Agreement of Sale pages 7 and 8
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Questions and Answers

Who is allowed to attend inspections according to the text?

  • Only the seller
  • Only the buyer
  • Parties and their mortgage lender(s)
  • Parties and their real estate licensee(s) (correct)

    • How many pre-settlement walk-through inspections is the buyer allowed to make?

  • Three
  • One
  • Two (correct)
  • Unlimited

    • What must the seller have on for all inspections/appraisals?

  • Electricity only
  • Heating only
  • All utilities, including fuel(s) (correct)
  • Internet connection

    • Who is authorized to receive a copy of any inspection Report according to the text?

    <p>Both B and C</p> Signup and view all the answers

    Which of the following is NOT a party allowed to attend inspections based on the text?

    <p>Mortgage lender(s)</p> Signup and view all the answers

    Who will bear the cost of emptying and providing water for the on-lot sewage disposal system if required by the inspection company?

    <p>Seller</p> Signup and view all the answers

    What must the Seller do to restore the Property to its previous condition?

    <p>Restore the Property at Seller's expense</p> Signup and view all the answers

    Who may communicate with the insurer to assist in the insurance process?

    <p>Broker for Buyer</p> Signup and view all the answers

    When should flood insurance be ordered if the Property is located in a specially-designated flood zone?

    <p>At least 14 days before Settlement Date</p> Signup and view all the answers

    What is the duration of the Contingency Period as per the text?

    <p>Buyer may choose number of days to complete inspections, if none is written it defaults to 10 days</p> Signup and view all the answers

    What action does Buyer take if the inspection results are satisfactory?

    <p>Present all reports to Seller and agree to the release</p> Signup and view all the answers

    During which period must the Buyer complete Inspections and obtain Inspection Reports or results?

    <p>Contingency Period</p> Signup and view all the answers

    Which of the following is NOT included in the list of items that Elected Buyer may inspect?

    <p>Interior windows</p> Signup and view all the answers

    What is one item that is specifically mentioned as part of the inspection process for the Property?

    <p>Wetlands and flood plain delineation</p> Signup and view all the answers

    Which of the following is an example of an environmental hazard that may be inspected in the Property?

    <p>Electromagnetic fields</p> Signup and view all the answers

    What is a requirement of the Residential Lead-Based Paint Hazard Reduction Act for sellers of property built before 1978?

    <p>To provide the buyer with a lead hazards information pamphlet approved by the EPA.</p> Signup and view all the answers

    What form is required to be attached to the Agreement according to the Residential Lead-Based Paint Hazard Reduction Act?

    <p>A form disclosing the seller's knowledge of lead-based paint hazards (LPD)</p> Signup and view all the answers

    Which adverse health effect is linked to asbestos, according to the documentation?

    <p>Various forms of cancer.</p> Signup and view all the answers

    What type of damage can result from poor or improper installation of exterior building materials?

    <p>Mold and damage to a building's frame.</p> Signup and view all the answers

    A hydraulic load test may be completed during an on-lot sewage inspection.

    <p>True</p> Signup and view all the answers

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