Exam (elaborations)
PCF - Chapter 9 Scenario 3 (1)
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PCF - Chapter 9 Scenario 3 (1)
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PCF - Chapter 9 Scenario 3Per the contract addendum, which of the parties listed below can pay for and order the Home
Owner's Association documents?
A. Buyer
B. Lender
C. title company
D. listing agent - ANS-A. Buyer
1. The Seller has an existing survey. Which party does NOT need to approve the existing survey
for
use in this transaction?
A. The buyer's lender
B. The title company
C. The buyer
D. The seller's agent - ANS-D. The seller's agent
The buyers have asked for a Residential Service Contract and asked the seller to pay $400. If
the
cost exceeds the $400 as stated in the contract who, according to the contract, pays the
difference?
A. Seller
B. Buyer
C. The listing agent
D. The lender - ANS-B. Buyer
The buyers are applying for third-party financing. The Third-Party Financing Addendum covers
all
of these EXCEPT:
A. VA
B. FHA
C. USDA
D. Assumption - ANS-D. Assumption
In this contract, the buyers are financing how much of the price of the home?
A. 80%
B. 90%
C. 95%
D. 96.5% - ANS-D. 96.5%
What does the 10-day option period mean?
A. Buyers have 10 days with the unrestricted right to cancel the contract for any reason.
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