Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Training > Purchase Agreement > Flashcards

Purchase Agreement Flashcards

1
Q

All contract information (date, customer name, building address, purchase price) is pulled from

A

FrontDoor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Homeowner(s) shall make written loan application within ____ days of Homeowner(s) execution hereof and homeowners shall receive a firm, unconditional loan commitment within ____ days after date hereof.

A

5 days and 30 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

If homeowners fail to close this purchase agreement within ____ days of the date hereof, Schu, at its sole election, may declare Purchase Agreement null and void, or in the alternative, may grant the homeowners an additional ____ days to close.

A

60 days and 30 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

If Schu gants the Homeowners the additional time, the homeowners understands and agrees that

A

Schu may increase the cost of the construction of the home

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

After Schu has been advised by the homeowners that financing has been closed; schu will schedule a preconstruction meeting (T/F)

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Schu shall pay for the temporary power pole installation (T/F)

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Homeowners shall bay for all taxes and assessments, both general and special (T/F)

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Schu shall apply for and furnish the respective electric/gas company with all pertinent info.
Schu is responsible for all utility bills during construction.
This applies to both temp and permanent power/gas.
Cable lines are not the responsibility of the homeowner and will be ordered directly by Schu at our expense

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

If city water and serer do not serve the premises, the total purchase price may include _______ for a septic system and well and pump.

A

Allowances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Schu shall pay for all usual and customary building permits up to $___ and the homeowners shall pay for rest

A

$0 - carolinas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Homeowners shall at their expense, secure the house number, septic permit, and zone permit and shall forward originals to the local building department. (T/F)

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Which is not a part of the entire agreement/contract documents

A 
Your business card 
Included: 
- Purchase agreement
Addendum to PA 
Construction specs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

At what time are change orders used to note any changes, additions or deletions to the contract documents?

A

After the signing of the purchase agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Changes to Contract Documents after the precon meeting shall subject to

A

A $250 fee per change and probable $350 for re-draw

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Per the purchase agreement, does Shu guarantee any specific construction completion date?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

If homeowners fail or refuse to perform or breach the requirements of this contract, Schu may at its sole option, declare this agreement null and void and the above deposit shall be return to the homeowners (T/F)

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Who pays the expense of any work on the building site necessary before actual excavation for the foundation and construction of the home can commence?

A

Homeowners

18
Q

What is the percentage over and above the cost of any additional expense incurred prior to, during, or after excavation due to any construction site costs?

A

18%

19
Q

Schu tests every site for Radon Gas (T/F)

A

False

20
Q

Homeowners understand that while premises are under construction, they must be fully insured by both

A

Fire and comprehensive insurance policy

Rider of endorsement insuring against vandalism and theft from the job site

21
Q

Schu is not responsible for compliance with local zoning or building codes regarding setbacks or deed restrictions setbacks or any such items. (T/F)

A

True

22
Q

The homeowners shall submit evidence in a form acceptable to Schu that homeowners is legal titleholders to this hoomesite prior to the precon meeting (T/F)

A

True

23
Q

Homeowner(s) hereby grant to Schu the right to place a sign in the yard from the time Schu. enters upon the premises until Schu is

A

Paid in full

24
Q

Homeowner(s) agrees that the direction and supervision of the working forces including subcontractors, rest exclusively with Schu unless the Homeowner(s) have a construction background (T/F)

A

False

25
Q

Schu utilizes Arbitration to settle omission, disputes, claims, or controversies arising from or relating to any manner of contract document? (T/F)

A

True

26
Q

In the event that Schumacher Homes is not timely paid pursuant to the Draw Schedule of for Change Agreements or if Homeowner(s) stop or delay the construction process, Schumacher Homes shall have the right to:

A

Stop supplying labor
Stop supplying material
Remove any fixtures, equipment, appliances at or installed in the house

27
Q

Homeowner(s) will receive a copy of Limited Warranty and any third party warranty. (T/F)

A

True

28
Q

If Homeowner(s) take possession of the premises and occupies the premises without first having consent of Schu.

A

Homeowner(s) shall constitute an acceptance of the completion of the home
Homeowner(s) accept the property in “AS IS” condition
Homeowner(s) Limited Warranty is null and void

29
Q

The contract documents are not assignable (T/F)

A

True

30
Q

The contract documents shall be governed by the laws of the state in which the home is to be contstructed (T/F)

A

True

31
Q

_______% of purchase price upon loan closing

A

5

32
Q

_______% of purchase price when foundation walls are poured or block completed prior to spray/waterproof

A

15

33
Q

Schumacher Homes agrees to keep the property free from any Mechanic’s Liens. (T/F)

A

True

34
Q

_______% of purchase price when framed, windows/doors set, sheathing & felt paper applied prior to shingles

A

30

35
Q

_______% of purchase price when mechanicals roughed in/insulated/drywall is hung, prior to tape & finish

A

30

36
Q

_______% of purchase price when the interior trim is hung, prior to cabinetry and countertops

A

10

37
Q

_______% of purchase price when the home is substantially completed

A

10

38
Q

Payment for all allowances including well and septic allowances, minus change order balance will not be paid until after? _____ This will exclude driveway, patio, and landscaping allowances. These allowances will be paid at the end of construction

A

The payment of third draw (mechanicals roughed in/insulation/drywall)

39
Q

The Guaranteed Move-in date is calculated from the completion of ________________ to the date of the Homeowner(s) _________________________.

A

foundation ; orientation

40
Q

All construction debris is to be ____________________ during the construction of the home

A

Placed in a Schumacher Homes provided dumpster

Training (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions