Alienation clause - Study guides, Class notes & Summaries

Seller A entered into an option contract with Buyer B. The contract allowed for a price of $200,000 which Seller A honor for a 12 month period exclusively for Buyer B. This would be an example of a - a unilateral contract in which only seller B has made a promise to perform. The purchased price for a new home was $230,000. The buyer put down 20%, and the balance was a mortgage for 80%of the purchase price. The appraised value at the time of closing was $220,000. What will the buyer pay for one ...

National Exam - Practice of Real Estate Questions and Answers Graded A+ Practice of Real Estate Civil Rights act of 1866 prohibit racial discrimination in all conveying of real and personal property Practice of Real Estate in regards to convicted drug dealers... they are NOT covered under any condition under the federal fair housing act of 1968 and the amendment in 1988, authorized administrative law judges may now... admin law judges within HUD may now hold contested case hear...

NMLS STUDY GUIDE QUESTIONS 2024. Acceleration Clause - correct answer Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - correct answer Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - correct answer home valuation code of conduct Due on Demand Clause - correct answer (Considered a ...

Within how many days after property transfer shall a buyer submit a completed transfer form and file with ADEQ - 15 days An example of involuntary alienation is where title to real estate passes by: - Sheriff's deed What event will create an involuntary life estate? - Dower interest becoming cohate A valid warranty deed must contain all of the following elements, except: - Signed by grantee The clause in a deed which sets forth or limits the extent of the interests in the title being conve...

COLORADO REAL ESTATE EXAM REVIEW QUESTIONS & ANSWERS. GRADED A+/ VERIFIED. every valid contract must meet all of the following requirements except - -earnest money to have a valid contract four elements are needed - -1) competent parties 2) mutual consent 3) legal consideration 4) legal object mutual consent - -the offer and acceptance of the offer legal consideration - -promises, something of value, an act, giving up the right to act, etc, legal object - -the parties are agreeing t...

NMLS TEST-Affinity Study Practice Questions 2024.What law deals with credit, APR & Advertising of consumer loans? - correct answer TILA Which regulation prohibits kickbacks? - correct answer RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - correct answer HPA-Homeowners Protection Act Which Regulation prohibits fee splitting? - correct answer RESPA Regulation X is the letter used to describe which law? - correct answer RESPA RESPA is the acr...

NMLS 2024 Exam Questions with Correct Answers What law deals with credit, APR & advertising of consumer loans? - Answer-TILA/REGULATION Z Which regulation prohibits kickbacks? - Answer-RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - Answer-HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - Answer-RESPA Regulation X is the letter used to describe which Law? - Answer-RESPA RESPA is the acronym used to describe w...

Federal and State Exam Terms for Idaho Real Estate (2023/2024) Rated A Abstract of Title The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property - certification by the abstractor that the history is complete and accurate. 213 Acceleration Clause Clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defau...

When a deed in lieu of foreclosure is given to a lender, which of the following is true? - correct answer Time and cost are less B buys land from W using a deed of trust as security for the carryback. B makes all the payments except the final three and is now in default. W does nothing and decides not to foreclose until later. By doing this W is exercising his right of: - correct answer Forbearance A commercial building is sold in a foreclosure for $100,000 less than the balance due th...

Aesthetic zoning: - correct answer This type of zoning requires new builds to meet specific types of architecture styles, may and limit the colors used and the size of signs in commercial areas. Affirmative easement: - correct answer An easement that allows a party to do something that normally would not be allowed. See negative easement. Agency: - correct answer As an adjective, it describes the relationship between an agent and a client, a relationship under which the agent owes fiduciar...