CE Shop National Exam Questions Complete Solutions Current Update
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CE Shop
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CE Shop
CE Shop National Exam Questions Complete Solutions Current Update
What's interest, as related to a mortgage loan payment? - A fee paid to lenders for the use of their money - A fee to keep other borrowers from taking interest in your property and buying it out from under you - Extra money paid t...
CE Shop Exam Questions Marking
Scheme Current Update
Lenders will require which type of fund for taxes and insurance?
Balloon fund Emergency fund Mortgage fund Reserve fund -
Answers -Reserve fund Mark works at Farm and Country Bank,
and has arranged an agricultural loan for Josh, a local organic
farmer. Josh didn't meet the bank's normal underwriting
standards, but Mark made the loan because he was able to arrange
for a guarantee from ______. Farmer Mac The Farm Credit System
The Farm Service Agency The Federal Agricultural Housing
Authority - Answers -The Farm Service Agency When a developer
selling timeshare units receives earnest money deposits or down
payments, what is the developer required to do with that money?
Forward the money to the timeshare owner's association Hold the
money in the developer's escrow account for no more than three
days Hold the money in the developer's escrow account through the
buyer's rescission period Maintain the money in a trust fund
account that will be used for maintenance of the timeshare
complex - Answers -Hold the money in the developer's escrow
account through the buyer's rescission period You represent a seller
as a single agent. What's it called when you're simultaneously
working for the buyer's best interests in the transaction without
the seller's knowledge? Broker agency Dual agency Split agency
Sub-agency - Answers -Dual Agency What happens when a
married couple who owns a property as tenants by the entirety
divorce? Their ownership reduces to tenancy in common or joint
tenancy. Their ownership rights terminate. The one who records
title first gets the property. They become joint tenants with right
of survivorship. - Answers -Their ownership reduces to tenancy in
,common or joint tenancy. What's a foreclosure? A property sale
that occurs in less than one week A sale that fails to receive a high
enough bid at auction and then falls to the bank's ownership The
forced sale of a property due to the borrower defaulting on the
mortgage loan The sale of a property when the market value of the
home is less than what is owed, plus closing costs - Answers -The
forced sale of a property due to the borrower defaulting on the
mortgage loan Which type of events are generally on a title
insurance policy's schedule of exceptions? Claim from an owner
with an unrecorded deed Claim that was filed on the public record
before a title insurance policy's effective date Liens or claims that
aren't on the public record Mechanic's liens filed prior to a title
insurance policy's effective date - Answers -Liens or claims that
aren't on the public record Annie and George have been saving and
are finally ready to purchase their first home for their family
(including their two toddlers). They want to make an offer on a
sweet little bungalow in a quiet Richmond neighborhood. If the
sellers are represented by a real estate licensee, which situation
would be a violation of fair housing laws? Their offer is rejected
because it's too low. Their offer is rejected because the seller knows
the neighbors don't like children. They rescinded their offer when a
house they were previously outbid on became available again. They
rescinded their offer when their inspection revealed structural
issues with the house. - Answers -Their offer is rejected because the
seller knows the neighbors don't like children. The listing agreement
is a legally binding contract between ______. The buyer and seller
The buyer's agent and seller The listing broker and seller The seller
and lender - Answers -The listing broker and seller Real estate,
plus all of the interests, benefits, and rights included in ownership,
is also known as ______. Estate Land Personal property Real
property - Answers -Real property Who is responsible for testing
private wells for water safety? Property owners The DEP The EPA
, The local water utility - Answers -Property owners Which of these
statements about cooperating with other licensees is true? Licensees
must cooperate with and compensate other licensees, but only
when it's their client's best interest. Licensees must cooperate with
and compensate other licensees, even if it is not in their client's
best interest. Licensees must cooperate with other licensees, but
only if it's in their client's best interest, and there's no obligation to
compensate cooperating licensees. Licensees must cooperate with
other licensees, even if it is not in their client's best interest. -
Answers -Licensees must cooperate with other licensees, but only if
it's in their client's best interest, and there's no obligation to
compensate cooperating licensees. Who is responsible for testing
community wells? The DEP The EPA The local health department
The local water utility - Answers -The local health department The
______makes it illegal to send unsolicited commercial solicitations via
fax without the recipient's permission or an established relationship.
Anti-Telemarketer Act of 2000 CAN-SPAM Act of 2003 Do Not
Call Implementation Act of 2003 Junk Fax Prevention Act of
2005 - Answers -Junk Fax Prevention Act of 2005 Which act
gives companies the right to sue a competitor for making deceptive
ad claims? The Gramm-Bliley Act The Lanham Act The Privacy
Act The Truth in Advertising Act - Answers -The Lanham Act-The
Lanham Act is a federal act that provides companies with the right
to sue competitors for making deceptive ad claims. What are PCBs?
A chemical compound that occurs naturally in the environment A
substance resulting from the decay of uranium A substance that
grows due to moisture problems Chemical compounds used in
cooling and insulating, mainly in electrical transformers - Answers
-Chemical compounds used in cooling and insulating, mainly in
electrical transformers Marnie decided the listing she was
representing would be perfect for her family. She had her brother
buy it, and after closing, he sold it to her. What is this an example
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