Contracts and Closing – 302 Questions and Answers 100% Pass
1 view 0 purchase
Course
Contracts and Closing – 302
Institution
Contracts And Closing – 302
Contracts and Closing – 302 Questions
and Answers 100% Pass
What is a contingency in a real estate contract?
A condition that must be met for the contract to become binding.
How should a broker handle an incomplete or incorrect closing document?
Address the issue immediately with the...
Contracts and Closing – 302 Questions
and Answers 100% Pass
What is a contingency in a real estate contract?
✔✔ A condition that must be met for the contract to become binding.
How should a broker handle an incomplete or incorrect closing document?
✔✔ Address the issue immediately with the relevant parties to correct and complete the
document before closing.
What is the purpose of an inspection contingency in a purchase agreement?
✔✔ To allow the buyer to request repairs or negotiate terms based on the findings of a property
inspection.
What must be done if a closing date needs to be rescheduled?
✔✔ Obtain agreement from all parties involved and amend the contract to reflect the new
closing date.
What is the function of a settlement statement in the closing process?
1
, ✔✔ To itemize all financial transactions and adjustments between the buyer and seller.
How is earnest money typically handled in a real estate transaction?
✔✔ It is deposited into an escrow account and applied toward the purchase price at closing.
What should a buyer do if they discover a discrepancy in the property’s legal description?
✔✔ Request a correction from the seller and ensure the legal description is accurate before
closing.
What document formalizes the transfer of ownership from the seller to the buyer?
✔✔ The deed.
What is a closing cost credit, and how does it benefit buyers?
✔✔ It is an amount paid by the seller to help cover the buyer’s closing costs, reducing the
buyer’s out-of-pocket expenses.
What information must be verified during the closing process to ensure a successful transaction?
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BrilliantScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
