Promulgated Contract Forms Test (2024) Questions And Answers A+ Graded

Within how many days after the effective date of the contract must the option money be delivered to the seller according to Paragraph 23? {Ans: 3}A seller owns all of his minerals. If he sells his home and neither party addresses the minerals, who will own the minerals after the transaction closes? {Ans: Buyer}Adding or striking things from the preprinted contract forms (except at the request of the principals) is _______. {Ans: The unauthorized practice of law}A contract with a minor is _______. {Ans: Voidable}If a buyer negotiates a contract on a property with the Addendum for Property Subject to Mandatory Membership in a Homeowners' Association and asks to receive the documents with five days of the effective date, how long after receipt does the buyer have to terminate? {Ans: 3 days}Notices from one party to the other party under the contract are only effective if sent to _______. {Ans: One of the methods listed in Paragraph 21, the Notices Section}Who is usually the victim in a loan fraud transaction? {Ans: Lender}According to the Third Party Financing Addendum, which of the following is NOT necessary for "Financing Approval"? {Ans: An appraisal for