Exam (elaborations)
Law of Contracts (10) Questions with Solution
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Law of Contracts (10)
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Law of Contracts (10)What is a credit? - answerAn amount being reimbursed
Which of the following is not an activity that occurs on the closing day of a real estate
transaction? - answerLender submits documentation to the underwriter.
Which regulatory body administers RESPA? - answerCFPB
Lenders are required by __________ to provide borrowers the informational booklet
"Shopping for Your Home Loan" which helps borrowers get a basic understanding of the
mortgage process. - answerRESPA
Which of the following fees would most likely be prorated at closing? -
answerHomeowners association fees
The ________________ provides a buyer and the lender with the terms and conditions
under which the title policy will be issued. - answertitle commitment
Which of the following fees would most likely be prorated at closing? - answerTaxes
Jeff is under contract to purchase Bob's house. Jeff hired a professional inspector to
evaluate the house during the option period. The inspector found multiple deficiencies in
the plumbing of the house. Jeff trusts the inspector and wants him to make repairs to
the plumbing and have the seller pay for it. Which of the following is TRUE? -
answerThe inspector is prohibited from making the repairs.
RESPA regulations apply to which of the following loans? - answerFederally related
loans
_______________ generally provides the best and more reliable evidence of real
property ownership. - answerA combination of actual notice and constructive notice
In order to comply with Regulation Z, if an advertisement states a rate of finance
charge, it shall state the rate as - answeran annual percentage rate.
Seller Sam is closing on the sale of his house to Buyer Bob on May 31st. The estimated
property taxes due on December 31st is $5,000. What is the prorated amount that
Seller Sam will pay to Buyer Bob on the closing statement? - answer$2,068.70
________________ are those that are found in all title policies issued in Texas. -
answerStandard exceptions
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