REPC 1

Question 1

Real Estate Purchase Contract

Answer 1

The common standard is that the UTAH REPC has 25 sections

Question 2

UTAH REPC Section 1

Answer 2

• This section identifies the property that is the focal point of the REPC * Address of the property and the parties involved are disclosed in this part of
  the REPC

Question 3

Purchase Price

Answer 3

• The purchase price is made very clear in Section 2 of the UTAH
  REPC
• It is divided into different components of the total agreed upon price

Question 4

Section 3: REPC

Answer 4

• Section 3 of the Utah REPC describes the final details of the settlement & closing

Question 5

Section 4: Possession

Answer 5

once closing has tern place, section 4 gives definite details on how to buyer takes possession and ownership of the property

Question 6

Section 5: REPC

Answer 6

• Section 5: * This section acknowledges by both the seller and the buyer that they are being
  represented by a real estate agent and the brokerage they represent

Question 7

Real Estate Purchase Contract (REPC)

Answer 7

• This is a legally binding contract * Utah law requires real estate licensee to utilize this form, this is approved by the division of real estate and the attorney generals office * “This contract is a legally binding real estate purchase contract, Utah law requires real estate licensees to use this form. Buyer and Seller, however, may agree to alter or delete its provisions or to use a different form. If you desire legal or tax advice, consult your attorney or tax advisor” (Real Estate Purchase Contract, 2018,p. 1)

Question 8

Seller Information

Answer 8

• The REPC must have the correct name of the Seller
• Be sure that it is their correct & LEGAL name

Question 9

How Serious are the buyers about
making an offer?

Answer 9

• Financing has been put into place
• They ask all the right questions
• House hunting process, they have taken the time to
  search for the proper home that meets their needs
• Buyers who are not working with a real estate professional usually tend not be that serious about purchasing a home

Question 10

REVIEW

Answer 10

• Offer reference date: The day of the offer
• Buyer: Buyer’s LEGAL name must be on the contract * If your working with a husband and wife, and they are both going to be on the mortgage, both of their names MUST be
  on the real estate purchase contract
• Please be thorough when completing the REPC

Question 11

Included Items: Section 1.1

Answer 11

“Unless excluded herein, this sale includes the following items if presently owned and in place on the property: plumbing, heating, air conditioning fixtures and equipment; solar panels, ovens, ranges and hoods, cook tops, dishwashers; ceiling fans; water heaters; water softeners; light fixtures and bulbs, bathroom fixtures and bathroom mirrors; all window coverings including curtains, draperies, rods, window blinds and shutters; window and door screens; storm doors and windows; awnings, satellite dishes, all installed TV mounting brackets; all wall and door openers and accompanying transmitters: security systems; fencing and any landscaping”

Question 12

Other Included Items- Section: 1.2 * Section 1.2-

Answer 12

The following items that are presently owned ad in place on the property have been left for the convenience of the parties and are also included in this
sale
* (washer, dryer, refrigerators, microwave oven, other)

Question 13

Offer to Purchase Section

Answer 13

• Please following along with the Real Estate Purchase
  Contract:
• Property: Address of the property & tax ID number
• Section 1.1 - Included Items
• Section 1.2 - Other included items
• Section 1.3 - Other included items
• Section 1.4 - Water Service

Question 14

Excluded Items - Section 1.3

Answer 14

• This section outlines the excluded items- please specify
  all the excluded items * Please take a few minutes to review the section 1.3 in your
  real estate purchase contract about excluded items

Question 15

Which of the following statements are true:
A: Be Sure That It Is Their Correct & Legal Name. REPC Must Have The Correct Names Of The Seller
B: Only Check The Certain Details Of The Contract
C: Only Check The Dates To Make Sure Its Valid
D: Only Check To Make Sure The Names Are Correct

Answer 15

A: Be Sure That It Is Their Correct & Legal Name. REPC Must Have The Correct Names Of The Seller

Question 16

How do you know the buyer is serious about buying a home?
A: The Finances Have Been Put Into Place
B: They Are Talking To Their Friends
C: They Tell You Slowly Start Looking
D: They Are Going Back And Forth And Dont Have The Ability To Make A Decision

Answer 16

A: The Finances Have Been Put Into Place

Question 17

Section 1.3 - The Excluded items highlights all the ___________
A: Included Items
B: Excluded Items
C: Some Of The Included Items
D: The Items That Will Come With The House

Answer 17

A: Included Items
B: Excluded Items
C: Some Of The Included Items
D: The Items That Will Come With The House

Question 18

Which of the following is an example of an included item:
A: Light Fixture
B: Oven
C: Flower Pot
D: Both A & B

Answer 18

D: Both A & B

Question 19

UTAH REPC section 1: This section identifies the property that is the subject of the REPC agreement.
A: True
B: False
C: Depends On The Property Listing
D: Depends On The Agents Remarks

Answer 19

A: True

Question 20

Water Rights

Answer 20

• Section 1 of the Utah REPC includes a section on water rights and all regulations pertaining to water.

Question 21

Offer Reference Date

Answer 21

Offer Reference Date is the date the buyer will formally write the offer

Question 22

Offer Reference Date: REPC

Answer 22

Offer reference date appears below the offer to purchase and earnest money deposit

Question 23

Clients

Answer 23

• Always inform your client that the REPC is a legally binding contract * If they have any questions, they need to consult their agent, agent’s broker, and/or attorney

Question 24

Utah Licensee

Answer 24

• When a Utah Licensee will be writing a contract: * They must use the REPC (this is the form that licensee are authorized to complete)

Question 25

Signing the REPC

Answer 25

Who is allowed to sign the REPC? * Buyers * Sellers * Those who have authority to sign on behalf of the buyer or seller

Question 26

Section 2: Purchase Price

Answer 26

* Section 2.1: * (a) Earnest Money Deposit * (b) Additional Earnest Money * (c) New Loan * (d) Seller Financing * (e) Balance of Purchase Price in Cash settlement

Question 27

Purchase Price 2.1 (a)

Answer 27

* Purchase Price 2.1 (a) - Earnest Money Deposit * Under certain conditions described in the REPC, this deposit may become non-refundable (Real Estate Purchase Contract, 2018, p.1) * Additional Earnest Money Deposit (section 8.4 if applicable)

Question 28

Section 2.1 (c) (d)

Answer 28

* Section 2.1 (c): New Loan- Buyer may apply for mortgage loan financing (the "loan) on terms acceptable to buyer. If an FHA/VA loan applies, review FHA/VA loan addendum (Real Estate Purchase Contract, 2018, p.1) * Section 2.1 (d): Seller Financing - review seller financing addendum

Question 29

Purchase Price ( Section 2.1) (a) (e)

Answer 29

Purchase Price (2.1 (e)): Balance of Purchase Price in Cash at Settlement * Purchase Price- Total of Lines (a) through (e)

Question 30

Section 3 describes the settlement and closing section. Settlement and closing details are the: A: Final Steps In Executing A Real Estate Transaction B: Third Step The Agent Does In A Transaction C: The Final Approval From The Brokerage D: None Of The Above

Answer 30

A: Final Steps In Executing A Real Estate Transaction

Question 31

2.2 Sale of Buyer's Property

Answer 31

* Sale of Buyer's Property- Please review the section 2.2 (sale of buyer's ability to purchase the property) * Ensure when doing a transaction, that all parts of the REPC is completed accurately.

Question 32

This section is an acknowledgement by both the seller and buyer that they are being represented by a real estate agent and the real estate brokerage they represent A: Section 5: Confirmation Of Agency Disclosure B: Section 3: Confirmation Of Brokerage C: Section 4: Brokerage Documents D: None Of The Above

Answer 32

A: Section 5: Confirmation Of Agency Disclosure

Question 33

Section 3: Settlement & Closing

Answer 33

* Settlement & Closing: * Settlement shall take place no later than settlement deadline referenced in section 24(d) or as otherwise mutually agreed by buyer and seller in writing. "Settlement" shall occur only when all the following have been completed * Buyer and seller have signed and delivered to each other or to the escrow/closing office all documents required by the REPC, by the lender, by the title insurance, escrow/closing offices, by written escrow instructions or by applicable law (REPC, 2018, p.2) * Any monies that are required to be paid by seller or buyer seller under specific these conditions in the form of cash, wire transfer, cashier's cash, or other form acceptable to the escrow/closing office (REPC, 2018, p.2) * Please review the section of the REPC on settlement & closing

Question 34

REPC: Settlement & Closing- Section 3

Answer 34

* REVIEW: Please review the section on Closing (3.2). Closing is part of the transaction that ensures the settlement has been completed. * REVIEW: Please take a few minutes to review the section on Possession (3.3) in the real estate purchase contract

Question 35

The section in the REPC that states that the seller has fee title to the property and promises to convey marketable title to the buyer can be found in which section of the REPC? A: Section 4.3 B: Section 5 C: Section 6.1 D: Section 6.2

Answer 35

C: Section 6.1

Question 36

The section in the REPC that confirms the prior written receipt of agency disclosure can be found in: A: Section 3 B: Section 4 C: Section 5 D: Section 6

Answer 36

C: Section 5

Question 37

The section in the REPC that specifically spells out how "possession" shall be handled post closing can be found in section: A: Section 3.1 B: Section 3.2 C: Section 3.3 D: Section 4.2

Answer 37

C: Section 3.3

Question 38

The section in the REPC that defines "closing" can be found in: A: Section 3.1 B: Section 3.2 C: Section 3.3 D: Section 3.4

Answer 38

B: Section 3.2

Question 39

The "payment of purchase price" can be found in which section of the REPC A: Section 2 B: Section 3 C: Section 4 D: Section 5

Answer 39

A: Section 2

Question 40

The specific list of the "included items" can be found in which section of the REPC A: Specifically Addressed In Section 1.1 B: Specifically Addressed In Section 1.2 C: Specifically Addressed In Section 1.3 D: Specifically Addressed In Section 1.4

Answer 40

A: Specifically Addressed In Section 1.1

Question 41

The best way to document the receipt of the earnest money is with A: An Email From The Receiving Party B: A Handwritten Receipt Signed By All Parties C: The Confirmation Of The Earnest Money Receipt D: Receipt Of Earnest Money Does Not Require A Receipt

Answer 41

C: The Confirmation Of The Earnest Money Receipt

Question 42

The earnest money section of the real estate purchase contract plainly spells out that the earnest money will be deposited A: In The Buyer's Brokerage Trust Account B: In The Seller's Brokerage Trust Account C: In The Title Company's Escrow Account D: In Any Accounts On Which The Parties Agree

Answer 42

A: In The Buyer's Brokerage Trust Account

Question 43

The section in the REPC where the buyer agrees to take title subject to any leases and/or property management contracts affecting the property can be found in: A: Section 4.3b B: Section 5 C: Section 6.1 D: Section 6.2

Answer 43

C: Section 6.1