Contracts
In Maine, an 'addendum' to a purchase and sale agreement:
ACancels the original agreement
BModifies or adds to the terms of the original agreement✓ Correct
CIs not legally binding unless notarized
DCan only be prepared by an attorney
Explanation
An addendum is a document that adds to or modifies the terms of the original purchase and sale agreement. It must be signed by all parties and becomes part of the contract when executed.
People Also Study
Related Maine Questions
- In Maine, a purchase and sale agreement signed by a minor is:Contracts
- In Maine, a purchase and sale agreement becomes binding when:Contracts
- A Maine real estate purchase and sale agreement that has been fully signed by all parties is best described as:Contracts
- In Maine, an addendum to a purchase and sale agreement must be:Contracts
- A Maine property management agreement is a contract between:Property Management
- A Maine buyer is purchasing a property using seller financing (a purchase money mortgage). Which document pledges the property as collateral for the seller's loan?Finance
- In Maine, an 'estoppel certificate' in commercial real estate is a document signed by a tenant that:Escrow & Title
- A Maine real estate agent has a buyer under a written buyer agency agreement. The agent finds a FSBO (for sale by owner) property that perfectly matches the buyer's needs. The agent should:Agency
Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Study This Topic
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →