Exam (elaborations)
PCF Chapter 5 (1)
- Course
- Institution
Exam of 2 pages for the course PCF - Chapter 2 at PCF - Chapter 2 (PCF Chapter 5 (1))
[Show more]
Seller
Follow
modockochieng06
Content preview
PCF Chapter 5A(n) _____________________ is often used when a bank takes a property back from
the owner in a foreclosure. - ANS-special warranty deed
The _________________________________ is used when the sellers close on their
property but want to stay in the home after closing. - ANS-Seller's Temporary
Residential Lease
The __________________ requires that all contracts for the sale of real property be in
writing to be enforceable, so any changes should be in writing and signed by all parties.
- ANS-statute of frauds
The ___________________ buyer is not allowed to pay certain closing costs. -
ANS-veteran or FHA
The _____________________ paragraph of the contract should only deal with factual
statements and business details. - ANS-special provisions
_________________ are charged by the lender to buy down the interest rate on a loan.
- ANS-Discount points
The lender requires _________________________ if the loan is above 80%
loan-to-value on a conventional loan. - ANS-private mortgage insurance
A(n) _______________________ is the legal term used when either the buyer or seller
force the other party to perform on the terms of the contract. - ANS-specific
performance
In the contract, it states that the prevailing party in a lawsuit will also recoup
______________ fees. - ANS-attorneys
If a buyer terminates a contract, the ___________ usually retains the earnest money
deposit. - ANS-seller
How does the seller inform the buyer and ensure that the hot tub does not remain with
the property? - ANS-
Interest is paid _________________________: - ANS-In arrears
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)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now