Reviewing Test Chapter 8 Quiz Started: Oct 29, 2017 7:10 PM Finished: Oct 29, 2017 7:20 PM 1 of 1 Chapter 8 Quiz Total Grade: 12 (of possible 15 points) Question 1 of 15 Score: 1 (of possible1 A buyer needs a loan to purchase a property, and receives a loan approval from her bank. In which of the following circumstances might the financing contingency still fail to be fulfilled? point) A.A & BB.The inspection reveals that prohibitively expensive structural repairs are neededC.The buyer is unable to obtain homeowner's insurance because of her previous claim historyD.The property receives a low appraisalAnswer Key: AFeedbackExplanation: Financing contingencies may be made contingent on the property appraising at the agreed sales price or higher or on receiving homeowner’s insurance. A lender may also deny a loan if the property requires extensive repairs and the parties cannot resolve the issue of payment for repairs. Question 2 of 15 Score: 1 (of possible1 point)
When a contingency clause is used in a purchase agreement, which of the following information should be included? Question 3 of 15 Score: 1 (of possible1 A provision that is related to a financing contingency and often included as part of the contingency is a/an: point)
Question 4 of 15 Score: 1 (of possible1 A seller accepts an offer from a second buyer and notifies the first buyer under a release clause. The first buyer decides to remove the sale of buyer's property contingency. What happens? point)
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- Fall '17
- Janet Truscott