Promulgated contract forms Exam Questions
The sales contract identifies the agency relationships between the
broker(s) and parties: - Correct Answer ✔️✔️In the Broker
Information section
The Third Party Financing Addendum cannot be used for: - Correct
Answer ✔️✔️seller financing
According to the Third Party Financing Addendum of a VA loan, if the
purchase price or cost exceeds the reasonable value of the property
as determined by the Department of Veterans Affairs, the Buyer:
(a) can terminate the transaction without penalty
(b) can pay the excess amount in cash from a source which Buyer
agrees to disclose to the VA
(c) can negotiate with the seller to have the seller lower the sales
price to an amount equal to the VA reasonable value
, (d) The buyer has all of these options - Correct Answer ✔️✔
️D
If in Paragraph B,(2) is checked, and 50% entered in the Addendum for
Reservation of Oil, Gas, and Other Minerals, ________________ -
Correct Answer ✔️✔️Seller reserves 50% of whatever
mineral estate seller owns as of the closing date
A short sale is a transaction wherein: - Correct Answer ✔️✔
️the lender has agreed to accept less than the outstanding loan
balance at closing
A purchaser of property seaward of the Gulf Intracoastal Waterway
must be given a disclosure notice that: - Correct Answer ✔️
✔️beach erosion and movement of the vegetation line could cause
an owner to lose the property
The sales contract identifies the agency relationships between the
broker(s) and parties: - Correct Answer ✔️✔️In the Broker
Information section
The Third Party Financing Addendum cannot be used for: - Correct
Answer ✔️✔️seller financing
According to the Third Party Financing Addendum of a VA loan, if the
purchase price or cost exceeds the reasonable value of the property
as determined by the Department of Veterans Affairs, the Buyer:
(a) can terminate the transaction without penalty
(b) can pay the excess amount in cash from a source which Buyer
agrees to disclose to the VA
(c) can negotiate with the seller to have the seller lower the sales
price to an amount equal to the VA reasonable value
, (d) The buyer has all of these options - Correct Answer ✔️✔
️D
If in Paragraph B,(2) is checked, and 50% entered in the Addendum for
Reservation of Oil, Gas, and Other Minerals, ________________ -
Correct Answer ✔️✔️Seller reserves 50% of whatever
mineral estate seller owns as of the closing date
A short sale is a transaction wherein: - Correct Answer ✔️✔
️the lender has agreed to accept less than the outstanding loan
balance at closing
A purchaser of property seaward of the Gulf Intracoastal Waterway
must be given a disclosure notice that: - Correct Answer ✔️
✔️beach erosion and movement of the vegetation line could cause
an owner to lose the property
