02 May The PRDS contract generally has a more robust section for selecting specific items to be included in the sale than the CAR forms
1.Which of the following statements is FALSE statement regarding the PRDS purchase agreements? (Tough question!)
The PRDS contract generally has a more robust section for selecting specific items to be included in the sale than the CAR forms
The PRDS contract requires that the same party pay for both the escrow fees and the owner's policy of title insurance
The PRDS contract allow for a separate title contingency period
The PRDS contract allow the parties to separate out payment of escrow fees vs. title policy costs.
2.Which BEST describes a TRUE relationship between the CAR and PRDS purchase agreements?
Only the PRDS form can be used in California to purchase property
Some real estate agents are allowed to use either the CAR or PRDS forms to purchase property in California
The CAR and PRDS both have the same default terms
Only the CAR form can be used in California to purchase property.
3.Which of the following BEST describes the purpose of the PRDS purchase agreement?
A standardized set of forms used by real estate agents to sell homes
A program used by real estate agents to create their “home sales flyer”
A website that provides a method to check for liens against a property
A program used to list homes for sale on MLS (Multiple Listing Service)
4.Which of the following BEST describes the purpose of the CAR purchase agreements?
An agreement between the utility company and a seller
A program used by real estate agents to create their home sale flyers
A legal agreement between a real estate agent and a law firm
A standardized set of forms used by real estate agents to sell homes
An agreement between the utility company and a buyer
5.Which of the following is FALSE statement regarding PRDS and CAR purchase agreements?
The CAR agreement does not explicitly require a licensed contractor, but does require more paperwork.
The CAR purchase contract has set requirements as to who pays property taxes and HOA fees
The PRDS purchase agreement specifies that repair work needs to be done by a licensed contractor.
The PRDS contract has a separate paragraph dedicated to the seller's obligation to maintain and deliver the property – “broom clean
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