Florida Real Estate Practice Exam

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What document is used to adjust the terms of a sales contract if the appraisal comes in lower than expected?

  1. Addendum

  2. Amendment

  3. Annotation

  4. Appendix

The correct answer is: Amendment

An addendum is a document that adds a supplemental agreement to a sales contract, but it does not necessarily adjust the terms. An annotation is a note or remark added to a document, but it is not a legally binding document for adjusting terms. An appendix is an attachment or supplement to a document, but it is not used for adjusting terms. Therefore, the best option for adjusting terms in a sales contract is an amendment. An amendment is a legal document that modifies and changes the original terms of the contract, including the sale price in case of a lower appraisal.

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