Exam (elaborations)
PCF Chapter 7 (1)
- Course
- Institution
Exam of 2 pages for the course PCF - Chapter 2 at PCF - Chapter 2 (PCF Chapter 7 (1))
[Show more]
Seller
Follow
modockochieng06
Content preview
PCF Chapter 7A(n) _____________ occurs when the value of the property is less than the amount owed
against it and the Seller's net proceeds at closing would be insufficient to pay the balance of the
mortgage loan. - ANS-short sale
A(n) _______________________ is one of three sets of documents a Buyer should request and
review in detail prior to closing. The other two are the by-laws and the Covenants, Conditions,
and Restrictions. - ANS-resale certificate
_______________________________ is the addendum used when a buyer has to sell a home
before he can close on the home under contract. - ANS-Sale of Other Property by Buyer
The ________________________________ addendum is used when the buyer no longer
wants to buy the property he has contracted for. - ANS-Buyer's Termination of Contract
The term "Subdivision Information" includes the current copy of the restrictions, the by-laws, the
rules of the association and the resale certificate and are found in the addendum
________________________________________________________________. -
ANS-Property Subject to Mandatory Membership in an Owner's Association
The _______________________________ would be used when a buyer puts in an offer on a
property that is already under contract. - ANS-Addendum for Back-Up Contract
________________________________________ is not required in the leasing of a property for
less than one year. - ANS-Information About Brokerage Services
In the Sale of Other Property by Buyer Addendum, if the buyer waives the contingency of having
to sell the current home and then cannot close on the new home, the seller's remedies are
retention of the earnest money and any other relief provided by law. - ANS-True
The buyer in a back-up situation cannot use the OPTION paragraph of the contract. -
ANS-False
In summary, the Information About Brokerage Services not only lists the minimum duties of the
agent but also spells out the various ways the buyer and seller can be represented in a
transaction. - ANS-True
The seller may not know the history of the mineral rights to his property. - ANS-True
If a buyer has not received the Seller's Disclosure, the buyer can terminate the contract up until
the day of closing. - ANS-True
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 modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77973 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now