Amendment

### What is an amendment? - [x] A change, correction, or extension of an agreement that does not modify the basic thrust of the agreement. - [ ] A new agreement designed to replace an older contract. - [ ] A type of property lease specifically for commercial property. - [ ] A fee charged by real estate agents. > **Explanation:** An amendment involves making adjustments to an existing agreement without changing its overall intent or primary purpose. ### In what form should an amendment be documented? - [ ] Orally agreed upon. - [ ] Communicated via text message. - [x] In writing and signed by all parties. - [ ] Interactive verbal negotiation. > **Explanation:** Amendments should be in writing and signed by all parties to ensure they are legally enforceable. ### Which of the following is a common use for a lease amendment? - [x] Extending the lease term. - [ ] Selling the property. - [ ] Evicting a tenant. - [ ] Reversing a purchase agreement. > **Explanation:** Lease amendments are often used to extend the term of a lease agreement without requiring a new contract. ### Can an amendment alter the core objectives of the original agreement? - [ ] Yes, it can change everything about the original agreement. - [x] No, it should not change the agreement's core objectives. - [ ] Yes, but only if both parties verbally agree. - [ ] Only if the amendment is notarized. > **Explanation:** An amendment should not alter the core objectives or purpose of the original agreement. ### Who typically prepares an amendment? - [ ] Tenants alone. - [ ] Landlords alone. - [x] Legal professionals or mutual agreement by the parties involved. - [ ] Real estate agents. > **Explanation:** Amendments are typically prepared by legal professionals or through mutual agreement by the parties involved. ### Is it possible to make significant changes to a lease agreement through an amendment? - [ ] Yes, all changes can be made through amendments. - [ ] No changes can be made through amendments. - [ ] Yes, but only for residential leases. - [x] No, significant changes might require a new contract. > **Explanation:** While amendments can adjust many aspects of an agreement, significant changes often necessitate creating a new contract. ### What happens if a proposed amendment is not signed by all parties? - [x] It is not legally enforceable. - [ ] It becomes automatically effective. - [ ] It needs only the landlord's signature to be valid. - [ ] The real estate agent's approval is sufficient. > **Explanation:** For an amendment to be legally enforceable, it must be signed by all parties involved in the original agreement. ### Do amendments apply only to lease agreements in real estate? - [ ] Yes, strictly to lease agreements. - [ ] Only to residential agreements. - [x] No, they can apply to various real estate contracts and agreements. - [ ] Exclusively to commercial leases. > **Explanation:** Amendments can apply to various real estate contracts and agreements, not just lease agreements. ### Which document may outline additional terms or changes without altering the original contract? - [ ] General Warranty Deed - [x] Addendum - [ ] Quitclaim Deed - [ ] Title Insurance > **Explanation:** An addendum is used to outline additional terms or changes to a contract without altering the original agreement. ### Why might legal fees or administrative costs be associated with creating an amendment? - [ ] Because amendments are always lengthy and complex. - [x] Because preparation often involves legal professionals or formal documentation. - [ ] As they require real estate agent involvement. - [ ] Because amendments entail updating government records. > **Explanation:** Legal fees or administrative costs are often involved due to the formal preparation by legal professionals or the need for thorough documentation.