Exam (elaborations)
PCF Chapter 7 (1)
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Exam of 2 pages for the course PCF - Chapter 2 at PCF - Chapter 2 (PCF Chapter 7 (1))
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PCF Chapter 7A(n) _____________ occurs when the value of the property is less than the amount owed
against it and the Seller's net proceeds at closing would be insufficient to pay the balance of the
mortgage loan. - ANS-short sale
A(n) _______________________ is one of three sets of documents a Buyer should request and
review in detail prior to closing. The other two are the by-laws and the Covenants, Conditions,
and Restrictions. - ANS-resale certificate
_______________________________ is the addendum used when a buyer has to sell a home
before he can close on the home under contract. - ANS-Sale of Other Property by Buyer
The ________________________________ addendum is used when the buyer no longer
wants to buy the property he has contracted for. - ANS-Buyer's Termination of Contract
The term "Subdivision Information" includes the current copy of the restrictions, the by-laws, the
rules of the association and the resale certificate and are found in the addendum
________________________________________________________________. -
ANS-Property Subject to Mandatory Membership in an Owner's Association
The _______________________________ would be used when a buyer puts in an offer on a
property that is already under contract. - ANS-Addendum for Back-Up Contract
________________________________________ is not required in the leasing of a property for
less than one year. - ANS-Information About Brokerage Services
In the Sale of Other Property by Buyer Addendum, if the buyer waives the contingency of having
to sell the current home and then cannot close on the new home, the seller's remedies are
retention of the earnest money and any other relief provided by law. - ANS-True
The buyer in a back-up situation cannot use the OPTION paragraph of the contract. -
ANS-False
In summary, the Information About Brokerage Services not only lists the minimum duties of the
agent but also spells out the various ways the buyer and seller can be represented in a
transaction. - ANS-True
The seller may not know the history of the mineral rights to his property. - ANS-True
If a buyer has not received the Seller's Disclosure, the buyer can terminate the contract up until
the day of closing. - ANS-True
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