Real Estate Financing and Contracts Quiz
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Questions and Answers

What is a covenant of warranty forever?

  • A commitment to refund the purchase price if the property is sold below value.
  • A guarantee that the property will appreciate in value over time.
  • A promise to maintain a property's condition indefinitely.
  • A promise to compensate the grantee against future claims on the property. (correct)
  • What is the role of a Fidelity Bond for Community Association Managers?

  • To ensure insurance coverage for property damages.
  • To provide a warranty against market fluctuations.
  • To cover legal fees in case of lawsuits.
  • To guarantee the correct handling of funds by managers. (correct)
  • Who is eligible to give FHA loans?

  • Any lender approved by the Federal Reserve.
  • Only credit unions.
  • FHA approved lenders by HUD. (correct)
  • Any lender without restrictions.
  • When can an offer serve as a backup contract?

    <p>When the property is already under contract.</p> Signup and view all the answers

    What is the required down payment for a VA loan?

    <p>$0.</p> Signup and view all the answers

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