### What is a punch list? - [ ] A list of preferred locations for a new home - [x] A list of items that need to be fixed in a newly constructed home before closing - [ ] A checklist for mortgage approval - [ ] A detailed schedule for home construction > **Explanation:** A punch list is a list of items that need to be fixed in a newly constructed home before the final closing conference. It typically includes minor repairs or last-minute fixes identified during a final walk-through by the buyers. ### When is a punch list typically created? - [ ] At the beginning of the home construction - [x] A few weeks before the closing date during the final walk-through - [ ] After the home is fully furnished - [ ] Before the construction begins > **Explanation:** A punch list is typically created a few weeks before the closing date during the final walk-through of the newly constructed home. This allows the contractor or home builder time to address any minor repairs or issues before the closing. ### Who is responsible for addressing the items on a punch list? - [ ] The real estate agent - [ ] The buyer - [ ] The mortgage lender - [x] The contractor or home builder > **Explanation:** The contractor or home builder is responsible for addressing the items listed on the punch list. These repairs or fixes should be completed before the closing date. ### Why might buyers consider attending frequent walk-throughs during construction? - [ ] To choose paint colors and fixtures - [ ] To meet with other buyers - [ ] To stay informed about construction timelines - [x] To discover any errors or mistakes that contractors may have overlooked > **Explanation:** Buyers might consider attending frequent walk-throughs during construction to discover any errors or mistakes that the contractors may have overlooked. This proactive approach can help ensure that these issues are addressed promptly, reducing the chance of encountering problems at the final walk-through. ### What types of items are usually found on a punch list? - [ ] Major structural changes - [ ] Design alterations - [x] Minor repairs such as leaky faucets or missing doorknobs - [ ] Landscaping adjustments > **Explanation:** A punch list generally includes minor repairs such as fixing leaky faucets or replacing missing doorknobs. Major fixes are usually addressed earlier in the construction process, before the final walk-through occurs. ### What purpose does a punch list serve in the home buying process? - [ ] To finalize the home's aesthetic touches - [ ] To ensure legal compliance - [x] To identify and fix minor construction issues before closing - [ ] To document design agreements > **Explanation:** The primary purpose of a punch list is to identify and fix any minor construction issues before the closing of the newly constructed home. This ensures that the home is in an acceptable condition when the buyer takes possession. ### How does the completion of the punch list affect the closing process? - [ ] It has no impact on closing - [ ] It accelerates the construction of other homes in the area - [x] It ensures that all agreed-upon repairs are completed before ownership transfer - [ ] It delays the issuance of the mortgage > **Explanation:** The completion of the punch list ensures that all agreed-upon repairs and fixes are made before the transfer of ownership at closing. This helps in preventing any disputes or issues right before the final purchase. ### What might happen if items on the punch list are not addressed before the closing date? - [x] It could delay the closing process - [ ] The items will automatically be waived - [ ] The buyer will incur additional costs - [ ] The home value will depreciate immediately > **Explanation:** If items on the punch list are not addressed before the closing date, it could delay the closing process. The buyer may refuse to close until all items are satisfactorily fixed, which could cause delays. ### What is typically the final deadline for addressing all items on a punch list? - [ ] At the framing stage of the home - [ ] One month after the buyer moves in - [x] The closing date - [ ] After the first year of homeownership > **Explanation:** The final deadline for addressing all items on a punch list is typically the closing date. This ensures that the buyer moves into a home that meets their satisfaction. ### Which of the following best describes the items listed on a punch list? - [x] Minor fixes and repairs - [ ] Structural changes - [ ] Financial adjustments - [ ] Architectural redesigns > **Explanation:** Items listed on a punch list are generally minor fixes and repairs, such as leaky faucets, missing doorknobs, and other small issues that need to be corrected before the buyer takes possession of the new home.