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Property Inspection: Role, Importance & Process

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the name of the provision in a contract which states that the purchase depends upon the occurrence of a condition or event?

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1. Edward presents an offer to purchase Tanya's house. He includes a provision which states that he can terminate the contract if an inspection reveals that necessary repairs to the house will exceed one percent of the purchase price. What's the best description of this clause?

2. Which of the following is NOT inspected during a professional property inspection?

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About This Quiz & Worksheet

Assess what you understand about property inspection with these study assessments. Quiz questions will test you on purchase agreement provisions and scenarios involving property inspections.

Quiz & Worksheet Goals

Use these study tools to find out how well you know how to:

  • Name the conditional provisions of a purchase agreement based on potential events
  • Describe a clause for a given scenario
  • Determine something that is not inspected during an inspection of property
  • Interpret a scenario where a roof needs to be repaired
  • Assess an example of an inspection contingency clause

Skills Practiced

Utilize the worksheet and quiz to practice the following:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on property inspection
  • Interpreting information - verify that you can read information regarding an inspection contingency clause and interpret it correctly
  • Information recall - access the knowledge you've gained regarding what is inspected during a property inspection

Additional Learning

Learn more about this area of study via the lesson called Property Inspection: Role, Importance & Process. The lesson will adhere to the following study goals:

  • Define inspection contingency
  • Understand the importance of property inspection
  • Assess the property inspection process
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