Part 4 Ch. 4
Brokers are required to maintain copies of the lead-based paint addendum for a minimum of how many years after the transaction?
3
The buyer loses their right to a termination option if they fail to provide the options money within how many days of the effective date of the contract?
3
The title policy for a property is discussed in paragraph ........of the One to Four Family Residential Contract - Resale?
6A
A buyer's objections to defects or encumbrances to title are described in which paragraph?
6D
Optionor
A person who gives an option
Optionee
A person who receives an option
Option
A right given for consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right.
A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title is known as a...?
Abstract of Title
Covenants
Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property.
If the buyer accepts the condition of the property, they are accepting the property?
As-is
The title policy is a contract between he title company and the?
Buyer
Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property are known as...?
Covenants
Earnest Money
Down payment made by a purchaser of real estate as evidence of good faith. A deposit or partial payment.
A down payment made by a purchaser of real estate as evidence of good faith is referred to as?
Earnest money
Which of the following acts as liquidated drama ages if the buyer defaults on the purchase contract?
Earnest money
Which of the following is an example of a restrictive covenant?
Easements
Who pays for the title policy as state in the purchase contract?
Either the buyer or seller, whatever is agreed upon
A buyer has.......during the options period?
Equitable title to the property
An earnest money deposit is required in all residential transactions? (T/F)
False
Buyers of residential properties built prior to 1978 are required by .......to receive the Protect Your Family Lead Based Paint booklet?
HUD
A residential service contract is also known as a?
Home warranty
Trust Funds
Money, or other things of value, that a real estate agent receives on behalf of the principal or any other person involved in a transaction.
Which of the following is a standard exception for a title policy?
Mortgage liens, Utility easements, Marital rights, AOTA
Which of the following refers to a right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right?
Option
A person who receives an option is known as the?
Optionee
A person who gives an option is known as the?
Optionor
Marcus has entered into a contract to purchase a new house. What will Marcus do during the options period to ensure the property is in the proper condition?
Perform his due diligence
Paragraph 7 of the One to Four Family Residential Contract - Resale describes which of the following...?
Property condition
Which of the following prohibits the seller from requiring a specific title company as a condition of the sale?
RESPA
If the seller fails to provide the buyer with the Seller's Disclosure Notice, the buyer may do which of the following?
Terminate the contract and receive his/her earnest money back
After signing a purchase contract, the seller typically receives money from the buyer for which of the following?
Termination option
Which of the following shows a serious intent by the buyer to purchase a specific property?
The buyer puts down earnest money at the signing of a purchase contract
Restrictive covenants are written into what document?
The property's deed
Paragraph 6E of the One to Four Family Residential Contract - Resale describes which of the following?
Title Notices
According to paragraph 6E, the seller shall provide the buyer with either an abstract of title or?
Title policy
The purchase of a residential service contract is optional? (T/F)
True
The title company used in a transaction must be agreed upon by both the buyer and seller? (T/F)
True
Money, or other things of value, that a real estate agent receives on behalf of the principal or any other person involved in a transaction is known as?
Trust funds
Since a title policy is a contract, it is?
binding and enforceable
Rules regarding pets in a subdivision are included under which of the following?
restrictive covenants