Housing and Community Development (HCD) Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Housing and Community Development Exam. Engage with interactive tools, simulate real exam conditions, and access hints with explanations for each quiz question.

Practice this question and more.

When is the sale of a manufactured home not installed on a permanent foundation considered completed?

When the purchaser pays in full
When escrow funds are disbursed
When the dealer receives the full balance
When the home and accessories are delivered

The correct answer is: When escrow funds are disbursed

The completion of the sale of a manufactured home not installed on a permanent foundation is considered finalized when escrow funds are disbursed. This is because the process of selling property, including manufactured homes, generally involves the use of escrow to ensure that all conditions of the sale are met before the transaction is officially completed. The disbursement of escrow funds signifies that both parties have fulfilled their obligations, and the seller is receiving the payment while the buyer obtains ownership. Payment in full or receipt of balance by the dealer does not alone signify the completion of the sale, as these actions may occur before all legal protocols are satisfied. Delivery of the home and accessories, while significant, does not finalize the sale either, as completion is contingent upon the financial transaction occurring through escrow. Therefore, disbursement of funds from escrow is the key event that marks the completion of the sale.