Promulgated Contract Forms final exam

If a Buyer wants the Seller to pay some or all of their 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 - Answer- B) Paragraph #12- Seller participation in the Buyer's costs 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