Right of rescission - Study guides, Class notes & Summaries

NATIONAL REAL ESTATE EXAM PRACTICE TEST ALREADY PASSED In most cases, broker compensation, as a percentage of home price, falls somewhere between: 5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act What happens to trade fixtures after a business moves out of a leased property? The tenant remo...

(virginia time share act) For an initial purchaser, there is a _________day right of rescission. Meanwhile, a buyer has a 5-day right of rescission in a time share resale. CORRECT ANSWER 7 If VA license applicant has had a license suspended or revoked in any jurisdiction because of association with disciplinary action CORRECT ANSWER A very detailed explanation of the event/circumstances must be included with his license application If there was a prior misdemeanor involving moral turpitude...

(virginia time share act) For an initial purchaser, there is a _________day right of rescission. Meanwhile, a buyer has a 5-day right of rescission in a time share resale. - 7 If VA license applicant has had a license suspended or revoked in any jurisdiction because of association with disciplinary action - A very detailed explanation of the event/circumstances must be included with his license application If there was a prior misdemeanor involving moral turpitude, sexual offense, drug dist...

*C1: Constitutional Law - Law that is based on the U.S. Constitution and the constitutions of the various states. *C1: Statutory Law - The body of law enacted by legislative bodies (as opposed to constitutional law, administrative law, or case law). (Incl. Uniform Codes, Uniform Law, and Ordinances) Ordinances - A law passed by a local governing unit, such as a city or a county. *C1: Administrative Law / Regulations - The body of law created by administrative agencies (fed, state & local)...

CMB Exam – Study Questions With 100% Verified Answers According to federal law, which of the following transactions are subject to the three-day right of rescission? - answerPrimary residence for rate/term and/or cash-out refinance. What federal law governs right of rescission? - answerTruth in Lending Act What are 3 borrower qualifications unique to the VA loan product? - answer1. Certificate of Eligibility 2. Active or previous duty service w/ entitlement available 3. VA loans do not...

Investment Advisor Brochure - Initial Delivery Requirements correct answers Investment Advisor must deliver Part 2A brochure & any Part 2B supplements to a prospective advisory client not later than entering into the advisory contract. If not delivered at least 48 hours earlier, then the penatly-free termination requirement is in effect (client has right to terminate contract w/out penalty for 5 business days) Investment Advisor Brochure - Annual Delivery Requirements correct answers within 1...

Which law ensures lenders use an annual percentage rate (APR) so that the borrowers have the information they need to make informed comparisons? Correct Answer: Regulation Z Which law ensures that some borrowers have the right of rescission for three business days after a loan contract is signed? Correct Answer: Regulation Z While it is unlawful to consider race when underwriting a loan, what federal legislation requires that this information be included on the loan application? Correct ...

XINNIX FLIGHT SCHOOL EXAM WITH CORRECT ANSWERS The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA 3 years What are the steps you should follow to determine the correct MI? LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwritten are subject to less strict guidelines. Fa...

NMLS SAFE ACT MLO Exam - Ethics and Fraud Questions and Answers Already Passed A lender provides a borrower with an initial amortization schedule for Private Mortgage Insurance (PMI) disclosure at loan closing for an adjustable-rate mortgage. The lender MUST also provide a written notice stating the A. Lender's right to increase the monthly payment amount for PMI B. Borrower's right to refuse a PMI C. Lender's right to extend the time for monthly payments for a PMI D. Borrower...

MIE 305 NCSU Chapters 1-4 Latest Update Graded A+ Law A body of enforceable rules governing relationships among individuals and between individuals and their society Liability The state of being legally responsible for something, such as a debt or obligation Contract Breach The failure to perform a legal obligation Primary Sources of Law A document that establishes the law on a particular issue, such as a constitution, a statute, and administrative rule, or a court decision S...