Promulgated Contract Forms (Champions) Exam Latest Update Questions and Verified Correct Answers Guaranteed A+

Promulgated Contract Forms (Champions) Exam Latest Update Questions and Verified Correct Answers Guaranteed A+

acceptance - CORRECT ANSWER: means that the accepting party does so with no
change to the contract whatsoever
addenda - CORRECT ANSWER: an attachment that adds or further describes the
rights and duties of the parties
addendum for sale of other property by buyer - CORRECT ANSWER: used when there
is a contingency
agricultural use exemption - CORRECT ANSWER: method for evaluating tax burden of
properties used for agriculture
amendment - CORRECT ANSWER: changes to the contract; common ones include
changes to the closing date, changes to the sales price, down payment or amount
finances, repairs the the seller agrees to perform, removal or waiver of contingencies
assignment - CORRECT ANSWER: transfers all of the rights related to the contract to
another party known as assignee
bilateral contract - CORRECT ANSWER: a contract of sale between a buyer and seller
Broker-Lawyer committee - CORRECT ANSWER: 13 members; write residential
contract forms that are generally mandatory for license holders
Buyer's or Seller's Temporary Residential Lease - CORRECT ANSWER: for no more
than 90 days
buyer's termination form - CORRECT ANSWER: used to notify the seller of a buyerinitiated contract termination
certificate of reasonable value - CORRECT ANSWER: required to get VA guaranteed
financing
chunking - CORRECT ANSWER: occurs when a fraudster promises to show investors
how to get rich by investing in the real estate market
churning - CORRECT ANSWER: excessive selling/lending activity for the purpose of
generating fees and commissions
communication - CORRECT ANSWER: also referred to as notification