Prorations - Study guides, Class notes & Summaries

45 Hour Post Licensing Exam |100 Questions| With All Correct Answers. A married couple have prequalified for a $240,000 conventional mortgage. If they put 20% down, they can buy a house for $300,000 What facts need not be disclosed in a real estate transaction? The property was the site of a homicide. What is a good graphic to show a seller that there will be more activity if the property is competitively priced? The pricing pyramid A home sells for $310,500. Expenses of the s...

If the buyer is assuming an existing loan on the property, which of the following is prorated at closing? correct answers interest only What law requires the lender to show the APR? correct answers reg. z In what type of installment agreement does the buyer make payments for the right to possession, but does not receive the title until most or all of the terms have been met? correct answers land contract Quiet enjoyment refers to: correct answers arrangement between landlord and tenant ...

An escrow is an arrangement that: a) Holds documents, b) Holds funds, c) Creates documents to affect a transfer of interest in property, d) is responsible for guaranteeing funds. - Answer-A, B, C, E When is it necessary to have closing documents recorded prior to disbursement of escrow funds? a) it is not necessary, b) in almost all situations, c) when instructed by one of the parties to the escrow, d) only when the written instructions require recording. - Answer-B Usury Law is defines as:...

SOUTH CAROLINA EXAM PREP: CLOSING DETAILS EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ What are the two ways a closing or settlement can be conducted? - -Face to face or escrow closing What is a face to face closing? - -Parties exchange documents and sign papers in a face to face setting What is an escrow closing? - -Prior to closing, the closing agent orders and reviews documents. Parties don't meet at all, paperwork is handled by escrow agent, sellers usually sign docs first, and bu...

GEORGIA REAL ESTATE EXAM REVIEW QUESTIONS | ANSWERED. GRADED A+/ Easement by prescription - -Easement acquired by continuous open and hostile use of the property for the period of time prescribed by state law Easement by necessity - -Easement allowed by law as necessary for the full enjoyment of parcel of real estate .(right of ingress and egress over a grantors land) Rescission - -The practice of one party canceling or terminating a contract. Mortgagee - -The bank(receiving the house)...

Zoning is under the control of: - ANSWER government agencies. A contract that is binding and enforceable in a court of law is said to be: - ANSWER valid. Escrows base monthly prorations on how many days? - ANSWER 30 The area of a rectangular lot that is 50 feet wide by 100 feet deep is: - ANSWER 5,000 sq. ft. For about how much assessed value is the Homeowner's Property Tax Exemption? - ANSWER $7,000 Misuse of the real estate appraisal report or coercion of the appraiser are now:...

a running stream is considered - ANSWER-real property water found on the land in watercourses, such as natural springs, streams, or rivers and in bodies of water, such as ponds or lakes is called - ANSWER-surface water What is riparian rights - ANSWER--riparian property owners have reasonable use of the follow water - the owner of property bordering a stream or river has riparian rights -the owner of adjacent land may not lawfully divert all available waterand thereby deprive a riparian ...

Escrow Sample Test 100% Correct Solved An escrow is an arrangement that: a) Holds documents, b) Holds funds, c) Creates documents to affect a transfer of interest in property, d) is responsible for guaranteeing funds. - Correct Answer ️️ -A, B, C, E When is it necessary to have closing documents recorded prior to disbursement of escrow funds? a) it is not necessary, b) in almost all situations, c) when instructed by one of the parties to the escrow, d) only when the written instruction...

Easement by prescription - ANSWER Easement acquired by continuous open and hostile use of the property for the period of time prescribed by state law Easement by necessity - ANSWER Easement allowed by law as necessary for the full enjoyment of parcel of real estate .(right of ingress and egress over a grantors land) Rescission - ANSWER The practice of one party canceling or terminating a contract. Mortgagee - ANSWER The bank(receiving the house) Tax prorations - ANSWER Taxes are paid...

An out-of -state investor sells a property in Colorado. The closing entity must withhold up to 2 percent of the - selling price as possible income tax liability The Closing Instructions form - must be part of every contract According to statue, "good funds," include a - tellers check from savings and loan All of the following must be disclosed to a tenant by a property manager EXCEPT: - Disclose the name and address of the landlord According to the Contract to Buy and Sell Real Estate - ...