PCF Chapter 5
A(n) _____________________ is often used when a bank takes a property back from
the owner in a foreclosure. - ANS-special warranty deed
The _________________________________ is used when the sellers close on their
property but want to stay in the home after closing. - ANS-Seller's Temporary
Residential Lease
The __________________ requires that all contracts for the sale of real property be in
writing to be enforceable, so any changes should be in writing and signed by all parties.
- ANS-statute of frauds
The ___________________ buyer is not allowed to pay certain closing costs. -
ANS-veteran or FHA
The _____________________ paragraph of the contract should only deal with factual
statements and business details. - ANS-special provisions
_________________ are charged by the lender to buy down the interest rate on a loan.
- ANS-Discount points
The lender requires _________________________ if the loan is above 80%
loan-to-value on a conventional loan. - ANS-private mortgage insurance
A(n) _______________________ is the legal term used when either the buyer or seller
force the other party to perform on the terms of the contract. - ANS-specific
performance
In the contract, it states that the prevailing party in a lawsuit will also recoup
______________ fees. - ANS-attorneys
If a buyer terminates a contract, the ___________ usually retains the earnest money
deposit. - ANS-seller
How does the seller inform the buyer and ensure that the hot tub does not remain with
the property? - ANS-
Interest is paid _________________________: - ANS-In arrears
A(n) _____________________ is often used when a bank takes a property back from
the owner in a foreclosure. - ANS-special warranty deed
The _________________________________ is used when the sellers close on their
property but want to stay in the home after closing. - ANS-Seller's Temporary
Residential Lease
The __________________ requires that all contracts for the sale of real property be in
writing to be enforceable, so any changes should be in writing and signed by all parties.
- ANS-statute of frauds
The ___________________ buyer is not allowed to pay certain closing costs. -
ANS-veteran or FHA
The _____________________ paragraph of the contract should only deal with factual
statements and business details. - ANS-special provisions
_________________ are charged by the lender to buy down the interest rate on a loan.
- ANS-Discount points
The lender requires _________________________ if the loan is above 80%
loan-to-value on a conventional loan. - ANS-private mortgage insurance
A(n) _______________________ is the legal term used when either the buyer or seller
force the other party to perform on the terms of the contract. - ANS-specific
performance
In the contract, it states that the prevailing party in a lawsuit will also recoup
______________ fees. - ANS-attorneys
If a buyer terminates a contract, the ___________ usually retains the earnest money
deposit. - ANS-seller
How does the seller inform the buyer and ensure that the hot tub does not remain with
the property? - ANS-
Interest is paid _________________________: - ANS-In arrears
