ct chap 7 real estate contracts quiz

c (law requires money received on behalf of client to be deposited in escrow account within 3 banking days of receipt )

all funds received by broker on behalf of client must be deposited in escrow or trust account within 3 a. days of getting deposit b. days of getting all signatures c. banking days of receiving signatures d. working days of receiving signatures

a (ct statutes of frauds requires contracts for real estate to be in writing to be enforceable )

ct statute of frauds requires that in order to be enforceable all contracts for sale of real state must be a. in writing b. on correct legal form c. signed by both parties attorneys d. witnessed/notarized

b (legally contract at 18- before this not legally bound by contract entered)

in ct individual may enter legally enforceable contract when they reach age.of a. 16 b. 18 c. 19 d. 21

d (law requires that lease must be in writing to be enforceable if greater than 1 year)

lease must be in writing if for period of a. 60 days b. 90 days c. 6 months d. 1 year

a (bilateral contract bc promise for promise. client pays compensation to broker, broker promises to help in transaction)

listing and buyer brokerage contracts are a. bilateral contracts b. implied contracts c. parol contracts d. unilateral contracts

a (law states report must be given to buyers before buyer makes written offer)

property condition disclosure reports must be delivered to buyer a. prior to buyer making written offer b. at time buyer makes written offer c. prior to buyer signing purchase and sale contract d. at time of home inspection

a (legally binding on both parties. all negotiation of contract provisions should happen before agreement is signed. agreement doesn't need to by signed by attorney or broker to be valid. purchase/sale contract doesn't transfer title it is agreement to transfer title in future

purchase and sale contract signed by both seller and buyer is a. legally binding on parties b. of no effect until endorsed by attorney c. transfers real estate identified in contract d. must be signed by real estate broker involved in transaction

d (ct law prohibits brokers/salespersons from engaging in activities that require license to practice law. redrafting contract provision would most likely amount to practicing law)

real estate broker who redrafts provision in purchase and sales contract on behalf of his client has most likely a. met his fiduciary duties to client b. met employment duties under real estate listing agreement c. engaged in practice of law which is legal w brokers license d. engaged in practice of law without license which is illegal unless broker is also attorney

b (if seller doesn't believe there is problem and has no knowledge of problem it is appropriate for seller to check no. if seller did not have belief one way or another should say unknown)

seller has no knowledge of plumbing problems on property being sold. but pipes are corroded and need replacing soon. in property condition disclosure reports when responding to whether seller has knowledge of plumbing problems seller should respond a. yes b.no c. unknown d. say seller not required to respond to this question

c (property condition disclosure report must be go ben in all residential transactions containing 1-4 dwelling units w few exceptions. report not required when property being sold by commercial property)

seller required to give buyer property condition disclosure report in all of following transactions except a. when seller not assisted by licensed real estate agent b. if seller has not resided on property in last year c. when transaction is sale of commercial property d. if buyer has lived one property as tenant