CHAMPIONS PROMULGATED CONTRACT
FORMS ACTUAL EXAMINATION
COMPREHENSIVE STUDY SHEET 2026
SEVENTY FIVE QUESTIONS WITH 100
PERCENT ACCURATE VERIFIED ANSWERS
GRADED A+
⩥ In the Farm and Ranch contract, if the Sales Price is adjusted based
upon a survey, either party may terminate the contract if the Sales Price
varies by more than:
(a) the amount entered in 3.C of the contract
(b) 5%
(c) 10%
(d) the amount entered in 3.A of the contract. Answer: C
⩥ 54. A short sale is a transaction wherein:
,(a) the property is priced well below market so that it can be sold very
quickly
(b) the property, with the consent of the lender, is flipped
(c) the lender has agreed to accept less than the outstanding loan balance
at closing
(d) the lender has decided to proceed with action to foreclose the
property due to the borrower's inability or unwillingness to pay. Answer:
C
⩥ The Third Party Financing Addendum For Credit Approval can be
used when:
(a) the buyer is obtaining FHA financing
(b) the buyer is obtaining seller financing
(c) the buyer is obtaining VA financing
(d) the buyer is obtaining any kind of third party financing. Answer: D
, ⩥ In the Third Party Financing Addendum for Credit Approval:
(a) The buyer has no incentive to obtain financial approval
(b) The buyer has a definite time to notify seller of the inability to obtain
financing approval
(c) The buyer's earnest money will not be returned if the buyer does not
obtain financing
(d) The option period is explained. Answer: B
⩥ Any material changes to subdivision information require the
________________ to give notice of said changes promptly.
(a) Buyer
(b) Listing Agent
(c) Seller
(d) Broker. Answer: C
FORMS ACTUAL EXAMINATION
COMPREHENSIVE STUDY SHEET 2026
SEVENTY FIVE QUESTIONS WITH 100
PERCENT ACCURATE VERIFIED ANSWERS
GRADED A+
⩥ In the Farm and Ranch contract, if the Sales Price is adjusted based
upon a survey, either party may terminate the contract if the Sales Price
varies by more than:
(a) the amount entered in 3.C of the contract
(b) 5%
(c) 10%
(d) the amount entered in 3.A of the contract. Answer: C
⩥ 54. A short sale is a transaction wherein:
,(a) the property is priced well below market so that it can be sold very
quickly
(b) the property, with the consent of the lender, is flipped
(c) the lender has agreed to accept less than the outstanding loan balance
at closing
(d) the lender has decided to proceed with action to foreclose the
property due to the borrower's inability or unwillingness to pay. Answer:
C
⩥ The Third Party Financing Addendum For Credit Approval can be
used when:
(a) the buyer is obtaining FHA financing
(b) the buyer is obtaining seller financing
(c) the buyer is obtaining VA financing
(d) the buyer is obtaining any kind of third party financing. Answer: D
, ⩥ In the Third Party Financing Addendum for Credit Approval:
(a) The buyer has no incentive to obtain financial approval
(b) The buyer has a definite time to notify seller of the inability to obtain
financing approval
(c) The buyer's earnest money will not be returned if the buyer does not
obtain financing
(d) The option period is explained. Answer: B
⩥ Any material changes to subdivision information require the
________________ to give notice of said changes promptly.
(a) Buyer
(b) Listing Agent
(c) Seller
(d) Broker. Answer: C
