The $20,000 is what type of mortgage? b) states that the contract is subject to the approval of each of the client_s attorneys. The seller's profit on the sale. question. Last year his rent went up 4% based on a 4% increase in the wholesale price index. Commissions and Referral Fees . c) the Mortgage Loan Trust Bank. TRID requires a lender to give a Loan Estimate and a copy of the booklet "Your home loan toolkit" to an applicant within what timeframe? a) A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. a) Description and Order b) Terms c) Dissolution d) Offer and Acceptance. What does a demand feature mean in a mortgage loan? Describe some factors that might have created the different cost structures for these two products. a) Statement of Limits b) Clear Statement of Term c) Clear Notice of Terms d) Order of Terms. d) every two years. 7) What contract provision shows a division of expenses between buyers and sellers? A social worker is conducting intake interviews for applicants seeking entrance into a subsidized housing program. If your brokerage is part of the Broker Lead Accelerator program, the fee may be different. d) the federal discount interest rate. 1) What is the underlying tenet of a contract agreement? impound or reserve funds. 4) How is the interest on a ARM loan determined? 3) Recording the deed is done through which of these? Compare it to the original regression line you found in part b. Which of these would be a CREDIT to the seller at closing? c) homeowner's insurance. d) A certificate issued by the mortgage holder that indicates that the building is in proper condition to be occupied. a) The meeting of the minds b) The actual contract form c) The written contract words d) The public notice of the offer, 2) Neighbor Sam told seller Jake that he would buy 2 adjoining acres if Jake ever decides to sell. c) implied contract. Which statement is true about accepting referral fees? It could be a violation of state licensing laws. Ordering Ventilation System, New Racks, and Power Supplies/Cables takes only one actual day of work. During this interim period, Grant makes monthly rent payments and the owner accepts them. A reasonable cause for payment means: An actual introduction of business has been made; A contractual referral fee relationships exists; or. 9) What do we call the right of a person to have the first opportunity to purchase or lease a property? Compute a new regression line based on the six points you have plotted. a) Credit report b) Homeowner's insurance premium c) Earnest money deposit d) Home inspection. Which type of inspection covers a home's major mechanical systems? a referral fee) where the following elements are met: A. b) The mortgage contingency clause is not valid. c) when the loan-to-value ratio reaches 78 percent. 7) Which kind of lease increases at specified intervals? a) Use of the Premises b) Property Order c) Location Use d) Property Regulations, 6) In New York City, the maximum base rent (MBR) system allows for rent to be adjusted. (Assume it is not a leap year and the day of closing belongs to the seller.). b) voidable and illegal contract. What is the real estate transfer tax based on? programNone424Testmarket1425Patent11056Fullproduction416107Adpromotion3328Release2,5,6,721\begin{array}{lllcc}1 & \text { Pilot production } & \text { None } & 6 & 3 \\ 2 & \text { Select channels of distrib. } Client-Lawyer Relationship. It is permissible in amounts under $50. 8) Issues that are not covered in the purchase and sale agreement itself are usually dealt with. c) The maximum purchase price of the property cannot exceed $250,000. 9) Which of the following is a good example of a unilateral contract? D. Written escrow instructions must include a statement with the broker's name, indicating he or she is a licensed real estate agent. 1) Proof of ownership of a property is called what? \text{Total liabilities}&{}&\text{20,879}&{}&\text{18,809}&{}&\text{17,026}\\ d) for a seller in a buyer's market. 5 - National Brokerage Pg. Paying For RIA Referrals: State And SEC Solicitor Rules . Another purpose is to eliminate kickbacks and referral fees that increase unnecessarily the costs of certain . and more. 5) Which contract provision allows for the transfer of the contract to another person? 2) Which of the following terms is not used to describe a binder? . d) allowance contract. b) decrease the interest rate as the principal declines. holding or kickback funds. | Arizona | 525 | 524 | How do they differ? 7) Jim holds a commercial lease. a) Expense b) Credit c) Debit d) Proration. On the Closure Disclosure form, homeowner's insurance and property taxes are classified as what? & \text { None } & 7 & 4 \\ 3 & \text { Develop mktg. Paul Harte, past president of the association, which represents about 1,600 personal injury lawyers, clerks and staff, said that the current rules regarding advertising were sufficient and adding . 1) In the event of default by the purchaser, the lender has the right to bring legal action through the courts to satisfy the debt. 4. b) via handwritten notes. Once on The New York Times website, go to the Business section. a) expressed contact. That ratio was 1.75 on December 31, 2021, due primarily to an intentional temporary decline in parts inventories. What must be enforced for this contract to be binding? a) He has provided an advance order of moving. b) title insurance. Explain. 3) Mary has remained in her apartment two weeks past her move-out date, without any payment. 2) Fred reclaimed a foreclosed property by paying off owed amounts, including interest and costs? 8) What is an important legal characteristic of an option to buy agreement? a) a survey of the property. d) Interest is based on a selected economic indicator index. How does the buyer know how much money to bring to closing? a) include a title closing entity. b) In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. You are now considering expanding operations into a) Right of Purchase b) Right to Rescind c) Right to Deed Access d) Right of Redemption. a) Inherently long-term leases b) Inherently short-term leases c) Tax advantage limitations d) Reduction in finance options. Consider a multinomial experiment involving n=300n = 300n=300 trials and k=5k = 5k=5 cells. 3 of 10 - Who is responsible for ordering the preliminary title report? d) denied. What type of lease did Jim sign? a) Power of Attorney b) Power of Use c) Waiver of Attorney d) Attorney At Use. b) the mortgage must be held by the originator until all terms have been meet. which he or she is practicing. 2) If a real estate agent prepares a sales contract and an attorney makes modifications to it, which statement is TRUE? Explain why this must be the case. b) It requires certain conveyance-related contracts to be in writing. c) Brokers may not complete leases to which they are not a party. d) The loan must be repaid before the borrower's death. 6) Paul's loan payment is the same amount each month. Which statement is true about accepting referral fees? a) Actual notice b) Torrens system notice c) Apparent notice d) Constructive notice. The escrow agent will subtract the total of the buyer's credits from the total debits and the result is what the buyer needs to bring. Which of these would be a CREDIT to the seller at closing? The Real Estate Settlement and Procedures Act (RESPA) of 1974 addresses kickbacks and made them illegal. Which document transfers property to the buyer? b) It could be a violation of state licensing laws. b) Norm can complete the lease agreements as long as he has a lawyer co-sign them. ________ a. Chpt. How should the 8% bank loan be classified by Transit among liabilities in its balance sheet? Paul is most likely holding what kind of loan? Proof of ownership of a property is called what? A broker may advertise that he or she is an escrow agent. c) The contract can be executed at no cost to the optionee. It is forbidden under any circumstances. Prepare forecasted financial results for next year following the format of the contribution margin income statement as just shown with columns for each of the two products (assume a 32% tax rate). a) The lender calculates what's owed and tells the buyer what to bring. a) covers more than one piece of property. d) The broker must complete a rider. Transit management intended to refinance$45 million of 7% notes that mature in May 2022. a) Apportionments b) Debits & Credits c) Terms of Payment d) Exclusions. This is an example of a. a) legal and binding contract. long shadow huron holster governor's seal on diploma. 9: National Brokerage: closing:Quiz, Ch. a) Freddie Mac and Fannie Mae. a) The borrower must occupy the property. c) The contract becomes unenforceable. a. This section is titled 'Client Information' on the RNA form and collects basic information to identify the victim (such as name . a) legal. It is common business practice. a) Estate at will b) Estate for time c) Estate for years d) Estate at sovereignty. In simplified terms, these rules make it unlawful to give or accept any "thing of value" (e.g. c) It is forbidden under any circumstances. b) The first seller may sue the buyer for specific performance. \text{Walking slowly } &&&&& 2 Which document transfers property to the buyer? Transits fiscal year ends on December 31. b) It is necessary to search public records to ascertain the status of title. Assume that five days after the start of the Renovation of the Data Center that the raised floor will be ready for inspection (a Start-to-Start lag). The most important document at closing is the Commission Issues. Which statement is TRUE? Non-participating providers can charge up to 15% more than Medicare's approved amount for the cost of services you receive (known as the limiting charge ). Explain. a) both an instrument of conveyance and a contract. What form does TRID require to be used for itemizing closing costs? c) A notary must sign and stamp the changes. b) survey. It is not a legal requirement that a deed be recorded in the County Clerk's office. The agent must also disclose any additional fees that third parties (e.g. a) Judicial Foreclosure b) Mortgage Foreclosure c) Short-Sale Foreclosure d) Lien Foreclosure. a) They can cancel the contract and get their earnest money refunded. 12-61-203.5. | State | 2014 | 2010 | Letter Co. makes and sells two products, T and O. 5) Which statement is true about accepting referral fees? a) Use provisions b) Demising clause c) Description of premises d) Alienation clause. Jerry agreed to what type of lease? b) There must be evidence that a structural inspection has shown no evidence of pest infestation. 9) What is the real estate transfer tax based on? Transit has outstanding 6.5% bonds with a face amount of $90 million. (Practice) Ch. a) Interest Only b) Balloon c) Amortized d) Adjustable rate. a) a 1 percent down payment. During March, the manufacturing costs of Solia Copper Products were: raw materials, $\$ 1,037,293$; direct labor, $\$ 1,218,421$; and factory overhead, $\$ 396,252$. 9) Most conventional loans follow the underwriting standards outlined by. a) Prior deed b) Copy of property tax bill c) Prior title insurance policy d) Seller's credit report. **State SAT scores**. The real estate transaction involves a federally related mortgage loan, and; B. b) the gross national product. All real estate sales must be reported to the Internal Revenue Service after closing using a. a) Estate for years b) Estate at will c) Estate from period to period d) Estate at sufferance. c) estate at sufferance. a) Seller b) Lender representative c) Buyer d) Closing agent. a) Revision b) Reorder c) Rescission d) Refile. b) states that the contract is subject to the approval of each of the client_s attorneys. Ch. 5) What is one important difference between a sublease and a lease assignment? 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. a) Left side of page 1 b) Right side of page 1 c) Top of page 2 d) Bottom of page 2, 1) The buyer's primary function at closing is to. b) for a buyer who plans to own the property for a long time. Elon Musk AI. Although it is not a RESPA matter, it is still a good practice to disclose any referral fees for property management and have the landlord date and signed the disclosure. d) pay the purchase price for the property. c) is not a binding contract upon agreement. 4) What is the purpose of the Lawyers' Fund? 9) How does a borrower use private mortgage insurance? What type of loan might help Fred? c) for a lender in a market that is decreasing in value. What is Jessica's share of the real estate taxes? 20 reviews of Beacon Dentistry "Great office, great team, excellent communication. 6) Broker Amanda prepares a sales contract, collects the earnest money and deposits it in her business account. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. Elon Musk Dogecoin (DOGE) .