STATE (Nebraska) Real Estate Practice Exam 1 Practice Questions and Answers (100% Pass)
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Course
STATE Real Estate
Institution
STATE Real Estate
STATE (Nebraska) Real Estate Practice Exam 1
Practice Questions and Answers (100% Pass)
Restrictive Covenants - Answer️️ -prohibit all future owners from certain
actions or modifications of their property and placed by private parties,
consistency and desirability of a neighborhood
Closing...
STATE (Nebraska) Real Estate Practice Exam 1
Practice Questions and Answers (100% Pass)
Restrictive Covenants - Answer✔️✔️-prohibit all future owners from certain
actions or modifications of their property and placed by private parties,
consistency and desirability of a neighborhood
Closing Disclosure, a statement of actual charges and adjustments, to the
borrower by the lender - Answer✔️✔️-The TRID form, TILA-RESPA
escrow accounts that accumulate funds from closing costs and monthly
payments to ensure that property taxes and homeowner's insurance are
kept current are called what? - Answer✔️✔️-impound accounts
Options are generally concerned with only two things: - Answer✔️✔️-time
and price
When can a landlord evict a disabled blind or disabled tenant from the
premises? If the tenant has... - Answer✔️✔️-loud parties, makes too much
noise, and is consistently disturbing other tenants
When does a listing contract expire? At... - Answer✔️✔️-At closing (upon
expiration of the contract date)
mortgage broker arranges... - Answer✔️✔️-arranges loans between
borrowers and investors
One discount point from federal VA or FHA loan is - Answer✔️✔️-1% of the
loan amount
An increase in the availability of money would increase or decrease interest
rates? - Answer✔️✔️-decrease
What does amortization mean? To... - Answer✔️✔️-reduce or pay off (a debt)
with regular payments.
a balloon payment - Answer✔️✔️-a final loan payment that is much larger
than the regular monthly payments
In an installment land contract, what type of title did the seller retain? -
Answer✔️✔️-Legal
Second Mortgage - Answer✔️✔️-holds a higher rate of interest
what happens in a second mortgage... interest rate, risk and exposure -
Answer✔️✔️-high interest, high risk and added exposure for lender, they are
2nd in line after the 1st mortgage holder. in case of foreclosure, that means
the first mortgage holder is paid in full before any money comes out.
Urury is what type of interest - Answer✔️✔️-rates above the interest rate
ceiling (illegal interest, loan sharks)
A borrower bought a $174,000 house with no down payment. The loan was
probably - Answer✔️✔️-VA Loan (zero-down instruments, while FHA loans
permit low down payments in the 5% range.
A house sold for $420,000. The buyer made a 20% down payment. Monthly
interest on the loan was $1,400. What was the interest rate on the loan? -
Answer✔️✔️-With a 20% down payment of $84,000, the buyer had a
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