Exam (elaborations)
PCF - Chapter 7 - Promulgated addenda, notices and other forms (1)
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PCF - Chapter 7 - Promulgated addenda, notices and other forms (1)
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PCF - Chapter 7 - Promulgated addenda, noticesand other forms
Lease - ANS-A contract between owner and tenant, setting forth conditions upon which tenant
may occupy and use the property and the term of the occupancy.
If the seller will occupy the property after closing, which of the following forms must be used in
conjunction with the purchase contract...? - ANS-Sellers temporary residential lease
The term of a sellers temporary residential lease commenced on what date...? - ANS-The date
the property is closed and funded
According to the buyers temporary residential lease, the buyer must pay the seller the full
amount of rent by what date...? - ANS-The move in date
Who serves as the landlord in a buyers temporary residential lease...? - ANS-The seller
Who serves as the tenant in a buyers temporary residential lease...? - ANS-The buyer
What form should be used if the buyer needs to sell their existing property prior to closing in a
new property...? - ANS-Addendum for sale of other property by buyer
If the parties to a transaction sign an addendum for sale of other property by buyer, and the
seller accepts a written offer from another buyer, the seller must notify the buyer and...? -
ANS-The buyer must waive the contingency created by the addendum
If the parties to a contract also sign an addendum for sale of other property by buyer, but the
buyer cannot close on their existing house, what happens to the purchase contract...? -
ANS-The contract is terminated and buyer is refunded their earnest money
(T or F) According to the Addendum for Back-Up Contract, neither party is required to perform
until the first contract is terminated...? - ANS-True
According to the addendum for back up contract, the amended effective date is equal to...? -
ANS-The date the seller notifies the buyer if termination of the first contract
What is the maximum number of addendum for "back up" contracts a seller can have at one
time...? - ANS-1
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