Test Drive Quiz

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1.  Generally, a fact concerning a transaction is considered "material" if:

a) - The seller elects to disclose the fact prior to consummation of the transaction.
b) - Prior knowledge of the fact would have prevented the other party from entering into the contract.
c) - All parties to the transaction agree in advance that the fact is important.
d) - The seller's agent determines that the fact warrants disclosure.


2.  The seller must disclose any material change in the condition of the property or the title that occurs or is discovered by the seller:

a) - After close of escrow and within one year of ownership by the new buyer.
b) - After close of escrow and within a reasonable amount of time thereafter.
c) - After the contract is executed and prior to the close of escrow.
d) - None of the preceding.