Champion Real Estate Prep Questions With New Update Solutions
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Champion Real Estate
Institution
Champion Real Estate
Champion Real Estate Prep Questions With New Update Solutions
1 appointed by governor - Answer-How many public members are in the Broker Lawyer Committee and who appoints them?
/.1 year with HUD and 2 years with courts - Answer-Victims of FFHA have up to ____ yrs to seek mediation through H...
1 appointed by governor - Answer-How many public members are in the Broker Lawyer
Committee and who appoints them?
/.1 year with HUD and 2 years with courts - Answer-Victims of FFHA have up to ____
yrs to seek mediation through HUD and up to ______ yrs to file with courts
/.1. Amount Borrowed 2. Due date 3. Rate of interest 4. Payment amount - Answer-A
promissory note has what 4 things?
/.1. Base lines 2. Meridians 3. Sections 4. Townships - Answer-Rectangular survey
system describes what 4 things?
/.1. Custom built 2. Intention of the parties - Answer-Tests of a fixture (2)
/.1. interest rate 2. term of loan 3. monthly pmt amt - Answer-3 trigger terms
/.1. Starting date 2. Termination date - Answer-BRA must have what 2 things?
/.1. time 2. title 3. interest 4. possession - Answer-4 unities required for joint tenancy
/.1) Buyer 2) Seller 3) Attorney - Answer-Parties of a deed of trust
/.10 - Answer-The borrower has __ days after receiving LE to respond to lender
/.10 - Answer-The buyer has the right to have the property inspected for lead within ___
days of the effected date of the contract
/.10-30 yr terms - Answer-How long is a term in a 203B fixed rate program?
/.100,000 - Answer-A aggrieved party may collect treble damages up to how much per
license number
/.120 days - Answer-Max amount days appraised for a FHA loan
/.13 - Answer-How many members are there in the broker laywer committee?
/.14 - Answer-Buyer may terminate contract due to results of lead inspection within ___
days of the effective date
/.150,000 - Answer-Maximum penalty for a fair housing violation
,/.1938 - Answer-When was FNMA established?
/.1974 - Answer-When did the civil rights act add gender?
/.1974 - Answer-When was ECOA passed?
/.1974 - Answer-When was ECOA passed?
/.1978 - Answer-Must provide a disclosure for lead b paint if house is built prior to what
year?
/.1988 - Answer-When did the civil rights act include familial status and handicapped?
/.1989 - Answer-When was FIRREA first introduced?
/.2 - Answer-A broker can offer a guaranteed buyback of a property after ___ yr pd of
ownership
/.203B Fixed Rate Program - Answer-Most common used FHA program
/.21 - Answer-Lender must send notice of foreclosure by certified mail ___ days before
the foreclosure sale
/.30 - Answer-PMI is usually no more than __ percent of the loan
/.30 days - Answer-How long does title transfer take at probate?
/.3600 points - Answer-How may points does a broker need?
/.4,000 - Answer-Minimum withdrawal for open end mortgage in Texas
/.400,000 - Answer-FIRREA regulates federally related transactions valued at $_____ or
more
/.4000 - Answer-People who are engaged in Real Estate brokerage without a license
can be charged no more than how much in fines?
/.50,000 - Answer-An aggrieved party may collect treble damages up to how much per
lawsuit?
/.50,000 per lawsuit and 100,000 per license number - Answer-An aggrieved party may
collect treble damages up to $____ per lawsuit and up to &____ per license number
, /.5000 per day up to 30 days - Answer-TREC administrative penalty for violations/ how
long do they have to pay it?
/.6 - Answer-How many brokers are in TREC?
/.6 years - Answer-How long do TREC members serve?
/.62 - Answer-A reverse annuity morgage is for homeowners what age and older?
/.9 - Answer-How many members are in TREC?
/.900 - Answer-How many hours does a broker need for qualification?
/.A - Answer-In order got a tenant to claim relief for constructive eviction:
a. the landlord must have intentionally withheld required repairs or maintenance
b. any defects must be deemed to present a health hazard to the tenants
c. the tenant must prove continuous residence in the premises
d. the defect must be related to either heating or water systems
/.A non conforming use - Answer-A change in zoning may result in what?
/.Acceleration clause - Answer-In the event of default the whole amount of the principal
becomes due and payable
/.Accession - Answer-Leaving a fixture behind
/.Accuracy - Answer-Monuments and permanent surveyor markers are often essential
to _________ of description of metes and bounds
/.Adverse possession - Answer-Squatters rights
/.Adverse possession - Answer-The acquisition of another's title to real property by
means of open, notorious, and continuous use is known as an
/.Alienation clause - Answer-Balance of secured debt becomes due if the property is
sold by mortgagor without approval
/.Alternate name - Answer-Nickname
/.Amortizing loan - Answer-Paid in full over time
/.Annual - Answer-Gross income multiplier is based on _______ rent
/.Apply to zoning committee - Answer-The process of obtaining a variance is to
/.Appurtenance - Answer-Rights, privileges, and interests that go with the land
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