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Aceable Agent – Finance Questions And Answers With Verified Solutions Already Rated A+
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Aceable Agent – Finance Questions And Answers With Verified Solutions Already Rated A+
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Aceable Agent – Finance Questions AndAnswers With Verified Solutions Already
Rated A+
1. HAVE ABSTRACT EXAMINED BY ATTORNEY
2. GET A TITLE INSURANCE POLICY - ANSWER✔✔ License holders must
advise buyers to do what 2 things?
A LOAN - ANSWER✔✔ What should you advise your buyer client to get pre-
approved for before looking at homes in order to put a stronger offer on a home?
TITLE AGENT - ANSWER✔✔ Who inspects the land titles to ensure there are no
liens and seller indeed owns the property?
TRUE - ANSWER✔✔ T/F - A seller's agent is allowed to help a third party buyer
obtain financing?
PREAPPROVAL LETTER - ANSWER✔✔ What is important for the broker to
have their prospective buyer obtain from a lender before the enter representation?
OLDCAR - ANSWER✔✔ Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable Care
, CONTRACT FOR DEED - ANSWER✔✔ A contract for the sale of real property
in which the seller gives up possession of the property but retains title until the
total of the purchase price is paid off. This is an executory contract.
MORTGAGE SUBORDINATION AGREEMENT - ANSWER✔✔ A legal
document used to sort out situations when there are two mortgages on a home, and
the homeowner wants to refinance the first mortgage. The mortgage subordination
agreement works to identify which mortgage will take precedence over the other.
WRAPAROUND MORTGAGE - ANSWER✔✔ A seller of a property extends a
mortgage to a buyer; the seller maintains their original loan and continues to pay it
while also receiving mortgage payments from the buyer.
SUBJECT TO LOAN - ANSWER✔✔ A loan that gives the buyer the title to the
property but lets the seller's financing remain in place.
EXCULPATORY CLAUSE - ANSWER✔✔ A clause that relieves the borrower
of a personal liability to repay the loan.
NON-RECOURSE CLAUSE - ANSWER✔✔ A clause that prohibits the lender
from seizing any property outside of the property that the loan was secured with.
RECOURSE CLAUSE - ANSWER✔✔ A clause that states that if a lender still has
a deficit after seizing the secured property, then they have the right to seize other
assets of the buyers.
DEED OF TRUST - ANSWER✔✔ Borrower grants and conveys to Trustee in
trust, with power of sale, or the trustor is conveying the property to the trustee.
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