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STATE (Nebraska) Real Estate Practice Exam 1 Questions With Complete Solutions
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STATE (Nebraska) Real Estate Practice Exam 1 Questions With Complete Solutions
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STATE (Nebraska) Real Estate Practice Exam 1Questions With Complete Solutions
Restrictive Covenants correct answer: prohibit all future owners
from certain actions or modifications of their property and
placed by private parties, consistency and desirability of a
neighborhood
Closing Disclosure, a statement of actual charges and
adjustments, to the borrower by the lender correct answer: The
TRID form, TILA-RESPA
escrow accounts that accumulate funds from closing costs and
monthly payments to ensure that property taxes and
homeowner's insurance are kept current are called what? correct
answer: impound accounts
Options are generally concerned with only two things: correct
answer: time and price
When can a landlord evict a disabled blind or disabled tenant
from the premises? If the tenant has... correct answer: loud
parties, makes too much noise, and is consistently disturbing
other tenants
When does a listing contract expire? At... correct answer: At
closing (upon expiration of the contract date)
mortgage broker arranges... correct answer: arranges loans
between borrowers and investors
, One discount point from federal VA or FHA loan is correct
answer: 1% of the loan amount
An increase in the availability of money would increase or
decrease interest rates? correct answer: decrease
What does amortization mean? To... correct answer: reduce or
pay off (a debt) with regular payments.
a balloon payment correct answer: a final loan payment that is
much larger than the regular monthly payments
In an installment land contract, what type of title did the seller
retain? correct answer: Legal
Second Mortgage correct answer: holds a higher rate of interest
what happens in a second mortgage... interest rate, risk and
exposure correct answer: high interest, high risk and added
exposure for lender, they are 2nd in line after the 1st mortgage
holder. in case of foreclosure, that means the first mortgage
holder is paid in full before any money comes out.
Urury is what type of interest correct answer: rates above the
interest rate ceiling (illegal interest, loan sharks)
A borrower bought a $174,000 house with no down payment.
The loan was probably correct answer: VA Loan (zero-down
instruments, while FHA loans permit low down payments in the
5% range.
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