Unit 28 Flashcards
What clause in the REPC is meant to keep the process moving with no delays created by any of the parties?
Time is of the essence
The purpose of the FHA/VA Loan Addendum is to
show the seller how the buyer is financing the purchase.
In most cases, earnest money is held
in the buyer’s broker’s trust account.
When the seller will act as the lender in a transaction, a Utah real estate agent would use which state-approved form?
Seller Financing Addendum
On the bottom of each page of the REPC are spaces that acknowledge review of the page and understanding. What goes in these spaces?
Buyer and seller initials
Which Utah state approved form discloses that there may be lead-based paint in a home based on the home’s age?
Disclosure & Acknowledgment - Lead-Based Paint
Who should fill out the Seller’s Property Disclosure?
The seller
The Confirmation of Agency Disclosure section of the REPC tells the buyers and the sellers
who the real estate licensees are working for.
Once an assumption has been made on a mortgage loan, the original borrower
may still have liability based on their contract with the lender.
The REPC is the state approved central form for
single-family property purchases and leasing.
What contract is used in an arrangement in which the buyer makes payments to the seller over time to earn the right to own the house?
Uniform Real Estate Contract
The Blank Addendum is to be used
to account for situations not covered in existing addendum.
If a buyer wants to know where lot lines are, either the buyer or the seller must pay for
a survey.
When a seller decides they will provide financing, what Utah form is used to allow the seller to qualify the buyer?
Buyer Financial Information Sheet
Which addendum allows a buyer to conduct a lead-based paint assessment and to back out of contract without penalty if found?
Lead-Based Paint Addendum
The Division of Real Estate
has no authority over a title company’s release or disbursement of earnest money.
The seller wants to keep the built-in, high-end stove-top. How should this be documented in this transaction?
It should be listed under Excluded Items in section 1.3 of the REPC.
The FHA/VA Loan Addendum has the option for which of the following?
Seller-paid closing costs
Assumptions of mortgages can be done
on select mortgages with lender approval.
Utah has state-approved forms for real estate licensees to use
to avoid practicing law as an attorney.
The Title Company Earnest Money Addendum places the earnest money with a neutral party, the title company. The money can be released only after
