Real Estate Exam [Texas] 31, Third Party Financing Addendum

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The Third Party Financing Addendum creates a critical financing contingency that can protect a buyer's earnest money. - "Buyer Approval" is contingent on securing a loan that meets the specific terms for amount and interest rate detailed in the addendum. - Missing the deadline to provide written notice of termination for lack of financing approval can result in the buyer defaulting and losing their earnest money. - Waiving the financing contingency by not specifying a number of days for approval is a high-risk strategy that removes the buyer's protection if their loan is denied. - The addendum distinguishes between Buyer Approval (the borrower's finances) and Property Approval (appraisal, insurability), both of which are required for the loan. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep