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PRINCIPLES OF REAL ESTATE II FINAL EXAM WITH THE CORRECT ANSWERS ONLY
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PRINCIPLES OF REAL ESTATE II FINAL EXAM WITH THE CORRECT ANSWERS ONLY
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PRINCIPLES OF REAL ESTATE II FINALEXAM WITH THE CORRECT ANSWERS
ONLY
A btenant's bpersonal bbelongings bin bapartments bmay bbe binsured bby b- bcorrect
banswer-Obtaining brenter's binsurance
Which bof bthe bfollowing babout ba bholographic bwill bis bFALSE? b- bcorrect banswer-It
bcan bNOT bbe bchanged
Which bof bthe bfollowing bBEST bdescribes bwhy bRESPA bwas bpassed? b- bcorrect
banswer-To bensure bmeaningful bdisclosure bof bclosing bcosts bin ba breal bestate
btransaction
Ricky, ba bborrower, bhas ba bmortgage bloan bthat bhas bjust bbeen bbought bby ba bnew
binvestor. bRicky bpanics, bas bhis bloan bconditions bare bbound bto bchange bwith bthe
bnew bowner. bEvaluate bif bRicky's bfear bis baccurate, band bwhy/why bnot. b- bcorrect
banswer-Ricky bshouldn't bworry; beven bthough bthe bloan bis bbeing bsold bby bthe
blender, bRicky bwill bmost blikely bnot bbe baffected bat ball
Rex bpurchased ban binvestment bproperty bwith bthe bintention bof brenting bit bout. bTo
bfinance bit, bhe bset bup ba bpartially bamortized bloan bwith ba bballoon bpayment. bWhat
brisk bcould bthis bpose bfor bhim bas bthe bborrower? b- bcorrect banswer-If bhis bproperty
, bfails bto bgain banticipated bvalue, bRex bcould bbe bcaught bwith binsufficient bfunds bto
bpay bfor bthe blarger, bfinal bballoon bpayment.
Who bis bthe brepresentative bof bthe btitle binsurance bcompany bwho breviews bthe btitle
binsurance bcommitment, bprepares bthe bClosing bDisclosure, band bconducts bthe
bclosing? b- bcorrect banswer-Closing bagent
Alicia bhas btwo bpeople binterested bin bthe blots bshe bis bselling. bShe bgives bthem
bboth ba bcopy bof bthe bproperty breport. bShe bis brequired bto bdo bso bunder bwhat
bAct? b- bcorrect banswer-The bInterstate bLand bSale bFull bDisclosure bAct
A btenant bhas brecently bsigned ba blease bfor ba bnew bcommercial bproperty.
bAccording bto bthe blease bterms, bthe btenant bpays ba bmonthly brent, band bthe
blandlord bcovers bmaintenance band bother bproperty bexpenses. bThis blease bis ba: b-
bcorrect banswer-Gross blease
What blegislation bmandates ba bnationwide blicensing band bregistration bsystem bfor
bresidential bmortgage bloan boriginators b(MLOs)? b- bcorrect banswer-SAFE bAct
b(The bSecure band bFair bEnforcement bfor bMortgage bLicensing bAct)
What bis ba bprimary badvantage bof ba bREMIC? b- bcorrect banswer-They boffer
bstability bwith bthe bvariety bof bmortgages bthey bcontain
Tumi bneeds bto bknow bwhat bher bloan bprincipal bwill bbe. bThe bproperty bcosts
b$400,000 band bshe bis bable bto bmake ba b$65,000 bdown bpayment. bWhat bis bher
bloan bprincipal? b- bcorrect banswer-$335,000
Joselyn bis bbuying ba bnew bcondo bin bNew bYork bCity. bShe bwill bclose bon bMarch
b1. bThe bcondo bhas ban bannual binsurance bpremium bof b$8,640. bHow bmuch bof
bthat bpremium bwill bJoselyn bbe bresponsible bfor bif bit bis bcalculated bon ba b360-day
byear? b- bcorrect banswer-$7200
Which bof bthe bfollowing bis ban bexample bof bsomething bthat bwould bbe blisted bon ba
bClosing bDisclosure bas ba bcredit bto bthe bbuyer? b- bcorrect banswer-The bbalance bof
bthe bbuyer's bnew bloan
What bis bthe bname bfor bthe bform bthat bitemizes bservices band bfees bcharged bto
bthe bborrower bby bthe blender bwhen bapplying bfor ba breal bestate bloan? bThis bis bthe
bsame bform bthat bis breceived bby bthe bconsumer bno blater bthan bthree bbusiness
bdays bbefore bconsummation bof bthe bloan. b- bcorrect banswer-Closing bdisclosure
What bentity bconsists bof b11 bdistrict bbanks bthat bare bregulated bby bthe bFederal
bHousing bFinance bAgency? b- bcorrect banswer-The bFederal bHome bLoan bBank
b(FHLB) bsystem
Property bowner bJohn billegally bdisposes bof btoxic bwaste bby bburying bit bunderneath
bhis bproperty. bThe bchemicals bleak binto ba bnearby blake band bcontaminate bthe
bwater. bThe bEPA bcan border bJohn bto btake bresponsibility bfor bthe bcleanup bunder
bwhat blaw? b- bcorrect banswer-CERCLA
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