Loan Application Quiz

What type of loan is NOT listed as an option in the Loan Application section?

• Conventional First

• USDA

• Home Equity

• Personal Loan

What must the Buyer provide in addition to the Loans according to the Loan Application section?

• A down payment

• A co-signer

• A property survey

• A home inspection report

What happens if the Buyer does not make application for the Loans within the specified days after mutual acceptance of the Agreement?

• The Agreement is automatically terminated

• The Buyer must pay a penalty fee

• The Financing Contingency is waived

• The Seller can increase the purchase price

What is required for the Financing Contingency to be waived automatically?

• Buyer’s written consent

• Seller’s written consent

• Notice of Termination

• Appraisal Less Than Sales Price

What form is used for the Notice to Perform?

• NWMLS Form 22A

• NWMLS Form 22AR

• NWMLS Form 22B

• NWMLS Form 22C

What is the maximum amount the Seller shall pay for the Buyer's Loan(s) and settlement costs for FHA/USDA/VA loans?

• $200.00

• $300.00

• $400.00

• $500.00

If the Buyer has not waived the Financing Contingency and is unable to obtain financing by Closing, what happens to the Earnest Money?

• It is forfeited to the Seller.

• It is split between Buyer and Seller.

• It is refunded to the Buyer.

• It is held in escrow until further notice.

What must the Buyer provide within 3 days after receiving a copy of the lender's appraisal if the appraisal is less than the Purchase Price?

• A copy of the lender's appraisal.

• A notice of low appraisal.

• A request for a new appraisal.

• A waiver of the Financing Contingency.

What are the Seller's options if the appraisal is less than the Purchase Price?

• Accept the appraisal and reduce the Purchase Price.

• Reject the appraisal and terminate the agreement.

• Propose to reduce the Purchase Price or reject the appraisal.

• Request a new appraisal.

How many days does the Buyer have to respond to the Seller's notice of low appraisal or Seller's failure to respond?

• 5 days

• 7 days

• 3 days

• 10 days