Recission - Study guides, Class notes & Summaries

Question: A sublessee is a(n) correct answers . Tenant Question: A major disadvantage of owning investment property might be correct answers Lack of Liquidity Question: The most favorable thing about a VA loan is that correct answers VA loans guarranty gives the veteran favorable financing terms because the lender is protected from loss Question: Once the funds of a construction loan are disbursed to the contractor, and if the sub-contractor is not paid, correct answers . The sub-contra...

duty-based ethics Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome utalitarian ethics Sells the optimal result for the greatest number of people Advisory note Punishment for a technical breach Administrative penalty/ fine One or two potentially serious infraction would cause this punishment Ratification- acting without authority or in excess of authority Implication- advice outside of objective These two ways of creating a...

Rules of Construction Help to identify and establish the intent of the parties to the contract Utmost good faith Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract A contract under which one party's performance is contingent on an uncertain event. property and casualty agent has the power to bind the insurer...

Superior NC Real Estate Important Final Exam Questions and Answers RESPA -Answer--Real Estate Settlement Procedures Act: applies ONLY to 1-4 family residential transactions, transactions involving a "federally related" mortgage (conventional, FHA, VA) Which party's signature is required on a deed of trust? A. the trustee B. the beneficiary C. the trustor(s) D. the grantee(s) -Answer-C. the trustor(s) The trustor is the borrower in a lending situation using a trust deed. The borrower...

Scenario #1: Base Realignment and Closure (BRAC) Increases You have scheduled a series of town-hall meetings with various community groups to make them aware of the BRAC increases. Decision you need to make: 1. Given the above scenario, what info would you present first at the town hall meetings? A: The missions of military health system B: The missions of the military C: The long term vision for Ft. Nicholson D: DoD strategic guidance - B Scenario #2: Mission Focus You are now prepari...

LOAN ORIGINATOR EXAM 2024 WITH 100% ACCURATE SOLUTIONS A MLO must provide the Loan Estimate (LE) to the consumer: - correct answer No later than the THIRD BUSINESS DAY after the creditor receives the consumer's application for a mortgage loan After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied residential refinance? - correct answer After the THREE BUSINESS-DAY recission period In a criminal case, a person who violates Section 8 may be fined ...

When a contract is terminated without undoing anything that has been done so far, the action is called: a. Fruition b. repudiation c. Recission D. Cancellation d. Cancellation All of the following are examples of real property except: a. Drapes b. Bathtub c. Sump pump d. Shed a. drapes

the contract Utmost good faith - Answer-Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract - Answer-A contract under which one party's performance is contingent on an uncertain event. property and casualty agent - Answer-has the power to bind the insurer Adhesion Contract - Answer-Insurance company drafts contract and th...

BUL3310 REVIEW QUESTIONS WITH VERIFIED ANSWERS Which of the following statements about assumption of the risk is true? - Answer-Traditionally, a plaintiff who assumed the risk cannot recover damages from the defendant A plaintiff must be aware of the particular risks associated with the activity A plaintiff's assumption of the risk must be voluntary The doctrine of negligence per se applies in which of the following cases? - Answer-Defendant driver caused a car accident by running a red...

Loan Estimate (LE) - ANS A document delivered or mailed to customers by a lender within 3 business days of mortgage application. The _______ ______ provides an estimate of closing costs and fees as well as the loan terms. Appraisal Independence Requirements (AIR) - ANS Prohibit a mortgage lender, broker, or a real estate agent or broker pressuring an appraiser to reach certain value in conjunction with an appraisal of real property. Periodic Rate Cap - ANS Is a limitation on ho...