ASREB National Test A-5 Questions and Answers 100% Verified
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Module
ASREB
Institution
ASREB
ASREB National Test A-5 Questions and Answers 100%
Verified
A property is sold but the legal title remains in the seller's name. What type of instrument was
used to complete the sale?
Mortgage
Deed of Trust
Agreement for sale
Option Answer-Agreement for sale
Seller does not give title to t...
ASREB National Test A-5 Questions and Answers 100%
Verified
A property is sold but the legal title remains in the seller's name. What type of instrument was
used to complete the sale?
Mortgage
Deed of Trust
Agreement for sale
Option Answer-Agreement for sale
Seller does not give title to the buyer, but the buyer has use of the land. Title will be delivered
when the debt is paid in full. This is called:
Mortgage
Deed of trust
Land contract
Exclusive contract Answer-Land contract
What is the purpose of RESPA?
Limit points and interest
Full disclosure of all closing costs
Even out rental charges
Prohibits rent control Answer-Full disclosure of all closing costs
Which of the following is exempt from Regulation Z?
Single family residence
, ASREB National Test A-5 Questions and Answers 100%
Verified
Owner occupied duplex
Commercial building
Four plex residential property Answer-Commercial building
Which of the following would govern residential close of escrow disclosures?
Which of the following listed below would not be considered a "trigger clause" per Reg. Z?
7% interest
$985 month payment
Cash sale only
$50,000 down required Answer-Cash sale only
A good faith estimate must be given to the borrower within:
Three days of loan application
Three days after closing
Three days after recordation
Seven days after loan application Answer-Three days of loan application
, ASREB National Test A-5 Questions and Answers 100%
Verified
What regulation places a limit on fees a lender can charge in escrow for impound accounts?
Regulation Z
Fair Housing
RESPA
Statute of Fraud Answer-RESPA
The loan APR rate is best compared to which of the following?
Effective rate
Discounted rate
Reserve rate
Margin rate Answer-Effective Rate
When the note and security instrument are in one document, this is best described as:
Purchase money mortgage
Wraparound
Land contract
Deed of trust Answer-Land contract
When a loan is sold from one lender to another lender, it is:
Novation
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