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PCF - Chapter 7 Questions with 100% Correct Answers , Verified , Latest Update 2024 ,Graded A+, Complete solution $7.99   Add to cart
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PCF - Chapter 7 Questions with 100% Correct Answers , Verified , Latest Update 2024 ,Graded A+, Complete solution
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PCF - Chapter 7 Questions with 100% Correct Answers , Verified , Latest Update 2024 ,Graded A+, Complete solution

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  • August 2, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • PCF
  • PCF

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PCF - Chapter 7
________________________ 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

_____________________________is not required in the leasing of a property for less than one
year. - ANS-information about brokerage services

A back-up contract to an existing contract can be terminated at any time under the termination
option paragraph:
A. Termination possible only if option money has been submitted to the seller at the time the
back-up contract is signed and agreed by all parties.
B. It has not moved to primary position, at which time the number of days in paragraph 23
(option paragraph) dictates the "time is of the essence" period.
C. The back-up addendum form is attached to the contract.
D. All of the above - ANS-D. All of the above

A Resale Certificate is one of three sets of documents a Buyer should request and review in
detail prior to
closing. The other two are the Covenants, Conditions and Restrictions (CC&Rs) and the
By-laws. Texas
law dictates what must be included in the Resale Certificate. Review it carefully as it provides
very important
information about the property that the Buyer needs to know and be aware of prior to closing -
ANS-

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

A(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

ADDENDUM FOR "BACK-UP" CONTRACT (TREC 11-7)
This addendum would be used when a buyer wishes to submit an offer on a property that has a
previous
contract in place. It would be signed by all parties and is subject to the first contract terminating
within the
time frame stated in the Back-Up Addendum.

, If the first contract terminates, then the effective date of the back-up contract will be amended to
the date
the Buyer receives notice of that termination.
If the Buyer wants an unrestricted right to terminate during an option period, the option check
must be
submitted along with the Back-Up Contract and given to the Seller within 3 days from when the
Seller
agrees to and signs the Back-Up Contract. - ANS-

ADDENDUM FOR PROPERTY SUBJECT TO MANDATORY MEMBERSHIP IN A
PROPERTY OWNERS ASSOCIATION
The term "Subdivision Information" includes:
(1) Current copy of restrictions
(2) Bylaws
(3) Rules of the Association
(4) Resale Certificate

Within
days after the effective date of the contract, Buyer shall obtain, pay for, and deliver a
copy of the Subdivision Information to the Seller.
If Buyer obtains the Subdivision Information within the
time
required,
Buyer
may
terminate
the
contract
within
3
days
after
Buyer
receives
the
Subdivision
Information or prior to closing, whichever occurs first, and the earnest money will be refunded to
Buyer.
If
Buyer, due to factors beyond Buyer's control, is not able to obtain the Subdivision Information
within the time
required, Buyer may, as Buyer's sole remedy, terminate the contract within 3 days after the time
required or
prior to closing, whichever occurs first, and the earnest money will - ANS-

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