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November 12, 2022

You represent a seller who is behind on their payments and is in trouble with their property.

QUESTION 40 You represent a seller who is behind on their payments and is in trouble with their property. The seller contacted their lender only to discover they own $175,950 and the house is only valued at $160,000. When you prepare to this list property for sale, what addendum should be used? Short Sale Addendum Addendum for Release of Liability on Assumed Loan and/or Restoration of Seller’s VA Entitlement Notice of Buyer’s Termination of Contract Addendum for Sale of Other Property by Buyer QUESTION 41 Who is required to initiate the Notice of Termination of Contract? Only the buyer Only the seller Both the buyer and the seller The buyer, the seller, and both agents QUESTION 42 If the buyer and seller agree that the seller will have the foundation repaired and the buyer wants the warranty for that work transferred to him, the transfer will be at the buyer’s expense according to the TREC One to Four Family Residential Contract (Resale). True False

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