Promulgated Contracts Practice Test 2024 with 100% correct answers

What does paragraph 7A of the One to Four Family Residential contract grant every buyer the right to do? correct answershave the property inspected If a property is occupied solely by people over the age of 62 and qualifies as senior housing it is exempt from: correct answersthe familial status portion of the Fair Housing Act According to Paragraph 9 of the One to Four Family Residential Contract, how must a buyer pay for the property? correct answers"in good funds acceptable to the escrow agent" Within how many days after the title company receiving a copy of the contract will the buyer receive the title policy documents? correct answers20 days A seller is selling a property that is under a lease. When does the seller have to deliver a copy of the lease and any move-in condition form to the buyer? correct answerswithin seven days after after the effective date When a contract has been fully executed, what has happened to it? correct answersit has been terminated According to the Environmental Assessment, Threatened or Endangered Species, & Wetlands Addendum, what happens if the buyer can provide the seller with a report proving that the use of the property is negatively affected by one of the noted factors (before the agreed upon deadline)? correct answersthe buyer can terminate the contract and get their earnest money back Seller Vera agrees to allow another veteran to assume their mortgage loan. To make sure Vera can get their VA entitlement restored, what must be attached to the contract? correct answersAddendum for release of liability on an assumed loan and or restoration of sellers VA addendum What are some factors about the residential service contract? correct answers-its optional -the buyer is responsible for understanding the coverage they're choosing