a loan contingency and an appraisal

contingencyParagraph 3 L Contingencies: Only two of

those contingencies (loan and appraisal) may be removed/waived at time of the offer by simply checking a box in the RPA.If a seller cancels after issuing an NBP, what happens to the deposit?Seller must authorize return of the buyer's deposit.

What occupancy types are preprinted in the RPA?A:

Investment property onlyB: Secondary residence onlyC:

Primary residence onlyD: All of the above

D: All of the aboveResidential: The form is written to satisfy legal and practical considerations for the sale of property built and zoned for single-family residential use, even if a

rental. The RPA is the appropriate form for condominiums as well as "stand-alone" dwellings.

What occupancy types are preprinted in the RPA? Primary residence only When is acceptance of a buyer's offer complete? When the offer is signed by the seller and a copy of the signed offer is electronically delivered to buyer's authorized

agentParagraph 33 Acceptance: Acceptance is not when

the seller signs but instead when a copy of the accepted offer is delivered to the buyer or authorized agent.Which of the following are components of the buyer's

investigation contingency?A: Investigating off-site

conditions, such as zoning, neighborhood and schoolsB:

eviewing seller disclosures and reportsC: Inspecting the

physical attributes of the property, such as a home inspection, lead-paint inspection and wood pest

inspectionD: All of the above

D: All of the aboveParagraph 3 Paragraph L (3)

Investigation of Property Contingency & Review of Seller Documents.8 C Investigation of Property & D Review of seller documentsParagraph 4 C Buyers and Sellers Advisories The first is the Buyer's Inspection Advisory (C.A.R. Form BIA). This form identifies 12 categories of items that a buyer should consider during the buyer's investigation contingency period.Paragraph 7 Closing and

Possession : Buyer is strongly advised to conduct

investigations of the entire Property in order to determine its present condition.

Which statement is true?A: A seller must issue the same

terms in every multiple counter offerB: A seller must accept

or reject every offerC: An accepted offer can be withdrawn

at any time prior to close of escrowD: A REALTOR® must

present all offers to the seller unless instructed otherwise

D: A REALTOR® must present all offers to the seller

unless instructed otherwise Unless otherwise agreed, if a seller agrees to a buyer credit in the offer, what can the money be used for?Closing costs When does a buyer's offer expire?A: At 5:00 p.m. on the 3rd day after signed by all buyersB: At 6:00 p.m. on the 3rd day after delivered to the sellerC: At 5:00 p.m. on the 3rd day after delivered to the sellerD: At 5:00 p.m. on the 3rd day after signed by the first named buyer

At 5:00 p.m. on the 3rd day after signed by all buyersUnder

section 3 Terms of Purchase and Allocation of Cost C: 3

calendar days after all Buyers Signatures or date specified on the agreement at 5PM or other time as specified on the RPA.Which of the following is a buyer not entitled to under the Items Included paragraph?A: Satellite dishesB: Motion detectors bolted to the propertyC: Leased solar panelsD: Seller's mobile phone used to operate a home automation systemAnswer: D: Seller's mobile phone used to operate a home automation

systemParagraph 3 P Items Included:Fixtures become part

of real property and are transferred with it. Whether an item that is to some degree affixed or attached to the property or is so integral to the functioning of the property, that it becomes part of the real estate or remains personal property can be confusing, and disputes often arise whether certain items can be taken by the seller or are to remain with the buyer. If checked, then the intention is that the item will remain with the property and a dispute avoided.What can the buyers do if a seller does not pay for and install smoke alarms or carbon monoxide detectors if

agreed in the contract?A: Require the seller to pay for any

lender reinspection fee caused by the failureB: Pay for the

installation and seek reimbursement from the seller

Both A and B10B(3) Reinspection Fees: Buyer's lenders

may require the compliance work for smoke alarms, carbon