Exam (elaborations)
Unit 23 GA MLS (1)
- Institution
- Elizabethan Theatre Vocabulary
Exam of 3 pages for the course Elizabethan Theatre Vocabulary at Elizabethan Theatre Vocabulary (Unit 23 GA MLS (1))
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Unit 23 GA MLSThe Real Estate Settlement Procedures Act (RESPA) permits a controlled business
arrangement (CBA)
a)and requires no written disclosure, provided that fees charged by the participants are not
excessive and are for services typically performed
b)and requires no disclosure to the consumer except that a CBA exists without identifying the
participants
c)as long as a consumer is clearly informed of the relationship among the service providers
d)as long as a consumer is informed that the possibility of such a relationship may be possible -
ANS-c
Most closings involve the division of finacial responsibility between the buyer and the seller, for
such time as loan interest, taxes, rents, and other items, and are called
a)divisions
b)disbursments
c)prorations
d)allocations - ANS-c) prorations
The closing agent will deduct the balance due on the seller's loan at closing plus any accrued
interest. The unpaid balance is $115,400 with a rate of 7%. Based on a closing date of June 15,
the amount deducted will be
a)115,759.02
b)115,731.95
c)115,736.60
d)123,478.00 - ANS-d) 115,4000X7%=$8,078/360=$22.44 daily interest x 15days to closing
=$336.60 accrued interest.
The Real Estate Settlement Procedures Act (RESPA) does NOT apply to loans on
a)two-unit residential properties
b)properties located on more than 25 acres
c)cooperatives
d)condominuims - ANS-b
The only fee that the lender may collect before the applicant receives the good-faith estimate
(GFE) is for
a)appraisal
b)the lender's processing services
c)a credit report
d)the lender's underwriting fee - ANS-c
The FOR YOUR PROTECTION, GET A HOME INSPECTION pamphlet is required only for
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