Exam (elaborations)
PCF Chapter 3 (1)
- Course
- Institution
Exam of 2 pages for the course PCF - Chapter 2 at PCF - Chapter 2 (PCF Chapter 3 (1))
[Show more]
Seller
Follow
modockochieng06
Content preview
PCF Chapter 3The One-to-Four Family Residential Contract is a 10-page document that spells out the
________________ , and __________________________ of each party to successfully
complete a transaction. - ANS-financial obligations, duties
Texas real estate license holders are _______________ to use forms promulgated by TREC
when negotiating contacts for the sale of real property. - ANS-required
There are two places to find the seller's name to fill in the contract. The name can be found in
the ____________________ or in the ______________________. - ANS-MLS printout / tax
records
If the agent is a _________________________, he/she must disclose that fact. - ANS-party to
the contract
For proper naming of the parties in the contract, you should ask the buyer (if you are
representing them) their ___________________________. - ANS-full and legal name
It is absolutely essential to have a __________________________ to make the contract binding
and legally enforceable. - ANS-correct legal description
Paragraph 3 A represents the ______________________ in the transaction. - ANS-down
payment
When personal property is included in the sale, you will want to use the
____________________ addendum. - ANS-non-realty items
The standard FHA loan used with most residential transactions is the FHA _________ program.
- ANS-203b
With an FHA or VA loan, the buyer is not obligated to purchase the property if the house does
not ____________. - ANS-appraise
Under conventional financing, the buyer will normally get a 30-year amortized loan although
15-year and bi-monthly payment loans are available. - ANS-True
As long as any exclusion is on the Seller's Disclosure, it is not necessary to put in the contract
itself. - ANS-False
The Seller Financing Addendum is much more common than the Loan Assumption Addendum.
- ANS-True
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now