PROMULGATED CONTRACT FORMS
The Federal Fair Housing Act exempts all the following EXCEPT:
A. Owner-occupied buildings with no more than four units
B. Apartment building in rural areas
C. Landlords who own only a few single-family homes that were sold
or leased without a broker
D. Housing operated by organizations and private clubs that limit
occupancy to members - Correct Answer ✔️✔️Apartment
building in rural areas
Fraud is defined as a deliberate act of deception made for personal
gain or to damage another individual.(T/F) - Correct Answer ✔
️✔️True
All the following can be awarded in statutory fraud case EXCEPT:
A. Exemplary damages
,B. Court costs
C. Attorney's fee
D. Fees for pain and suffering - Correct Answer ✔️✔️Fees
for pain and suffering
Federal Fair Housing Laws forbid discrimination based only on
race.(T/F) - Correct Answer ✔️✔️False
The Seller has an existing survey. Which party does NOT need to
approve the existing survey for use in this transaction? - Correct
Answer ✔️✔️The seller's agent
The buyers have asked for a Residential Service Contract and asked
the seller to pay $400. If the cost exceeds the $400 as stated in the
contract who, according to the contract, pays the difference? -
Correct Answer ✔️✔️the Buyer
The buyers are applying for third party financing. The Third- Party
Financing Addendum covers all of these EXCEPT:
, A. VA
B. FHA
C. USDA
D. Assumption - Correct Answer ✔️✔️Assumption
What does the 10-day option period mean? - Correct Answer
✔️✔️Buyers have 10 days with the unrestricted right to cancel the
contract for any reason
In a normal residential transaction, do the buyers obtain an abstract
of title or a title policy? - Correct Answer ✔️✔️Title policy
When is possession of the property going to be delivered to the
buyer? - Correct Answer ✔️✔️Upon closing and funding
If the seller wants to have his VA entitlement reinstated in full, he
must find a veteran who has sufficient eligibility to purchase the
The Federal Fair Housing Act exempts all the following EXCEPT:
A. Owner-occupied buildings with no more than four units
B. Apartment building in rural areas
C. Landlords who own only a few single-family homes that were sold
or leased without a broker
D. Housing operated by organizations and private clubs that limit
occupancy to members - Correct Answer ✔️✔️Apartment
building in rural areas
Fraud is defined as a deliberate act of deception made for personal
gain or to damage another individual.(T/F) - Correct Answer ✔
️✔️True
All the following can be awarded in statutory fraud case EXCEPT:
A. Exemplary damages
,B. Court costs
C. Attorney's fee
D. Fees for pain and suffering - Correct Answer ✔️✔️Fees
for pain and suffering
Federal Fair Housing Laws forbid discrimination based only on
race.(T/F) - Correct Answer ✔️✔️False
The Seller has an existing survey. Which party does NOT need to
approve the existing survey for use in this transaction? - Correct
Answer ✔️✔️The seller's agent
The buyers have asked for a Residential Service Contract and asked
the seller to pay $400. If the cost exceeds the $400 as stated in the
contract who, according to the contract, pays the difference? -
Correct Answer ✔️✔️the Buyer
The buyers are applying for third party financing. The Third- Party
Financing Addendum covers all of these EXCEPT:
, A. VA
B. FHA
C. USDA
D. Assumption - Correct Answer ✔️✔️Assumption
What does the 10-day option period mean? - Correct Answer
✔️✔️Buyers have 10 days with the unrestricted right to cancel the
contract for any reason
In a normal residential transaction, do the buyers obtain an abstract
of title or a title policy? - Correct Answer ✔️✔️Title policy
When is possession of the property going to be delivered to the
buyer? - Correct Answer ✔️✔️Upon closing and funding
If the seller wants to have his VA entitlement reinstated in full, he
must find a veteran who has sufficient eligibility to purchase the
