GA MLS Real Estate Units 17 to 20 Questions And Answers
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Course
GA MLS Real Estate
Institution
GA MLS Real Estate
certificate of occupancy
~ A document issued by the governing authority stating that a building complies
with applicable laws and permitting occupancy for its designated use.
subdivider
~ A person who buys undeveloped average and divides it into smaller lots for
sale to individuals or deve...
GA MLS Real Estate Units 17
to 20 Questions And Answers
closing
✓~ The conclusion of a real estate transaction, when title to the real estate is
transferred in exchange for payment of the purchase price.
survey
✓~ Indicates the location of all buildings, driveways, fences, and other
improvements located on the premises; should also indicate any existing easements
and encroachments; provides information about the exact location and size of the
property.
escrow closing
✓~ A disinterested third party is authorized to act as an escrow agent, or escrow
holder, and coordinate the closing activities. The escrow agent may be an attorney,
title company, trust company, escrow company, or the escrow department of a
lending institution.
Real Estate Settlement Procedures Act (RESPA)
, ✓~ A federal law that requires certain disclosures about the mortgage and
settlement process and prohibits certain practices that increase the cost of settlement
services, such as kickbacks and referral fees.
Mortgage Disclosure Improvement Act (MDIA)
✓~ Has changed how buyers, sellers, mortgage brokers, lenders, title agents, and
real estate professionals prepare for closing.
RESPA regulations apply to....
✓~ a first-lien residential mortgage loan made to finance the purchase of a one-to-
four-family home, cooperative, or condominium, for either investment or occupancy,
as well as second or subordinate liens for home equity loans when a purchase is
financed by a federally related mortgage loan.
affiliated business arrangement (ABA)
✓~ The practice of a real estate firm, title insurance company, mortgage broker,
home inspection company, or even a loving company may agree to offer a package
of services to consumers in order to streamline the settlement process.
mortgage servicing transfer statement
, ✓~ Required if the lender intends to sell or assign the right to service the loan to
another loan servicer; the loan servicer must notify the borrower 15 days before the
effective date of the loan transfer, including in the notice the name and address of the
new servicer, toll-free telephone numbers, and the date the new servicer will begin
accepting payments.
TILA-RESPA Integrated Disclosure Rule (TRID or "Know before you owe")
✓~ Replaces the four previous disclosure forms with two new forms: the Loan
Estimate and the Closing Disclosure; the CFPB prepared these forms to make it
easier for consumers to understand the costs involved in closing.
Loan Estimate
✓~ This form replaces the initial Truth in Lending statement (TIL) and the Good
Faith Estimate (GFE); highlights the information that historically has been the most
important to consumers— interest rate, monthly payment, and total closing costs are
clearly presented on the first page; this form must be provided to the consumer three
business days after a loan application is submitted to the lender.
Closing Disclosure Form
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