The main purpose of respa - Study guides, Class notes & Summaries

When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of: Actual Fraud A fee simple estate is: an estate of inheritance If an appraiser is appraising a special purpose property he would probably use the: Cost Approach The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to: ...

2024 California Real Estate Sales Person Exam Prep (RE Exam Prep for CA) Q & A

Loan Signing Questions and Answers Rated A contingency a clause in an agreement that keeps things from being legally binding unless a condition is met. A typical contingency clause might read like this: "This contract is contingent upon Buyer successfully obtaining a mortgage loan at an interest rate of 6 percent or less." recording fee The fee charged by a government agency for registering or recording a real estate purchase or sale, so that it becomes a matter of public record. Recording fe...

1 FINAL EXAM (BOB BROOKS) EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ When must earnest money and/or deposits accepted by the broker be put into the escrow account? a. Earnest money does not have to be put into an escrow account. b. By the close of business of the next banking day c. Within 24 hours d. Within 48 hours Correct Answer: b. By the close of business of the next banking day In order to record a deed, it MUST be in writing and: a. signed by grante...

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...

Marketable Title - Answer Good or clear title, reasonably free from the risk of litigation over possible defects. What is evidence of marketable title? - Answer The property seller must deliver marketable title to the buyer. In everyday language, that means the title must be free of liens, encumbrances, easements or other title defects the buyer is not willing to accept. The best evidence of marketable title is a lender`s or owner`s title insurance policy. What causes a title to be unmarke...

RESPA (Regulation X) correct answers Real Estate Settlement Procedures Act implemented by Regulation X "Disclosure Law" The Real Estate Settlement Procedures Act - Regulation X correct answers was enacted to protect borrowers in purchases, refinances, home improvement and home equity lines of credit and any other federally related mortgage loans. RESPA covers properties that are 1-4 fam- ily dwellings, condominiums, or manufactured house. RESPA's Origin & Purpose correct answers Cre...

Gold Coast RE 1001 Cram, Practice Math and Final Exam with complete solutions Graded A+ 312. Florida has established three authorized brokerage relationships. Unless otherwise established by agreement, what is the broker's relationship with the public? a. Nonrepresentation b. Single agency c. Dual agency d. Transaction brokerage D. Transaction brokerage 242. A broker has been found guilty of mail fraud by a court and sent to jail. The broker's license will: a. Automatically be ...

2023 Real Estate Sales Person Exam Prep (California) with Complete Solutions2023 Real Estate Sales Person Exam Prep (California) with Complete Solutions2023 Real Estate Sales Person Exam Prep (California) with Complete Solutions When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of: - ANSWER-Actu...