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Review Test Submission: Chapter 3 QuizUserCourse201910:14427-14428-14431 Contract Forms and Addenda (RELE 1300) 5CTestChapter 3 QuizStarted11/18/18 12:24 AMSubmitted11/18/18 12:41 AMStatusCompletedAttempt Score92 out of 100 points Time Elapsed17 minutesResults DisplayedAll Answers, Submitted Answers, Correct Answers, Incorrectly Answered QuestionsQuestion 14 out of 4 pointsUnder the TREC Third Party Financing Addendum, what happens if the buyer fails to give notice that the buyer cannot obtain approval within the number of days negotiated by the parties?Selected Answer:There is no approval contingency in the contract.Answers:There is no approval contingency in the contract.The buyer may give 7 days notice to extend the time period.The seller may terminate under the addendum.The buyer may terminate under the addendum.Question 24 out of 4 pointsThe down payment in a transaction is indicatedSelected Answer:in paragraph 3A of the contract.Answers:in paragraph 3A of the contract.in paragraph 3B of the contract.in paragraph 3C of the contract.in the financing addenda.Question 3
4 out of 4 pointsThe seller wishes to sell to the buyers all of the flower pots on the patio. What should the agent do?Selected Answer:Use the Non-Realty Items Addendum.Answers:Use the Amendment to Contract.Use the Non-Realty Items Addendum.Add “flower pots” to the list in paragraph 2.Identify the flower pots in paragraph11.Question 44 out of 4 pointsProperty approval, according to paragraph B2 in the Third Party Financing Addendum, includesSelected Answer:all of these.Answers:the appraisal.lender-required repairs.insurability.all of these.Question 54 out of 4 pointsUnder the TREC Third Party Financing Addendum, which of the following is a FALSE statement?Selected Answer:If the buyer doesn't receive buyer approval, the buyer can terminate anytime before closing.Answers:The contract terminates if the buyer timely notifies the seller that the buyer was unable to get buyer approval.The earnest money will be refunded to the buyer if the buyer timely notifies the seller that the buyer was unable toget buyer approval.
If the buyer doesn't receive buyer approval, the buyer can terminate anytime before closing.