Exam (elaborations)
PCF Chapter 4 (1)
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Exam of 1 pages for the course PCF - Chapter 2 at PCF - Chapter 2 (PCF Chapter 4 (1))
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PCF Chapter 4If the earnest money is not deposited within two days, it is considered a(n)
___________________. - ANS-defect
The typical survey which most purchasers obtain when they go to closing is called
_____________________. - ANS-a real property survey
Seller disclosure of ______________________ is required by Federal law for a residential
dwelling constructed prior to 1978. - ANS-lead-based paint
Wetlands are the link between ____________ and ________________. - ANS-land / water
Earnest money is a _____________________ only to make the offer more enticing to the seller.
- ANS-good faith gesture
The option money must be in the hands of the seller within _________ days from the effective
date of the contract. If it is not, the buyer does not have a valid option and accepts the property
as is. - ANS-three
It is the agent's responsibility to notify the buyer that they should have a(n) ____________ or
a(n) ___________________ examined by an attorney of their choice. - ANS-abstract / title
policy
The seller is to provide the buyer with a copy of the title commitment within ___________days
after the title company receives a copy of the contract. - ANS-twenty
The broker's fee is not in the residential contract. Instead it is stated in the
__________________. - ANS-listing agreement
The Sellers disclosure of property condition is mandatory, the form is _________. -
ANS-optional
If a buyer checks item 7D (2) under Property Condition, the buyer can only ask for specific
repairs and cannot use general terms such as "subject to inspection." - ANS-True
The seller must notify the buyer to have the abstract of title examined by an attorney or obtain a
policy of title insurance. - ANS-False
During the option period in the 1-4 Family Residential Contract (Resale), the buyer has the
unrestricted right to terminate the contract if they find a different house they would like to buy. -
ANS-True
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