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REAL ESTATE EXPRESS - COLORADO CLOSINGS FINAL EXAM ME! REVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100%$17.99
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REAL ESTATE EXPRESS - COLORADO CLOSINGS FINAL EXAM ME! REVIEW
NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND
CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY
GRADED A+ 100%
Which of the following is not permitted in a contract lawsuit?
a. Liquidated damages
b. Actual damages
c. Specific performance
d. Punitive damages
d. Punitive damages
Joe Broker could not attend a closing so the employing broker sent Bob Broker
in Joe's place. Which of the following best describes the brokers'
responsibilities?
a. The employing broker is responsible for verifying the accuracy of the closing
statement and the employing broker is responsible for signing it.
b. Joe and the employing broker are responsible for verifying the accuracy of the
closing statement and Bob is responsible for signing it.
c. Joe and Bob are responsible for verifying the accuracy of the closing
statement and the employing broker is responsible for the supervision of both
Joe and Bob
d. All three parties are responsible for verifying the accuracy of the closing
statement and the employing broker is responsible for signing it.
,b. Joe and the employing broker are responsible for verifying the accuracy of the
closing statement and Bob is responsible for signing it.
What is APR?
a. It is the interest rate on a note
b. It is the finance charges on a loan
c. It is the interest rate on a loan minus the finance charges
d. It is the interest rate on a loan including the pre-paid finance charges
d. It is the interest rate on a loan including the pre-paid finance charges
Which of the following is not true about PMI?
a. The PMI will be eliminated when the loan has been paid down to a certain level
b. The Homeowner Protection Act contains regulations governing PMI
c. PMI is charged monthly by the lender
d. PMI protects both the lender and the borrower in case of default
d. PMI protects both the lender and the borrower in case of default
If a seller defaults, which of the following are permitted remedies for the buyer?
a. Cancel the contract + get the earnest money back + sue for damages.
b. Sue for specific performance and damages.
c. A & B.
d. A but not B.
d. A but not B.
, At closing there are items that seller has not paid that are billed in arrears. How
will these items be credited and debit on the Worksheet?
a. The buyer will be credited and the seller will be debited.
b. The seller will be credited and the buyer will be debited.
c. The buyer will be credited and the broker will be debited.
d. The buyer will be debited and the broker will be credited.
a. The buyer will be credited and the seller will be debited.
What is a "buy-down" loan?
a. A loan in which the payments made are interest-only payments and there is a
balloon at the end.
b. A loan in which the payments are gradually increased over the life of the loan.
c. A loan junior in priority to the first mortgage.
d. A loan in which there is a prepayment of interest on the loan.
d. A loan in which there is a prepayment of interest on the loan.
The tax bill for Sam Seller's property shows an assessment for an improvement
that was completed in 2008. The closing is in 2009, and the assessment is to be
paid, in full, at the end of the year . How is the assessment shown on the
Worksheet?
a. It is a credit to seller and a debit to buyer.
b. It is prorated along with the taxes.
c. It is a debit to the buyer and a credit to the seller.
d. It is a debit to the seller and a credit to the buyer.
d. It is a debit to the seller and a credit to the
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