Score 1 of possible 1 point The closing date is approaching but the buyers are

Score 1 of possible 1 point the closing date is

This preview shows page 7 - 10 out of 10 pages.

Question 11 of 15 Score: 1 (of possible1 The closing date is approaching but the buyers are still waiting for the loan to be approved. What would be the appropriate response to this problem? point) A.Use a written extension agreementB.Use an interim occupancy agreementC.Use a financing contingencyD.Use a rescission agreementAnswer Key: AFeedbackExplanation: An extension agreement can extend the closing date until a later date so that the loan approval can be obtained Question 12 of 15 Score: 1 (of possible1 A buyer of a house placed $30,000 into escrow toward a purchase price of $240,000. The buyer breached the contract and demanded return of his deposit. However, there is a liquidated damages clause in the purchase agreement, for the maximum amount allowed by law in California. How much should the buyer receive as a refund? point)
Image of page 7
Question 13 of 15 Score: 1 (of possible1 In choosing a closing date, you should take all of the following into account except... point) Question 14 of 15 Score: 1 (of possible1 A buyer and seller of a house initialed a liquidated damages provision in the purchase agreement.The buyer defaulted. The damages will be point)
Image of page 8
Question 15 of 15 Score: 1 (of possible1 If a party to a purchase agreement is an unemancipated minor, the contract should be signed by... point) A.the minorB.the minor's parentsC.the minor's legal guardianD.Either the minor's parents or legal guardianAnswer Key: CFeedbackExplanation: If a party does not have contractual capacity, the party's legal guardian should sign instead of the party, who lacks capacity.
Image of page 9
1 of 1
Image of page 10

You've reached the end of your free preview.

Want to read all 10 pages?

  • Fall '17
  • Janet Truscott

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture