Name: Score:
112 Multiple choice questions
Term 1 of 112
________________________________ MEANS THE CONTRACT IS USED FOR SINGLE FAMILY HOMES,
DUPLEXES, TRIPLEX , FOUR-UNIT BUILDINGS OR TOWN HOMES (TOWN HOMES ARE
CONSIDERED THE SAME AS SINGLE FAMILY EVEN THOUGH THEY HAVE A PARTY WALL). IT
IS NOT FOR USE FOR A CONDOMINIUM SALE.
FARM AND RANCH
ONE TO FOUR FAMILY
CONTRACT AND CLOSING
PROTECT YOUR FAMILY FROM LEAD IN YOUR HOME
Term 2 of 112
____________________ IS AGREED UPON BY THE PARTIES TO BE ON OR BEFORE A CERTAIN DATE.
OPENING
TERMINATING
NEGOTIATING
CLOSING
,Term 3 of 112
FRESH CORN ACRONYM FOR FAIR HOUSING PROTECTED CLASSES:
THE APPRAISAL FEE, LOAN APPLICATION FEES AND OTHER FEES ASSOCIATED WITH
GETTING A NEW LOAN, RESERVE DEPOSITS, ETC.
A TEXAS ATTORNEY FOR A PARTICULAR TRANSACTION, ONE REQUIRED BY THE
OWNER AND PREPARED BY THEM OR THEIR ATTORNEY, OR ONE REQUIRED BY THE
OWNER OR A GOVERNMENT ENTITY.
THE EFFECTIVE DATE OF THE CONTRACT
F - FAMILIAL STATUS,
R-RACE, E- , S- SEX, H- HANDICAPPED STATUS, C-COLOR, O- , R- RELIGION, N-
NATIONALITY. THE E AND THE O CAN REPRESENT EQUAL OPPORTUNITY IN HOUSING.
Term 4 of 112
______________________________ ARE ITEMS THE SELLER WANTS TO KEEP. A GOOD EXAMPLE WOULD
BE A DINING ROOM CHANDELIER. THESE MUST BE REMOVED "PRIOR TO DELIVERY OF
POSSESSION" TO THE BUYER. THEY COULD BE PART OF THE IMPROVEMENTS,
ACCESSORIES, OR EVEN THE LANDSCAPING.
EXCLUSIONS
ACCESSORIES
EXEMPTIONS
CONSIDERATION
Term 5 of 112
A SELLER WITH NO SOCIAL SECURITY NUMBER OR GREEN CARD (WORK VISA) IS
CONSIDERED A FOREIGN PERSON. THE TITLE COMPANY TYPICALLY ASSISTS THE BUYER
IN....
COLLECTING THIS MONEY AND SENDING IT TO THE INTERNAL REVENUE SERVICE
(IRS).
Paying the seller directly without any deductions.
Providing legal advice on tax matters.
Notifying the seller about their tax obligations.
,Term 6 of 112
TYPICAL EXPENSES PAYABLE BY THE SELLER AT CLOSING INCLUDE:
Agent Commissions And Marketing Expenses.
PAYOFF AND RELEASES OF ANY LIENS AGAINST THE PROPERTY, RECORDING FEES,
TAX CERTIFICATES AND PREPARATION OF THE DEED.
Repair Costs For The Property And Inspection Fees.
Moving Expenses And Storage Fees.
Term 7 of 112
________________________________ IS NOT A REQUIREMENT TO HAVE A VALID CONTRACT SO THE
DOLLAR AMOUNT IS ALWAYS NEGOTIABLE BETWEEN THE PARTIES. IT IS OFTEN 1% OF THE
PURCHASE PRICE.
LOAN APPROVAL
CONTRACT SIGNATURE
PROPERTY INSPECTION
EARNEST MONEY
Term 8 of 112
THE ROLLBACK TAX IS IMPOSED BY THE COUNTY WHENEVER A PROPERTY UNDER AN
AGRICULTURAL EXEMPTION HAS ITS USAGE CHANGED SO IT NO LONGER QUALIFIES FOR
THE LOWER TAX VALUE. THE BUYER MAY BE LOOKING AT _____________________ OF NON-
AGRICULTURAL TAXES PLUS PENALTIES AND INTEREST.
90 Days
20 Days
3 YEARS
30 Days
, Term 9 of 112
AN _____________________ IS A GOOD EXAMPLE OF A UNILATERAL CONTRACT. IN THIS CONTRACT
THE SELLER HAS GIVEN THE BUYER THE RIGHT TO PURCHASE THE PROPERTY AT A PRESET
PRICE AND TERMS FOR A PERIOD OF TIME. THE BUYER HAS PAID THE SELLER SOME
CONSIDERATION UP FRONT, USUALLY IN THE FORM OF AN OPTION FEE.
OPTION CONTRACT
CONSIDERATION
UNILATERAL CONTRACT
COUNTEROFFER
Term 10 of 112
A ____________________________ ADDENDUM IS USED WHEN THE SELLER IS UNABLE TO SELL THE
PROPERTY AND RECEIVE ENOUGH TO PAY OFF THEIR LOAN BALANCE. IT REQUIRES THAT
THE SELLER GET PERMISSION OF THE LENDER TO ACCEPT THE LOWER AMOUNT AND GIVE
A RELEASE OF THE MORTGAGE LIEN AGAINST THE PROPERTY
SHORT SALE
SALES PRICE
FORECLOSURE
DISTRESS SALE
Term 11 of 112
A PROPERTY WHERE THERE HAS BEEN A PREVIOUS MURDER OR A PROPERTY THAT IS
REPORTEDLY HAUNTED, MUST BE ____________________. THEY ARE NO LONGER AS DESIRABLE TO
MOST BUYERS, WILL USUALLY BE WORTH LESS MONEY AND ARE CONSIDERED TO BE
STIGMATIZED. (BTW, THE OTHER TYPE OF DEATHS THAT MUST BE DISCLOSED IS ONE
CAUSED BY A FAULTY PROPERTY CONDITION.)
TRANSPARENT
DISCLOSED
ADDENDUM
MEDIATE
112 Multiple choice questions
Term 1 of 112
________________________________ MEANS THE CONTRACT IS USED FOR SINGLE FAMILY HOMES,
DUPLEXES, TRIPLEX , FOUR-UNIT BUILDINGS OR TOWN HOMES (TOWN HOMES ARE
CONSIDERED THE SAME AS SINGLE FAMILY EVEN THOUGH THEY HAVE A PARTY WALL). IT
IS NOT FOR USE FOR A CONDOMINIUM SALE.
FARM AND RANCH
ONE TO FOUR FAMILY
CONTRACT AND CLOSING
PROTECT YOUR FAMILY FROM LEAD IN YOUR HOME
Term 2 of 112
____________________ IS AGREED UPON BY THE PARTIES TO BE ON OR BEFORE A CERTAIN DATE.
OPENING
TERMINATING
NEGOTIATING
CLOSING
,Term 3 of 112
FRESH CORN ACRONYM FOR FAIR HOUSING PROTECTED CLASSES:
THE APPRAISAL FEE, LOAN APPLICATION FEES AND OTHER FEES ASSOCIATED WITH
GETTING A NEW LOAN, RESERVE DEPOSITS, ETC.
A TEXAS ATTORNEY FOR A PARTICULAR TRANSACTION, ONE REQUIRED BY THE
OWNER AND PREPARED BY THEM OR THEIR ATTORNEY, OR ONE REQUIRED BY THE
OWNER OR A GOVERNMENT ENTITY.
THE EFFECTIVE DATE OF THE CONTRACT
F - FAMILIAL STATUS,
R-RACE, E- , S- SEX, H- HANDICAPPED STATUS, C-COLOR, O- , R- RELIGION, N-
NATIONALITY. THE E AND THE O CAN REPRESENT EQUAL OPPORTUNITY IN HOUSING.
Term 4 of 112
______________________________ ARE ITEMS THE SELLER WANTS TO KEEP. A GOOD EXAMPLE WOULD
BE A DINING ROOM CHANDELIER. THESE MUST BE REMOVED "PRIOR TO DELIVERY OF
POSSESSION" TO THE BUYER. THEY COULD BE PART OF THE IMPROVEMENTS,
ACCESSORIES, OR EVEN THE LANDSCAPING.
EXCLUSIONS
ACCESSORIES
EXEMPTIONS
CONSIDERATION
Term 5 of 112
A SELLER WITH NO SOCIAL SECURITY NUMBER OR GREEN CARD (WORK VISA) IS
CONSIDERED A FOREIGN PERSON. THE TITLE COMPANY TYPICALLY ASSISTS THE BUYER
IN....
COLLECTING THIS MONEY AND SENDING IT TO THE INTERNAL REVENUE SERVICE
(IRS).
Paying the seller directly without any deductions.
Providing legal advice on tax matters.
Notifying the seller about their tax obligations.
,Term 6 of 112
TYPICAL EXPENSES PAYABLE BY THE SELLER AT CLOSING INCLUDE:
Agent Commissions And Marketing Expenses.
PAYOFF AND RELEASES OF ANY LIENS AGAINST THE PROPERTY, RECORDING FEES,
TAX CERTIFICATES AND PREPARATION OF THE DEED.
Repair Costs For The Property And Inspection Fees.
Moving Expenses And Storage Fees.
Term 7 of 112
________________________________ IS NOT A REQUIREMENT TO HAVE A VALID CONTRACT SO THE
DOLLAR AMOUNT IS ALWAYS NEGOTIABLE BETWEEN THE PARTIES. IT IS OFTEN 1% OF THE
PURCHASE PRICE.
LOAN APPROVAL
CONTRACT SIGNATURE
PROPERTY INSPECTION
EARNEST MONEY
Term 8 of 112
THE ROLLBACK TAX IS IMPOSED BY THE COUNTY WHENEVER A PROPERTY UNDER AN
AGRICULTURAL EXEMPTION HAS ITS USAGE CHANGED SO IT NO LONGER QUALIFIES FOR
THE LOWER TAX VALUE. THE BUYER MAY BE LOOKING AT _____________________ OF NON-
AGRICULTURAL TAXES PLUS PENALTIES AND INTEREST.
90 Days
20 Days
3 YEARS
30 Days
, Term 9 of 112
AN _____________________ IS A GOOD EXAMPLE OF A UNILATERAL CONTRACT. IN THIS CONTRACT
THE SELLER HAS GIVEN THE BUYER THE RIGHT TO PURCHASE THE PROPERTY AT A PRESET
PRICE AND TERMS FOR A PERIOD OF TIME. THE BUYER HAS PAID THE SELLER SOME
CONSIDERATION UP FRONT, USUALLY IN THE FORM OF AN OPTION FEE.
OPTION CONTRACT
CONSIDERATION
UNILATERAL CONTRACT
COUNTEROFFER
Term 10 of 112
A ____________________________ ADDENDUM IS USED WHEN THE SELLER IS UNABLE TO SELL THE
PROPERTY AND RECEIVE ENOUGH TO PAY OFF THEIR LOAN BALANCE. IT REQUIRES THAT
THE SELLER GET PERMISSION OF THE LENDER TO ACCEPT THE LOWER AMOUNT AND GIVE
A RELEASE OF THE MORTGAGE LIEN AGAINST THE PROPERTY
SHORT SALE
SALES PRICE
FORECLOSURE
DISTRESS SALE
Term 11 of 112
A PROPERTY WHERE THERE HAS BEEN A PREVIOUS MURDER OR A PROPERTY THAT IS
REPORTEDLY HAUNTED, MUST BE ____________________. THEY ARE NO LONGER AS DESIRABLE TO
MOST BUYERS, WILL USUALLY BE WORTH LESS MONEY AND ARE CONSIDERED TO BE
STIGMATIZED. (BTW, THE OTHER TYPE OF DEATHS THAT MUST BE DISCLOSED IS ONE
CAUSED BY A FAULTY PROPERTY CONDITION.)
TRANSPARENT
DISCLOSED
ADDENDUM
MEDIATE
