Compucram questions - Study guides, Class notes & Summaries

Compucram Pre Exam Questions with 100% Correct Answers | Latest Update 2024 | Verified

Compucram Questions, Answers and Rationalities| Latest Update 2024 | Verified

An objective of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is to Answer eliminate unfair practices relating to compensation paid to mortgage loan originators. The Federal Reserve Board crafted a ruling, the Federal Reserve Loan Originator Compensation Rule, which, as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, set standards to prevent unfair practices by mortgage loan originators related to compensation paid by borrowers. Lo...

When selling an individual condominium unit which of the following would be appurtenant to the unit? Answer Cabinets in the unit Bob and Jerry take title together. Bob owns one half and Jerry owns one half of the same property. What form of co-ownership does the law presume? Answer Tenancy in common Owner's title insurance will cover: Answer Damages if the title is unmarketable When a city buys real estate they would take title as: Answer Sole and separate Developer George purchased...

CompuCram Questions with 100% Correct Answers | Latest Update 2024 | Verified

Special restrictions to all properties within a subdivision would be found in: - Record of restrictions: RATIONALE A mortgage contains only the terms between the bank and the borrower. The corporate minutes of developers are not public records. Subdivision records are not necessarily public records either, but the records of restrictions are found on the deeds to all properties within a subdivision and on the master plat record. Stock in a mutual water company is best described as: - Real ...

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A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? - Wednesday, Jan. 6 Who manages the National Do Not Call Registry? - Federal Trade Commission What federal legislation regulates credit reporting agencies and lenders concerning credit reporting? - FCRA What is not prohibited to be included in the loan terms for HOEPA covered i...

The owners of an undivided interest in land, with no rights of survivorship, would be considered Answer tenancy in common What best describes ownership of a condominium? Answer fee simple absolute What is NOT considered when determining whether an item is a fixture or personal property? Answer value of the annexed item ABC Remodeling, Inc. buys a new warehouse for its trucks and excess building materials. How will it take title? Answer tenancy in severalty Julie is the new owner of a...

In some states, the common law legal rights that a wife has in property owned by her husband during their marriage are best known as - dower What type of land use does NOT comply with the zoning restriction for its location, but is permitted because it benefits the public? - conditional use What is market value? - price a property is likely to bring in an arm's length transaction What is NOT a feature of an FHA-insured loan? - no MIP insurance FHA loans use a mutual mortgage insurance pla...