Respa exemptions - Study guides, Class notes & Summaries

NYS Real Estate Exam Questions And Correct Answers. Complete Verified Solutions Which of the following is considered a fixed operating expense? utilities, cleaning expenses, insurance premiums, management fees. Insurance Premiums What is overage rent? Rent calculated on a percentage of sales volume what is the amount a buyer owes at closing equal to? The excess of the buyers debits over the buyers credits real estate agents are typically what kind of agent special agent what is the em...

Completing the annual report of indebtedness to correspondent banks. Reg O: Instructions to executive officers regarding their reporting obligations under Regulation O should NOT include ____________. The account will be credited promptly. Reg E: A customer who has preauthorized transfers made on the 15th of each month to the utility company, sent written notification to the bank on the 5th of the current month that he wanted to discontinue the automatic transfers. The bank received...

Blockbusting causes: A Trust busting B Panic peddling C Blind advertising D Redlining B. Panic Peddling Blockbusting causes panic peddling (also known as panic selling), where homeowners quickly sell their homes for fear of a drop in home values due to the entry of a protected class into their neighborhood. Which of the following advertisements would violate fair housing law? A Private outdoor space B No elevator access C Walk-in closet D Easy access to the highway C Walk-i...

Law of Contracts – CHAMPIONS TEST EXAM A(n) __________ description of property is a requirement for a valid deed. Legal __________ occurs when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. adverse possession RESPA regulates closings on: 1-4 family residential properties with federally related financing __________ of RESPA prohibits any person who, pursuant to any agreement or understanding, gives o...

CRCM Final Test ( 100 QUESTIONS CORRECTLY ANSWERED) | 14 PAGES| 2023 LATEST UPDATE CRCM Final Test ( 100 QUESTIONS CORRECTLY ANSWERED) | 14 PAGES| 2023 LATEST UPDATE Completing the annual report of indebtedness to correspondent banks. Reg O: Correct Answer: Instructions to executive officers regarding their reporting obligations under Regulation O should NOT include ____________. The account will be credited promptly. Reg E: Correct Answer: A customer who has preauthorized transf...

Azure Tide Real Estate Exam 2 Already Passed 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 o...

The TREC residential contract forms are: - ANSWER Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: - ANSWER fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. - ANSWER goods If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: - ANSWER Enter into a Seller's Temporary Residential Lease The Buyer and Seller ...

1. When do growing crops become personal property? A. Upon constructive severance B. When the landowner sells the entire property to another C. When they are planted D. At the end of the tenancy -ANSWER A 2. A case involving questions of both federal and state law may be brought in: A. state court only B. federal court only C. state or federal court D. a special court that is reserved for cases with mixed federal and state issues -ANSWER C 3. Which type of easement burdens the...

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

sale contract). Post Dated Check - ANSWER promissory notes that can be accepted as earnest money deposits with seller's approval. Escrow Deposit Rules - ANSWER May be held in commercial bank, title company, credit union, savings and loan association located in Florida. Litigation - ANSWER the process of taking legal action Escrow Disbursement Acceptions - ANSWER when sales contract is subject to financing, and broker is acting as escrow agent, broker may refund the buyer without not...