Respa exemptions - Study guides, Class notes & Summaries

Wrongful or criminal deception intended to result in financial or personal gain is called: fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: 90 days __________ extend above the surface without limitation. air rights An example(s) of an appurtenance would be: easements There is no upper limit on the value of a Texas homestead. true A(n) __________ is one that combines some of the elements of a sale with a lease. lease purchase agreemen...

An agency relationship may be involuntarily terminated by which of the following? By destruction of the property through fire, vandalism, or natural disaster When a seller authorizes a unilateral offer of subagency to all MLS members, any agent who shows the listed property automatically becomes A subagent An agency relationship may be involuntarily terminated by which of the following? Condemnation of the property Sally is a subagent working for Seller Pat. What does Sally owe to Buyer Br...

Gross Rental Multiplier (GRM) is an easy-to-use a calculation to get an estimated value for a potential investment. What is the formula used to calculate the GRM value? Sale Price (Market Value )/ Gross Monthly Rental Income = Gross Rent Multiplier (GRM) Jill bought a house 3 years ago and paid $175,000 for it and spent $7,000 in closing costs. Since, then she has made several improvements to the property for $75,000. Jills boss promoted her to VP of Market 5 and she had to relocate. She...

Loan Processing - ANSWERSThe process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision. Underwriting - ANSWERSThe process of evaluating a borrower's loan application to determine the risk involved for the lender. Funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement. Servicing - ANSWERSSending monthly payment statements and collecting monthly payments, maintaining paymen...

ASREB TEST QUESTIONS & ANSWERS SOLVED 100% CORRECT!! A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered... Equity A broker, acting as a property manager, would be considered what type of agent? General A contract has been signed, but title has not yet been passed. The contract is... Executory A house cost $100,000. The buyer is making a down payment of 32,000 and getting a $68,000 loan. If there are 4 points, how much money will be pa...

ASREB TEST QUESTIONS & ANSWERS SOLVED 100% CORRECT!! A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered... Equity A broker, acting as a property manager, would be considered what type of agent? General A contract has been signed, but title has not yet been passed. The contract is... Executory A house cost $100,000. The buyer is making a down payment of 32,000 and getting a $68,000 loan. If there are 4 points, how much money will be pa...

Colibri Real Estate Exam Questions and Complete Solutions What is the primary purpose of instituting FACTA? - Answer: To combat identity theft, and enhance the accuracy and privacy of information held by credit reporting agencies. In the case of multiple offers who should review counteroffer terms that deviate from the standard fill-in-the-blank forms? - Answer: An attorney Conventional loans usually require the debt ratio be? - Answer: Less than 36% What is formed when people join t...

PA National Practice Exam - Colibri Real Estate Questions and Complete Solutions Earl orally agreed to an 18-month lease with landlord Blake. Is this contract enforceable? Yes, all oral leases are enforceable. No, all leases for longer than one year must be in writing to be enforceable. Yes, all leases for longer than 6 months are enforceable. No, it is not enforceable unless Earl is older than 50 years old. - Answer: No, all leases for longer than one year must be in writing to be enforc...

Azure Tide Real Estate Exam 2 (2023) | Questions & Complete Answers (A+) Azure Tide Real Estate Exam 2 (2023) | Questions & Complete Answers (A+) Gross Rental Multiplier (GRM) is an easy-to-use a calculation to get an estimated value for a potential investment. What is the formula used to calculate the GRM value? - ANSWER- Sale Price (Market Value )/ Gross Monthly Rental Income = Gross Rent Multiplier (GRM) Jill bought a house 3 years ago and paid $175,000 for it and spent $7,000 in closi...

Wrongful or criminal deception intended to result in financial or personal gain is called: fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: 90 days __________ extend above the surface without limitation. air rights An example(s) of an appurtenance would be: easements There is no upper limit on the value of a Texas homestead. true A(n) __________ is one that combines some of the elements of a sale wi...