Real Estate Final Exam (150 Questions ) #1 test all solutions complete

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Real Estate Final Exam (150 Questions ) #1 test all solutions complete A real estate licensee has a buyer agency agreement. What is the seller in this situation?. An optionor and an optionee make ... a contract for an option on a commercial piece of property. If the optionee decides to exercise his option, when must he perform? When can a landlord evict a disabled blind or disabled tenant from the premises? 4. Broker Carr, with ABC Real Estate Company, listed the property with a seller. Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of the property. What, if any, is the relationship between the buyer's broker, the seller and the listing broker? A buyer bought a property without telling the seller of his intended purpose for the property. The contract contains no contingency clauses and it is a properly executed contract. After the closing, the buyer is unable to obtain the zoning he needs for his commercial project. What is the contract at this stage? 6. The seller and the buyer finally agreed to a purchase price of $203,500 with the closing to occur on June 15. The taxes for the year in the amount of $2,500 have not been paid by the seller. (Taxes are paid in arrears). How much would the tax proration amount to, and how would it appear on a full settlement statement? Base your answer on a 365 day year, and the buyer is responsible for the day of settlement. A seller listed his home for six months on February 26. On April 29, a buyer made an offer on the property. The listing broker presented the offer to the seller on April 30. The seller accepted the offer on May 1, with the closing to occur on June 15. Assuming the closing took place on June 15, when did the listing expire? The sellers listed their property for six months on February 26 for $522,500. They agreed to pay the listing broker a 7% commission at closing on the agreed upon sale price. A buyer made an offer on the property on March 29 for $510,000. The seller countered the offer on April 1 at $517,500, and the buyer accepted the counter offer with the closing to occur on June 15. How much commission did the seller owe the listing broker, and how would it appear on the settlement statement? The seller and the buyer agreed to a purchase price of $270,000 with the closing to occur on June 15. The seller's loan balance after the June 1 payment was $170,000. with an interest rate of 6%.The monthly payment was $1,800 principal and interest. What was the loan balance the day of closing, and how much interest did the seller owe the bank? The buyer and seller agreed to a purchase price of $310,500. The buyer received an 80% loan. How much was the buyer's loan and how did it appear on the settlement statement? A home improvement company was negotiating with a homeowner to add on two rooms to a home. The company agreed to take a second mortgage as long as the homeowner also included the rest of the property in the loan. The company and the homeowner agreed to a price and the company provided the necessary disclosure form on Monday and the homeowner signed the agreement at noon the following day. Assuming that the week had five business days, until what time could the homeowner rescind the loan? The seller under a land contract is called On an 8% straight term loan of $6,071, the borrower paid total interest of $1,700. How long did he have the loan? Are recording fees and title insurance premiums part of the Truth in Lending statement?. A mortgage broker. The Smiths' purchased a residence for $750,000. They made a down payment of $150,000 and agreed to assume the seller's existing mortgage, which had a current balance of $230,000. The Smiths' financed the remaining $370,000 of the purchase price by executing a second mortgage whereby the seller became a mortgagee. This type of loan is called a On a $500,000 loan the borrower is required to pay two points. How much does the borrower have to pay the lender? The discount points charged by a lender on a federal VA or FHA loan are a percentage of the An increase in the availability of money would lead to which effect? When the amortized payment of a mortgage remains constant over the period of the loan but leaves an outstanding balance to be paid at the end, this payment is called In an installment land contract, what type of title did the seller retain? Which of the following is true of a second mortgage? Usury MOST nearly means A borrower bought a $174,000 house with no down payment. The loan was probably A house sold for $420,000. The buyer made a 20% down payment. Monthly interest on the loan was $1,400. What was the interest rate on the loan? Which of the following describes a mortgage that requires principal and interest payments at regular intervals and is called the liquidation of debt by periodic installment until the debt is satisfied? Which is the most common form of mortgage? Under RESPA, a copy of Real Estate Settlement Costs And You must be given Which of the following is a closing expense paid by the seller? An impound or reserve account MOST benefits whom? What are impound or reserve accounts also known as? The HUD-1 form is. A VA loan may be granted for the purchase of a one-family to four-family property if. Which of the following would usually occur in a sale-and-leaseback transaction? A standardized yardstick expressing the true annual cost of borrowing is expressed as the what? RESPA would prohibit which of the following acts? In most states, by paying the debt after a foreclosure sale, the mortgagor has the right to regain the property. What is this right called? The lender is required, under RESPA, to provide a detailed "Good Faith Estimate (GFE)" statement at the time of loan application or within three business days to In which of the following markets may a lender sell a loan that a mortgage banker has previously originated? Though 30 year loans are more common, 15 year loans are considered standard, conventional loans. Under an FHA graduated payment mortgage, which of the following fluctuates over the term of the loan? Who are graduated payment mortgages aimed to>. The maximum permissible "loan to value ratios" are Are there any state-mandated qualifying requirements for conventional loans? A buyer wants to take out an FHA loan. The broker should refer the buyer directly to An owner advertised "beautiful acreage; only $5,000 down; owner will personally finance down payment." Would this be in violation of the Truth in Lending Act? What is Regulation Z?. A mortgage company makes a number of loans to be assembled into one package and sold to permanent investors. This process is an example of interim financing to the mortgage company and is called. The primary purpose of Truth in Lending is to Why is the RESPA closing statement allowed to be examined on or before closing? If a single parent is applying for a real estate loan, when would the fact have to be revealed that part of the parent's income is from child support? When the lender under a deed of trust requires title insurance, who would be the most likely person to pay for it? Trustor is another name for? [Show More]

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