Contracts
In New Mexico, what distinguishes an 'amendment' to a purchase agreement from an 'addendum'?
AThey are the same thing
BAn amendment modifies existing terms already in the contract, while an addendum adds new terms or provisions not previously addressed✓ Correct
CAn amendment is used only before signing
DAn addendum requires notarization
Explanation
An amendment changes or modifies terms already present in the executed contract (e.g.
People Also Study
Related New Mexico Questions
- In New Mexico, which of the following is TRUE about the closing date in a purchase contract?Contracts
- In New Mexico, a purchase contract that is 'contingent upon the sale of the buyer's current home' is an example of a:Contracts
- In New Mexico, a purchase contract's 'closing date' typically means:Contracts
- In New Mexico, a 'home sale contingency' in a purchase agreement allows a buyer to:Contracts
- A New Mexico listing expires without a sale. The seller then sells to a buyer who the listing broker introduced during the listing period. The listing broker is entitled to a commission if the listing agreement contained a(n):Agency
- A New Mexico buyer uses a bridge loan to purchase a new home before their current home sells. A bridge loan is:Finance
- In New Mexico, what is the effect of a seller revoking a listing agreement before its expiration date?Agency
- In New Mexico, when does a buyer become the equitable owner of a property under a purchase contract?Escrow & Title
Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA 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.
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.
State-Specific Concepts
DRE Regulation
Study This Topic
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →