PROMULGATED CONTRACT FORMS FINAL
COMPLETE PREPARATION GUIDE WITH
AGREEMENTS, ADDENDA, AND DISCLOSURES
◉ If a Buyer chooses not to be represented by an agent, the Buyer
must be made aware that any information they share can be
communicated to the Seller.
A) True
B) False.
Answer: A) True
◉ The sales price is determined in paragraph 3 by adding the down
payment (3A) and the loan amount (3B).
A) True
B) False.
Answer: A) True
◉ The Seller contracts to furnish the buyer an existing 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.
Answer: D) The seller
◉ The Third Party Financing Condition Addendum is not used with:
A) Conventional financing
B) Seller financing
C) FHA Financing
D) VA Financing.
Answer: B) Seller financing
◉ On the Seller's default, what should happen to the 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.
Answer: B) It should be returned to the Buyer
, ◉ If the contract includes an option period for the buyer 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.
Answer: A) True
◉ Fraud is:
A) A crime
B) A civil law violation
C) Both a & b
D) Only b.
Answer: C) Both a & b
◉ When a "fixture" in a property does not remain for the buyer, how
do we inform the buyer of that fact and make sure the item does not
convey with the property?
COMPLETE PREPARATION GUIDE WITH
AGREEMENTS, ADDENDA, AND DISCLOSURES
◉ If a Buyer chooses not to be represented by an agent, the Buyer
must be made aware that any information they share can be
communicated to the Seller.
A) True
B) False.
Answer: A) True
◉ The sales price is determined in paragraph 3 by adding the down
payment (3A) and the loan amount (3B).
A) True
B) False.
Answer: A) True
◉ The Seller contracts to furnish the buyer an existing 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.
Answer: D) The seller
◉ The Third Party Financing Condition Addendum is not used with:
A) Conventional financing
B) Seller financing
C) FHA Financing
D) VA Financing.
Answer: B) Seller financing
◉ On the Seller's default, what should happen to the 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.
Answer: B) It should be returned to the Buyer
, ◉ If the contract includes an option period for the buyer 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.
Answer: A) True
◉ Fraud is:
A) A crime
B) A civil law violation
C) Both a & b
D) Only b.
Answer: C) Both a & b
◉ When a "fixture" in a property does not remain for the buyer, how
do we inform the buyer of that fact and make sure the item does not
convey with the property?
