Compucram Tests Bundle Set

The owners of an undivided interest in land, with no rights of survivorship, would be considered Answer tenancy in common What best describes ownership of a condominium? Answer fee simple absolute What is NOT considered when determining whether an item is a fixture or personal property? Answer...

When is a bringdown endorsement issued? Answer Prior to close of escrow A loan is paid in full but the release is never recorded. What is true? Answer A cloud remains on title When an attorney gives an abstract of title, he would also give: Answer An opinion Buyer purchases property and rec...

A loan for $150,000 is payable at $2500 per month at 7% interest. What is the interest only payment for the 8th month? $772.91 QUESTION RATIONALE Calculation: > 2,500 x 7 = 17,500 You've made 7 principal payments of $2,500 each. > 150,000 - 17,500 = 132,500 Principal balance in 8th month &...

Which can the operation of law NOT create? Answer joint tenancy What lien attaches to a property to prevent the transfer of title when there is a pending lawsuit that may affect the title? Answer attachment A couple is engaged to be married. Any real estate they own at the time the marriage ta...

Transferring one's rights or obligations under a contract to another and being relieved of liability best describes: Answer Novation Transferring one's rights or obligations under a contract to another with secondary liability is called: Answer Assignment A contract in which each party to th...

As defined in regulation X, which implements respa, _____ means a person (other than an employee of a lender) That renders origination services and serves as an intermediary Between and a lender in a transaction involving a federally related mortgage loan. Answer Mortgage broker The _____ Became ...

The inspection of the electrical system should begin with which of the following locations on the property? Answer Exterior... All parts of the home inspection start on the exterior. A professional inspector delivers a home inspection report written in paragraph form based on his observations and...

Dower Answer the common law legal rights that a wife has in property owned by her husband during their marriage curtesy Answer The wife would get dower. If the wife died first, the husband gets her share of property how many square feet in one acre Answer 43,560 sq feet how many acres in a ...

If a lender transfers the servicing of a mortgage, it must inform the borrower at least how many days in advance of the effective date of transfer? Answer 15 Days The primary reason to provide a borrower with a revised LE is to Answer Accommodate changed circumstances. (A revised LE may be provid...

A corporation is a legal entity (an artificial person); therefore, real estate owned by the corporation is owned in Answer severalty An investor buys two weeks of a timeshare in Miami. What has she purchased? Answer interval ownership in real property What is NOT a governmental restriction on ...

The loan estimate and closing disclosure must be used for most _____________mortgages? Answer Closed end Identify the statement that is TRUE about the UST section of the SAFE MLO National Test component. Answer All applicants after April 2013 will be required to take and pass the UST section of t...

The Home Mortgage Disclosure Act requires you to collect info about a customers race. If they do not wish to provide info for that section what do you do? Answer Have them check the box indicating they do not wish to disclose information and fill it out according to visual observation once they leav...

A $100,000 loan will be considered a section 32 loan if the the points and fees are greater than answer 5% of the loan amount Which cost would be included in the apr calculation on the closing disclosure forms? Answer mortgage insurance Which item is not included in the calculation that determ...

Under the Home Ownership and Equity Protection Act, a creditor may not refinance a Section 32 loan into another Section 32 loan within the first ______________ of origination, unless the new loan is in the borrower's best interest. - 12mths - 24 mths Answer -12 mths RATIONALE A creditor ma...