3.3 Flashcards Preview

Course 2 > 3.3 > Flashcards

Flashcards in 3.3 Deck (19):
0

Common Ownership Interest Act applies to Row-houses in the inner city of less than ________ units.

6

1

To remove the Contingency on the sale of their home; the contingent buyer must provide a copy of a purchase agreement contingent on nothing but ________.

financing

2

According to the terms of the ______ Coningency Addendum the buyer may, based on the _______, unilaterally waive condition issues within the time allowed by the addendum.

Inspection

3

In Minnesota, the buyer has ______ business days from receipt of Association Documents to rescind and cancel the purchase agreement.

10

4

The buyer can agree to modify or waive the number of days for rescission as long as a minimum of ______ days have passed since buyer's receipt of association documents.

3

5

If a seller wants to sell a property without having to negotiate with the buyer over repairs, the listing agent should advise the seller to require a/an "_______" addendum.

As Is

6

True or False:
The Common Ownership Interest Act does not apply to obligations for building maintenance.

True

7

Besides an 80% loan-to-value Conventional mortgage, the buyers can choose to apply for a Privately ________ Conventional First Mortgage.

Insured

8

True or False:
The best course of action for all parties is to stipulate the lowest minimum interest rate.

False

9

The term "________ Statement" denotes the letter of approval from the lender.

Written

10

The "Written Statement" must include a satisfactory ________, and whatever other lender conditions there may be.

appraisal

11

If the seller has agreed to pay discount points, a Seller's _________ to Buyer's Costs Addendum should be included in the purchase agreement.

Contribution

12

True or False:
Compliance or administrative broker fees are not allowed on the HUD statement for DVA loans.

True

13

Who can pay reinspection fees for work orders?

The buyer or seller

14

True or False:
The property must appraise for no more than the full purchase price, or the buyer can escape with the earnest money refunded.

False

15

True or False:
If the buyer cancels the Purchase Agreement based on the inspection, an explanation of the buyer's reason is required.

False

16

True or False:
If the seller exercises his or her right to demand removal of the contingency at any time, this exercise is subject to pre-conditions.

False

17

In order to remove the sale contingency, the only contingency allowed in the buyer's purchase agreement is _________.

financing

18

True or False:
In the event there is more than one Buyer or Seller, any one Buyer or Seller may sign a demand for removal of contingency or a removal of contingency notice.

True