New Construction Contracts & Sale Services


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question 1 of 3

New home contracts often include a set of obligations the buyer must abide by for as long as they own the property. These obligations are known as _____.

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1. Which of the following statements is FALSE?

2. If the buyer wants to have a third party inspection done on the property outside of the builder scheduled builder walk-through(s) in the original contract and the builder agrees to this, how should they memorialize the agreement?

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About This Quiz & Worksheet

Review what you know about contracts and sale services in new construction by using this resource. Questions in this assessment ask about topics like buyer obligations, a way to memorialize an agreement, and new home contracts.

Quiz & Worksheet Goals

Take a look at the quiz to practice answering questions on:

  • One false statement about new construction contracts
  • Information included in a new home sales contract
  • A term related to obligations in a new home contract
  • Actions a seller or builder's agent should take by telling the buyer about sales incentives
  • How a third party inspection should be memorialized in a contract

Skills Practiced

Measure these skills:

  • Knowledge application - use your knowledge to answer a question about a false statement on new construction contracts
  • Information recall - access the knowledge you've gained regarding a term related to obligations in a new home contract
  • Interpreting information - verify that you can read information regarding memorializing third party inspections into a new home contract and interpret it correctly

Additional Learning

Alongside this quiz and worksheet you can use the companion lesson. The lesson New Construction Contracts & Sale Services can help you review this topic further and learn even more about these areas:

  • Meaning of lot reservation
  • Ways before, after and during the sale to service the sale
  • Definitions of warranty and addendum