Legal aspect of mortgage - Study guides, Class notes & Summaries

PSI REAL ESTATE SALESPERSON PRACTICE EXAM QUESTIONS AND ANSWERS LATEST. A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an advance fee listing. - Answer- an exclusive agency listing What critical aspect of the property inspection process MUST license...

PSI REAL ESTATE SALESPERSON PRACTICE EXAM QUESTIONS AND ANSWERS LATEST. A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an advance fee listing. - Answer- an exclusive agency listing What critical aspect of the property inspection process MUST license...

Module 21 Basic Appraisal Principles Questions and Answers Latest Updated effective date the date to which an appraiser's analyses, opinions, and conclusions apply; also referred to as date of value. relevant characteristics features that may affect a property's value or marketability such as legal, economic, or physical characteristics physical characteristics attributes of a property that are observable or measurable as a matter of fact, as distinguished from opinions and c...

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? - correct answer The first sold. When compiling a competitive market analysis, a broker would look for comparable properties that - correct answer were located near the property being listed. If an older b...

What are the 2 types of offices a brokerage can have? - Main brokerage office - Branch office Does every branch office require a Broker of Record? No. Only 1 Broker of Record is required for the main office only. Each branch office is assigned its own Branch Manager to provide supervision, compliance with REBBA & handle all record management. When a brokerage has a property for sale, what is the brokerage identified as? The listing brokerage When a brokerage is working ...

Illinois Real Estate Practice Exam Questions and Answers Objectives of Federal Reserve System - Answer- To counteract inflationary and deflationary trends, to create a favorable economic climate, to maintain sound credit conditions but NOT to control the secondary mortgage market Remainder Interest - Answer- A fee simple holder of a parcel of real estate grants a life estate to her daughter and stipulates that upon the daughters death, the property will pass to her grandson. The second es...

CHAPTER 2 A FURTHER LOOK AT FINANCIAL STATEMENTS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVE AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 12. 3 C 23. 5 K 34. 7 K 45. 7 K 2. 1 K 13. 3 C 24. 5 K 35. 7 C 46. 7 K 3. 1 K 14. 3 K 25. 5 C 36. 7 K 47. 7 K 4. 1 K 15. 4 K 26. 6 K 37. 7 K 48. 7 K 5. 1 C 16. 4 C 27. 6 K 38. 7 C 49. 7 K 6. 1 K 17. 4 K 28. 6 K 39. 7 K 50. 7 K 7. 1 C 18. 4 K 29. 7 K 40. 7 K 51. 7 K 8. 2 K 19. 4 K 30. 7 ...

What does D.U.S.T. stand for? - correct answer Demand, Utility, Scarcity, Transferability the percentage of value or sales price that a lender is willing to finance - correct answer Loan to Value Ratio (LTV) the value of a property is equal to the sum of the contributory value of each of its component parts. - correct answer principle of contribution the forces acting on a parcel of land are always affecting the value of the land - correct answer PRINCIPLE OF CHANGE the legal use tha...

Primary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan B. The borrower qualified at the buydown rate - ANSWER-When utilizing a...

Gold Coast 45 Hour Exam Questions (exam version H 2023) Already Passed Property managers who are employed and compensated by community associations are required to obtain and maintain which type of license? CAM What term is used for the practice of specializing in one particular residential neighborhood or type of property? Farming empty upon closing a sales transaction who pays the sales associate their contracted commission? Employing Broker Home sold for $250k with a garage, a home sold ...