Stringham - Study guides, Class notes & Summaries

Sales General Exam - Stringham Real Estate School Questions With 100% Verified Answers. A particular parcel was zoned residential, single family and was surrounded by others zoned the same. That parcel was rezoned commercial so a convenience store could be built. This is an example of: a) Legal non-conforming use b) Defeasible fee estate c) Spot Zoning d) Variance - answerc) Spot Zoning Z listed the property. When the buyers expressed interest in seeing it, Z disclosed they would have...

Sales General Exam - Stringham Real Estate School UPDATED Exam Questions and CORRECT Answers A particular parcel was zoned residential, single family and was surrounded by others zoned the same. That parcel was rezoned commercial so a convenience store could be built. This is an example of: a) Legal non-conforming use b) Defeasible fee estate c) Spot Zoning d) Variance - CORRECT ANSWER- c) Spot Zoning

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In a condominium subdivision, who owns the supporting structure of each individual unit? (a) It is owned by the developer. (b) All owners own it in joint tenancy (c) The owner of each individual unit. (d) All tenants own it as tenants in common. - All tenants own it as tenants in common A copy of the Closing Disclosure should go to: (a) Seller and broker (b) Buyer and broker (c) Buyer and seller (d) Buyer, seller and broker(s) - Buyer, seller and broker(s) A timeshare development compa...

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Which of the following is NOT true about a sale and leaseback of a commercial property? (a) Seller frees up funds (b) Ownership does not actually transfer (c) Buyer can deduct depreciation from his taxes (d) Seller is able to deduct rent payments from his gross income - Ownership does not actually transfer Which is not correct about PMI? (a) To request cancellation of PMI, you must be current on your loan. (b) For "high-risk loans" lenders are required to automatically remove PMI when ...

AFFILIATED BUSINESS ARRANGEMENT (AfBA) - A financial interest in a business that could provide services to a borrower in a loan transaction. The lender is required to disclose such affiliations to the borrower and may not require that the borrower use the affiliate. Disclosure is also required when it is the policy of the lender to share private information of borrowers with its affiliates. The borrower may refuse permission to share information by returning the notice indicating that they O...

ADJUSTABLE RATE MORTGAGE (ARM) - A loan where the interest rate is periodically adjusted based on a specific economic indicator (or financial index). ACCELERATION CLAUSE - Allows a loan to become due and payable immediately if certain requirements are not met, such as making payments, maintaining the physical condition of the property or paying property taxes and hazard insurance. ABROGATION - To nullify or replace. Signing of the closing documents nullifies the Real Estate Purchase Contra...

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