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RealEstateU- Texas Law of Contracts Questions with Correct Answers
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RealEstateU- Texas Law of Contracts Questions with Correct Answers
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RealEstateU- Texas Law of Contracts Questions withCorrect Answers
At a closing Buyer Betsy and George were provided a deed to transfer
the property to them from the seller. What type of deed would Buyer
Betsy and George most likely receive from the seller at closing if there
were no issues at all with the title of the property? Correct Answer-
General Warranty Deed
When transferring the property to Buyer Betsy and George the seller
would need to sign the deed as the ______ and Buyer Betsy and George
would need to sign the deed as ________?
A. Grantor/Grantee
B. Grantee/Grantor
C. Trustor/Trustee
D. None of the above Correct Answer-None of the above
Since Buyer Betsy and George decided had to obtain a loan on the
property because they did not have the funds to purchase the property
outright, this would be what type of encumbrance on the property?
Correct Answer-Voluntary alienation
The transfer of title freely by the owner is referred to as? Correct
Answer-Voluntary alienation
Which of the following is required in a valid deed?
,A. All of the above
B. Consideration
C. Habendum Clause
D. A granting lease Correct Answer-All of the above
A suit to quit title is used to do which of the following? Correct Answer-
Fix a defect in title
Who conducts a title search? Correct Answer-A title abstractor
David recently lost his property through a foreclosure sale. This is an
example of? Correct Answer-Involuntary alienation
This is a step above prequalification, it involves verifying a purchaser's
credit, down payment, and employment history...? Correct Answer-Pre-
approval
The act of reviewing loan documentation and evaluating the borrower's
ability and willingness to repay the loan and sufficiency of collateral
value of the property is referred to as? Correct Answer-Underwriting
What is the first step in the loan process? Correct Answer-Pre-
qualification
,What should a real estate agent have their client obtain before viewing
any properties? Correct Answer-A pre-approval letter from a lender
In order to simplify the process, a real estate agent should only
recommend one mortgage broker to their clients?
A. True
B. False Correct Answer-False
Andrew was pre-approved for a $200,000 loan. How much money will
Andrew have to put down if he makes $275,000 offer on a property...?
Correct Answer-$75,000
Individuals who are liable for a lot of debt will most likely obtain what
type of loan? Correct Answer-FHA-insured loan
Which of the following is a credit reporting bureau?
A. Equifax
B. TransUnion
C. Experian
D. All of the above Correct Answer-All of the above
What type of insurance do most lenders require of homebuyers? Correct
Answer-Homeowners insurance
, An appraiser will document the appraised value of a house on the?
Correct Answer-A. Uniform Residential Appraisal Report
The escrow agent typically serves as the? Correct Answer-Closing agent
When representing a seller, what is the very first form the broker must
have the seller review and sign? Correct Answer-Information About
Brokerage Services
Which of the following is included in a lenders good faith estimate?
Correct Answer-The lenders loan origination fee
What should a buyer do in preparation for closing?
A. All of the above
B. Obtain a chashiers check
C. Conduct the final walk-through
D. Compare the good faith estimate to the HUD-1 form Correct Answer-
All of the above
How does the pre-approval letter from a lender help a buyer? Correct
Answer-It gives the buyer an idea of how much they can afford
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