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17 Cards in this Set
- Front
- Back
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Explain equitable title vs actual title: |
Equitable title means an interest in the property (i.e. your offer to buy was accepted, but you're not the owner yet). Actual title means you are legally named as an interest holder. G1140.1 |
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Does a default on the contingencies of an offer cancel the contract? |
No, but it affords the parties/party to cancel the contract if they wish to. G1140.1 |
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How is a contract dispute handled? |
Mediation. G1140.1 |
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What if a seller defaults? |
The buyer usually sues, unless contract language explains damages. G1140.1 |
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Joe and Jane jointly own a home. Who must sign contract for them to sell? |
Both should but do they both??. G1140.1 |
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Seller discloses material facts to a buyer. Then an agent talks to buyer. What must agent do?
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Disclose material facts again. G1140.3 |
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Before a buyer can make an offer, he/she must do what? |
Sign seller disclosure form. G1140.3 |
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True of false: an HOA must be disclosed: |
True. G1140.4 |
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Can a buyer be held responsible if a lender calls a loan due upon sale? |
No. standard clause in contract. Both parties exempt from liability from due on sale. G1140.4 |
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A seller's agent want to hasten the buyer's timeline of events. He/she must ______ |
Get buyer's permission. Mutual agreement required. G1140.4 |
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How could a seller's credit be hurt by selling? |
A due on sale clause allows lender to foreclose if loan is not paid in full upon title transfer. If the seller doesn't pay off the loan, and the buyer can't, then the seller's credit will be damaged. G1140.4 |
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Options to buy costs $. If buyer acts on option, and buys, the initial fee is _____ |
usually applied toward purchase price. G1140.5 |
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A potential seller signs an option to buy with a potential buyer. The seller must: |
a) maintain property b) maintain insurability c) maintain title to property G1140.5 |
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A buyer of an option should do what to protect his interest in the property? |
Get the option recorded against the property. G1140.5 |
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Contracts for deed (CFD) are also known as: |
land contracts, installment sale contract, or conditional sales contract. G1140.6 |
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In a CFDeed, a vendor is the: |
seller. The buyer is vendee. G1140.6 |
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Can a vendor (seller) in a CFDeed mortgage and assign their interest in the property? |
Yes. G1140.6 |
