Lyon Fall 2014 Legal Update Quiz
25 Questions
| Attempts: 815
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
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