Real Estate Buyer Responsibilities Quiz

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Who should buyers contact for information on sex offenders near a property?

Local municipality

Real estate agent

Seller

State police (correct)

What is the responsibility of the buyer regarding the condition of the real estate being sold?

The buyer is responsible for determining if the property's condition is acceptable. (correct)

The buyer should not worry about the property's condition.

The buyer must rely on the seller's inspection report.

It is the seller's responsibility to ensure a satisfactory condition.

What areas of concern should a buyer inspect at their own expense?

Property insurance and lead-based paint

Carbon monoxide, radon, and asbestos (correct)

Deeds, restrictions, and zoning regulations

Wood-destroying insect infestation and sewage system

Who typically provides information about properties considered for purchase by a buyer?

Seller Signup and view all the answers

What must the buyer discuss with the Licensee according to the text?

Inspections and any special needs Signup and view all the answers

Where can a buyer check information about sex offenders near a property according to the text?

Pennsylvania State Police website Signup and view all the answers

Why should buyers be cautious about discussions held on the property?

To avoid being recorded by unknown parties Signup and view all the answers

Who is released from claims, lawsuits, and actions related to audio or video recordings on the property according to the text?

Brokers, their licensees, employees, officers, partners, and related parties Signup and view all the answers

What is the purpose of Pennsylvania's Real Estate Recovery Fund mentioned in the text?

To repay individuals with civil judgments against fraudulent real estate licensees Signup and view all the answers

Why might a person need to contact the Pennsylvania Real Estate Recovery Fund?

To receive repayment for losses due to a court ruling against a fraudulent licensee Signup and view all the answers

What action does the Fund take for those who couldn't collect a judgment against a fraudulent licensee?

Repays individuals who couldn't collect the judgment Signup and view all the answers

What is the contact number provided in the text for more information about Pennsylvania's Real Estate Recovery Fund?

(717) 783-3658 Signup and view all the answers

What is the consequence for Buyer if they name Broker or Broker's licensee(s) in litigation regarding deposit monies?

Buyer will have to pay attorneys' fees and costs of the Broker(s) and licensee(s). Signup and view all the answers

Which characteristics are protected under the Federal and state laws mentioned?

Race, color, religion, sex, disability, and age. Signup and view all the answers

Under Megan’s Law, what does the legislation provide for regarding convicted sex offenders?

Community notification of certain convicted sex offenders. Signup and view all the answers

What is NOT a protected characteristic under the Civil Rights Acts mentioned?

Age over 50. Signup and view all the answers

What is the purpose of the Civil Rights Acts mentioned in the text?

To protect against discrimination based on race, color, religion, and other specified characteristics. Signup and view all the answers

How does the prior written agreement impact the distribution of deposit monies in case of a dispute?

It specifies how Broker should distribute deposit monies in case of unresolved disputes. Signup and view all the answers

What is the main responsibility of the escrow holder in this scenario?

To wait to deposit any uncashed check that is provided as deposit money until Seller accepts an offer. Signup and view all the answers

In what situation can the Broker release the deposit monies without any disputes over entitlement?

When an agreement of sale is terminated prior to settlement with no dispute over entitlement. Signup and view all the answers

Which scenario would allow the Broker to distribute some or all of the deposit monies?

After receiving a written agreement signed by both Buyer and Seller. Signup and view all the answers

What is the significance of a written agreement signed by both parties regarding deposit monies?

It serves as evidence that there is no dispute regarding the deposit monies. Signup and view all the answers

Under what condition can a non-licensee be named as the escrow holder?

When both Buyer and Seller agree to it. Signup and view all the answers

What should the Buyer do if they have legal questions before signing the contract?

Consult a Pennsylvania Real Estate Attorney Signup and view all the answers

Which form must be part of the Buyer Agency Contract if checked?

Single Agency Addendum Signup and view all the answers

What must the Buyer provide to the Broker if they are obtaining mortgage financing?

Loan Estimate(s) and Closing Disclosure(s) Signup and view all the answers

What does the Buyer give permission for the Broker to do regarding transaction information?

Send information to Buyer's fax number(s) and/or e-mail address(es) Signup and view all the answers

What action constitutes acceptance by all parties involved in the contract?

Return of the contract with signatures of all parties Signup and view all the answers

How can the Buyer execute this Contract?

In one or more counterparts Signup and view all the answers