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Aceable Agent NY Pre-Licensing Review Test Questions with Correct Answers
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Aceable Agent NY Pre-Licensing Review Test Questions with Correct Answers
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NC AceableAgent pre-licensing final study guide withcorrect answers
promissory note Correct Answer-a negotiable financial instrument that is
evidence of a debt and a promise to pay that debt
RESPA (Real Estate Settlement Procedures Act) Correct Answer-
legislation passed to eliminate kickbacks in lending and disclose the
costs of closing a loan
TILA (Truth in Lending Act) Correct Answer-protects consumers
against inaccurate and unfair credit billing and credit card practices
Regulation Z Rules (Truth in Lending) Correct Answer-loan originator
compensation rules, disclosure of loan terms, right of rescission for
loans using an already-owned house as collateral, rules for advertising
loan rates
Reg Z advertising trigger items Correct Answer-monthly payment
amount, number of payments, amount of down payment, finance
charges, loan terms
TRID
(TILA RESPA Integrated Disclosure) Correct Answer-lender must
provide the borrower at least 3 business days before loan consummation
to review the Borrower's Closing Disclosure form
,subsurface rights Correct Answer-grants owners the power to control
everything, including oil, natural gas, and other minerals underneath the
ground's surface or a particular piece of property
Fee Simple Defeasible Correct Answer-a property interest characterized
by perpetual ownership on the condition that the property is used for a
certain purpose or under specific conditions; ownershipreverts back to
the original owner if these stipulations are violated
With regard to road disclosures in North Carolina: Correct Answer-a
licensee must disclose whether the streets are public or private and who
has the responsibility for maintaining the street.
A real estate Offer to Purchase and Contract becomes valid when:
Correct Answer-communication of acceptance is given to the offeror or
the offeror's agent
time being of the essence Correct Answer-communicates to parties of a
contract that they must perform their contractual duties by a specific date
and time in order to avoid a breach of contract
Compensatory Damages Correct Answer-the award given to a wronged
party as compensation for actual injury or loss
PUD (Planned Urban Development) Correct Answer-a subdivision that
includes residential dwellings along with nonresidential real estate,
, departing from normal zoning and subdivision regulations; recreational
facilities may be co-owned by PUD lot owners as tenants in common
which business would NOT require ADA regulations Correct Answer-a
business with 10 or less employees
real estate Correct Answer-Land + improvements
real property Correct Answer-land from the surface to the center of the
earth and upward into space, all attachments, and the bundle of legal
rights of ownership
correction deed Correct Answer-used to correct some kind of deed error
(such as a misspelled name or an inaccurate description of a property)
which is the best comparable property for an appraiser to use for an
appraisal of a two-story subject property with 4 bedrooms and 2 1/2
baths in a subdivision near the downtown of a city? Correct Answer-4
bedrooms, 2 1/2 baths two-story house in a nearby similar subdivision
conveyance Correct Answer-an instrument that transfers a grantor's
interest in real property
Erika owns her duplex and occupies one of the rooms. A man requests to
live there, but Erika will not allow him to. Is she violating the Fair
Housing Act? Correct Answer-No, she is protected by the Mrs. Murphy
Exemption
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