Utah Real Estate General Sales UPDATED Exam Questions and CORRECT Answers
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Course
Utah Real Estate General Sales
Institution
Utah Real Estate General Sales
Utah Real Estate General Sales UPDATED
Exam Questions and CORRECT Answers
Bob the buyer has made an offer on Sam the seller's property. That offer has been accepted.
Bob is working on finalizing his loan for the purchase as part of the contingencies of the
agreement. What kind of agreement e...
Utah Real Estate General Sales UPDATED Exam Questions and CORRECT Answers Bob the buyer has made an offer on Sam the seller's property. That offer has been accepted. Bob is working on finalizing his loan for the purchase as part of the contingencies of the agreement. Wh at kind of agreement exists between Bob and Sam? (a) Executed (b) Sale pending (c) Executory (d) V oidable - CORRECT ANSWER - (c) Executory J carried back a 2nd mortgage when his home was sold. Now he needs some ready cash and is going to sell it to a se condary lender for 60% of face value. This discounting of the loan does NOT have which of the following advantages? (a) The person who bought the house and has the loan will now pay a higher interest rate. (b) It provides an increased yield for the secon dary lender. (c) It gets a lump sum of cash immediately for J. (d) The secondary lender has a secured investment at relatively high interest. - CORRECT ANSWER - (a) The person who bought the house and has the loan will now pay a higher interest rate. P, wh o is 25, did not realize Q was only 17, and entered into a contract with Q. P no longer wants to go through with the deal, but Q does. Which of the following statements apply? (a) The contract is void if Q didn't have a co -signer. (b) The contract is val id and binding on both P and Q. (c) This is definitely a voidable contract for P. (d) P has no choice, but it is a voidable contract for Q. - CORRECT ANSWER - (d) P has no choice, but it is a voidable contract for Q. All of the following are facts about f lood insurance EXCEPT: (a) Flood insurance rates are fixed by the National Flood Insurance Program. (b) Properties in a flood zone identified by FEMA must carry flood insurance. (c) Floods can occur throughout the United States and are the number one natu ral hazard. (d) Homeowner's insurance does not cover loss from floods. - CORRECT ANSWER - (b) Properties in a flood zone identified by FEMA must carry flood insurance. Which of the following is an issue with trade fixtures? (a) Historical significance (b) Vital to the business function (c) Physically attached (d) Fits the decor theme - CORRECT ANSWER - (b) Vital to the business function Each of the following are stated goals of the Federal Reserve System EXCEPT: (a) Protect credit rights of consumers. (b) Manage national monetary policy to help achieve full employment and stable prices. (c) Ensure the safety and soundness of the nation's banking and financial system. (d) Balance consumer demand for low mortgage interest rates with the large foreign investor's desire for more profitable mortgage interest rates. - CORRECT ANSWER - (d) Balance consumer demand for low mortgage interest rates with the large foreign investor's desire for more profitable mortgage interest rates. Agent G was going to leave XYZ R eal Estate and go to ABC Realty. G's great -aunt had listed her house and wanted G to still be her agent. Which of the following answers would accomplish this in accordance with the law? (a) The broker of XYZ agrees to cancel the listing. (b) The listing i s assigned from XYZ to ABC (c) Everything stays the same and G continues to service her aunt's listing. (d) The listing has to stay with XYZ and the aunt will be assigned a new agent. - CORRECT ANSWER - (a) The broker of XYZ agrees to cancel the listing. People who execute a document are referred to as: (a) Notary Republics (b) Testators (c) Signatories (d) Executors - CORRECT ANSWER - (c) Signatories Which of the following is most like the "or more" clause in a loan: (a) Graduated payment clause (b) Prepayment privilege clause (c) Reappraisal clause (d) Index clause - CORRECT ANSWER - (b) Prepayment privilege clause The phrase "the primary evidence of a loan" best describes: (a) The defeasance clause (b) The trust deed (c) The promissory note (d) The mortgage document - CORRECT ANSWER - (c) The promissory note A new Truth -in-Lending (TIL) disclosure must be provided: (a) Within 3 business days of discovering the annual percentage rate changed by more than 1/4% (b) Within 7 business days of disc overing the annual percentage rate changed by more than 1/4%. (c) Within 3 business days of discovering the annual percentage rate changed by more than 1/8%.
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