Utah Stringham Real Estate Exam Questions With 100% Verified Answers.
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Course
Stringham Real Estate
Institution
Stringham Real Estate
Utah Stringham Real Estate Exam Questions
With 100% Verified Answers.
3/1 ARM - answerA loan with three years of the same rate then rate adjustments every year
thereafter.
12 HOUR NEW AGENT COURSE - answerThe continuing education course required by the
Utah Division of Real Estate for a new li...
Utah Stringham Real Estate Exam Questions
With 100% Verified Answers.
3/1 ARM - answer✔A loan with three years of the same rate then rate adjustments every year
thereafter.
12 HOUR NEW AGENT COURSE - answer✔The continuing education course required by the
Utah Division of Real Estate for a new licensee's initial renewal period.
72-HOUR RIGHT OF RESCESSION - answer✔All borrowers must receive this notice if the
loan is a refinance loan.
ABANDONMENT - answer✔When a tenant leaves a property before the expiration of the lease
agreement.
ABOVE PAR - answer✔An interest rate quoted that would give a credit to the borrower.
ABROGATION - answer✔To nullify or replace. Signing of the closing documents nullifies the
Real Estate Purchase Contract except for warranties which extend beyond the closing date.
ACCELERATION CLAUSE - answer✔Allows a loan to become due and payable immediately
if certain requirements are not met, such as making payments, maintaining the physical condition
of the property or paying property taxes and hazard insurance.
ACCESSION - answer✔The process of adding to real property.
ACKNOWLEDGE - answer✔The legal process of having the signature on a contract or other
legal document verified by a notary public.
ACRE - answer✔43,560 square feet.
ACRE FEET - answer✔Consists of 43,560 cubic feet of water, or an acre of land covered by 12
inches of water.
ACTUAL DELIVERY - answer✔Transferring a deed from the grantor to the grantee by handing
the deed to the grantee or sending it by certified mail.
ACTUAL EVICTION - answer✔The legal process by which a lessor evicts the lessee and
regains possession of the property.
ACTUAL MORTGAGE AMOUNT - answer✔The loan amount including upfront funding fee.
AD VALOREM TAX - answer✔A tax levied according to the value of the property.
ADDENDUM - answer✔Additions or changes incorporated into the REPC by reference.
ADDENDUM TO LEASE AGREEMENT WITH OPTION FOR PURCHASE - answer✔This
form is used for any additional terms the buyer or seller wish to include in the agreement.
ADJUSTABLE RATE MORTGAGE (ARM) - answer✔A loan where the interest rate is
periodically adjusted based on a specific economic indicator (or financial index).
ADJUSTED COST BASIS - answer✔Cost basis plus improvements, minus depreciation claimed
during the years the property was owned.
ADJUSTMENT PERIOD - answer✔Lengthen of time between interest rate adjustments on an
adjustable rate loan.
ADMINISTRATOR - answer✔A person appointed by the court to carry out the terms of a will.
ADVERSE POSSESSION - answer✔The process whereby a non-owner can gain ownership of
property by occupying it in hostile, continuous, open, and notorious possession, and in Utah,
paying the property taxes for the statutory period of time (7 years in Utah).
AFFILIATED BUSINESS ARRANGEMENT (AfBA) - answer✔A financial interest in a
business that could provide services to a borrower in a loan transaction. The lender is required to
disclose such affiliations to the borrower and may not require that the borrower use the affiliate.
Disclosure is also required when it is the policy of the lender to share private information of
borrowers with its affiliates. The borrower may refuse permission to share information by
returning the notice indicating that they Opt Out of the companies sharing policy.
AGENCY - answer✔A relationship between two parties wherein the principal hires another
person to represent him or her.
AGENCY BY ESTOPPEL - answer✔The principal seeks to deny an agency relationship, but the
court stops him from denying the agency, and thereby confirms it.
AGENCY BY RATIFICATION - answer✔The agency is created by implication, or actions, and
the principal approves it by agreeing after the agency service has been performed to compensate
the agent.
AGENCY BY STATUTE - answer✔The law has given rise to the agency, such as a Sheriff
appointed by the court to be the agent of the owner in a foreclosure sale.
AGENT - answer✔The person hired by a principal to act for and in behalf of, or to represent the
principal, always acting in the principal's best interest.
AGGREGATE ESCROW ANALYSIS - answer✔A formula for determining that no more than
the RESPA allowed amount is being held in the borrower's reserve account.
AIR SPACE - answer✔In condominium ownership, what is actually owned by the unit owner (in
addition to tenancy in common for common areas).
ALIENATION OF TITLE - answer✔A change of ownership. May be voluntary (sold the
property) or involuntary (foreclosure sale).
ALIENATION, DUE ON SALE, NON-ASSUMPTION CLAUSE - answer✔A clause which
allows the lender to call the loan due and payable immediately if the property is sold or the loan
is assumed.
ALL-INCLUSIVE TRUST DEED (AITD) - answer✔A State-approved document used for
security, usually in seller financing, where the financing is structured as a wraparound.
ALLODIAL - answer✔A socio-economic system that allows for private ownership of real
property.
ALTA POLICY - answer✔The lender's title insurance policy which offers coverage in the
amount of the loan which includes a site visit to discover unrecorded encumbrances.
AMENITY - answer✔A "nice, but not necessary" feature which provides personal pleasure to
the owner of real property. It can be tangible or intangible
AMERICANS WITH DISABILITIES ACT (ADA) - answer✔An act designed to eliminate
discrimination against handicapped persons in employment, government services, and all
facilities and services offered to the public.
AMORTIZED LOAN - answer✔A loan which has regular monthly payments of principal and
interest that if paid would reduce the balance of the loan with each payment until the balance is
zero at the end of the amortization period.
AMORTIZATION SCHEDULE - answer✔A schedule of payments toward principal and interest
and loan balance after each payment through the life of a loan.
ANNUAL PERCENTAGE RATE (APR) - answer✔The interest rate plus any other charges for
the loan, including such things as discount points and origination fees; computed as a yearly
percentage rate. It is used for comparing loans.
ANNUAL PERCENTAGE YIELD (APY) - answer✔The effective interest rate based on the
frequency of interest payments paid on deposits.
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