Rescission - Study guides, Revision notes & Summaries

A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administrationAnswer - True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchaseAnswer - True The Florida Fair Housing Act prohibits discrimination on the basis of handicapAnswer - True A valid Declaration of Condominium must contain easements for ingress and egress...

XINNIX FLIGHT SCHOOL EXAM WITH CORRECT ANSWERS The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA 3 years What are the steps you should follow to determine the correct MI? LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwritten are subject to less strict guidelines. Fa...

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, residential refinance? - After 3 business-day rescission period What is the adjustab...

Superior School of Real Estate Guide (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: What gets recorded Answer: DREAM OIL - deeds, restricted covenants, easements, assignments options, Installment land contracts, leases longer 3 yrs Q: Nc enabling act Answer: - Confers zoning power on municipality - zones outside the incorporated limits but subject to zoning restrictions are .... ETJ Extra-terrorial jurisdiction Q: NC zonin...

A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administration - True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase - True The Florida Fair Housing Act prohibits discrimination on the basis of handicap - True A valid Declaration of Condominium must contain easements for ingress and egress to all units and the co...

BUL 3310 TEST QUESTIONS WITH CERTIFIED ANSWERS Grace has a valid contract with Al to buy a desk owned by James Madison. Al now refuses to go through with the sale. Because the item is unique, Grace can seek a decree of specific performance to enforce the contract T/F - Answer-True Courts generally cannot order specific performance when the contract is for personal services because of the Thirteenth Amendment T/F - Answer-True Rescission is the remedy that cancels the contract and retur...

Contract An agreement between two or more parties that is enforceable in court Requirements for a Valid Contract (1)Offer and Acceptance (2)Consideration (3)Legally Competent Parties (4)Legal Purpose (5)Consent (6)Statute of Frauds Contracts must be voluntary! Breach of Contract Master01 | October, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ A failure to perform, as promised, at the time the performance was due. Assignment a transfer of rights...

(virginia time share act) For an initial purchaser, there is a _________day right of rescission. Meanwhile, a buyer has a 5-day right of rescission in a time share resale. - 7 If VA license applicant has had a license suspended or revoked in any jurisdiction because of association with disciplinary action - A very detailed explanation of the event/circumstances must be included with his license application If there was a prior misdemeanor involving moral turpitude, sexual offense, drug dist...

A transactional exemption would be available when a sale is made in all of the following situations EXCEPT A) to a federally chartered credit union B) to a lawyer as an incidental part of his legal practice C) to a broker-dealer by a non-affiliated broker-dealer D) by a federal marshal to individual investors correct answers B The Uniform Securities Act provides for civil penalties in the event of improper activities of agents. Under the act, the maximum that a purchaser would be enti...

(virginia time share act) For an initial purchaser, there is a _________day right of rescission. Meanwhile, a buyer has a 5-day right of rescission in a time share resale. CORRECT ANSWER 7 If VA license applicant has had a license suspended or revoked in any jurisdiction because of association with disciplinary action CORRECT ANSWER A very detailed explanation of the event/circumstances must be included with his license application If there was a prior misdemeanor involving moral turpitude...