Free Pennsylvania Real Estate Practice Exam Practice Question
According to the Real Estate Commission's regulations, an agreement of sale MUST contain the:
Correct Answer: C
Rationale: An agreement of sale must clearly outline critical elements, including dates for payment and conveyance, ensuring both parties understand the timeline for the transaction.
Option A, the property’s tax identification number, while useful, is not a mandatory requirement. Option B, disclosure of controlled business arrangements, pertains to ethical practices but is not essential in every sale agreement. Option D, a metes and bounds legal description, is important for property identification but can be substituted with other forms of legal description. Therefore, specifying payment and conveyance dates is essential for clarity and enforceability in a sale agreement.
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