Right of rescission - Study guides, Class notes & Summaries

(FCRA) Fair Credit Reporting Act - Regulation V - Gives consumers access to the same information about themselves that lenders use when making credit decisions Entitles consumers to free credit report upon adverse action or identity theft (Not Credit Score) allows consumers to dispute credit report Provides additional rights for identity theft victims and active duty military personnel (FCRA) Fair Credit Reporting Act - Regulation V Disclosures - A one-time written notice of derogatory inf...

WRA Chapter 2 Questions and Answers Graded A Fee-Splitting A fee or commission paid to an unlicensed person for performing a brokerage activity. Express Agency An agency relationship created through spoken or written words. Ready, Willing, and Able Buyer A prospective buyer of property who is legally capable and financially able to complete the transaction. Implied Agency An agency relationship created between parties by their actions. Exclusive Agency Listing Contract An agency agreement wh...

FLORIDA LCAM 2024 Test Review with 100% Correct Answers Four Main Types of Associations in Florida *Ans* Condominiums Cooperatives Homeowner's Associations (Mandatory) TimeShares Does the structure, architecture, or look of the building or buildings determine what type of Association it is? *Ans* No What determines the legal type of association that applies to a property? *Ans* The Association's Documents Assessments *Ans* Residential Condominiums are distinguished by these thre...

NMLS SAFE EXAM Questions And Answers (Verified And Updated) Where credit institutions originate loans - answerPrimary Mortgage Market 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 - answerC. The maximum the rate can increase over the life of the loan When utiliz...

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

At what point has listing agent earned a commission? - Answer- When a ready, willing, and able buyer is found. If the seller backs out after accepting the offer, even if the buyer agrees to a rescission, the commission is still due. At closing, a sale doesn't go through because the seller's anticipated transfer to another city gets suddenly postponed, and the seller no longer wants to sell. Does the seller owe the listing agent a commission? Yes or no, and why. - Answer- Yes, because the se...

All of the above correct answersIn Virginia, what action is prohibited in an advertisement for real estate? Select one: A. Failing to get a client's written consent to advertise his property B. Failing to identify the type of services offered in a general property description C. Advertising that a property listed by a firm is for sale by owner D. All of the above 7 days correct answersThe initial purchaser of a time-share estate has a statutory right to rescind a contract to purchase. H...

NMLS SAFE EXAM Questions And Answers (Verified And Updated) Where credit institutions originate loans - answerPrimary Mortgage Market 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 - answerC. The maximum the rate can increase over the life of the loan When utiliz...

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

BLAW Final Exam Review Ch. 10-18 Pleasant TTU Questions And Answers (Verified And Updated) Jackie agrees to pay Ben $1,000 if Ben agrees to not go skydiving for six months. After Ben avoids skydiving for six months, he asks Jackie for payment. Jackie declines to pay Ben the $1,000. The contract between Jackie and Ben: will be enforced because Ben exercised forbearance which is legally sufficient consideration. Michael agrees to buy Randy's wheelbarrow for $100. After the agreement is rea...