GAR Forms Quiz Attempt #3

GAR Forms Quiz Attempt #3

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*GAR FORMS QUIZ*
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Question 1 of 10

1. Question
In order to find an appraisal contingency, you must start by reviewing this document
- Conventional Loan Contingency
- All Cash Sale
- Purchase and Sale Agreement
- Counter Offer
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Question 2 of 10

2. Question
What is the name of the exhibit that is required with the sale of a property built prior to the year 1979?
- lead based paint exhibit
- lead paint pamphlet exhibit
- GAR form 18-1 paint procedures documents
- none of these answers are correct
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Question 3 of 10

3. Question
The period when the buyer can terminate the contract for any reason is commonly referred to as the:
- due dilligence period
- the research period
- the termination period
- the closing period
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Question 4 of 10

4. Question
In a Conventional Loan Contingency form, in most cases you will find a_______.
- financing contingency
- estimation contingency
- general contingency
- none of these are correct
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Question 5 of 10

5. Question
When the closing attorney is respondsible for holding the earnest money in a transaction, it is necessary to fill out a ________.
- F511 Escrow Agreement
- F617 Reserve Funds Agreement
- F202 Brokerage Agreement
- All of these documents are required
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Question 6 of 10

6. Question
A broker must always submit _______ offer(s) on a property no matter when they are received.
- the higher offer
- the lower offer
- all offers
- none of them
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Question 7 of 10

7. Question
Exclusive Tenant Brokerage Can Best Be Described as
- The broker having the exclusive ability to locate tenants
- The broker having the exclusive ability to locate property managers
- The seller having the exclusive ability to locate tenants
- none of the above
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Question 8 of 10

8. Question
Exclusive buyer agency agreement suggests
- the buyer is obligated to compensate the agent whenever the buyer purchases a property of the type agreed upon in the contract.
- non-exclusivity and alllows the buyer to employ an unlimited number of brokers; the buyer compensates only the broker who actually located the property purchased.
- that the agent accidentally fails to perform some act, such as delivering a counteroffer
- None of the above
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Question 9 of 10

9. Question
Open Buyer Agency Agreement suggests which of the following
- Non-Exclusive Buyer Agency Agreement
- Exclusive Buyer Agency Agreement
- Open Agency Agreement
- none of the above
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Question 10 of 10

10. Question
According to CB25 What Buyers Should Know About Flood Hazard Areas and Flood Insurance, what party should know about flood hazard areas?
- The buyer
- The seller
- The surveyor
- none of the above
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