3.2

Question 0

Which formats should the earnest money amount be written in?

Answer 0

Text and numerals

Question 1

Every page of the _______, including all addenda, must be numbered.

Answer 1

purchase agreement

Question 2

For an electronically communicated offer, non-negotiable evidence of earnest money such as a photo copy of the buyer’s _______ is allowed.

Answer 2

check

Question 3

When in doubt about the accuracy or completeness of the legal description, you could write “street address to _______ legal” in this space.

Answer 3

govern

Question 4

If the buyer is receiving financing for 100% of the purchase price, how should the earnest money be handled?

Answer 4

Stipulate in writing that it shall be returned to buyer at closing, or applied to buyer’s closing costs.

Question 5

In one option of “Seller’s Disclusure Alternatives” form, the buyer voluntarily waives a seller furnished _______.

Answer 5

disclosure

Question 6

Name the 4 main items that require disclosure and cannot be waived by state or federal law.

Answer 6

Presence of lead-based paint, presence of wells, presence of septic systems, knowledge of methamphetamine chemicals or production.

Question 7

True or False:

The time-of-sale ordinances are the same from city to city.

Answer 7

False

Question 8

If the time-of-sale inspection might require work, you could insert a ______ explaining that the seller will complete all work required by the inspection, at their expense, and provide evidence of completion.

Answer 8

clause

Question 9

True or False:
The requirement of providing a Well Disclosure Statement to the buyers can be waived using the Seller Disclosure Alternatives form.

Answer 9

False