Respa - Study guides, Class notes & Summaries

What is a Settlement Cost Booklet? - ️️It explains the settlement process and advises borrowers the have the right to negotiate loan terms, reviews RESPA. It also warns borrowers that a borrower's use of false information can lead to loss of home, credit damage, and criminal prosecution for fraud. What loans are exempt from RESPA? (7 types) - ️️-Loans on property 25 acres or more -Business purpose loans including commercial and agricultural -Temporary (interim) financing such a...

Three identical homes in a neighborhood were listed at the same time in a market where demand was constant. According to the law of supply and demand, which would have sold for the lowest price? - ️️The first sold. When compiling a competitive market analysis, a broker would look for comparable properties that - ️️were located near the property being listed. If an older building cannot be air-conditioned, it is an example of - ️️functional obsolescence. A prospective seller ...

PSI Exam Questions and Answers 100% Correct| Latest 2024 what would prevent a seller from providing marketable title Mechanics lien the seller has required that the buyer must use his title insurance company and that brokers reduce their portion of the real estate commission, increasing the sellers net proceeds This is illegeal according to respa If a license mentions MLS when advertising, the advertisement must include the name of the MLS According to the New Jersey Real estate Licen...

When can the transaction proceed following initial disclosure of APR? - ️️The transaction can proceed to closing after seven business day have elapsed from disclosures What is the purpose of RESPA? - ️️1) Protect consumers from excessive settlement costs and unearned fees 2) Limit the amount of funds that creditors can require consumers to deposit in escrow accounts 3) Establish disclosures, policies, and procedures to facilitate timely communications between loan servicers and c...

Primarily involved with the disclosure of closing costs and the prevention of kickbacks, which may raise the closing costs to the consumer: - ️️RESPA (Regulation X) Enforces the RESPA regulations. HUD was the previous enforcer. - ️️Consumer Financial Protection Bureau __________ can be given in exchange for the referral of business with the exception of real estate brokerage firms that are allowed to exchange referrals between themselves. - ️️Nothing of Value A __________ may ...

RESPA Exam Review Questions and answers, rated A+ RESPA - -Real Estate Settlement Procedures Act. Enacted in 1974 by HUD. HUD - -Housing and Urban Development. Administers and enforces RESPA and Reg X. CFPB - -Consumer Financial Protection Bureau. Created by Dodd Frank and Consumer Protection act. Purpose is enforcement and rule making authority over RESPA. Purpose of RESPA and REG X - -1)Help Consumers become better shoppers for settlement(closing services) 2)Eliminate Kickbacks and...

RESPA Exam Review Questions and answers, rated A+ RESPA - -Real Estate Settlement Procedures Act. Enacted in 1974 by HUD. HUD - -Housing and Urban Development. Administers and enforces RESPA and Reg X. CFPB - -Consumer Financial Protection Bureau. Created by Dodd Frank and Consumer Protection act. Purpose is enforcement and rule making authority over RESPA. Purpose of RESPA and REG X - -1)Help Consumers become better shoppers for settlement(closing services) 2)Eliminate Kickbacks and...

A 40 unit apartment building rented units for $300 per month. The annual gross rent multiplier was 10. What was the value? A. $120,000 B. $144,000 C. $1,200,000 D. $1,440,000 D. $1,440,000 40 x $300 per month x 12 months = annual rent of $144,000 x an annual multiplier of 10 = $1,440,000 A seller listed property for sale. There were a limited number of houses available in the area. There were also a great number of buyers interested in purchasing homes in that area. What would M...

TEXAS REAL ESTATE NATIONAL EXAM QUESTIONS WITH VERIFIED SOLUTIONS/A+ GRADE 1. An assessment is a special type of appraisal used for A.) Property tax purposes. B.) Estate tax returns. C.) Divorce settlements. D.) Income tax returns. 2 A company who provided materials for an owner to remodel their property may give constructive notice of theirunpaid invoices by: A.) obtain a blanket lien B.) obtain a mechanic's or material man's lien C.) obtain a vendor's lien D.) obtain an inchoa...

Pearson Edexcel GCE In Spanish (9SP0) Paper 02 Written response to works and translation Mark Scheme (Results) Summer 2024