A 'buyer's affidavit' at an Arizona closing is a document where the buyer represents that:
Why They are purchasing the property for their own use (occupancy, investment), confirming various representations made to the lender during the loan process Is Correct
Answer B: They are purchasing the property for their own use (occupancy, investment), confirming various representations made to the lender during the loan process
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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Key Terms to Know
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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