The buyer wishes to make an offer to buy a house for 220000 with 80 financed

The buyer wishes to make an offer to buy a house for

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QUESTION# 62The buyer wishes to make an offer to buy a house for $220,000, with 80% financed through 30-year fixed-rate mortgage and a 20% cash down payment. How much is the down payment?a.4,400b.176,000c.22,000d.44,000QUESTION# 63Under the assumption paragraph of the TREC Loan Assumption Addendum, how many notes are assumable using the preprinted form?The answer is two. The TREC Loan Assumption Addendum provides for assumption of a first andsecond lien promissory note. Learning Objective 3.4QUESTION# 64If a buyer is obtaining a new conventional mortgage, which of the following will be checked in paragraph 3?QUESTION# 65©2016 Kaplan, Inc.May be reproduced for educational uses only.
Texas Promulgated Forms, Second Edition UpdateSix days after executing a contract to buy a house, the buyer has been unable to get approved for a loan. Under the TREC Third Party Financing Addendum, he has seven days to get buyer approval. What is hisbest course of action if he is uncertain about getting timely approval and wants to get the earnest money back?QUESTION# 66What information is NOT required to fill out paragraph 3 of the TREC One to Four Family Residential Contract?a.Sum of all financingb.Interest ratec.Down paymentd.Sales price=====================================================QUESTION# 67Which two TREC addenda both give the seller the ability to terminate the contract?

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