What elements must be detailed in a sales contract for a manufactured home?

Prepare for the New Mexico Manufactured Homes Salesperson Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

The correct answer includes financing terms and warranties as essential elements that must be detailed in a sales contract for a manufactured home. These components are crucial because financing terms outline how the buyer will pay for the home, including interest rates, down payments, and payment schedules. Clearly defined financing terms help protect both the buyer and the seller by setting expectations for payment obligations.

Warranties are also integral to a sales contract as they provide assurances regarding the quality and performance of the manufactured home. They cover aspects such as defects in materials and workmanship, and knowing these details can influence a buyer's decision and offer peace of mind regarding future repairs.

While the other options mention relevant topics, they do not encompass the fundamental elements that must be included in a sales contract. Just including the buyer's information or only the price of the home is insufficient, as these details do not provide the necessary protections or requirements for the transaction. Additionally, while service agreements and insurance policies may be important to a buyer, they are not universally required elements of a sales contract for manufactured homes.

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