Rescission - Study guides, Class notes & Summaries

Cam Exam 2024/2025 Questions & Answers A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administration - ANSWERSTrue Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase - ANSWERSTrue The Florida Fair Housing Act prohibits discrimination on the basis of handicap - ANSWERSTrue A valid Declaration of Condominium m...

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...

(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...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

(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...

Florida Cam UPDATED ACTUAL Exam Questions and CORRECT Answers A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administration - CORRECT ANSWER- True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase - CORRECT ANSWER- True

BUL 3310 TEST QUESTIONS WITH CERTIFIED ANSWERS Grace has a valid contract with Al to buy a desk owned by James Madison. Al now refuses to go through with the sale. Because the item is unique, Grace can seek a decree of specific performance to enforce the contract T/F - Answer-True Courts generally cannot order specific performance when the contract is for personal services because of the Thirteenth Amendment T/F - Answer-True Rescission is the remedy that cancels the contract and retur...

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...

Article 2 of the Uniform Commercial Code (UCC) Applies to which types of contracts? - CORRECT ANSWER Contracts for sale of goods Does an international sales contract for the sale of goods exceeding $500 have to be in writing to be enforceable in court ? - CORRECT ANSWER No, because the 1980 U.N Convention on Contracts for the International Sale of Goods does not include a statute of frauds What is the standard measure of compensatory damages in a contract lawsuit? - CORRECT AN...

A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administration - True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase - True The Florida Fair Housing Act prohibits discrimination on the basis of handicap - True A valid Declaration of Condominium must contain easements for ingress and egress to all units and the co...