Exam (elaborations)
Promulgated Contract Forms final exam With Accurate Solutions
Promulgated Contract Forms final exam With Accurate Solutions
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Promulgated Contract Forms final examWith Accurate Solutions
If a Buyer wants the Seller to pay some or all of their closing costs, it should
be added to the contract in:
A) Paragraph #11 (Special Provisions)
B) Paragraph #12 - Seller participation in the Buyer's costs
C) Third Part financing Addendum
D) All of the above - -B) Paragraph #12- Seller participation in the Buyer's
costs
-If a Buyer chooses not to be represented by an agent, the Buyer must be
made aware that any information they share can be communicated to the
Seller.
A) True
B) False - -A) True
-The sales price is determined in paragraph 3 by adding the down payment
(3A) and the loan amount (3B).
A) True
B) False - -A) True
-The Seller contracts to furnish the buyer an existing survey, but neglects to
furnish an "affidavit' with the time specified. The lender requests a new
survey be furnished. Who pays for the new survey?
A) Whoever is stated in the contract if the existing survey is rejected
B) The title company can approve the existing survey and override the
lender
C) The buyer
D) The seller - -D) The seller
-The Third Party Financing Condition Addendum is not used with:
A) Conventional financing
B) Seller financing
C) FHA Financing
D) VA Financing - -B) Seller financing
-On the Seller's default, what should happen to the earnest money?
A) It belongs to the Broker
, B) It should be returned to the Buyer
C) It should be retained by the Seller
D) The title company should keep it - -B) It should be returned to the Buyer
-If the contract includes an option period for the buyer and the buyer does
not tender the option fee to the Seller within the time limit (currently with 3
days from effective date of the contract) the Buyer no longer has an
unrestricted right to terminate under the option.
A) True
B) False - -A) True
-Fraud is:
A) A crime
B) A civil law violation
C) Both a & b
D) Only b - -C) Both a & b
-When a "fixture" in a property does not remain for the buyer, how do we
inform the buyer of that fact and make sure the item does not convey with
the property?
A) List the item as not included in the listing Agreement
B) List the item on the "Seller's Disclosure Notice"
C) List the item on the "Residential Contract"
D) List the item on the "Amendment" form - -C) List the item on the
"Residential Contract"
-Paragraph 23 "termination option" of the TREC 1-4 Family Residential
Contract:
A) Binds the seller to complete the repairs needed
B) Requires option money that is refundable if the buyer does not buy
C) Requires a fee for a specified period of time
D) Allows the buyer to get his option fee back if he is disqualified for the
loan - -C) Requires a fee for a specified period of time
-A suit for specific performance is:
A) To force the buyer not to default on the contract
B) To force the seller not to default on the contract
C) To force either the buyer or the seller to perform on the terms of the
contract
D) Is a lawsuit against the inspection company - -C) To force either the
buyer or the seller to perform on the terms of the contract
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