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Exam (elaborations)

ASREB National Test A-5 Questions and Answers 100% Verified

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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...

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  • August 9, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ASREB
  • ASREB
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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?

Fair Housing

Regulation Z

Real Estate Settlement Procedures Act

Securities Act 1933 Answer-Real Estate Settlement Procedures Act




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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