NATIONAL PRACTICE 2

22問 • 1年前

問題一覧

Which of the following statements about escrow accounts is correct?

Escrow accounts are managed by escrow agents, and are used to hold funds belonging to others, such as earnest money deposits.

What's the relationship between the Loan Estimate and the Closing Disclosure?

Lenders issue the Loan Estimate within three days of receiving an application, and Closing Disclosure figures should be similar to the Loan Estimate.

Through the divorce process, an individual was granted ownership of the couple’s vacation timeshare. The individual is ready to sell the timeshare but discovers that their ex-partner's name is still on the deed, creating a cloud on the title. What should the individual do?

Ask the ex-partner to sign a quitclaim deed to release his ownership share.

Your clients are looking at buying a $200,000 property with a 30-year loan at a 5% interest rate. If the amortization factor is 5.36822, how much would their principal and interest payment be per month? Remember: The monthly payment multiplier is per $1,000 of the mortgage.

$1,073.64

A real estate transaction has a closing date of May 20. The seller, who’s responsible for closing costs up to but not including the day of closing, has already paid annual property taxes of $1,949. How will the closing statement reflect the proration for the seller? Use a calendar year proration, and round to the nearest dollar.

Credited $1,207

Ramon and Bill are victims of fair housing discrimination. They were refused an apartment because they’re gay. Sexual orientation is not a specifically protected class under the Fair Housing Act. Which protected class extends protections to Ramon and Bill from discrimination in housing based on their sexual orientation?

Sex.

What's the best definition of personal property?

Everything that's not real property

What does the Federal Trade Commission consider to be an unfair ad?

Any ad or business practice that causes or is likely to cause injury

A brokerage firm that hires licensees as employees instead of as independent contractors must ______.

Pay licensees a regular salary regardless of the revenue they generate

SARA is an amendment to which environmental act?

CERCLA

Which approach to value is typically used for investment property of two- to four-family units?

Income approach

Ken, Barbie, and Skipper owned a property as a joint tenancy. When Skipper moved out of state, she sold her interest to Midge. Two years later, Ken died. How is the interest in the property divided?

Barbie owns two-thirds, and Midge owns one-third.

Stan and Emile are arguing over their shared lot line, since Stan thinks that Emile planted a privet hedge on Stan’s property. Stan filed a civil legal action against Emile. Which of these would the court use to determine the actual lot line?

Legal descriptions of both properties

Manuel is selling his home to Selena. He has an existing loan that he’ll continue to make payments on, and he’s extending credit to Selena for the balance of the purchase price. She will make monthly payments to him. What type of financing are the parties using in this transaction?

Wrap-around loan

Your buyer client, Percy, wants to start searching for his dream house and knows he needs to obtain financing to accomplish that. What’s his first step?

Obtain a pre-qualification letter.

Which of these is an example of illegal market allocation?

Two brokerage firms have an agreement to focus exclusively on suburban, rather than rural, homes.

Which of the following statements is true about government loans?

They're insured or guaranteed by a government agency

When a borrower first obtains a mortgage, which portion of PITI receives most of the mortgage payment?

Interest

Jason’s having trouble paying his monthly rent. His landlord agrees to float him the rent for the next few months with 20% interest. The deal with his landlord is in violation of the state’s usury law. Which of these statements must be true?

His state’s personal loan interest rate cap is less than 20%.

Generally, what's the common range for loan origination fees?

1% to 3%

The federal Government in the Sunshine Act is part of what?

The Freedom of Information Act

Tom and Martha live in a neighborhood where lawn ornaments are prohibited. They want to put up a nativity scene at Christmas and argue that the covenant doesn’t apply to temporary decorations but only to permanent ones. Their homeowners association disagrees. Which entity enforces subdivision covenants?

The civil court system

real estate PRACTICE

ユーザ名非公開 · 13問 · 2年前

real estate PRACTICE