Contracts
Under the FAR-BAR contract, the 'Effective Date' is defined as:
AThe date the buyer signs the contract
BThe date the last party signs or initials and communication of acceptance is made to the other party✓ Correct
CThe closing date
DThe date the earnest money is deposited
Explanation
Under the FAR-BAR contract, the Effective Date is the date on which the last party (buyer or seller) signs or initials the contract and communication of that acceptance is made to the other party or their agent.
Related Florida Contracts Questions
- The FAR/BAR 'AS IS' Residential Contract for Sale and Purchase allows the buyer to:
- A Florida buyer and seller execute a purchase contract. The buyer's attorney reviews the contract and recommends changes. The seller refuses to make any changes. In this situation:
- A Florida contract provision that relieves a party from obligations due to circumstances beyond their control (hurricane, flood) is called a:
- The Florida 'AS IS' Residential Contract differs from the standard FAR/BAR Residential Contract primarily because with the AS IS contract:
- A Florida seller received three offers simultaneously. The seller signed all three, all with the same closing date. This situation results in:
- The Florida Realtors/Florida Bar (FR/Bar) As Is Residential Contract for Sale and Purchase is commonly used when:
- Under a Florida purchase contract, if a buyer exercises their inspection right and requests repairs, the seller can:
- In a Florida real estate contract, 'time is of the essence' means:
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →