Which party is responsible for the costs of any modifications or repairs made as a result of unsatisfactory inspection results?
Seller
in which of the following circumstances involving a sale of buyer's property contingency would the buyer not be entitled to a refund of her earnest money?
buyer waives the sale of buyer's property contingency after receiving a bump notice from the seller.
Carl agrees to purchase Anna's property, subject to a contingency stating that he will obtain financing from an institutional lender. Carl has 45 days to waive or fulfill the contingency, but after 45 days has provided no notice of having waived or fulfil
inform carl she will terminate the agreement in five days, during which time he can waive the contingency
most contingencies for the sale of the buyer's property are set up so that the contingency is fulfilled when the buyer
accepts an offer on her home, although the agreement will terminate if the sale of the buyer's home fails to close through no fault of the buyer.
a provision in a financing contingency states that closing may be extended up to ___ days if necessary to accommodate the requirements of the Truth in Lending Act's disclosure requirements under Regulation Z
four
an inspection contingency is deemed waved when
the seller rejects the buyer's proposed modifications
which party to a purchase and sale agreement usually benefits from a contingency?
Buyer
Pat and Abe do not sign a contingency for the sale of the buyer's property. However, it is clear that if Pat is not able to sell her home, she will not have the downpayment funds necessary to buy Abe's home. this is a
Hidden contingency
if a prospective buyer is adamantly opposed to an adjustable rate or graduated payment mortgage, the agent should
condition the agreement upon the buyer's ability to obtain a fixed-rate loan
an agreement is subject to a buyer's sale of property contingency. which of the following is a situation in which the buyer must obtain the seller's consent before accepting an offer on the buyer's current home?
the offer is contingent on the sale of the offeror's home
a contingency sale collapses because the buyer is unable to sell his own property. at this point, the parties should complete a
rescission agreement
which of the following financing contingencies would a seller prefer?
a contingency calling for a loan on current market terms
upon receiving a bump notice, the first buyer decides to waive the sale of buyer's property contingency. what happens?
the seller and first buyer will complete the transaction, assuming the buyer can still come up with a downpayment
a buyer is unable to receive financing and fulfill the financing contingency because the lender's appraisal showed that the sales price of the property exceeded the appraised value by $10,000. what steps may the seller in a conventional loan take?
-the seller may lower sales price by $10,000
-seller may obtain a reappraisal report that indicates that the appraised value exceeds the sales price
under the terms of a typical inspection contingency, the buyer may choose which of the following responses after an inspection?
-buyer may approve the inspection and waive contingency
-buyer may give notice of additional inspections
-buyer may unilaterally terminate the agreement and receive a refund of the earnest money
which party has the responsibility of ordering the inspection, paying for inspection, and for any damage caused by inspection?
buyer
which type of clause enables a seller to keep a property on the market after receiving a contingent offer, and to accept an offer from a second buyer?
bump clause
a buyer and seller agree that the sale will be contingent on the buyer receiving financing. the buyer later decides that she doesn't want the property, so she doesn't bother to fill out any loan applications. the contingency is dropped from the agreement
the buyer did not make a reasonable, good faith effort to fulfill the contingency.
if a contingency is not fulfilled despite a good faith effort to fulfill it, what may the person who benefits from the contingency do?
-terminate agreement and have the earnest money deposit returned
-waive contingency and continue with the agreement
which of the following is not a necessary element in a contingency?
the damages that the party unable to fulfill the contingency will pay the other party