Promulgated Contract Forms – Champions|80 Questions and Answers 100% Accurate.

An attempt to induce panic selling in a given neighborhood. a. Blockbusting b. Stigmatized c. Steering d. Straw buyer e. Reasonable Accommodation - ANSWER-a. Blockbusting A(n) _________________ property is one where a particular event has affected the desirability of said property. a. Undesirable b. Stigmatized c. Unsellable d. Foreclosed - ANSWER-b. Stigmatized (ex: murder or haunting) A(n) _________________ occurs when a buyers assumes and agrees to pay the seller's existing mortgage. a. Loan assumption b. Seller liability c. Seller lien d. Credit approval - ANSWER-a. Loan assumption A building or community must not discriminate based on familial status, unless it qualifies as housing for older persons. a. True b. False - ANSWER-a. True The buyer may terminate the contract and receive a refund of earnest money if lender required repairs: a. Seem really high b. Exceed 5% of the Sales Price c. Exceed 3% of the Sales Price d. Exceed $10,000 - ANSWER-b. Exceed 5% of the Sales Price According to the Seller Financing Addendum, the interest rate is: a. Set at 6% b. Negotiated between the parties c. Set by TREC d. Determined at closing - ANSWER-b. Negotiated between the parties All written notices between the parties are effective when: a. Mailed b. Hand-delivered