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Seller defaults closing date5/2/2023 Required to pay back the buyer's earnest money Trial Alternative Dispute Resolution The resolution of disputes by various means including, but not limited to negotiation, mediation, and arbitration, is known as.?Ĭivil dispute resolution 16 Mediation is discussed in which of the following paragraphs.?Ģ1 T (True) All matters discussed during mediation are confidential.?į (False) 17 Attorney's fees are discussed in which of the following paragraphs.?Ģ1 Escrow agent The neutral third party holding funds or something of value in trust for another or others is referred to as a.?Įxecutor 18 Escrow is discussed in which of the following paragraphs.?Ģ2 All of the above According to paragraph 18, the escrow agent is not.?Īll of the above Cash down payment At closing, the buyer's earnest money must be applied first to any.?Įscrow fees In default of the contract According to paragraph 19, if any representations made by the seller which are untrue on the closing date, the seller shall be.? Notice Mediation A form of alternative dispute resolution in which the parties to a lawsuit meet with a neutral third-party in an effort to settle the case is known as.? Loan application fees Default The failure to fulfill a duty or promise is referred to as.?ĭamages Specific performance An action to compel performance of an agreement is known as.?Ĭommitment 15 Default is discussed in which of the following paragraphs.?Ģ1 All of the above If the buyer is in default of the contract, the seller may do which of the following.?Īll of the above Liquidated damages If the buyer is in default of the contract, the seller may terminate the contract and receive the buyer's earnest money as.? Preparation of deed Fees associated with the release of existing liens The seller is responsible for paying which of the following expenses at, or prior to closing.?įees associated with the release of existing liens Instead of replacing the dishwasher themselves, the seller can offer the buyer which of the following.?Ī seller's credit in the amount of the cost of a new dishwasherĪ rebate for the amount of a new dishwasherĪ voucher in the amount of a new dishwasherĪ pre-paid credit card in the amount of a new dishwasher 12 Seller's credits to the buyer are listed in which of the following paragraphs.?ġ8 Appraisal fees The buyer is responsible for paying which of the following expenses at, or prior to closing.? The Department of State's website 12 Settlement and other expenses is discussed in which of the following paragraphs.?ġ9 All of the above The seller is responsible for paying which of the following expenses.?Īll of the above A seller's credit in the amount of the cost of a new dishwasher During the buyer's due diligence, the buyer learns that the dishwasher no longer works. The agent feels it is in the best interest of the principal TREC's website Where can one look to find the most up-to-date promulgated contract forms.? There isn't already a promulgated TREC form to use Upon closing and funding The buyer is typically given possession of the property.?Īt the effective date of contract Fair market value If the seller occupies the property after closing, under a temporary lease, they must pay rent according to which of the following.?įair market value 11 Special provisions are discussed in what paragraph of the One to Four Family Residential Contract - Resale.?Ģ1 There isn't already a promulgated TREC form to use Factual statements and business details should only be added to the Special Provisions if.?
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