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Post 302 > Study Guide > Flashcards

Study Guide Flashcards

1
Q

What does the seller pay at settlement?

A

CMEDIC
C:Commmission
M: Mortgage/Deed of Trust
E: Excise Tax
D: Deed Preparation
I: Interim Interest
C: Courier Fee

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2
Q

Closing Disclosure must be receive how many days prior

A

3

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3
Q

Why do we use an addendum?

A

Because there is a change

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4
Q

Who needs a copy of an addendum?

A

All parties in the transaction

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5
Q

Additional provisions addendums is used for

A

Adding additional things to a contract

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6
Q

Lead based paint that is undisturbed is

A

Not a hazard

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7
Q

Lead based paint 1978 prior

A

Buyer should receive pamphlets, brochure

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8
Q

Who can draft contracts

A

Attorneys

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9
Q

When is an electronic communication considered delivered?

A

When it is received by the server

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10
Q

Four Essentials for a Contract

A

CLAP
Consideration
Legal Purpose
Agreement of Parties
Parties have to be Competent

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11
Q

Four Essential for a Lease

A

Consideration
Agreement of Parties
Legal Capacity
Legal Objective/Purpose

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12
Q

What is a voided contract

A

When something is missing in CLAP and lacks one of the voidable items

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13
Q

Voidable means

A

Able to void

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14
Q

An option to purchase is

A

Unilateral

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15
Q

What is the requirement for a subdivision

A

Utilities and Service

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16
Q

What is owner finance

A

Installment Land Contract
Contract for Deed
Assumable Loan

17
Q

Taxes come out when

A

The end of the year Feb. 15th

18
Q

What is the mailbox rule

A

When it is placed in the mailbox

19
Q

Delay of Settlement is

A

7 days

20
Q

NC requires who to close

A

A settlement attorney

21
Q

Excise Tax

A

Round up tp $500
ROUND UP TO $500 THEN DIVIDE BY $500 AND MULTIPLY BY $1

22
Q

BUYER PURCHASE PRCE

A

EMD-DDF= amount owed

23
Q

Response to buyers offer is what form

A

Form $340

24
Q

How to calculate Interim Interest

A

Loan Amount x Rate/365 x of days both parties pay interest

Post 302 (10 decks)

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