Exam (elaborations)
GA MLS Real Estate Units 17-20 (1)
GA MLS Real Estate Units 17-20 (1)
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GA MLS Real Estate Units 17-20closing - ANS-The conclusion of a real estate transaction, when title to the real estate is
transferred in exchange for payment of the purchase price.
survey - ANS-Indicates the location of all buildings, driveways, fences, and other improvements
located on the premises; should also indicate any existing easements and encroachments;
provides information about the exact location and size of the property.
escrow closing - ANS-A disinterested third party is authorized to act as an escrow agent, or
escrow holder, and coordinate the closing activities. The escrow agent may be an attorney, title
company, trust company, escrow company, or the escrow department of a lending institution.
Real Estate Settlement Procedures Act (RESPA) - ANS-A federal law that requires certain
disclosures about the mortgage and settlement process and prohibits certain practices that
increase the cost of settlement services, such as kickbacks and referral fees.
Mortgage Disclosure Improvement Act (MDIA) - ANS-Has changed how buyers, sellers,
mortgage brokers, lenders, title agents, and real estate professionals prepare for closing.
RESPA regulations apply to.... - ANS-a first-lien residential mortgage loan made to finance the
purchase of a one-to-four-family home, cooperative, or condominium, for either investment or
occupancy, as well as second or subordinate liens for home equity loans when a purchase is
financed by a federally related mortgage loan.
affiliated business arrangement (ABA) - ANS-The practice of a real estate firm, title insurance
company, mortgage broker, home inspection company, or even a loving company may agree to
offer a package of services to consumers in order to streamline the settlement process.
mortgage servicing transfer statement - ANS-Required if the lender intends to sell or assign the
right to service the loan to another loan servicer; the loan servicer must notify the borrower 15
days before the effective date of the loan transfer, including in the notice the name and address
of the new servicer, toll-free telephone numbers, and the date the new servicer will begin
accepting payments.
TILA-RESPA Integrated Disclosure Rule (TRID or "Know before you owe") - ANS-Replaces the
four previous disclosure forms with two new forms: the Loan Estimate and the Closing
Disclosure; the CFPB prepared these forms to make it easier for consumers to understand the
costs involved in closing.
Loan Estimate - ANS-This form replaces the initial Truth in Lending statement (TIL) and the
Good Faith Estimate (GFE); highlights the information that historically has been the most
, important to consumers— interest rate, monthly payment, and total closing costs are clearly
presented on the first page; this form must be provided to the consumer three business days
after a loan application is submitted to the lender.
Closing Disclosure Form - ANS-Itemizes all charges that are normally paid by a borrower and a
seller in connection with settlement, whether required by the lender or another party, or paid by
the lender or any other person; provides more information about the cost of taxes and insurance
and how the interest rate and payments may change in the future.
Your Home Loan Toolkit - ANS-Developed by the CFPB; an information booklet which must be
provided by a creditor to a mortgage applicant as part of the loan application process; provides
the borrower with general information about settlement (closing) and how to find the best
mortgage.
closing statement - ANS-An accounting of the parties' debts and credits.
escrow or impound account - ANS-Required by most mortgage lenders in order to pay future
real estate taxes and insurance premiums; a borrower starts the account at closing by
depositing funds to cover at least the amount of the unpaid real estate taxes from the date of the
lien to the end of the current month— afterward, an amount equal to one month's portion of the
estimated taxes is included in the borrower's monthly mortgage payment.
prorations - ANS-Expenses, either prepaid or paid in arrears, that are divided or distributed
between buyer and seller at the closing.
accrued items - ANS-Expenses to be prorated that are owed by the seller but will be paid after
the sale by the buyer; the seller pays for these items by giving the buyer credits for them at
closing. (i.e., water bills and interest on assumed mortgage)
prepaid items - ANS-Expenses to be prorated that have been prepaid by the seller but not fully
used up, so they become credits to the seller. (i.e., fuel oil in a tank)
lease - ANS-A contract between the owner of real estate and the tenant; transfers the lessor's
rights to exclusive possession and use of property to the tenant for a specified period of time
and establishes the consideration the lease is to pay rent for the use of property.
rent - ANS-A fixed, periodic payment made by a tenant of a property to the owner for
possession and use, usually by prior agreement of the parties.
leasehold (less-than-freehold) estate - ANS-A tenant's right to possess the real estate for the
term of the lease.
estate (tenancy) for years - ANS-A leasehold estate that continues for a definite period, which
may be months, years, weeks, or even days; always has specific starting and ending dates.
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