Contracts
What is an 'addendum' in a Pennsylvania real estate transaction?
AA document that modifies an already-executed contract after both parties have signed
BA supplemental document attached to and made part of the original contract at or before the time of signing✓ Correct
CA PREC-required form certifying that all contract terms comply with RELRA
DA court order compelling specific performance of a real estate contract
Explanation
An addendum is a supplemental document that is attached to and made part of the original contract at or near the time of its execution. Common Pennsylvania real estate addenda include inspection contingency addenda, financing addenda, lead-based paint disclosures, and home sale contingency addenda.
People Also Study
Related Pennsylvania Questions
- A financing contingency in a Pennsylvania Agreement of Sale primarily protects:Contracts
- Pennsylvania's home inspection contingency typically gives the buyer how many days to conduct an inspection after a fully executed agreement?Contracts
- In Pennsylvania, when a buyer makes an offer using the standard PAR Agreement of Sale, the offer becomes a binding contract when:Contracts
- In Pennsylvania, a contract signed by a person who was legally intoxicated at the time of signing is:Contracts
- Under the Home Ownership Equity Protection Act (HOEPA), high-cost mortgages in Pennsylvania must include additional disclosures because:Finance
- A Pennsylvania home sells for $425,000. Realty transfer tax is 2% of the sale price, split equally between buyer and seller. How much does the seller pay?Real Estate Math
- Lead-based paint disclosure is required for the sale of homes built before:Environmental
- A Pennsylvania home buyer discovers high radon levels (8 pCi/L) during the inspection period. The EPA action level is 4 pCi/L. What should the buyer do?Environmental
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.
Study This Topic
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →