California Real Estate Practice Exam

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Study for the California Real Estate Exam with confidence. Engage with interactive questions designed to enhance your understanding of real estate principles, laws, and practices. Prepare thoroughly for your licensing test and ensure you have the knowledge to succeed in your real estate career!

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Who is responsible for damage or destruction that occurs to a property before escrow closes but after the purchase contract is signed?

  1. The buyer

  2. The seller

  3. The real estate agent

  4. The insurance company

The correct answer is: The seller

The seller is responsible for damage or destruction that occurs to a property before escrow closes but after the purchase contract is signed. This is because the seller technically still owns the property until the deed is officially transferred to the buyer. The buyer is not responsible for any damage or destruction during this time. The real estate agent and the insurance company are not responsible for any physical damage or destruction to the property, as their roles are to facilitate the sale and provide insurance coverage for the property, respectively.

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