Exam (elaborations)
PCF Chapter 3 (1)
- Course
- PCF - Chapter 2
- Institution
- PCF - Chapter 2
Exam of 2 pages for the course PCF - Chapter 2 at PCF - Chapter 2 (PCF Chapter 3 (1))
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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
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