In the Colorado CBS contract, the 'Seller's Representations and Warranties' section requires the seller to:
Why B. Represent that they have the authority and capacity to sell the property and that certain conditions about the property are true as of the contract date Is Correct
Answer B: B. Represent that they have the authority and capacity to sell the property and that certain conditions about the property are true as of the contract date
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
Key Contracts Terms in This Question
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Key Terms to Know
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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