Promulgated Contract Forms final Exam Questions and
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Terms in this set (60)
If a Buyer wants the Seller to pay some or all of their B) Paragraph #12- Seller participation in the Buyer's costs
closing costs, it should be added to the contract in:
A) Paragraph #11 (Special Provisions)
B) Paragraph #12 - Seller participation in the Buyer's costs
C) Third Part financing Addendum
D) All of the above
If a Buyer chooses not to be represented by an agent, A) True
the Buyer must be made aware that any information they
share can be communicated to the Seller.
A) True
B) False
The sales price is determined in paragraph 3 by adding A) True
the down payment (3A) and the loan amount (3B).
A) True
B) False
, The Seller contracts to furnish the buyer an existing D) The seller
survey, but neglects to furnish an "affidavit' with the time
specified. The lender requests a new survey be furnished.
Who pays for the new survey?
A) Whoever is stated in the contract if the existing survey
is rejected
B) The title company can approve the existing survey and
override the lender
C) The buyer
D) The seller
The Third Party Financing Condition Addendum is not B) Seller financing
used with:
A) Conventional financing
B) Seller financing
C) FHA Financing
D) VA Financing
On the Seller's default, what should happen to the B) It should be returned to the Buyer
earnest money?
A) It belongs to the Broker
B) It should be returned to the Buyer
C) It should be retained by the Seller
D) The title company should keep it
If the contract includes an option period for the buyer A) True
and the buyer does not tender the option fee to the
Seller within the time limit (currently with 3 days from
effective date of the contract) the Buyer no longer has an
unrestricted right to terminate under the option.
A) True
B) False
Fraud is: C) Both a & b
A) A crime
B) A civil law violation
C) Both a & b
D) Only b
When a "fixture" in a property does not remain for the C) List the item on the "Residential Contract"
buyer, how do we inform the buyer of that fact and make
sure the item does not convey with the property?
A) List the item as not included in the listing Agreement
B) List the item on the "Seller's Disclosure Notice"
C) List the item on the "Residential Contract"
D) List the item on the "Amendment" form
Answers (Verified Answers) ||ACTUAL EXAM 2026 TEST!!
Graded A+ | 2025|2026 EXAM UPDATE
Save
Students also studied
Alabama Life and Health Insurance Final Exam - Alabama Life and Healt... Alabama Life Insurance Exam Alabam
Teacher 294 terms 150 terms 36 terms 274 term
fangelfish Preview kbrauers01 Preview candina_jones Preview cas
Terms in this set (60)
If a Buyer wants the Seller to pay some or all of their B) Paragraph #12- Seller participation in the Buyer's costs
closing costs, it should be added to the contract in:
A) Paragraph #11 (Special Provisions)
B) Paragraph #12 - Seller participation in the Buyer's costs
C) Third Part financing Addendum
D) All of the above
If a Buyer chooses not to be represented by an agent, A) True
the Buyer must be made aware that any information they
share can be communicated to the Seller.
A) True
B) False
The sales price is determined in paragraph 3 by adding A) True
the down payment (3A) and the loan amount (3B).
A) True
B) False
, The Seller contracts to furnish the buyer an existing D) The seller
survey, but neglects to furnish an "affidavit' with the time
specified. The lender requests a new survey be furnished.
Who pays for the new survey?
A) Whoever is stated in the contract if the existing survey
is rejected
B) The title company can approve the existing survey and
override the lender
C) The buyer
D) The seller
The Third Party Financing Condition Addendum is not B) Seller financing
used with:
A) Conventional financing
B) Seller financing
C) FHA Financing
D) VA Financing
On the Seller's default, what should happen to the B) It should be returned to the Buyer
earnest money?
A) It belongs to the Broker
B) It should be returned to the Buyer
C) It should be retained by the Seller
D) The title company should keep it
If the contract includes an option period for the buyer A) True
and the buyer does not tender the option fee to the
Seller within the time limit (currently with 3 days from
effective date of the contract) the Buyer no longer has an
unrestricted right to terminate under the option.
A) True
B) False
Fraud is: C) Both a & b
A) A crime
B) A civil law violation
C) Both a & b
D) Only b
When a "fixture" in a property does not remain for the C) List the item on the "Residential Contract"
buyer, how do we inform the buyer of that fact and make
sure the item does not convey with the property?
A) List the item as not included in the listing Agreement
B) List the item on the "Seller's Disclosure Notice"
C) List the item on the "Residential Contract"
D) List the item on the "Amendment" form
