Promissory Note And Disclosure Statement: Fill & Download for Free

I prepared my real estate license exam with the test prep at californiarealestatelicenseschool.comtheir practice tests covered all the following areas that you will see in the California Real Estate Exam Salesperson or Broker:Property Ownership and Land Use Controls and RegulationsLaws of Agency and Fiduciary DutiesProperty Valuation and Financial AnalysisFinancingTransfer of PropertyPractice of Real Estate and Disclosures (Includes Specialty Areas)Contractsmore info here: califorinia-real-estate-exam.business.siteNOTE: To pass the salesperson examination and become eligible for a license, examinees must correctly answer at least 70 percent of the questions on the test. Property Ownership and Land Use Controls and Regulations (approximately 15% of exam)Classes of PropertyProperty CharacteristicsEncumbrancesTypes of OwnershipDescriptions of PropertyGovernment Rights in LandPublic ControlsEnvironmental Hazards and RegulationsPrivate ControlsWater RightsSpecial Categories of LandLaws of Agency and Fiduciary Duties (approximately 17% of exam)Law, Definition and Nature of Agency Relationships, Types of Agencies, and AgentsCreation of Agency and Agency AgreementsResponsibilities of Agent to Seller/Buyer as PrincipalDisclosure of AgencyDisclosure of Acting as Principal or Other InterestTermination of AgencyCommission and FeesResponsibilities of Agent to Non-Client Third PartiesProperty Valuation and Financial Analysis (approximately 14% of exam)ValueMethods of Estimating ValueFinancial AnalysisFinancing (approximately 9% of exam)General ConceptsTypes of LoansSources of FinancingGovernment ProgramsMortgages/Deeds of Trust/NotesFinancing/Credit LawsLoan BrokerageTypes of Loan OriginatorsTransfer of Property (approximately 8% of exam)Title InsuranceDeedsEscrowTax AspectsSpecial ProcessesTransfer through Court SupervisionTypes of VestingPractice of Real Estate and Disclosures (Includes Specialty Areas) (approximately 25% of exam)Trust Account ManagementFair Housing LawsTruth in AdvertisingRecord Keeping RequirementsAgency SupervisionPermitted Activities of Unlicensed Sales AssistantsDRE Jurisdiction and Disciplinary ActionsLicensing, and Continuing Education Requirements and ProceduresCalifornia Real Estate Recovery FundGeneral EthicsTechnologyProperty ManagementCommercial/Industrial/Income PropertiesSpecialty AreasTransfer Disclosure StatementNatural Hazard Disclosure StatementsDisclosure of Material Facts Affecting Property ValueNeed for Inspection and Obtaining/Verifying InformationReportsServicing Diverse PopulationsContracts (approximately 12% of exam)GeneralListing AgreementsBuyer Broker AgreementsOffers/Purchase ContractsAgreementsPromissory Notes/SecuritiesPurchase/Lease OptionsAdvanced FeeCalifornia Real Estate Exam Prep is a series of Practice Exam, Questions and answers and flashcards to study for the California Real Estate License Exam and it is available at https://californiarealestatelicenseschool.comHistoryThe California real estate exam prep is designed for the most current California Real Estate License Exam Salesperson & Broker, this is an online practice exam available to the public and it is the most up-to-date exam prep material for the California Real Estate License Exam that you can find on the market.Features Covering all areas of the current California Real Estate License Exam with practice tests ( questions and answers ) and exam prep on topics such as:Property Ownership and Land Use Controls and Regulations Laws of Agency and Fiduciary Duties Property Valuation and Financial Analysis Financing Transfer of Property Practice of Real Estate and Disclosures (Includes Specialty Areas) ContractsClasses of Property Property Characteristics Encumbrances Types of Ownership Descriptions of Property Government Rights in Land Public Controls Environmental Hazards and Regulations Private Controls Water Rights Special Categories of LandLaws of Agency and Fiduciary Duties Law, Definition and Nature of Agency Relationships, Types of Agencies, and Agents Creation of Agency and Agency Agreements Responsibilities of Agent to Seller/Buyer as Principal Disclosure of Agency Disclosure of Acting as Principal or Other Interest Termination of Agency Commission and Fees Responsibilities of Agent to Non-Client Third PartiesProperty Valuation and Financial Analysis Value Methods of Estimating Value Financial AnalysisFinancing General Concepts Types of Loans Sources of Financing Government Programs Mortgages/Deeds of Trust/Notes Financing/Credit Laws Loan Brokerage Types of Loan OriginatorsTransfer of Property Title Insurance Deeds Escrow Tax Aspects Special Processes Transfer through Court Supervision Types of VestingPractice of Real Estate and Disclosures Trust Account Management Fair Housing Laws Truth in Advertising Record Keeping Requirements Agency Supervision Permitted Activities of Unlicensed Sales Assistants DRE Jurisdiction and Disciplinary Actions Licensing, and Continuing Education Requirements and Procedures California Real Estate Recovery Fund General Ethics Technology Property Management Commercial/Industrial/Income Properties Specialty Areas Transfer Disclosure Statement Natural Hazard Disclosure Statements Disclosure of Material Facts Affecting Property Value Need for Inspection and Obtaining/Verifying Information Reports Servicing Diverse PopulationsContracts General Listing Agreements Buyer Broker Agreements Offers/Purchase Contracts Agreements Promissory Notes/Securities Purchase/Lease Options Advanced FeeReferences:Real Estate Test Prep Law Enforcement Test PrepCalifornia Real Estate ExamCalifornia Real Estate ExamCalifornia Real Estate ExamEveripedia

That would probably depend on your “weasel clause(s)”.Any time you make an offer on a property, include a statement to the effect of “This offer is contingent upon Buyer’s acceptance of an independent inspection report.” If the inspection report comes back clean, you can be reassured the transaction should be ok; if it comes back with the revelation of one or more problems, you have to decide whether you want to pursue the property (for example, you might still be interested in the property, only at a lower price, perhaps what you’d intended to offer minus the estimated costs of repairs).Before making ANY offer, make an arrangement with someone you trust to review the transaction and tell you whether the deal is sound or if there’s something fishy going on. Then you can also use something like “This offer is contingent upon the approval of Buyer’s Transaction Adviser. Unless Transaction Adviser disapproves within ten working days of Offer date, acceptance is presumed.” If your “Transaction Adviser” is an attorney, use “Attorney” instead of “Transaction Adviser”. Make sure any objections are provided to the Seller within the specified time limit.You can write “weasel clauses” for a wide variety of things: carpet color, replacement of blinds, removal of odor, stained concrete driveways, adequate financing, etc., etc., etc.These kinds of clauses will probably not appear in a boilerplate offer form. You may need to add them in an addendum.To refocus on your original post, having ANY weasel clause may give you an out. Read your offer and the sales contract carefully. If you have a weasel clause, try to use it (even if it is for something that is otherwise acceptable). If you do not have any escape clause, you may have to resort to threatening legal action for “misrepresentation”. When I worked the trade in California, the Seller was required to disclose ALL known deficiencies in a property. Missing one disclosure was potentially fatal to a deal.Good luck - I hope this lesson doesn’t get too expensive for you!Update:“The seller’s refusal to sign the termination is a problem for us because we are in a corporate relocation, which provides us with a specific amount of time in which to make the sale. We cannot begin the process to buy an alternative property until he signs. Therefore, we will have to pay additional rents, and potentially incur the cost of hiring a real estate attorney.”Ok, now this adds a new dimension to the problem.I suspect that you are able to “…begin the process to buy an alternative property…”, even if you don’t realize it. If you have external constraints (the relocation timeline), you will have to act within those, even if it means you have to deal with an uncooperative Seller OUTSIDE of them (which is to say “deal with him later”).Assuming that all your money is tied up in the first deal, you could make an offer to the next Seller by offering a Promissory Note as your earnest money. The Promissory Note should be conditional upon the first of two things happening: either the Seller of the first property gives you your first earnest money back, or the second property closes escrow. Under rare conditions, a Seller might agree to let you pay a Promissory Note over time; it’s a point to negotiate (and if you don’t ask for it, you are certain to not get it).Hopefully, you will have other properties that you considered, and there is a “next best” property that is suitable for your needs. Let your mortgage company know immediately that the loan is in jeopardy and why it is in jeopardy. If you have a “next best” property lined up, get them to set up the required mortgage for that other property - get it done ASAP. Scrambling for a mortgage at the last minute is almost always awkward.Work with your Escrow Company. Let them know why your deal is in jeopardy and what you want to do about it. They may allow you to substitute another property and another mortgage lender, but it’s likely they would rather open a second escrow.In addition to requiring the Seller to comply with your offer (by releasing the earnest money funds back to you), you could point out that their actions may cause you significant financial damages, and that you will have reason to sue them (including not only the damages, such as legal representation and hotel stays, etc., but for the court costs as well). In poker terms, “see his opening bet and raise him”. If you have a valid contingency clause, he’s bluffing. If you raise the stakes, he should fold. If he calls your raise, you stand to gain a larger pot than you would have otherwise.Best of luck with this. Relocating is bad enough - adding a real estate fiasco doesn’t help. I hope you don’t lose any sleep worrying about this.

Home prices in many areas require more than one income to qualify for the mortgage, or home loan. Because it takes more than one borrower to make the housing payment each month, a primary borrower and co-borrower typically apply for a home loan as joint applicants. A co-borrower who qualifies to buy or refinance a home loan must sign all loan documents, including the promissory note and trust deed.The BasicsThe initial step in acquiring a home loan involves completing the home loan application. A co-borrower is the applicant other than the primary borrower whose information appears secondary to the borrower's on the Uniform Residential Loan Application. A co-borrower must provide the same information as the primary borrower, such as identification, employment, income, assets and liabilities information. The co-borrower must answer questions about her financial past and disclose any serious derogatory credit, such as previous bankruptcy and foreclosure. The co-borrower signs the application and her information must meet the lender's eligibility criteria to qualify for the home loan.Loan DisclosuresThe home loan process requires that the co-borrower receive mandatory disclosures required by federal and statutory law. For example, the Real Estate Settlement and Procedures Act requires that co-borrowers receive a Good Faith Estimate -- an itemization of closing costs -- within 3 business days of applying. California requires the supplemental Mortgage Loan Disclosure Statement which elaborates on the GFE and acts as an additional measure to prevent predatory lending. The co-borrower also receives the preliminary Truth-in-Lending Statement, which discloses the interest rate and total cost of the loan once it is paid off. The co-borrower's signature is required on all disclosures and lender paperwork associated with the loan.Settlement DocumentsBefore loan settlement, or closing, the lender provides the co-borrower with a Settlement Statement of closing costs for final review. She must also review a Final Truth-in-Lending Statement. The co-borrower signs the mandatory final disclosures and the lender's other final loan documents, such as an adjustable-rate notice or other loan feature disclosure. The co-borrower, who is equally responsible for repaying the home loan, must sign the promissory note. Because she is also entitled to ownership rights, the co-borrower also signs the trust deed, which ties the loan to its collateral -- the house.ConsiderationsThe co-borrower is often the spouse, or co-applicant, who earns the least among the borrowers. A co-borrower does not require income or employment to sign for the home loan, as long as the borrower qualifies. In a community property state, the spouse is not required on a home loan, but must convey full ownership to the primary borrower by signing a quitclaim deed or legal change of ownership document if she wishes to relinquish ownership rights, too.