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1. The obligation of a buyer to deposit closing funds is subject to the seller first performing, called a(n):
a) condition precedent.
b) condition concurrent.
c) condition subsequent.
d) implied condition.
2. Agency disputes arise during the _______________ in the representation of a client.
a) post-closing period
b) marketing period
c) escrow period
d) Any of the above.
3. A _______________ retroactively extinguishes all known claims on disputes the parties have between themselves.
a) waiver of rights agreement
b) release agreement
c) cancellation agreement
d) dispute resolution agreement
4. An unsuspecting buyer who acquires ownership of real estate without actual knowledge or recorded notice of a pre-existing enforceable purchase agreement held by another buyer regarding the same property is referred to as a(n):
a) bona fide purchaser.
b) insolvent purchaser.
c) piggyback purchaser.
d) dual purchaser.
5. A buyer whose seller breaches their purchase agreement is entitled to recover expenses incurred by the buyer after the breach if the expenditures are the natural result of the seller's breach, called:
a) general damages.
b) special damages.
c) prejudgment interest.
d) natural damages.
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