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23問 • 1年前

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What title guarantees will someone have when they buy a property at a foreclosure auction?

The covenant of seisin

Krening Realty has been found guilty of running deceptive ads. Which of these statements about the potential penalty is NOT true?

Krening’s broker may face jail time.

Juan secures a fixed rate amortized 30-year loan for $295,000 at 4.25%. If his monthly P&I payment is $1,750, how much interest does he pay in the second month of the loan?

$1,042.29

Trinity has applied for a home equity line of credit to perform some upgrades on her home. Within what timeframe must her lender provide the Closing Disclosure?

The Closing Disclosure isn’t required for a HELOC.

A homeowner lives in a state that requires an abstract of title for property conveyance, but the chain of title was broken 50 years ago. What is the status of the title?

Depending on state laws, the homeowner may have marketable title.

The Slathertons are looking at buying a $300,000 property with a 20-year loan at a 6% interest rate. Using the amortization chart factor of 7.16431, how much would their monthly principal and interest payment amount be?

$2,149.30

Don and Becky realized too late that the contract they signed for the sale of their home didn’t include any language about a rent-back if the home they’re building isn’t ready in time. What can their listing agent do?

Create a contract amendment with the required language.

Commander Halfback retires after 25 years of service in the Coast Guard. He is looking to buy a home. What type of loan should he use?

FHA, VA, or conventional

When Shauna looked at the legal description of the property she was interested in purchasing, she read the following: “Beginning at the corner of State Route 61 and Hallowell Road, north for 314 feet, then southwest for 193 feet.” In this description, what does “north for 314 feet” represent?

A mete

Melisa's mother gave her house to Melisa, along with a signed copy of the deed granting ownership to Melisa. Years later, Melisa decides to downsize by selling the property. The title company shows that the property is still in Melisa's mother's name. What does Melisa have to do to clear this up?

Record the signed deed.

Several brokerages in a certain area agree to stop running advertisements in a local publication. What type of antitrust violation is this?

Group boycotting

A property manager needs to pay for some routine maintenance to one of the units in her apartment complex. Which bank account should she use?

The operating account for that specific apartment complex

When purchasing a short sale or foreclosure, what’s one of the biggest frustrations buyers face?

The length of time it takes to purchase a distressed property

Two essential elements of a deed are the _________.

Grantor's signature and conveyance clause

The Shores are in the process of buying a beautiful 3,000-square-foot home from the Bishops. They’ve completed all the required paperwork on their loan application. Mary’s analyzing the package to determine their ability to repay the loan. She examines the property’s value, the property type, and the loan-to-value ratio, among other things. Her recommendation is that the Shores’ loan application be approved. What is Mary’s role?

The underwriter

Developer A has a project planned that does not conform to the community zoning regulations and wants to make a change request. Which local land use group would the developer ask, and for what?

The zoning board of appeals for a variance.

In the appraisal report submitted to Jenkins, the lender, notes that the property is being conveyed with all property rights intact. Which step in the appraisal process does this represent?

State the problem.

A tenant had a great experience with his apartment and landlord until about three months ago, when the plumbing in the unit above started leaking into his apartment. The landlord keeps saying he’ll fix it but hasn’t, and now the tenant has mold growing on two walls. The tenant is moving out before his lease has expired. What does this scenario describe?

Constructive eviction

A company installed faulty equipment twice, so the homeowner filed a lawsuit in an attempt to recover the money she lost. What is this an example of?

Suing for damages and breach of contract

Which of the following is an action borrowers take to temporarily lower the interest rate on their mortgage loan?

Buydown

Harmony is looking at the legal description on her purchase contract. It mentions that the plat of her property is recorded in Map Book 12, page 14, at the county courthouse. What type of legal description is this?

Lot and block

A closing agent has several duties to perform both before and after the closing. Which of the following is a task the closing agent must complete after the closing?

Pay the existing loan off

Luci’s client Kaden wants to purchase a new construction property, and he wants to get as much house as he can afford. Which of the following does Luci need to advise Kaden about regarding interest rates when purchasing a newly built home?

Kaden needs to allow for the possibility of an interest rate increase between now and closing because lenders aren't likely to lock in an interest rate for more than 90 days before closing.

real estate PRACTICE

ユーザ名非公開 · 13問 · 2年前

real estate PRACTICE