Lyon Fall 2014 Legal Update Quiz

25 Questions | Total Attempts: 784

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Lyon Quizzes & Trivia

All of the following questions relate to the California Association of REALTORS ® Residential Purchase Agreement (RPA) published as of November, 2014.


Questions and Answers
  • 1. 
    The default for the Initial Deposit is for the buyer to bring a check directly to escrow.
    • A. 

      True

    • B. 

      False

  • 2. 
    The new form “Possible Representation of more than One Buyer or Seller and Consent” (PRBS) is a replacement for the “Seller Advisory” (SA) form.
    • A. 

      True

    • B. 

      False

  • 3. 
    The Loan Contingency and Appraisal Contingency are now both 21 Days.
    • A. 

      True

    • B. 

      False

  • 4. 
    Removal of the Loan Contingency automatically removes the Appraisal Contingency.
    • A. 

      True

    • B. 

      False

  • 5. 
    Credits to a Buyer from either Seller or the agents is limited by the amount that Buyer’s lender will allow.
    • A. 

      True

    • B. 

      False

  • 6. 
    If a buyer checks the box for “All Cash Offer” but decides to get a loan anyway, the seller can refuse to cooperate with the buyer’s lender’s appraiser to appraise the property.
    • A. 

      True

    • B. 

      False

  • 7. 
    The purchase agreement provides for a buyer to attach a Wood Destroying Pest Inspection (WPA) form to the contract if they want to do so.
    • A. 

      True

    • B. 

      False

  • 8. 
    If the buyer is having a Structural Pest inspection, the buyer’s pest inspector is not automatically authorized to make invasive, boring holes unless required to prepare the Pest Control Report.
    • A. 

      True

    • B. 

      False

  • 9. 
    If a seller completes the Statewide Buyer Seller Advisory (SBSA), then seller does NOT have to complete the Supplemental Statutory and Contractual Disclosures (SSD).
    • A. 

      True

    • B. 

      False

  • 10. 
    While the law does not require a seller to disclose whether carbon monoxide devices have been installed as required by law, the purchase agreement now requires sellers to install such devices.
    • A. 

      True

    • B. 

      False

  • 11. 
    If a seller attached a bookcase to a wall to keep it from tipping in an earthquake, it becomes a fixture and must be sold with the property.
    • A. 

      True

    • B. 

      False

  • 12. 
    If the MLS and flyer states that the property has a washer and dryer, then it is included in the sale to buyer.
    • A. 

      True

    • B. 

      False

  • 13. 
    If the property has a solar system, seller must disclose that the system is leased and the contract is contingent on buyer’s ability to assume that lease.
    • A. 

      True

    • B. 

      False

  • 14. 
    The buyer is always required to repair any holes in walls from where audio/video component brackets were located.
    • A. 

      True

    • B. 

      False

  • 15. 
    If a seller is required by law to complete a TDS, then the purchase agreement now requires the seller to also provide the Seller Property Questionnaire (SPQ) or, optionally, to also provide the SSD.
    • A. 

      True

    • B. 

      False

  • 16. 
    If the seller does NOT have to complete a TDS, then there is no way to compel a seller to provide a SPQ.
    • A. 

      True

    • B. 

      False

  • 17. 
    The buyer’s right to have an inspection by a Structural Pest Control Company is automatically allowed by the purchase agreement, unless the parties otherwise agree.
    • A. 

      True

    • B. 

      False

  • 18. 
    The default time for delivery of the property to the buyer on the date of close of escrow is 5:00 p.m.
    • A. 

      True

    • B. 

      False

  • 19. 
    If a buyer wants to request repairs or a credit, that request now must be made on a new form RRRR.
    • A. 

      True

    • B. 

      False

  • 20. 
    If a buyer cancels the contract and sends to escrow a Buyer Demand For Release of Deposit (BDRP),  the escrow holder is authorized to, but doesn’t have to, return buyer’s deposit if seller does not respond within 10 days.
    • A. 

      True

    • B. 

      False

  • 21. 
    If the seller is a trustee selling trust property, that seller can make the new Representative Capacity Signature Addendum (RCSA) a part of the contract and this relieves the seller of having to sign as trustee in the contract and other documents.
    • A. 

      True

    • B. 

      False

  • 22. 
    The escrow holder is now obligated to advise the agents if an Initial Deposit or Increased Deposit is not made as required by the purchase agreement.
    • A. 

      True

    • B. 

      False

  • 23. 
    The buyer may not assign the purchase agreement to another without the written permission of the seller in a separate document.
    • A. 

      True

    • B. 

      False

  • 24. 
    If a property is not in the MLS, there must be a separate written agreement between listing broker and buyer’s broker in order for buyer’s broker to have a claim to a commission.
    • A. 

      True

    • B. 

      False

  • 25. 
    All agents should immediately start using the new November, 2014 Residential Purchase Agreement instead of the former version as soon as it is released for all newly written offers.
    • A. 

      True

    • B. 

      False