Question 13

The licensee moving to a new firm and principal broker will NOT require a written and signed amendment.

Changes such as a licensee moving to a new firm and principal broker do not affect the terms of the sales agreement, thus they do not require an amendment to be documented in writing.

A) The owner agrees to make certain repairs.

This option would require a written and signed amendment because any agreement regarding repairs directly alters the terms of the sales agreement. Changes to the condition of the property impact the obligations of the parties involved, necessitating formal documentation.

B) The proposed settlement date is extended by 30 days.

An extension of the settlement date is a significant change that impacts the contractual obligations of both parties. As it modifies the timeline established in the original agreement, it must be documented through a written and signed amendment.

C) The licensee moves to a new firm and principal broker.

This situation does not alter the terms of the sales agreement between the buyer and seller. Since the changes pertain to the licensee's employment rather than the agreement itself, no written amendment is necessary.

D) The purchaser selects alternative financing which affects the seller's net proceeds of sale.

Choosing alternative financing is a change that directly impacts the financial arrangements of the sale. As this alteration affects the seller's net proceeds, it requires a written and signed amendment to ensure all parties are aware of and agree to the new terms.

Conclusion

The correct answer is C because changes regarding a licensee's employment do not impact the substantive terms of the sales agreement. In contrast, options A, B, and D all represent significant modifications to the agreement's terms, thereby necessitating a written amendment. Understanding which changes require formal documentation is crucial in maintaining clarity and legal compliance in real estate transactions.