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Selected Answer:Paragraph7Answers:Paragraph6Paragraph7Paragraph5Paragraph8Question 134 out of 4 pointsWhen property owned by a married couple is being sold, what is the BEST way to identify the sellers?Selected Answer:Thomas Bud Smith and spouse Mary Ann SmithAnswers:Mr. and Mrs. Thomas Bud SmithThomas Bud Smith and spouse Mary Ann SmithThomas Bud Smith and his wifeThomas Bud Smith et vir Mary Ann SmithQuestion 144 out of 4 points
Which of the following is not negotiable in paragraph 23?Selected Answer:How long the buyer has to provide the option feeAnswers:How long the buyer has to provide the option feeThe option fee amountThe option periodWhether the option fee will be credited to the sales price at closingQuestion 150 out of 4 pointsUnder the TREC Seller Financing Addendum, who pays to provide the buyer’s credit report to the seller?Selected Answer:Buyer and sellerAnswers:SellerBuyerBuyer and sellerTitle companyQuestion 164 out of 4 pointsThe buyer wishes to obtain an adjustable rate mortgage. How should paragraph 1 of the TREC Third Party Financing Addendum be filled out?Selected Answer:Per annum for the first year of the loan.Answers:Per annum for the first 15 years of the loan.The blank should not be filled in since it makes sense blankPer annum for the first year of the loan.The blank should be filled in as NA since it envisions a term longer than one year.Question 174 out of 4 points
A buyer wishes to take as much time to apply for financing as possible to get the best interest rate. Under the TREC Third Party Financing Addendum, how soon after the effective date must the buyer apply for financing?Selected Answer:PromptlyAnswers:Promptly3 days15 daysNegotiableQuestion 184 out of 4 pointsHow should the TREC One to Four Family Residential Contract be filled out if the property is not located within a city?Selected Answer:In the blank for “city” put “unincorporated” or“none.”Answers:In the blank for “city” put the nearest city.In the blank for “city” put the largest city in the county.Leave the “city” blank line blank.In the blank for “city” put “unincorporated” or“none.”Question 194 out of 4 pointsUnder the TREC Loan Assumption Addendum, who pays to provide buyer’s credit report to seller?